Home Deco

Posted in cross stitch on 11/19/2009 04:11 pm by admin

Accounting and reporting?

Recently, a land slide at Bukit Antarabangsa has destroyed the long-term liabilities records of Hill-Views Home Deco Inc. The owner of the company was desperately wants to know the performance of its business for the year. The following information was survived during the disaster.

Accounts balance as at 31 December 2008:

AccountsAmount (RM)
Current assets450,000
Retained earnings3,000,000
Intangible assets300,000
Current liabilities75,000
Property, plant and equipment4,500,000
Long term investments300,000

You are also aware of the following additional information:

1) Total liabilities, 1 January 2008RM 900,000
2) Stock issued during 2008 600,000
3) Net loss for 2008 270,000
4) Dividends paid 2008 30,000
5) Total assets, 1 January 2008 5,100,000

REQUIRED:

What are the long term liabilities at 31 December 2008, assuming the company used capital maintenance approach in measuring its income.

debentures &long term loans are long terms liabilities