12 13 9 10 5 6 4 3 1 2 33 34 35 36 24 25 26 27 28 29 30 31 32 22 23 19 20 21 16 17 DATE Oct. 2 15 14 3 4 12 Cash S 8 PARTICULARS Purchases Marimar Trading 2 Billy Trading Sales & Freight Inwards Bank 4 Cash sales 5 Purchases Cash 66% Notes receivables Sales 14 Purchases Kumars 6 Furnitures 10 Purchases Alex Accounts payables 7 Cash Sales 8 Purchases Cash 8 Oca Trading 60% Notes Payables Purchases Zoro Trading 11 Costa Enterprises Sales 13 Sales Return Cash Purchases Return DEBIT 6500 5000 300 12600 4600 6000 4000 12500 8400 10000 2000 1000 11000 650 800 9500 CREDIT 6500 5000 300 12600 4600 6000 4000 12500 8400 10000 2000 7000 11000 650 800 16 17 19 26 27 12 13 29 30 31 32 33 34 35 36 1 2 3 9500 4 9 5 6 7 8 9 10 12 C 0 1.3 14

12 13 9 10 5 6 4 3 1 2 33 34 35 36 24 25 26 27 28 29 30 31 32 22 23 19 20 21 16 17 DATE Oct. 2 15 14 3 4 12 Cash S 8 PARTICULARS Purchases Marimar Trading 2 Billy Trading Sales & Freight Inwards Bank 4 Cash sales 5 Purchases Cash 66% Notes receivables Sales 14 Purchases Kumars 6 Furnitures 10 Purchases Alex Accounts payables 7 Cash Sales 8 Purchases Cash 8 Oca Trading 60% Notes Payables Purchases Zoro Trading 11 Costa Enterprises Sales 13 Sales Return Cash Purchases Return DEBIT 6500 5000 300 12600 4600 6000 4000 12500 8400 10000 2000 1000 11000 650 800 9500 CREDIT 6500 5000 300 12600 4600 6000 4000 12500 8400 10000 2000 7000 11000 650 800 16 17 19 26 27 12 13 29 30 31 32 33 34 35 36 1 2 3 9500 4 9 5 6 7 8 9 10 12 C 0 1.3 14

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000What will be the Net credit sales? a.OMR 245000 b.OMR 200000 c.OMR 125000 d.OMR 120000
100 l 6 2 2_524467555402776... Q1_ The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts Sales Purchases commission Purchases Balance 830 000 18 000 |480 000 90 000 2 000 000 165 00 Accounts Balance 7 000 Repair Interest received 25 000 Revenue 70 000 Purchases return Sales allowance 20 000 Creditors Freight out Loan 3 000 000 Import customs 22 000 Purchases allowance 25 000 Beginning inventory 90 000 Purchases discount Building 10 000 5 000 000 Sales discount 8 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission |21 000 Salaries 120 000 ighting Purchases expenses Depreciation cash 14 000 Rent 80 000 |26 000 18 000 Sales return 12 000 Bank 10 000 000 1 200 000 Debtors 2 000 000 Ending inventory 65 000 Capital Ins: 1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)
b Preview File Edit View Go Tools Window Help mgt120h-a17.pdf Page 5 of 10 15. The retailer considers VISA and MasterCard sales as a. Cash sales. b. Promissory notes. c. Credit sales. d. Contingent sales. Cost-Volume-Profit Analysis 40 14. Receivables might be sold to a. Lengthen the cash-to-cash operating cycle. b. Take advantage of deep discounts on the cash realizable value of receivables. c. Generate cash quickly. d. Finance companies at an amount greater than cash realizable value. The Effect Of Prepaid Taxes On Assets And Liabili... O Debenture Valuation CC 7 D ↑ V Search (Cª Ơ Sat Apr 15 3:05 PM 13. Goodwill can be recorded When customers keep returning because they b. When the company ang because they are satisfied with the company's products. d. Only when there is an exchange transaction involving the purchase of an entire business. c. When the company has exceptional mor business 400-0 -0 =1 Page 4 of 11
1163 C B 3 Question 3 Study the information of Liyema Wholesalers below. Cash Receipts Journal of Liyema Wholesalers - June 2022 Doc Day Details Fol. Analysis Bank Output Sales VAT no. of Receipts 101 1 Liyema 102 15 Liyema Cash Payments Journal of Liyema Wholesalers - June 2022 Doc Day Name of Fol. Bank no. Trading Inventory Payee EFT 10 Red Cross 7 Bradley 264 400 8 400 56 000 Petty Cash Journal of Liyema Wholesalers - June 2022 Doc Day Details no. PCJ 1 3.1 Capital 3.2 Bank 3.3 Trading inventory 3.4 Wages 98 500 12 000 Petty Cash Input VAT 2 335 80 000 900 Cost of Sales 500 44 800 Wages Trading Drawings Input VAT Inventory 5 000 135 Sundry Accounts Amount Fol. Details 120 000 80 000 200 000 Sundry Accounts Amount Fol. Details 1.500 1 500 Capital Capital 800 Donations Sundry Accounts Amount Fol. 800 Details Wages Required: Post the given information from the journals to the following General Ledger accounts for Liyema Wholesalers at month end. Balance all the accounts where…
E4.16 Consider the following table with sample data. BANK ACCOUNTS TABLE AccountID АсcountType CurrentBalance AccountHolderID AccountHolderName A111 Checking $1,000.00 C11 Joe Smith C222 Sue Smith A222 Checking S2,000.00 C333 Mary Moore A333 Money Market $15,000.00 C444 Pat Clark C555 Lisa Clark C666 Timmy Clark A444 Savings $3,000.00 C111 Joe Smith C222 Sue Smith E4.16a Normalize the Bank Accounts Table to 1NF by increasing the number of records in the existing table. E4.16b Normalize the Bank Accounts Table to 1NF by creating a new separate table in addition to the existing table.
Jab Less Services Chart of Accounts Jab, Capital Service Income Salary Expense Utilities Expense Give the adjusting entries Prepare a 10-column worksheet Cash Accounts Receivable Equipment Accounts Payable Presented below are the transactions of Jab Less Services. 2017 Sept. 1 Jab invested P125,000 in the business 7 Purchased equipment from X. Co., P35,000 on account 9 Rendered services on account to various customers P75,000 Paid salary for the month P15,000 30 30 Paid utilities for the month P2,300 Additional information: E. Depreciation of equipment is P1,000 b. Doubtful accounts at year end are estimated to be P800 Requirements: Journalize the transactions 34-35 21-25 26-33 Post them to the T-accounts 36-40
engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsoce
C. P177.60 d. P29.60 P74.40 P300 P620 30% e. 4. Find the (a) cash discount and (b) net amount due if the following invoices are paid within the discoun period. Net invoice price P3,265 Net amount due Terms of payment 3 п Cash discount 10'30 P 1,342 15'60 2 n P985 5'15 5. Find the (a) deadline for discount period, (b) deadline for credit period, (c) cash discount and (d) amount due for the following cases. Deadline of discount Net Deadline of credit Invoice Terms of Cash Invoice date amount due amount payment discount period period 1 n P 1,675 Jan. 15 15'45 P645 Feb. 25 10'30 1n P 895 March 12 10'45 3 2 P785 April 22 . 15'20'90 6. The net invoice price of a wall clock is P287.00. If the discount granted was 18%, find: a. Net invoice price rate b. List price C. Discount 7. The net invoice price of a dining table is P6,187.50, representing 75% of the list price. Find: a. List price b. Discount
Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.00
okmarks Window Help A v2.cengagenow.com Tech. B Learning Module 8 - ACCT1105: Financial Acc. X CengageNOWw2 | Ontine teaching and learnin Cengage Learning еВook Show Me How Accounts Receivable Analysis A company reports the following: Sales $1,460,000 Average accounts receivable (net) 100,000 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work Save and Exit Submit Assignment for Grading All work saved. tv 16 MacBook Air DII DD F9 80 F8 F7 F5 F6 F4 F3 * & 2# $ 7 8 4 Y [ E T J K ....
Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT