Required: (a) Enter each transaction above into the ledger accounts. (b) Prepare an Income Statement (extract) for the year ended 31 December 2021, and (c) the Balance Sheet (extract) as at that date.
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- QUESTION 12. Che balances on certain accounts of ANNEY LTD CO as at 1 April 2012 were as follows. (all fīgures in TZS) At the beginning of the year Rent and rates payable Accruals • Prepayments Rent receivable- prepayments 625,000 2200,000 1940,000 During the year, the business carried out the following transactions Paid rent by cheque Paid rates by cheque Received cheque for rent 5200,000 3050,000 960,000 At the end of the year, Rent and rates payable Accruals 2370,000 Prepayments 1880.000 Rent receivable- prepayments 6s0,000 Required: prepare a) Rent and rates account b) Rent receivable ci Show the amount to be transferred to the income statement -oםםב DoolLife-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…Problem 12Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________.…
- Problem 7. Single-entry bookkeeping (sales revenue during the year) The December 31, 2020 statement of financial position of YOYO Company showed accounts receivable of P50,270. During 2021, accounts were written off in the amount of P6,200 and an account for P4,200, which was written off in 2020, was collected and recorded as a regular collection of accounts receivable in 2021. Unpaid sales slips showed that the customers owed P64,320 as of December 31, 2021. Sales returns from charge sales during the year amounting to P750. Also, YOYO received P584,190 from customers after deducting P3,630 discounts. How much is YOYO’s net sales for the year ended December 31, 2021?E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
- Ratio Analysis The following information was taken from Nash Inc.s trial balances as of December 31, 2018, and December 31, 2019. Required: 1. Calculate the net profit margin and accounts receivable turnover for 2019. ( Note: Round answers to two decimal places.) 2. How much does Nash make on each sales dollar? 3. How many days does the average receivable take to be paid (assuming all sales are on account)?Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
- 2. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales of $25,000 with term 3/15, n/45. Prepare the required journal entries, if: On July 22 Rasheed company received full payment.Liberty Corporation reported the following financial statements: Assume all sales are on credit. During 2019, Liberty’s days’ sales in receivables ratio Was (amounts rounded) a. 34 days. b. 30 days. c. 32 days. d. 28 daysQuestion: Banksia Company completed the following transactions during 2018-2019. The annual accounting period ends 30 June 2019.a) Purchased inventory on credit at cost of AUD 16,800; perpetual inventory system is used.b) Received a customer deposit of AUD 18,000 from ABC Ltd for services to be rendered in the future.c) Borrowed AUD 900,000 from the bank on 1 March 2019 by giving the bank a six-month, 9% interest bearing note payable.d) Performed AUD 8,000 of the services paid for by ABC Ltd; the rest will be rendered in August 2019.e) Received the electricity bill for AUD 24,200, which will be paid in early July.f) On 1 June 2019 received rent in advance of AUD 21,600 from XYZ Ltd for a 3 month lease of premises from 1 June until 31 August 2019.g) Wages accrued in the last weekly payroll amounted to AUD 23,000 and will be paid on 5 July 2019.Required:1) Prepare the journal entries for each of these transactions. 2) Prepare all adjusting entries required on 30 June 2019.