FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 2, Problem 3PSA
1.
To determine
Financial statement analysis:
Company and its users use financial analysis as a way to analyse the company’s financial statements to take investment and business decisions. There are four financial statements that any company should produce to its users for analysis. These are income statement, balance sheet, cash flow statement and
To prepare:The
2.
To determine
Financial statement analysis:
Company and its users use financial analysis as a way to analyse the company’s financial statements to take investment and business decisions. There are four financial statements that any company should produce to its users for analysis. These are income statement, balance sheet, cash flow statement and stockholders’ equity statement.
To prepare:The ledger accounts.
3.
To determine
Financial statement analysis:
Company and its users use financial analysis as a way to analyse the company’s financial statements to take investment and business decisions. There are four financial statements that any company should produce to its users for analysis. These are income statement, balance sheet, cash flow statement and stockholders’ equity statement.
To prepare:The
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You are required to prepare a written report for the following tasks:
Transactions for the month of January of Joy Delights Café are given as the following.
2021
Started in business with RM105,000 cash
Put RM90,000 of the cash into a bank account
Bought goods for cash RM5,500
Bought goods on credit from: Eddy RM800; Franky RM930; Smith
RM160, Liew RM510
Bought stationery on credit from Buttons Ltd RM89
Sold goods on credit to: Tomy RM170; Eric RM240; Malcom
RM326; Tim RM204.
Paid rent by cheque RM220
Bought fixtures on credit from Chiefs Bhd RM610.
Paid salaries in cash RM790.
Jan
4
6.
10
11
Returned goods to Franky RM30; Smith RM42.
Bought van by cheque RM6,500.
Received loan from Barclay by cheque RM2,000.
18
14
15
16
Purchases retum: Temy RM5; Malcom RM20.
21
Cash sales RM145
Sold goods on credit to Eric RM130, Tim RM410, Paul RM15S.
Ravilink paid the following by cheque Franky RM900 Smith RM118.
Received cheques from Paul RM158; Eric RM370.
24
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Received a further loan from…
Tasks 8-9. Application. Prepare the journal entries of the transaction below and
post them to the necessary ledger books. Write your answer on a separate sheet of
paper.
Olson Sala Company completed the following sales transactions during the month of
June 2015. All credit sales have terms of 3/10, n/30 and all invoices are dated as at
the transaction date.
June 1 Olson Sala invested Php 52,000 of his funds in the business.
1
Sold merchandise on account to R. Bituin, Php 32,000. Invoice no. 377
Sold merchandise on account to A. Perdales, Php 54,000. Invoice no.
378
3
4
Sold merchandise for cash, Php 46,000.
7.
Received payment from R. Bltuin less discounts.
Received payment from A. Perdales less discounts.
9.
Required:
1. Record the transactions in the general journal.
2. Post to the accounts receivable ledger.
3. Prepare a schedule of accounts receivable.
Lisa and Ruby two friends from high school, incorporated their design company and began operation on October 1, 2023. During that first month of operation, the company provided services for clients. It is now October 31, 2023, and Lisa and Ruby are wondering how their company performed in its first month of operations. They have provided you with the following information
Accounts payable 1,800
Accounts receivable 2,000
Cash balance at June 1, 2023 0
Cash balance at June 30, 2023 33,300
Common shares 50,000
Land 18,000
Office supplies 3,700
Payment of cash dividends 2,100
Rent expense 1,100
Retained earnings at June 1, 2023 0
Retained earnings at June 30, 2023 ??
Salaries and wages expense 1,200
Service revenue 10,000
Utilities expense 400
a) Prepare an income statement for the month of June for this company.
b)Prepare a statement of retained earnings for the month of June for this company.
c)Prepare a balance sheet as at October 31, 2023 for this…
Chapter 2 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected $2,500...Ch. 2 - Liang Shue contributed $250,000 cash and land...Ch. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Bonaventure Company has total assets of...Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQ
Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Analyzing account entries and balances A1 Use the...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Using transactions from the following assignments,...Ch. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - Prob. 3AACh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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