Unit Assignment 1

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Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date:   Cr. (Rs.)   Dr. (Rs.)   10,000   46,000   1,50,200   3,400   22,660   600   38,600   840   1,640   280   3,300   4,000   200 29,000   Drawings   Stack on 01/01/2019   Purchases and Purchases Returns   Cash in Hand   Bank Balance   Freehold Premises   Trade Expenses Printing, stationery and Advertising   Professional Charges   Commission Received   Investments as on 1" Jan. @ 10% Interest on above   Sundry Debtors and Creditors Wages   Salaries Capital   Income Tax Discount allowed and received   Sales Returns and Sales   Bills Receivable /Bills Payable   Office furniture   Rent, Rates and Insurance Bad Debts Provisions   Total Adjustments:   36,000   25,000   14,000   1,14,000   1,600   6,300   550 3.200   4,600   2,08,950   10,000   3,050   4,000   670 3.71,320   3,71,320   (a) Provide for wages Rs. 5,000.   (b) Write Off 5%…

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Question Content Area Based on the following data, what is the accounts receivable turnover? Sales on account during year $700,000 Cost of merchandise sold during year 270,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Merchandise inventory, beginning of year 90,000 Merchandise inventory, end of year 110,000 a.20.0 b.15.5 c.2.6 d.17.5

Activity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.

Administrative Expense Cost of Goods Sold Income Tax Expense Sales Returns and Allowances Selling Expense Sales of merchandise for cash Sales of merchandise on credit 20, 200 171,eee 18,800 7,600 42,600 270, eee 45,000 Required: 1. Based on these data, prepare a multi-step income statement for internal reporting pm MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Operating expenses:

Subject: accounting

Subject: financial accounting

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General accounting question

Calculating Cycles Consider the following financial statement information for the Hop Corporation: Item Beginning   Ending Inventory $16,284   $19,108 Accounts receivable 11,219   13,973 Accounts payable 13,960   16,676 Net Sales   $219,320   Cost of Goods sold   168,420   Calculate the operating and cash cycles. How can you interprete your answer?

Subject: accounting

Question Content Area Based on the following data for the current year, what is the number of days' sales in receivables (rounded to one decimal place)? Assume 365 days a year. Sales on account during year $591,010 Cost of merchandise sold during year 158,044 Accounts receivable, beginning of year 44,597 Accounts receivable, end of year 46,544 Merchandise inventory, beginning of year 92,783 Merchandise inventory, end of year 119,254

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oped Dok H Int 0 ence [The following information applies to the questions displayed below] Forten Company's current year Income statement, comparative balance sheets, and additional Information follow. For the year. (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of Inventory are on credit, and (4) all debits to Accounts Payable reflect Sens cash payments for Inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income Assets Cash FORTEN COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities…

Determining the Financial Statement Effects of Accounts Payable TransactionsHobson Company had the following transactions relating to its accounts payable. Use the financial statement effects template to identify the effects (both amounts and accounts) for these transactions.a. Purchases $2,772 of inventory on credit.b. Sells inventory for $3,630 on credit.c. Records $2,772 cost of sales for transaction b.d. Receives $3,630 cash toward accounts receivable.e. Pays $2,772 cash to settle accounts payable.Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.Note: Indicate a decrease in an account category by including a negative sign with the amount.   Balance Sheet Income Statement Transaction Cash Asset + Noncash Assets = Liabilities + Contrib. Capital + Earned Capital Revenues – Expenses = Net Income a. Answer   Answer = Answer   Answer   Answer Answer – Answer = Answer   Answer…

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Question Content Area Based on the following data for the current year, what is the number of days' sales in receivables (rounded to one decimal place)? Assume 365 days a year. Sales on account during year $461,647 Cost of merchandise sold during year 196,997 Accounts receivable, beginning of year 41,839 Accounts receivable, end of year 52,205 Merchandise inventory, beginning of year 85,575 Merchandise inventory, end of year 109,714 a.155.7 days b.37.2 days c.77.2 days d.86.7 days

Which of the following transactions is affecting the current asset of accounts receivable?   a. Sold merchandise to customers on account b. Received cash from issuance of common stock c. Received cash from customers for this month’s sales d. Paid balance on account for last month’s inventory purchases

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