1.8A R. Hill is starting a business. Before starting to sell anything, he bought fixtures for £3,200, avan for £4,750 and an inventory of goods for £2,340. Although he has paid in full for the fixtures andthe van, he still owes £1,910 for some of the inventory. P. Harding lent him £5,000. After the above,Hill has £520 in the business bank account and £100 cash in hand. You are required to calculate hiscapital.

The balance sheet equation, also known as the accounting equation, is a fundamental concept in…

Answered: 1.8A R. Hill is starting a business.…

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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4/2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). how to solve this problem? with puting into general journal as debit and credit side
The transactions of Mr. Azizul Hani, a merchant for the month of March 2023 are as follows. 2023 RM March 1 Starting a business with cash as capital 5 000 3 Buy merchandise on credit from Razi 850 5 Sell merchandise on credit to Chia 800 10 Buy an office desk for cash 750 12 Cash purchase 1 000 14 Cash sale 900 17 Sell merchandise on credit to Zam 2 250 18 Pay Razi in cash 250 24 Pay general expenses with cash 200 31 Chia settled the debt in full with cash 800 You are required to record the above transactions into the ledger account and balance.
Bill Norman comes to you for advice. He just purchased a large amount of inventory with the terms 2/10, n/30. The amount of the invoice is $310,000. He is currently short of cash nut has a decent credit. He can borrow te money from needed to settle the account payable at an annual interest rate of 7 %. Bill is sure he will have the necessary cash by the due date of the invoice but not by the last day of the discount period. a. Convert the dscount rate into an annual interest rate (Use 365 days a year. Do not round intermediate calculations. Round you answer to 2 decimal places.). b. Make a recommendation regarding whether Bill should borrow the money and pay off the account payable within the discount period.
g). Problem 20 Cnartan started a mobile ice cream service on January 2, 20X5, depositing $10,000 of her unds in a bank account in the name of Spartan Mobile Ice Cream. She purchased a fully auipped truck and operated the business on a cash accounting basis for the first year. She provided you with the following information: 1. She purchased a $30,000 fully equipped truck in early January that is depreciable at 25 percent per year. She paid $5,000 cash and financed $25,000 on a note at 6 percent interest.
Enter the following transactions in the accounts of L Linda: 20X7July == == == == == == == == == == == == == == == == == == == == == 1 Started in business with £20,000 in the bank.2 R Hughes lent us £5,000 in cash.3 Bought goods on credit from B Brown £1,530 and I Jess £4,162.4 Sold goods for cash £1,910.6 Took £200 of the cash and paid it into the bank.8 Sold goods on credit to H Rise £1,374.10 Sold goods on credit to P Taylor £341.11 Bought goods on credit from B Brown £488.12 H Rise returned goods to us £65.14 Sold goods on credit to G Pate £535 and R Sim £262.15 We returned goods to B Brown £94.17 Bought van on credit from Aberdeen Cars Ltd £4,370.18 Bought office furniture on credit from J Winter Ltd £1,800.19 We returned goods to I Jess £130.20 Bought goods for cash £390.24 Goods sold for cash £110.25 Paid money owing to B Brown by cheque £1,924.26 Goods returned to us by G Pate £34.27 Returned some of office furniture costing £180 to J Winter Ltd.28 L Linda put a further…
Getting Better: ** Gypsy Co. had the following cash related transaction for the fist month of operation, March 2018. Solve the Problem below. the owner invested P 100, 000 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable Sold goods for cash P 75, 300 Paid employees salaries amounting toP 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses March 1 9. 15 17 19 25 29 30 Required: Determine theT-account. Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below. Gaining Mastery: Credit Normal Debit Balance Assets Liability capital Date Gypsy Capital I00,000) Date cash Account Inventory Account Receivable payable March I P I0b, o00 P 501 200 S0,200 9 is 17 19 25 29 30 we we ww.ww a
4. Stan has a bank account that earns him 0.05% each year. He wants to know how much money he will have in 5 years from a deposit made today. Inputs Process Outputs Pseudo Code: 1. Desk Check
8. Anthony Taverna invited Jose Elchico and Ted Baylon to be his partners on June 1.2010 to set up an advertising company. His business showed the following balances: Debit Credit Cash P 20,000 Accounts Receivable 80,000 Allowance for bad Debts P 2,000 120,000 90,000 Merchandise Inventory Furniture & Equipment Allowance for Depreciation Accounts Payable Taverna, Capital 18,000 40,000 250,000 P310,000 Totals P310,000 Taverna will invest only the non- cash assets as well as the liabilities of his sole- proprietor owned business for a 60% share in partners' equity, the other two partners contributing cash equally for the remaining interest. They agree to consider the following adjustments for Taverna's contribution: 1. The accounts receivable has a realizable value of P70,000. 2. Merchandise inventory should be decreased by 10%. 3. Furniture and equipment are only worth 75% of its cost. Direction: a) Compute for the adjusted capital of Taverna. Adjust and close his books b) How much will…
(1) Ivan started business (as a bookseller) with $15,000 in business bank account(2) Made purchases for $1,700 cash(3) Further purchases for $400 on credit from Moore(4) Accrued utilities of $ 400(5) Bought stationery for $60 on credit(6) Bought an old van for $5,000 from Petros promising to pay a half on the value later(7) Sold rare books to Greene for $1,300 cash(8) Paid Moore $190 cash(9) Sold books on credit to Doyle for $2,400(10) Bought more stationery for $40 cashRequiredPrepare:(i) general journal for the transactions;(ii) ledger accounts showing descriptions and balances;(iii) a trial balance;
Ali has been in business for some years as a petit trader. He simply calculates his profit by adding his sales (cash sales only) and deducting his purchase costs from it. As a grade 10 Accounting student, you are required to analyze the importance of FINANCIAL STATEMENTS (Income Statement and Statement of Financial Position) to Ali. Guidelines:- Start off with an Introduction of what you want to analyze. Your analysis should include but not limited to:- Books of original entry Ledger accounts Trial Balance Accounting concepts ( which ones are needed when and where) Etc Your conclusion should be an advice to Ali.
25-Mr. Said Al busaidi is a trader of Mobile business. Which of the following transactions will be recorded in his cash disbursement Journal? a. Bought mobiles worth RO 30,000 from Muscat Supplies LLC 2/10, n/30 b. Bought mobiles worth RO 18,000 from Nizwa Mobiles under the terms of 2/10 n/30 c. Received cash from Sohar Supplies LLC for RO 12,500 d. Cash paid to Muscat Mobiles LLC RO 12,500
Give typing answer with explanation and conclusion Dave borrowed $700 for one year and paid $49 in interest. The bank charged him a $9 service charge. What is the finance charge on this loan?

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