2. Information:Prepaid insuranceAccrued salariesPetty cashInvestment in trading securitiesTotal current assetsCash2001501,2004,560600Inventory, at sales value (cost = S1,500)2,100Unearned rent40Allowance for bad debts150Office suppliesAccounts receivable110800Required:Prepare the current asset section of the balance sheet.to

Current assets include the assets , which can be converted into cash within one year. examples-…

2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets 200 150 1,200 4,560 Cash 600 Inventory, at sales value (cost = $1,500) 2,100 Unearned rent 40 Allowance for bad debts 150 Office supplies Accounts receivable 110 800 Required: Prepare the current asset section of the balance sheet.

2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets 200 150 1,200 4,560 Cash 600 Inventory, at sales value (cost = $1,500) 2,100 Unearned rent 40 Allowance for bad debts 150 Office supplies Accounts receivable 110 800 Required: Prepare the current asset section of the balance sheet.

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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what is income statement? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
Record the Note: Any expenses less than $500 should be classified as Miscellaneous. 2/1 Paid rent, $2,000. 2/2 Made loan payments of $300 and $1,000. 2/3 Cash received from debtors (accounts receivable), $12,800. 2/4 Bought inventory worth $3,500 and paid cash. 2/5 Paid for payroll amounted to $1,500. 2/6 Purchased additional equipment for $10,000; paid $2,000 cash and the rest on 2/6 Cash sales recorded at $16,800 and $12,300 on credit sales. 2/8 Bought office supplies, $400. 2/9 Paid creditors, $3,000. 2/10 Mr. Adams decided to invest in the business and he contributed $35,000. 2/11 Joe Withdrew $2,000 from the business. 2/13 Cash sales for the week, $15,900. 2/13 Credit sales for the week, $11,700. 2/15 Purchased additional furniture on account, $3,000. 2/17 Payroll amounted to $1,500 was paid. 2/18 Purchased inventory worth $6,800 on account. 2/18 Paid creditors, $6,000. 2/19 Paid advertising expense, $1,200. 2/20 Sales recorded at $24,000; of which $15,000 were cash and the rest…
The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
Do the posting t-accounts
"A Sticky Patch: Completing the Accounting Cycle for ROYAL JELLY TRADING" ROYAL JELLY TRADING, which follows GAAP and uses the periodic inventory system, is a merchandising business that buys and sells various kinds of jelly candies. Its trial balance as of fiscal year-end September 30, 2020, before any adjustments, can be found on the next page: Information for adjusting entries are as follows: 1. Interest has accrued on the customer's P20,000 60-day 12% note dated August 21, 2020 and this remained unrecorded as of year-end. 2. Rent for the month of September amounting to P15,000 has not been received as at year-end. 3. The company pays its employees their salaries every Friday for work done Monday to Friday of that week. Weekly pay is P10,000 for office salaries and P15,000 for store salaries. September 30, 2020 falls on a Wednesday. 4. At year-end, unused office supplies were P18,000, while unused store supplies amounted to P12,000. 5. One-fourth of the Prepaid Insurance Expense…
1a. Journalize the entries to record the 201 transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 1b. Journalize the entries to record the 20Y2 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round all amounts to the nearest dollar.
Uptodate Projects Ltd has approached you to analyse and interpret their financial statements. The following amounts were extracted from the records of the company: 2019 2020 2021 R R R Turnover 200 000 220 000 250 000 Cost of sales 140 000 150 000 165 000 Profit before interest and tax 12 000 11 000 10 500 Accounts receivable 16 500 25 000 29 600 Accounts payable 13 000 14 700 17 000 Inventory 18 750 26 000 30 400 Bank/ (Overdraft) Required: 4 000 (1000) (2 000) Explain the purpose of financial statement Calculate each of the following ratios for each of the three (3) years: Accounts receivable collection period Inventory holding period Accounts payable payment period Current ratio Acid test ratio Comment on the company’s working capital management in light of the analysis undertaken in above
4. Accounts receivable turnover fill in the blank 4 5. Number of days' sales in receivables fill in the blank 5 6. Inventory turnover fill in the blank 6 7. Number of days' sales in inventory fill in the blank 7 8. Ratio of fixed assets to long-term liabilities fill in the blank 8 9. Ratio of liabilities to stockholders' equity fill in the blank 9 10. Times interest earned fill in the blank 10 11. Asset turnover fill in the blank 11 12. Return on total assets fill in the blank 12 % 13. Return on stockholders' equity fill in the blank 13 % 14. Return on common stockholders' equity fill in the blank 14 % 15. Earnings per share on common stock $fill in the blank 15 16. Price-earnings ratio fill in the blank 16 17. Dividends per share of common stock $fill in the blank 17 18. Dividend yield fill in the blank 18 %
COMPLETE THE WORKSHEET
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C O O O Using a perpetual inventory system, how should a company record the sale of inventory costing $540 for $1,100 on account? Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable. Sales Revenue Accounts Payable Inventory Inventory Gain. Sales Revenue O Accounts Receivable. Sales Revenues. Gain O None of these answer choices are correct. ! 1 F1 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Q A 2 N I F2 W #3 3 80 F3 E X $ 4 S D a F4 R C 1,100 LL 1,100 сторо 540 5 J *540 1,100 F 540 560 F5 T V ^ 6 540 1,100 1,100 540 1,100 MacBook Air G 540 560 F6 Y & 7 B J F7 H * 00 U 8 DII FB J N ( 9 1 F9 K M ) Save All Answers O O F10 <