2. Listed below are the transactions for Embroidery Enterprise during January until March 2021: Jan 1 Invested RM200,000 cash for the business. Purchascd computers costing RM25,000, paying RM10,000 in cash and signed a 5-month, 10% of note payable. Purchased supplies for RM1,000 by cash. Reccived a RM15,000 cash advance from a client for a project that are expected to be completed by stages until 30 April 2021. Paid RM3,000 for a one-year insurance policy. Incurred RM300 by cash for entertaining client for dinner. Rent out extra office space on account for RM750. Completed first stage of client's project of RM5,000. Paid part-timer workers for RM2,000 by cash. Withdrew cash of RM450 from the business for personal use. Used RM300 of supplies. Received payment from office space rental. Jan 15 Jan 17 Jan 30 Feb 1 Feb 14 Feb 18 Feb 25 Feb 28 March 3 March 5 March 19 Required: Prepare journal entries for the transactions above.

2. Listed below are the transactions for Embroidery Enterprise during January until March 2021: Jan 1 Invested RM200,000 cash for the business. Purchascd computers costing RM25,000, paying RM10,000 in cash and signed a 5-month, 10% of note payable. Purchased supplies for RM1,000 by cash. Reccived a RM15,000 cash advance from a client for a project that are expected to be completed by stages until 30 April 2021. Paid RM3,000 for a one-year insurance policy. Incurred RM300 by cash for entertaining client for dinner. Rent out extra office space on account for RM750. Completed first stage of client's project of RM5,000. Paid part-timer workers for RM2,000 by cash. Withdrew cash of RM450 from the business for personal use. Used RM300 of supplies. Received payment from office space rental. Jan 15 Jan 17 Jan 30 Feb 1 Feb 14 Feb 18 Feb 25 Feb 28 March 3 March 5 March 19 Required: Prepare journal entries for the transactions above.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Max Coco's December 31, 2020 financial information is presented below: ASSETS PHP LIABILITIES PHP Cash and cash equivalent Accounts Payable P 4,600,000 Accounts Receivable Loans Payable - due in 3 P4,000,000 2,000,000 Inventory months 300,000 700,000 Property Plant and Loans Payable - due in 13 1,000,000 8,000,000 Equipment months Max Coco sells its product at a 30% markup. In 2021, total sales amounted to P1,300,000. At the end of 2021, half of the beginning inventory and 4 of the inventory sold during the year remain unsold. What is the gross profit margin in 2021 if Max Coco's profit is P200,000? 15% 30% 16% 31%
Assume that you started a new business last year with RM30,000 of your own money to purchase equipment. You are seeking a RM100,000 loan to finance the inventory needed to reach this year’s sales target. You have agreed to pledge your venture’s delivery truck and your personal car as a security for the loan. Your family member has agreed to become the guarantor. During your initial year of operation, you paid your supplier in 30-day credit. (a) Assume that at the end of next year you will have an accounts receivable balance of RM15,000 and an inventory balance of RM30,000. If a bank lends an amount equal to 80% of accounts receivable and 50% of inventories pledged as collateral, estimate the amount that the bank might consider for a bank loan a year from now.
Office Furniture & Fixtures, which is estimated to cost $350,000, will be purchased in February. The manager has made arrangement with the suppliers to make a cash deposit of 40% upon signing of the agreement in February. The balance will be settled in five (5) equal monthly instalments beginning March of 2022.
1. AXN Sdn Bhd needs to raise RM1, 000,000 in short-term loan for five months. loan from OCBC bank at discounted interest rate of 12% per annum and a 20% compensating balance. The present account balance in the company is RM 100,000. Compute the effective cost of financing.
#Accounting
If a firm have contract with customer, they will deliver their goods in one year after every three Months, contract worth 50,000 if first bundle delivered to customer then calculate revenue and liabilities
Please answer as soon as possible with a solution to the attached problem.
The following information relates to Arlon Manufacturers which will commence business on 01 January 2024 with R750 000 cash: 1. 2. New machinery and equipment will be purchased on 02 January 2024 for R300 000. A deposit of 20% will be paid immediately. The balance of the debt as well as finance charges of R18 000 will be paid in 12 equal instalments commencing February 2024. Production will commence on 05 January 2024 and 30% of the sales for February's will be manufactured in January. Each month thereafter the production will consist of 70% of the current month's sales and 30% of the following month's sales. 3. Estimated sales at R72 per unit are as follows: 4. January February March April Units 0 8 500 11 000 10 500 Cash sales are expected to comprise 60% of the total sales. A cash discount of 10% will be granted to these customers. The balance of the sales will be on credit. Thirty percent (30%) of the amount owing is expected to be received in the month of the sale and the balance…
Accounting A company engages in the development of a bridge. It is expected to take 3 years to complete, at a cost of £500,000. While a £100,000 loan at an interest rate of 4% had been in place since the company first started trading on 1st Jan 2010, the company decided to take out another bank loan of £300,000 @ 5% interest on 1st April 2014. Expenditure incurred on the development was as follows: 1st July 2014 £50,000 1st September 2014 £60,000 1st February 2015 £40,000 For the accounting period from 1st January to 31st December 2014, calculate the amount of interest expense to be capitalised if: a. the loan was specifically taken out to finance the bridge development; and b. the loan was general in nature, used to fund the various projects of the company
ANSWER EVERYTHING AND PLEASE DO THIS TYPEWRITTEN FOR UPVOTE
1. Raffy Company
Solve in digital format 1. A company requested a bank loan of $ 100,000 agreed for a two-year term, at an interest rate of 18%, with a monthly capitalization clause. What is the future amount or value of the operation?