2019 2020 2019 2020 'ash $1,300 $1,100 Accounts payable $2,100 $2,900 .ccounts receivable $4,100 $4,400 Utilities payable $200 $450 iventory $7,500 $8,800 Salaries payable $800 $1,800 repaid insurance $1,200 $1,500 Notes payable $18,000 $15,000 quipment $16,000 $16,000 Interest payable $2,300 $2,600 .ccum. depreciation ($2,400) ($3,600) Common stock $6,000 $6,000 and $4,500 $9,200 Retained earnings $2,800 $8,650 $32,200 $37,400 $32,200 $37,400 iven the above information, how much was cost of goods sold during 2020 if $44,000 was paid to uppliers? $43,500 O $44,800 O $41,900 $43,000 O None of the above

2019 2020 2019 2020 'ash $1,300 $1,100 Accounts payable $2,100 $2,900 .ccounts receivable $4,100 $4,400 Utilities payable $200 $450 iventory $7,500 $8,800 Salaries payable $800 $1,800 repaid insurance $1,200 $1,500 Notes payable $18,000 $15,000 quipment $16,000 $16,000 Interest payable $2,300 $2,600 .ccum. depreciation ($2,400) ($3,600) Common stock $6,000 $6,000 and $4,500 $9,200 Retained earnings $2,800 $8,650 $32,200 $37,400 $32,200 $37,400 iven the above information, how much was cost of goods sold during 2020 if $44,000 was paid to uppliers? $43,500 O $44,800 O $41,900 $43,000 O None of the 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

Related questions

Q: 2. 1 2 3. 4 6. 7. 8. 10 EOY 20 21 22 23 24 25 26 27 28 29 30 CF $300 $270 $240 $210 $180 Five…

A: Compounding interest refers to earning interest not only on principal amount but also on interest…

Q: View Policies Current Attempt in Progress On December 1, 2022, Peartastic, Inc. assigns $2,000,000…

A: JOIRNAL ENTRIESA journal entry is a form of accounting entry that is used to report a business…

Q: Period Ending: 2020 31/12 2020 30/06 2019 31/12 2019 30/06 Net Interest Income 9371 9317 9350 8986…

A: The income statement shows the items of income and expense that help determine the net income of the…

Q: Using the information from 2020 for ABC Company and proceed into 2021. Update the TAccounts and…

A: A ledger is a log or list of accounts that keep track of account transfers.

Q: 2018 Apr. 1 Oct. 1 Dec. 1 Dec. 31 2019 May 30 Loaned $8,000 to Bland, Co. Received a six-month, 10%…

A: Journal entries in accounting are a fundamental part of the double-entry bookkeeping system. They…

Q: Note Computations and Entries (Straight Line) On January 1, 2024, Benton Corporation borrowed…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: O 5 days 74 days During 2020, XYZ Inc. sold merchandise for $320,000. The merchandise cost $280,000.…

A: The question is based on the concept of Cost Accounting.Days sales outstanding is calculated by…

Q: Amount financed 18200 number of payments 72 monthly payment 425.08 finance charge 12405.76 whats the…

A: Step 1: Calculate the total amount to be paid.Total Amount to be Paid = Amount Financed + Finance…

Q: Allowance for doubtful accounts 60,000 Sales…

A: The Information regarding Accounts Receivables are given for the year ended 31st December 2020.…

Q: On December 1, 2022 Farm Company accepted a three-month, 8% note for $8,000 from one of its…

A: Under Accrual Basis of Accounting revenue is recognized when earned irrespective of when cash is…

Q: Kingbird, Inc. had the following transactions involving notes payable. July 1, 2022 Nov 1, 2022 Dec.…

A: Notes are referred to as the promissory notes which are issued by the entity for an amount that is…

Q: On November 1, 2024, Backpacking Training Corporation borrows $47,000 cash from Community Savings…

A: Notes payable is one of important liability for business. It can be short term or long term,…

Q: Engels On December 31, 2020, American Elm Inc., borrowed €746 000 on a 3%, 20-year mortgage note…

A: The following calculations are done for American Elm Incorporation.

Q: 24) Metro Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is…

A: The Periodic Inventory system is a system of inventory in which updates are made on periodic basis.…

Q: Exercise 7-18 (Algo) Notes receivable [LO7-7] On June 30, 2021, the Esquire Company sold some…

A: Journal entry is the first stage of accounting process. Journal entry used to record business…

Q: CHECK FIGURES: Jan 10, 2021 Cash $15,060 80. Mar 29, 2021 Cash - $4.507.09 Required Prepare…

A: Journal entries in accounting are the primary means by which financial transactions are recorded in…

Q: On January 1, 2020, Vaughn Manufacturing borrows $ 3150000 from National Bank at 12% annual…

A: Computation of Cash inflow and outflow On borrowing 315000, Company has to pay interest of (315000 x…

Q: Amount financed $8300 number of payments 36 apr 11% what's the finance charge and monthly payment…

A: Step 1: Calculate the monthly interest rate.Monthly interest rate = APR / 12Monthly interest rate =…

Q: 37-On 1st July 2020 Bashir purchase a machine for RO 15,000. The terms of purchase was 20% cash and…

A: Current liabilities are those which are payable within 12 months So the amount payable in the next…

Q: Current Attempt in Progress Pina Corp. factors $ 428,000 of accounts receivable with Grouper Finance…

A: Given information, Accounts receivables =$428,000 Loss on sale :finance charge of 1.7%…

Q: Exercise 10-01 Marigold Corp. had the following transactions involving notes payable. July 1, 2020…

A: A journal entry in accounting is a record of a financial transaction that documents the debit and…

Q: Amount financed 18200 number of payments 72 monthly payment 425.08 finace charge 12405.76 whats the…

A: The objective of the question is to calculate the Annual Percentage Rate (APR) for a loan of $18,200…

Q: Problem 1 Meredith Company provided the following information: January 1,2020 December…

A: Allowance for doubtful accounts means where account receivables are not going to recover in full and…

Q: chapter 8

A: Required journal entry on March 31, 2021:

Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

Question

2019
2020
2019
2020
ash
$1,300
$1,100
Accounts payable
$2,100
$2,900
.ccounts receivable
$4,100
$4,400
Utilities payable
$200
$450
iventory
$7,500
$8,800
Salaries payable
$800
$1,800
repaid insurance
$1,200
$1,500
Notes payable
$18,000 $15,000
quipment
$16,000 $16,000
Interest payable
$2,300
$2,600
.ccum. depreciation
($2,400) ($3,600)
Common stock
$6,000
$6,000
and
$4,500
$9,200
Retained earnings
$2.800
$8,650
$32,200 $37,400
$32,200 $37,400
iven the above information, how much was cost of goods sold during 2020 if $44,000 was paid to
uppliers?
$43,500
O $44,800
O $41,900
$43,000
O None of the above

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Employee Compensations and Benefits

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Cha Shi lian Trading Co Trial Balance as at 31 Mach 2021 DR CR RM RM Owner's equity, L.M. Teh 3,800,000 Owner's drawings, L.M. Teh 50,000 Office building at cost 5,370,000 Accumulated depreciation-Office building 537,000 Motor vehicles, at cost 370,000 Accumulated depreciation-Motor vehicles 94,000 Equipment, at cost 1,960,000 Accumulated depreciation-Equipment 730,000 Accounts receivable 942,000 Inventory, 1 April 2020 1,880,000 Prepaid insurance 160,000 Bank overdraft 294,000 Accounts payable 722,000 5% Mortgage loan (due 31 December 2025) 3,000,000 Purchases 7,978,000 Sales 12,260,000 Auditors' remuneration 135,000 Sundry expenses 132,000 Pay and allowances 1,140,000 Sales returns 650,000 Utility expenses 160,000 Advertising expenses 195,000 Office expenses 100,000 Mortgage loan interest 150,000 Income tax expense 65,000 21,437,000 21,437,000 Adjustments required for the year ended 31 March 2021 are as follows: i. As at 31 March 2021, the value of Inventory was RM1,100,000. ii.…
2020 a. July 1 b. December 31 2021 c. July 1 d. July 1 Loaned $62,000 to employees of the company and received back one-year, 10 percent notes. Accrued interest on the notes. Received interest on the notes. (No interest has been recorded since December 31.) Received principal on the notes. Required: Prepare the journal entries that Smart Solutions Incorporated would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Journal entries a. $30,000 cash was borrowed on a five-year 10% note payable, dated 5/1/2021. b. $13,000 cash was paid for land. c. Earned $118,000 in service revenues for 2020. $53,000 on account and the remainder in cash. d. Purchased Inventory with $15,000 cash. e. Sold $12,000 of inventory for $17,000 cash. f. Issued 4,000 additional shares of $0.50 par value common stock for cash at $1 per share on 1/2/2021. g. Incurred $114,000 in miscellaneous operating expenses for 2021, $20,000 on credit and the rest paid in cash. h. Collected $34,000 owned on account. i. Purchased $17,000 supplies on account. j. Paid $26,000 accounts payable. k. A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000. The accumulated depreciation on the equipment amounted to $1,000 l. Bid on a $2,000 one-year service contract. If accepted, work is to begin on 2/1/2022. m. $103,000 was paid for employee wages. This included wages owed from 2021. n. Declared and paid…
Please help
A4
Haradev
Amount financed $8300 number of payments 36 apr 11% whats the finance charge and monthly payment amount
Accounts receivable, net of P520,000 allowance 5:49 "il ll 674 est doubtful accou... On June 1, 2018, Yola Company loaned Dale P500,000 on a 12% note, payable in five annual installments of P100,000 beginning January 1, 2019. In connection with this loan, Dale was required to deposit P5,000 in a noninterest-bearing escrow account. The amount held in escrow is to be returned to Dale after all principal and interest payments have been made. Interest on the note is payable on the first day of each month beginning July 1, 2018. Dale made timely payments through November 1, 2018. On January 1, 2019, Yola received payment of the first principal installment plus all interest due. On December 31,2018, what is the accrued interest receivable on the note receivable? 3. 5,000 c. · 10,000 d. 15,000 b. ua Company reported the following receivables on December 31, 2018: for doubtful accounts Interest receivable ..Lle 3,840,000 190,000 A 000 00
C3.7
2
L. How much interest income should be reported on December 31, 2020 with regards to the note from Company B? 2-2 Notes Receivables The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000 for Notes Receivables broken as follows: Notes receivable from Company A Notes receivable from Company B 3,000,000 1,000,000 Total 4,000,000 Additional information: The notes receivable from Company A is a three-year non- interest bearing note, with face value of P3,000,000. The note was received in exchange for a piece of land sold by BLUE on May 1, 2020. The land was carried in the books at the date of sale at P2,600,000. The difference between the face amount of the note and the carrying value of the land was credited to gain on sale of land. The market interest rate for a note of this type is 10%. The notes receivable from Company B bears interest at 10%. The note was received from sale of goods in the normal course of business. The note is dated October…
Sh3