2019 2020 2019 2020 ash $2,000 $1,600 Accounts payable $4,000 $3,500 Ccounts receivable $4,200 $4,500 Utilities payable $800 $1,500 iventory $2,600 $4,000 Salaries payable $2,200 $2,600 repaid rent $800 $500 Notes payable $10,000 $9,000 quipment $16,000 $16,000 Interest payable $600 $900 ccum. depreciation ($2,200) ($2,800) Common stock $10,000 $10,000 and $10,000 $6,500 Retained earnings $5,800 $2,800 $33,400 $30,300 $33,400 $30,300 iven the above information, approximately how much was the debt-to-equity ratio for 2020? 1.224 1.231 1.227 O 1.113 O 1.367

2019 2020 2019 2020 ash $2,000 $1,600 Accounts payable $4,000 $3,500 Ccounts receivable $4,200 $4,500 Utilities payable $800 $1,500 iventory $2,600 $4,000 Salaries payable $2,200 $2,600 repaid rent $800 $500 Notes payable $10,000 $9,000 quipment $16,000 $16,000 Interest payable $600 $900 ccum. depreciation ($2,200) ($2,800) Common stock $10,000 $10,000 and $10,000 $6,500 Retained earnings $5,800 $2,800 $33,400 $30,300 $33,400 $30,300 iven the above information, approximately how much was the debt-to-equity ratio for 2020? 1.224 1.231 1.227 O 1.113 O 1.367

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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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…
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HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following transactions which took place in 2021. Sold various products for $180,000 on account. The products cost $85,000. Sales a. tax in your area is 8%. Your company uses a periodic inventory system. Your sales in part "a" included an offer for cash rebates of 2% of the $180,000 total sales price if the customer answers a short five-question internet survey. b. с. On November 1, 2021, your company collected $12,000 of rent on your extra office. The rent covers the six-month period from November 1, 2021 through April 30, 2022. Recorded $62,000 of wages earned by employees including $9,000 of d. withholding taxes, $4,000 of FICA taxes, and $2,800 of health insurance benefits. There were no other deductions from the employees' paychecks. e. Recorded EMPLOYER taxes on the wages in "a." Unemployment is a total of 3% of the gross earnings. f. On December 1, 2021, your company received notice that you were being…
Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required:a-1. Calculate the loan proceeds made available to Powell.
Rotel purchased merchandise from TechCom on October 17, 2019. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2020 when the note is honoured? Multiple Choice Cash 4918.36 Interest Earned 19.73 Interest Receivable 98.63 Notes Receivable 4,800 Cash 4918.36 Interest Earned 98.63 Interest Receivable 19.73 Notes Receivable 4,800 Cash 4918.36 Notes Receivable 4918.36 Cash 4918.36 Interest Earned 118.36 Accounts Receivable 4,800 Cash 4918.36 Interest Earned 118.36 Notes Receivable 4,800 The Liccorish Pizza bought $5,000 worth of merchandise from TechCom and signed a 90-day, 10% promissory note for the $5,000. TechCom's journal entry to record the transaction is Multiple Choice Notes Receivable 5,125 Sales 5,125 Accounts…