4. Closing Entries 5. Post-Closing Trial Balance *"Kenpachi is in ita 1=year of operation with an original capital of P971.500 KENPACHI GENERAL REPAIRS AND OTHER SERVICES Adjusted Trial Balance December 31, 2019 PARTICULARS Debit Credit Canh 2,050,000 Accounts Receivable 70,000 Allowance for Doubtful Accounts Office Supplies Prepaid Rent Machinery and Equipment Accumulated Depreciation- Machinery and Equipment 8,500 3,000 36,000 310,000 31,000 Furniture and Fistures 180,000 Accumulated Depreciation- Furniture and Fixture Accounts Payable Notes Payable Kenpachi. Capital Service Revenue 18,000 28,000 600,000 971,500 1,070,000 Misceilaneous Expense Utilities Expense Rent Expense Doubtful Accounts Expense Depreciation Expense Supplies Expense 4,500 6,000 12.000 2.500 49,000 4.000 2.727,000 2.72Z,000

4. Closing Entries 5. Post-Closing Trial Balance *"Kenpachi is in ita 1=year of operation with an original capital of P971.500 KENPACHI GENERAL REPAIRS AND OTHER SERVICES Adjusted Trial Balance December 31, 2019 PARTICULARS Debit Credit Canh 2,050,000 Accounts Receivable 70,000 Allowance for Doubtful Accounts Office Supplies Prepaid Rent Machinery and Equipment Accumulated Depreciation- Machinery and Equipment 8,500 3,000 36,000 310,000 31,000 Furniture and Fistures 180,000 Accumulated Depreciation- Furniture and Fixture Accounts Payable Notes Payable Kenpachi. Capital Service Revenue 18,000 28,000 600,000 971,500 1,070,000 Misceilaneous Expense Utilities Expense Rent Expense Doubtful Accounts Expense Depreciation Expense Supplies Expense 4,500 6,000 12.000 2.500 49,000 4.000 2.727,000 2.72Z,000

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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Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense Utilities Expense…
26 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable - - BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 - Fees Income BD2700- Furniture BD10000 Required: Compute the net income or net loss and show solution steps.
Subject/Course: Financial Accounting.
Determining Asset Cost When Paying with Cash and Notes Payable Ked Inc. purchases equipment, which has a cash price of $2,690. Terms are arranged for a $800 cash down payment plus payment of the remaining $1,890, plus 15% compound interest per annum, through three equal payments. The purchase occurs on January 1, and the three payments occur on each December 31 thereafter. Required • Round answer to the nearest whole dollar. • Do not use negative signs with your answers. a. Compute the amount of each annual payment. $ b. What does Ked record for the cost of equipment? $ c. What total amount of interest was paid? $ 2,690 X X
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y courses / BUSS 104-1-20202 / MAKEUP TEST SCHEDULED FOR Thursda E (06-05-2021 from 11:00 to 12: Noon) The XYZ Company had the following income statement on 31.12.2020 Deprecation 5000 Net income 110000 OMR The following accounts decreased during 2020: Accounts receivable 24000 inventory 18000 OMR, Rent payable 15000, Machinery 15000 OMR The following accounts increased during 2020:Notes receivable 14000 Accounts Payable 8000 long term Bonds payable 30000 OMR Calculate cash flows from operating activities Select one: Oa. 149000 OMR O b. NONE OF THESE O c. 136000 OMR O d. 145000 OMR
Financial Reporting and Analysis Jul22 Y1 S2 Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section Bad debts telephone Adjustment R 90 000 R 50 000 R 100 000 2 000 O A. R103 500 OB. R93 500 O C. R76 500 O D. R13 500 R R 500 1 500 Annual depreciation on equipment vehicles is calculated at 15% p.a. The carrying value of vehicles at the end of the year is:
27 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000 Required: Compute ending capital on Dec 31 2020 and show solution steps. *
25 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 - Accounts Receivable - BD2000 Equipment BD6000 Prepaid Rent BD4000 - Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700 - Furniture BD10000 - Use the previous information to question 25 to question 28: Required: Compute the amount and show solution steps of: 1- Total Revenues 2- Total Expenses *
STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31 All answers round to two decimal places except (c) & (e), eg 54.544 input as 54.54, 54.545 input as 54.55 2019 2018 2017 2$ $ $ 2019 2018 times Plant and equipment (net) 500,000 466,000 440,000 a)Current ratio 5.11 times times times Intangible Assets 580,000 480,000 412,000 b) Acid Test Ratio times times Short Term Investments 56,000 140,000 97,200 b)lnventory Turnover Prepaid Insurance (less than 12 months) 4,000 4,000 3,800 c)Average days to sell inventory 100 Days Days (Round to days, no decimal place required) Inventory 126,000 119,000 79,000 d)Accounts Receivable turnover times times (Assume all the sale are credit sales) Accounts receivables (net) 54,000 48,000 60,000 e) Average Collection Period Days Days (Round to days, no decimal place required) % Cash 220,000 144,000 122,000 f)Profit Margin 1,540,000 1,401,000 1,214,000 g)Return on Assets times times h)Asset Turnover % Accounts Payable 80,000 100,000 100,000 i) Return on…