Question # 04Mr. X started his business on July 1, 2021. During the first month of operations ,the followingtransactions occurred:Started business with cash Tk. 500,000.Rent paid in advance for a year Tk. 6,000.Purchased merchandising inventory for cash Tk.80,000 and on account Tk. 20,000 from Mr. Tahir.Purchased Marketable securities for cash Tk. 100,000.Cash Sales Tk. 30,000 (cost 20,000).During the period rent expires Tk. 2,000.Commission paid during the trading was Tk. 1,000.Received cash dividend Tk. 4,000 on marketable securities.Paid Tk. 19,500 to Mr. Tahir in full settlement.Withdrew inventory for personal purpose by owner of worth Tk 6,000.Lost Tk. 2,000 in transitDiscount allowed Tk. 1,000RequiredPrepare a tabular summary of the transactions

Name: Question # 04Mr. X started his business on July 1, 2021. During the f
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Question # 04Mr. X started his business on July 1, 2021. During the first month of operations ,the followingtransactions occurred:Started business with cash Tk. 500,000.Rent paid in advance for a year Tk. 6,000.Purchased merchandising inventory for

The tabular form of transaction is given as,

Business

Accounting

a Tk. 500,000. a year Tk. 6,000. inventory for cash Tk.80,000 and on account TI curities for cash Tk. 100,000. ost 20,000). pires Tk. 2,000. the trading was Tk. 1,000. k. 4,000 on marketable securities. hir in full settlement.

a Tk. 500,000. a year Tk. 6,000. inventory for cash Tk.80,000 and on account TI curities for cash Tk. 100,000. ost 20,000). pires Tk. 2,000. the trading was Tk. 1,000. k. 4,000 on marketable securities. hir in full settlement.

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: If $449,000 of 10% bonds are issued at 97, the amount of cash received from the sale is a.…

A: The question is asking us to calculate the amount of cash received from the sale of bonds. The bonds…

Q: Bank of Charub ($ million) Assets: Liabilities and Net Worth: 270 day US Treasury bills $500m 1 year…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: If $949,000 of 8% bonds are issued at 102 3/4, the amount of cash received from the sale is…

A: Bonds: Which are issued by corporates and governments. Bonds pay fixed rate of interest.

Q: The maturity value of a savings account that belonged to Peach Company was $44,418.50. The interest…

A: PRESENT VALUE Present value, also known as Present Discounts value, is the value of an expected…

Q: If $1,093,000 of 8% bonds are issued at 102 3/4, the amount of cash received from the sale is

A: Given that $1093000 of 8% Bonds issued at 102 3/4

Q: If $449,000 of 10% bonds are issued at 97, the amount of cash received from the sale is a.…

A: The question is asking us to calculate the amount of cash received from the sale of bonds. The bonds…

Q: If $1,140,000 of 12% bonds are issued at 102 3/4, the amount of cash received from the sale is…

Q: 4. What is the duration of the 2 year consumer loans if they yield 6% p.a. with a coupon rate of 12%…

A: Duration of loan is weighted average no. of times fixed cash flows associated with loan will be…

Q: If $467,000 of 7% bonds are issued at 98, the amount of cash received from the sale is a.…

A: The question is asking us to calculate the amount of cash received from the sale of bonds. The bonds…

Q: What is the duration of the floating rate mortgages?

A: A floating interest rate is an interest rate that moves up and down with the market or an index. It…

Q: Interest at j12-6% with monthly payments of .50 Calculate the missing amounts in the amortization…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: If $1,178,000 of 10% bonds are issued at 102 3/4, the amount of cash received from the sale is a.…

A: The question is asking us to calculate the amount of cash received from the sale of bonds. The bonds…

Q: A $7,000; 9% bond is sold at 93. When the bond is issuede the Cash account will be incerased by :…

A: Bonds :— It is one of the type of securities that pays fixed periodic interest and face value amount…

Q: If $639,000 of 10% bonds are issued at 95, the amount of cash received from the sale is

A: A bond is an instrument of indebtedness to the holders which can be of municipal bonds and corporate…

Q: 1c. Sold $80,000 of the bonds at 101 plus accrued interest of $250. DATE Debit Credit X/X

A: Face value of the bonds = $80,000 Selling price of the bonds = Face value of the bonds x 101% =…

Q: If $457,000 of 8% bonds are issued at 94, what is the amount of cash received from the sale? Select…

A: The bonds can be issued at discount or premium depending on market rate of interest.

Q: Required journal entries Total cash payment = 500000*10%*1/2 = $25, 000 Discount on bonds payable =…

A: Journal entries refers to the entries which are made at the end of the period or year and it records…

Q: If $571,000 of 9% bonds are issued at 98, the amount of cash received from the sale is a.$519,610…

A: Cash received from sale of bonds represents the amount after showing the effect of discount or…

Q: If $1,153,000 of 9% bonds are issued at 102 1/2, The amount of cash received from the sale is…

A: Bonds are considered a cheaper source of finance. It is because the interest on bonds is a…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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

Bank of Charub ($ million)Assets: Liabilities and Net Worth:270 day US Treasury bills $500m 1 year Certificates of Deposit $550m2 year consumer loans Demand Deposits $750mFixed rate, 12% p.a. annually $275m 2 year Bonds $175m7 year commercial loans $350m Fixed rate, 7.5% p.a. annuallyFixed rate, 9% p.a. annually Overnight Fed Funds $350m10 year fixed rate mortgages $675mFixed rate, 6.5% p.a. monthly10 year floating rate mortgages $125m Equity $100mLIBOR+50bp, monthly roll dateNotes: The 1 year Certificates of Deposit pay 1.95% p.a. annually. The demand depositsare non-interest bearing and have a duration of zero. The 7 year commercial loans have aduration of 4.75 years. The fixed rate mortgages have a duration of 8.3 years. All valuesare market values. 5. What is the convexity of the 2 year consumer loans if they yield 6% p.a. witha coupon rate of 12% p.a. paid annually?a. 4.98b. 2.83c. 3.85d. 1.95e. 2.01
If $1,000,000 of 8% bonds are issued at 102 3/4, the amount of cash received from the sale is
If $2,000,000 of 10% bonds are issued at 97, the amount of cash received from the sale is a. $2,100,000 b. $1,940,000 c. $2,060,000 d. $2,000,000
mam.7
A $10,000 bond quoted at 106 would sell for: A. $10,106. B. $106. C. $10,000. D. $10,600.
SLM, Inc., with sales of $1,000, has the following balance sheet:SLM, Incorporated Balance Sheet as of 12/31/X0assetsLiabilities and equityAccounts receivable$200Trade accounts payable$ 200Inventory400Long-term debt600Plant800Equity600$1, 4 0 0$1, 4 0 0It earns 10 percent on sales (after taxes) and pays no dividends.a.Determine the balance sheet entries for sales of $1,500 using the percent of sales method of forecasting
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s): Cash Inventory Land Building Accumulated depreciation 2020 Feb. May The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place: NGN 16,810 12,100 4,210 42,100 (21,050) NGN 54,170 2011 2013 Paid 8,210,000 NGN on the note payable. Sold entire inventory for 18,100,000 NGN on account. June 1 Sold land for 6,210,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,210,000 NGN cash. Oct. 1 Bought inventory for 20,210,000 NGN cash.. Nov. 1 Bought land for 3,210,000 NGN on account. Dec. 1 Declared and paid 3,210,000 NGN cash dividend to parent. Dec.31 Recorded depreciation for the entire year of 2,105,000 NGN. The US…
Rhea Company has P9,000 in cash, P11,000 in marketable securities, P26,000 in current receivables, P34,000 in inventories, and P40,000 in current liabilities. The Rhea's quick ratio is closest to * Choices: 1.35. 1.15. 1.73. 2.00.