Netet Inc ome 9Accounts payable$37,500Accounts receivableS27,500Accumulated depreciation-Video equipmentS70,000Advertising expense$52,500Cash$60,000Common stock$225,000Depreciation expense$30,000Dividends$37,500Insurance expenseS7,500Note payable (due 2022)$175,000Prepaid insurance$15,000Rent expense$42,500Retained earnings (beginning)$30,000Salaries expense$85,000Salaries payableS7,500Service revenue$362,500Supplies$10,000Supplies expense$15,000Video equipment$525,000

Accounts payable $37,500 Accounts receivable $27,500 Accumulated depreciation-Video equipment $70,000 Advertising expense $52,500 Cash $60,000 Common stock $225,000 Depreciation expense $30,000 Dividends $37,500 Insurance expense S7,500

Accounts payable $37,500 Accounts receivable $27,500 Accumulated depreciation-Video equipment $70,000 Advertising expense $52,500 Cash $60,000 Common stock $225,000 Depreciation expense $30,000 Dividends $37,500 Insurance expense S7,500

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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Statement of Financial Position as at 31 December 2008 RM 000 Current Liabilities: (15,000) Creditors Proposed Dividends Net Assets Fixed Assets: 17,300 70,500 5,000 (2,000) Fixtures and Fittings (NBV) Equipment Motor Vehicles 156,800 20,500 Intangible Assets Financed by: Capital Reserve 100,000 50,800 6,000 Current Assets: 28,000 Long Term Loan Cash at Bank Stock Debtors 9,000 23,500 156.800 At the end of the year, you have been informed of the following additional information: Palestinian Islamic bank has borrowed through short term financing facilities from a local bank on the 1st April 2008 to buy machinery equipment amounting to RM12,000,000. This amount has already been included as part of the debtors in the Statement of Financial Position. Part of the stocks in the above Statement is stock of goods for sales (Finish foods) valued at RM500,000 • One of the debtors in the above Statement is a non-trade debtor and the amount due is RM1,000,000. Required: Determine the zakatable…
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.
Please andwer in good accounting form
Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Retained earnings, January 1 $3,704,000 $3,264,000 Net income $ 600,000 $ 550,000 Dividends: On preferred stock (10,000) (10,000) On common stock (100,000) (100,000) Increase in retained earnings $ 490,000 $ 440,000 Retained earnings, December 31 $4,194,000 $3,704,000 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales $ 10,850,000 $10,000,000 Cost of goods sold (6,000,000) (5,450,000) $ 4,850,000 $ (2,170,000) Gross profit $ 4,550,000 Selling expenses $ (2,000,000) Administrative expenses (1,627,500) (1,500,000) Total operating expenses $(3,797,500) $ (3,500,000) Operating income $ 1,052,500 $ 1,050,000 Other revenue and expense:…
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On January 1, 2018, Grand Corp. purchased Minor Co., paying $250,000 cash and issuing a $50,000 note payable. On January 1, 2018, the balance sheet of Minor Co. was as follows: ww www Minor Company Balance Sheet wwww n n Assets Liabilities and Owners' Equity $40,000 $55,000 280,000 $335,000 Cash Notes Payable Capital Acc. Receivable 80,000 Inventory Buildings(net) Equipment(net) Patents Trademarks 120,000 50,000 30,000 5,000 10,000 $335,000 ww An appraisal indicated that the fair market value of the receivables was $75,000, and the fair market value of inventory and buildings were $110,000 and $70,000 respectively. According to the appraisal, the patents were worthless. Required: Prepare the journal entry to be record the purchase by Grand Corp. ww w