**Instructions**This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic Excel skills. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number is to be input is on the journal entries worksheet. **Please note: not every yellow cell requires input (it could be left blank if appropriate).**After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and statements highlighted in yellow. Only Excel functions may be used to calculate the appropriate cell value on these pages. DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS.Use Excel functions (such as making a cell equal another from the journal entry page, summing numbers together, or using the plus or minus symbols to help you find the appropriate number). Your balance sheet should balance when you are complete. **Tip: After each journal entry, update the appropriate T accounts.**---**Select Retailer/Merchandiser-Related Transactions:**1. **1-Jan** Monsters Inc. purchased merchandise on account from Star Trek Enterprises - Terms: FOB shipping point Discount 3% if paid in 10 days, otherwise, n/45 - Amount: $25,000 - COGS: $10,2502. **2-Jan** Monsters Inc. pays freight - Amount: $5753. **3-Jan** Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises - Terms: FOB destination Discount 1% if paid in 10 days, otherwise, n/45 - Amount: $4,500 - COGS: $2,3004. **7-Jan** Star Trek Enterprises pays freight - Amount: $1255. **10-Jan** Star Trek Enterprises received payment from Monsters Inc. for purchase on the 1st6. **22-Jan** Star Trek gave Monsters Inc. a credit for damaged merchandise from purchase on the 3rd - Amount: $2257. **31-Jan** Star Trek Enterprises received payment from Monsters Inc. for purchase on the 3rd.---**Input Instructions** **Journal Entries:** - If cash This image presents a detailed financial statement, showcasing the Assets, Liabilities, and Equity of a company.### Assets- **Cash:** $43,338- **Supplies:** $16,200- **Equipment:** $107,900- **Accumulated Depreciation - Equipment:** $17,400- **Inventory:** $60,000- **Accounts Receivable:** $10,000### Liabilities- **Accounts Payable:** $18,000- **Wages Payable:** $6,980- **Insurance Payable:** $2,000### Equity- **Sales Revenue:** $309,392- **Common Stock:** $42,550- **Retained Earnings:** $22,630- **Dividends:** $4,200### Expenses- **Sales Discounts:** $4,144- **Sales Returns and Allowances:** $2,763- **Wages Expense:** $99,265- **Supplies Expense:** $6,980- **Depreciation Expense:** $17,400- **COGS (Cost of Goods Sold):** $45,000- **Delivery Expense:** $1,962#### Explanation- **Assets:** These are resources owned by the company that have economic value.- **Liabilities:** These are the company's financial obligations or debts.- **Equity:** This represents the owner's claims after liabilities are settled.- **Expenses:** These include various costs incurred by the company in the process of earning revenue.The figures highlighted provide insight into the company's financial health and operational costs.

T-Accounts are the T-shaped ledgers. All the transactions recorded using journal entries are posted…

Answered: Assets Cash $43,138 543,138 Supplies $…

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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Cash $146, 125 Retained Earnings $ 444, 150 Accounts Receivable 262, 500 Dividends 218, 750 Inventory 665,000 Sales 6,242,250 Estimated Returns Inventory 61,250 Cost of Goods Sold 3, 806, 250 Office Supplies 26, 250 Sales Salaries Expense 680,400 Prepaid Insurance 21,000 Advertising Expense 80, 325 Office Equipment 201,600 Depreciation Expense-Store Equipment 14, 525 Accumulated Depreciation- Office Equipment 86, 625 Miscellaneous Selling Expense 3,500 Store Equipment 895, 125 Office Salaries Expense 135, 450 Accumulated Depreciation- Store Equipment 326,725 Rent Expense 69, 825 Accounts Payable 85,050 Insurance Expense 40, 163 Customer Refunds Payable 61,250 Depreciation Expense- Office Equipment 28, 350 Salaries Payable 16,800 Office Supplies Expense 2, 887 Note Payable ( final payment due in five years) 94, 500 Miscellaneous Administrative 3,325 Common Stock 26, 250 Interest Expense 21,000 Instructions: Which of the list is administrative expenses?
Comparative Balance Sheet Current Year Previous Year Year Before Current Assets Cash $50,000 $100,000 $90,000 Accounts Receivable, net $275,000 $150,000 $100,000 Inventory $580,000 $400,000 $250,000 Prepaid Expenses $25,000 $30,000 $10,000 Total Current Assets $930,000 $680,000 $450,000 Property & Equipment, net $115,000 $150,000 $140,000 Total Assets $1,045,000 $830,000 $590,000 Liabilities & Owner's Equity Current Liabilities Accounts Payable $410,000 $265,000 $190,000 Short-term Payables $175,000 $90,000 $50,000 Total Current Liabilities $585,000 $355,000 $240,000 Long Term Bonds Payable (12%) $50,000 $150,000 $150,000 Total Liabilities $635,000 $505,000 $390,000 Stockholder's Equity Common Stock (100,000 shares)…
Line Item Description 20X1 20X2 Current assets: Accounts receivable $750,000 $582,500 Inventories 300,000 320,000 Current liabilities: Wages payable 700,000 515,000 Davis CompanyIncome StatementFor the Year Ended December 31, 20X2 Line Item Description Amount Amount Revenues $3,000,000 Cost of goods sold 1,920,000 Gross margin $1,080,000 Operating expenses Depreciation 270,000 Operating income $ 810,000 Other revenues and expenses Gain on sale of equipment 100,000 Interest expense 10,000 90,000 Net income $ 900,000 Required: Compute operating cash flows using the indirect method.
Comparative Balance Sheet Current Year Previous Year Year Before Current Assets Cash $50,000 $100,000 $90,000 Accounts Receivable, net $275,000 $150,000 $100,000 Inventory $580,000 $400,000 $250,000 Prepaid Expenses $25,000 $30,000 $10,000 Total Current Assets $930,000 $680,000 $450,000 Property & Equipment, net $115,000 $150,000 $140,000 Total Assets $1,045,000 $830,000 $590,000 Liabilities & Owner's Equity Current Liabilities Accounts Payable $410,000 $265,000 $190,000 Short-term Payables $175,000 $90,000 $50,000 Total Current Liabilities $585,000 $355,000 $240,000 Long Term Bonds Payable (12%) $50,000 $150,000 $150,000 Total Liabilities $635,000 $505,000 $390,000 Stockholder's Equity Common Stock (100,000 shares) $200,000 $200,000 $200,000…
Days' cash on hand Financial statement data for years ending December 31 for Newton Company follow: 20Y9 20Y8 Cash (end of year) $24,970 $24,386 Short-term investments (end of year) 8,280 9,410 Operating expenses 58,775 62,830 Depreciation expense 13,150 11,000 Determine the days’ cash on hand for 20Y8 and 20Y9. Assume 365 days in a year.
Camaro GTO Torino Cash $ 2,000 $ 110 $ 1,000 Short-term investments 50 0 580 Current receivables 350 470 700 Inventory 2,600 2,420 4,230 Prepaid expenses 200 500 900 Total current assets $ 5,200 $ 3,500 $ 7,410 Current liabilities $ 2,000 $ 1,000 $ 3,800 Compute the current ratio and acid-test ratio for each of the following separate cases.
Financial information for Jay Co. is provided below: BALANCE SHEETS 12/31/20 12/31/19 Cash ANSWER/ALL OF THEM $408,000 $ 192,000 Accounts receivable O 360,000 216,000 Inventory O 384,000 480,000 Equipment I $608,000 $960,000 Less accumulated depreciation O/I (320,000) 288,000 (304,000) 656,000 $1,440,000 $1,544,000 Accounts payable O $ 176,000 $ 96,000…
Cash €18,800 Accounts Receivable 35,800 Allowance for Doubtful ACcounts €638 Inventory, December 31 84,850 Prepaid Insurance 6,860 Equipment 91,000 Accumulated Depreciation-Equipment 36,650 Notes Payable 29,280 Share Capital-Ordinary 80,329 Retained Earnings 9,970 Sales Revenue 635,513 Cost of Goods Sold 419,500 Salaries and Wages Expense 124,210 Advertising Expense 6,730 Office Expense 4,630 €792,380 €792,380
A/R 5,000 Advertising EXP 1,600 Cash 500 COGS 6,000 Inv. 3,000 Plant Assets 12,000 Research Expense 2,000 Sales 20,000 Total Equity 7,500 Total Liabilities 13,000 Salaries and Wages Expense 10,000 What is the asset turnover What is the ROE The company take home roughly what percent of every $1 of sales.
Berbice Sugar Balance Sheet December 31, 2022 Assets Cash $ 150,000 Accounts Receivable 220,000 Direct Materials Inventory 22,000 pounds x $1.50) 33,000 Finished Goods Inventory (20,000 pounds x $ 22.50) 450,000 Plant and Equipment $1,000,000 Accumulated Depreciation (350,000) 650,000 Total Assets $1,503,000 Liabilities and Equity…
Cash $ 200,490 Sales $ 8,104,080 Debt Investments (trading) (at cost, $145,000) 157,080 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 302,490 Equity Investments (long-term) 280,490 Notes Payable (short-term) 94,080 Accounts Payable 459,080 Selling Expenses 2,004,080 Investment Revenue 64,820 Land 264,080 Buildings 1,043,490 Dividends Payable 139,490 Accrued Liabilities 100,080 Accounts Receivable 439,080 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,080 Administrative Expenses 901,820 Interest Expense 212,820 Inventory 600,490 Gain 81,820 Notes Payable (long-term) 903,490 Equipment 604,080 Bonds Payable 1,003,490 Accumulated Depreciation-Equipment…
Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000

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