Bad debts 10,000 Electricity and water 40,000 salary201,000 insurance 98,000 Depreciation furniture 70,000 Depreciation motor vehicles 50,000 sales 50,000 Return inwards 20,000 Opening stock 30,000 Purchases 60,000 Return outwards 10,000 Closing stock 50,000 Interest on loan 110,000 Doubtful debits 89,000 Discount allowable 66,000 Dividend received 20,000 Rent received 10,000 Discount received 100,000 Bad debts recovered 80,000 Rent expenses105,00O Discount allowed 60,000 ila a 1

Bad debts 10,000 Electricity and water 40,000 salary201,000 insurance 98,000 Depreciation furniture 70,000 Depreciation motor vehicles 50,000 sales 50,000 Return inwards 20,000 Opening stock 30,000 Purchases 60,000 Return outwards 10,000 Closing stock 50,000 Interest on loan 110,000 Doubtful debits 89,000 Discount allowable 66,000 Dividend received 20,000 Rent received 10,000 Discount received 100,000 Bad debts recovered 80,000 Rent expenses105,00O Discount allowed 60,000 ila a 1

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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Net income is to be answered for upvote.
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if you have the following information Sales 250,000 Cost of goods sold 260,000 Gross loss (10000) Operating expenses 80,000 Deprecation 20,000 Net income 110000 The following accounts increase Accounts receivable 22000 land 18000 Accounts payable 35000 building 47000 Long term investment 150000 The following accounts decrease: bonds 24000 Rent payable 25000 Common stock 35000 The cash flows from operating activities is: Select one: O a 119000 O b. 118000 O C The corect answer not available Od 115000
Ryan Hinds has prepared the following trial balance at the end of December 2001 : Capital Purchases Sales 53,780 9,000 18,400 Return Inwards 100 Return Outwards 250 890 Depreciation for the year Wages Discounts Allowed 4,300 450 Discounts Received 270 Debtors 1,250 2,750 Creditors Premises 45,000 8,900 Fixtures & Fittings Bank Overdraft 1,200 150 370 Cash Carriage Inwards Opening Stock Carriage Outwards Sundry Expenses Prov. for Bad Debts 2,500 140 1,420 420 75,770 75,770 Prior to the preparation of the trial balance Hinds received a draft to tour with the West Indies Cricket Team ( evidently his excitement resulted in a few accounting errors). Suspect of apparent errors, an audit was carried out, and the following errors located : a A page of the purchases day book was undercast by $3,000 A total in the sales day book was carried forward as S1,000 instead of s1,600 « The sale of some old fixtures for cash for S300 has been credited to sales a. Return inwards of $100 have been posted…
Beardom Gym Center Cash P150,000 Trading Investments 70,000 Receivables: Jan. 1 158,000 Dec. 31 225,000 Merchandise Inventory Jan. 1 250,000 Dec. 31 185,000 Current Liabilities 230,000 Cost of Goods Sold 2,750,000 Credit Sales 4,800,000 Calculate the following: 1. Inventory turnover 2. Receivable turnover 3. Average age of receivables Question; Is Beardom doing a good job in managing inventory and receivables? Explain.
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