Account TitleCashAccounts ReceivableOffice SuppliesPrepaid InsuranceLandBuildingAccumulated Depreciation-BuildingEquipmentAccumulated Depreciation EquipmentAccounts PayableUtilities PayableSalaries PayableUnearned RevenueCommon StockRetained EarningsDividendsService RevenueInsurance ExpenseSalaries ExpenseSupplies ExpenseUtilities ExpenseDepreciation Expense-EquipmentDepreciation Expense-BuildingTotal$BalanceDebit18,0002,5007502,40045,000128,00042,00024,000$Credit8,00017,0004,5006752,900900103,00093,450120,00032,00029,0001,40020,0005,000375$ 350,425 $ 350,425Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Income Summary Clos. (3) Retained EarningsTo close Income Summary. Close expenses for the period.DateDec. 31Clos. (2)DateDec. 31Clos. (3)Accounts and ExplanationIncome SummaryInsurance ExpenseSalaries ExpenseSupplies ExpenseUtilities ExpenseClose Income Summary.Depreciation Expense-EquipmentDepreciation Expense-BuildingTo close expenses.Accounts and ExplanationIncome SummaryRetained EarningsTo close Income Summary.Debit87,775DebitCredit32,00029,0001,40020,0005,000375Credit

Name: Account TitleCashAccounts ReceivableOffice SuppliesPrepaid InsuranceL
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Description: Account TitleCashAccounts ReceivableOffice SuppliesPrepaid InsuranceLandBuildingAccumulated Depreciation-BuildingEquipmentAccumulated Depreciation EquipmentAccounts PayableUtilities PayableSalaries PayableUnearned RevenueCommon StockRetained Earning

The journal entries are prepared to keep the record of day to day transactions of the business on…

Business

Accounting

Close expenses for the period. Date Dec. 31 Clos. (2) Date Dec. 31 Clos. (3) Accounts and Explanation Income Summary Insurance Expense Salaries Expense Supplies Expense Utilities Expense Close Income Summary. Depreciation Expense-Equipment Depreciation Expense-Building To close expenses. Accounts and Explanation Income Summary Retained Earnings To close Income Summary. Debit 87,775 Debit Credit 32,000 29,000 1,400 20,000 5,000 375 Credit

Close expenses for the period. Date Dec. 31 Clos. (2) Date Dec. 31 Clos. (3) Accounts and Explanation Income Summary Insurance Expense Salaries Expense Supplies Expense Utilities Expense Close Income Summary. Depreciation Expense-Equipment Depreciation Expense-Building To close expenses. Accounts and Explanation Income Summary Retained Earnings To close Income Summary. Debit 87,775 Debit Credit 32,000 29,000 1,400 20,000 5,000 375 Credit

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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Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
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Complete a horizontal analysis for the "Supplies" account. Round the percentage change to one decimal place
Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Current Year 1 Year Ago 2 Years Ago $ 26,725 77,457 $ 31,858 95,459 8,436 240,403 30,967 41,290 43,529 52,503 73,671 8,200 220,389 3,372 193,642 $ 312,800 $ 42,115 69,129 162,500 Machinery, net Total assets $ 448,480 $ 386,621 Liabilities and Equity Accounts payable $ 110,555 Long-term notes payable 83,471 $ 65,992 88,034 Common stock 162,500 Retained earnings 91,954 162,500 70,095 39,056 Total liabilities and equity $ 448,480 $ 386,621 $ 312,800 Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute times interest earned for the current year and one year ago. Current Year 1 Year Ago Times Interest Earned Choose Numerator: / Choose Denominator: I II 11 Times interest earned times times
Prepare the statement of retained earnings with the information attached.
GENERALIZATION 5. GE EXERCISES Explain briefly in 5 to 10 sentences only, Write your answers in your notebook. 1. What is accrual basis of accounting? How is it applied in terms of revenues and expenses? 6. 2. Differentiate accrual basis from cash basis accounting. 3. What is the matching principle? Cite an example to expound on this aspect. 4. Explain the periodicity concept. What are the most common forms of annual reporting periods?
Accounts payable Accounts receivable HE Accumulated depreciation, building Accumulated depreciation, equipment Building Cash Dividends Equipment X Interest earned X Interest expense Investment in bonds Land improvements Long-term notes payable X Property taxes expense Property taxes payable Retained earings Share capital Short-term notes payable Totals Datu 30 Jun Income Summary Retainod Earnings Debit Credit 2,780 correct closing entry error 19″C Sunny 11,400 3,320 3,520 1,540 800 3,360 4,620 7,330 7,410 370 360 5,700 b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan). General Joumal Account/Explanation Page GJ8 7,070 7,180 6,760 6,440 6,640 43,300 43,300 F Debit Credit c) Calculate the correct post-closing retained earnings balance on June 30, 2014. Retained earnings balance: E
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Write & Insert Fields Preview Results Finish The following are extracts from the financial records of COF (Pty) Ltd for the year ended 30 June 2021: Extract from the statement of profit or loss and other comprehensive income for the year ended 30 June 2021 30 June 2021 R Revenue from sale of goods 920 000 Cost of sales Profit on sale of non-current assets Commission income 490 000 31 000 23 000 Audit fees 84 000 Depreciation Interest expense (finance cost) Income tax expense 72 000 20 000 87 000 Profit for the year (after tax) Extract from the statement of financial position as at 30 June 2021 BACHELOR OF COMMERCE YEAR1- ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE + REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 43 123 000 30 June 2021 30 June 2020 302 000 690 000 292 000 Inventories Trade receivables Trade payables Taxation payable Prepaid expenses Accrued expenses Required: 720 000 400 000 385 000 75 000 60 000 2 000 8 000 84 000 88 000 Prepare only the "Cash generated by operations"…
ipment Counts payable mer investments rrell, Withdrawals ervices revenue ent revenue alaries expense dvertising expense tilities expense $ 23,500 12,500 27,500 10,500 64,500 14,500 42,500 8,500 6,500 Saved Prepare its year-end income statement. Prepare its year-end statement of owner's equity, using net income calculated in par Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end statement of owner's equity, using net income calculated in part a. Hint: was $0. TERRELL COMPANY Statement of Owner's Equity For Year Ended December 31 Terrell, Capital, January 1 $ 0 Add: Investments by owner Add: Net income 27,500 8,500 36,000 11,547 MAY 21 tv MacBook Pro
Prepaid rent Accounts receivable Cash Comon stock Retained earnings Current assets Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet. Total assets otal current assets Long-term Investments Current labies BENNETT COMPANY Balance Sheet Long term is Total abilities December 31 Assets Liabilities $ 2,700 Accounts payable 18,500 Allowance for doubtful accounts 29,098 Notes payable (due in 10 years) 13,500 Notes receivable (due in 4 years) 24,200 Equity Total quity Total abilities and equity 5 S 0 0 $ 4,200 1,000 11,400 0
Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…