controlaccounts.9:IAS 2IAS 8IAS 10IAS 12The following transactions took placedecemer 23credit sales285,000cash sales64,000creditpurchases123,00026,000returnsoutwardsdiscountsreceived13,50024,800discountsallowed481000contrasхcustomer cheques dishonouredthey have recorded the followingreceivablesaccount + trade payables2700ll gמוits tradecontrol accountTrade receivabucontrol accountTrade payablecontrol account31 december 2320 november 23127600123,50054120084,250.-Prepare in↑ Formattrade receivable account+ calculate cashreceived fromcustomers andprepareInTFormattradepayablesaccount+cash paidtosuppliers.

Part 1: AnswerTrade Receivables Control Account:DateDetailsDebit (DR)Credit (CR)1 Nov 23Balance…

Answered: control accounts. 9: IAS 2 IAS 8 IAS 10…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec 31 20Y9 Dec 31 20Y8ASSETSCash $ 70,720 $ 47,940Accounts Receivable 207,230 188,190Inventories 298,520 289,850Investments - 102,000Land 295,800 -Equipment 438,600 358,020Accumulated Depreciation-Equipment (99,110) (84,320)Total Assets $ 1,211,760 $ 901,680LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable $ 205,700 $ 194,140Accrued Expenses Payable (operating expenses) 30,600 26,860Dividends Payable 25,500 20,400Common Stock, $1 par 202,000 102,000Paid-in Capital; Excess of issue price over par-common stock 354,000 204,000Retained Earnings 393,960 354,280Total Liabilities and Stockholders Equity: $ 1,211,760 $ 901,680Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:A. Equipment and land were acquired for cashB. There were no disposals of equipment during the year.C. The investments were sold for $91,800 cash.D. The common stock was…
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4. B Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…
Please help me with show all calculation thanku
Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.
Question 7.17 please explained in detail.
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Perform a solvency analysis for the two quotas
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
Instructions Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered. 1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was Mar. $56,900. Received payment les the discount. 13 Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandise
olo owns a varlety store called Stars Forever. The following are purchases of Inventory, returns, and discounts for the month of March. Purchased $2,000 of merchandtse from Sundance Furmiture on account, Involce 2177, with a 1% trade discount. Credit terms 2/1o, n/30. Pald rent for the month of March. Issued Check 145 for $2,100. Purchased merchandise from Taylor Supplies. Issued Chedk 146 for $1,65o. Purchased $2,400 of merchandise from Fuentes Co. on aCDount, Involce 2178. Credit berms 1/15, /30. Returned $400 of the merchandise from Fuentes Co. Recelved Credit Memorandum 11. Pald Involce 2177 to Sundance Furmiture. 1Issued check 147 for $1,940.40. s Purchased $3,700 of merchandise (Indluded $150 frelght) from Sky Divers Inc. on account, Involce 2179. Credit terms 1/10, n/30, FOB shipping polnt. - Purchased $210 of office supplies from willow Inc. on account, Invoce 2180. Credit terms 2/10, n/30. Pald Involce 2178 to Fuentes Co. Issued Check 148 for $1,980. Pald Involce 2179 to Sky…

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