Create a Statement of Comprehensive Income using the given Data for The Wealthy Co.Merchandising Business for period ended July 31,2020|Account No.Account NameTrial BalanceDebitAdjustmentsAdjusted Trial BalanceCreditSCISFPCreditDebitCreditDebitDebitCreditDebitCredit1000 Cash91,52591,52591,5251200 Accounts Receivable30,14030,14030,1401300 Inventory1400 Prepaid Expenses1600 Office Equipment20,05020,05020,05030,0005,00030,0005,00030,00045,00045,00045,0001601 AccumDeprn - Off Eqpt2000 Accounts Payable7507507503,0003,0003,0002201 Salaries Payable7,0007,0007,0003000 Sy, Drawings3100 Sy, Capital10,00010,00010,000200,000200,000200,0004100 Sales72,71072,71072,7104101 Sales Returns&Allowances1,3201,3201,3204102 Sales Discount8258258255100 Cost of Sales32,45032,45032,4506100 Salaries Expense6200 Utilities Expense7,0007,00014,00014,0007,4007,4007,4006300 Rental Expense5,0005,0005,0006500 Depreciation Expense750750750275,710275,71012,50012,500288,460288,460

The income statement is the representation of financial information. It will reflect financial…

Debit 1000 Cash 91,525 1200 Accounts Receivable 30,140 20,050 1300 Inventory 1400 Prepaid Expenses 1600 Office Equipment 1601 AccumDeprn - Off Eqpt 2000 Accounts Payable 2201 Salaries Payable 3000 Sy, Drawings 3100 Sy, Capital 4100 Sales 4101 Sales Returns&Allowances 30,000 45,000 10,000 1,320 4102 Sales Discount 825 5100 Cost of Sales 32,450 6100 Salaries Expense 6200 Utilities Expense 7,000 7,400

Debit 1000 Cash 91,525 1200 Accounts Receivable 30,140 20,050 1300 Inventory 1400 Prepaid Expenses 1600 Office Equipment 1601 AccumDeprn - Off Eqpt 2000 Accounts Payable 2201 Salaries Payable 3000 Sy, Drawings 3100 Sy, Capital 4100 Sales 4101 Sales Returns&Allowances 30,000 45,000 10,000 1,320 4102 Sales Discount 825 5100 Cost of Sales 32,450 6100 Salaries Expense 6200 Utilities Expense 7,000 7,400

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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Assets Cash Accounts receivable Inventory Year 2 $ 4,000 15,000 35,000 Assuming that net credit sales for Year 2 totaled $270,000, what is the company's most recent accounts receivable turnover? Multiple Choice 20 times 18 times 7.7 times 22.5 times Year 1 $2,000 12,000 $ 38,000 Help Save & Exit Submit
Accounts Receivable Turnover ratio Average Collection Period Inventory Turnover ratio Average days in inventory Number of days in operating cycle
Q1_ The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Balance 7 000 Accounts Sales Purchases commission Purchases Purchases return Creditors Freight out Purchases allowance Balance 830 000 18 000 Accounts Repair Interest received Revenue 25 000 480 000 70 000 90 000 Sales allowance 20 000 3 000 000 22 000 2 000 000 Loan Import customs Beginning inventory Sales discount 165 00 25 000 90 000 Purchases discount 10 000 8 000 Building 5 000 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission lighting Purchases expenses Depreciation 21 000 14 000 Salaries 120 000 Rent 80 000 26 000 Sales return 12 000 10 000 000 2 000 000 18 000 Bank 1 200 000 65 000 cash Debtors Ending inventory Capital Ins: 1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
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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
View Policies Current Attempt in Progress A company has the following balances: Sales revenue $312.000: Sales Returns and Allowances $2.000: Sales Discounts $4,000: Cost of Goods Sold $184,000: Operating Expenses $84,000. Assume there are no other revenues, other expenses, or income tax expense. How much is the profit margin? O 16.0% O 12.2% O 12.4% O 41.0 % eTextbook and Media Hint 4 ! Save for Later Using multiple attempts will impact your score 10% soore reduction after attempt 1 Attempts; unlimited Submit Answer
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