DebitCreditCash$5,000Accumulated Depreciation-Equipment$1,200Accounts Receivable5,000Accounts Payable3,400Inventory1,800Owner's Capital28,200Equipment21,000$32,800$32,800*(3,000 x $0.60)

Answered: Image /qna-images/answer/9ba57865-74b2-47e1-8b8e-afecdfe44d3f.jpg

Answered: Debit Credit Cash $5,000 Accumulated…

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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Total sales 100,000; Returns sales 10,000; Total assets 500,000; Aggregate depreciation 50 thousand, the amount in dollars, calculate the turnover rate of operating assets Select one: a. 0.50 b. 0.20 c. 2.2 d. 300,000
Why is there a need for you to propose the project or program? What are the benefits that your community/locality can get from the implementation of such?
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…
Please answer iv,v and vi. Thanks
7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) DEBIT Cash CREDIT Non-current assets - cost A $35,000 $15,000 $50,000 $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) CREDIT Non-current assets - cost $65,000 $35,000 $100,000 DEBIT Accumulated depreciation DEBIT Cash CREDIT Non-current assets CREDIT Profit on disposal (SPL) $35,000 $50,000 $65,000 $20,000 DEBIT Non-current assets DEBIT Accumulated depreciation CREDIT Cash CREDIT Profit on disposal (SPL) $65,000 $35,000 $50,000 $50,000
Selected data concerning the past year’s operations of the Altek Manufacturing Company are as follows:Inventories ($) Beginning EndingRaw materials 71,000 81,000Work in Process 80,000 30,000Finished Goods 90,000 110,000Other Data:Direct Materials Used ---------------------------------------------- $ 326,000Total Manufacturing Costs Charged to productionduring the year (includes direct material, direct labour,and manufacturing overhead applied at arate of 60% of direct-labour cost) ----------------------------------$ 686,000Cost of Goods Available for Sale ----------------------------------$ 826,000Selling and Administration Expenses ----------------------------- $ 31,500 Required: What was the cost of goods sold during the year?
QUESTION 1.4 I could only attach 2 pictures, the last picture has only 1 column "Cash and cash equivalent at the end of the year R36000" Question: Explain why depreciation is added to the operating profit
020. Statement of Financial Position as at 31 Mac 2020. Ar Jamil, a trader, completed a year's trading on 31 October 2020. The following malances were extracted from the business records: Credit Particulars Debit RM RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: 52,650 160,720 340 100,000 140,000 30,000 75,000 1,213 Machines Office equipment Vehicles 28,000 16,800 28,000 11,500 175 Office expenses Cash in hand Selling expenses Drawings Wages Stock at 1 Nov 2019 Provision for doubtful debts as at 1 Nov 2019 Debtors and creditors Repairs Bad debts Jamil-Capital account as at 1 Nov 2019 Cash at bank 8,820 6,000 48,000 2,500 650 8,600 14,500 2,370 240 251,512 3,400 495.495 495,495 TОTAL Mr Jamil also provides the following information at 31 October 2020: Stock was valued at RM2,750 The provision for doubtful debts should be maintained at 5% of debtors. Wages accrued amounted to RM1,500 Office…
Post Company Sign Company Item Debit Credit Debit Credit Cash 10,000 15,000 Accounts Receivable 33,000 20,000 Inventory 260,000 80,000 Land 80,000 80,000 Buildings and Equipment 500,000 150,000 Investment in Sign Company 215,000 Cost of Goods Sold 120,000 50,000 Depreciation Expense 25,000 15,000 Other Expenses 15,000 5,000 Dividends Declared 30,000 10,000 Accumulated Depreciation 205,000 105,000 Accounts Payable 40,000 20,000 Notes Payable 200,000 50,000 Common Stock 300,000 100,000 Retained Earnings 318,000 50,000 Sales 200,000 100,000 Income from Sign Company 25,000 $ 1,288,000 $ 1,288,000 $ 425,000 $ 425,000 Additional Information: 1. Post Company acquired 100 percent ownership of Sign Company on January 1, 20X8 for $200,000. The book value of Sign's net assets at acquisition was $150,000. 2. The book value and fair values of Sign's assets and liabilities were equal, except for Sign's buildings and equipment, which were worth $50,000 more than book value. Buildings and equipment…
ADDITIONAL INFORMATION During the year A company sold equipment with an original cost of 153000$ and accumulated depreciation of 119000$ and purchased new equipment for 272000.
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Debit Credit Cash $5,000 Accumulated Depreciation-Equipment $1,200 Accounts Receivable 5,000 Accounts Payable 3,400 Inventory 1,800 Owner's Capital 28,200 Equipment 21,000 $32,800 $32,800 *(3,000 x $0.60)