Details about the account balances and general journalinformation of Maxwell Company for 2019 are givenbelow.Beginning account balances for 2019AmuntCaLandSuliUnmed Reven eeCn SkRetainad Eanings 20.00The following are the general journal information of MaxwellСоmpany for 2019Mane CompyGeneral ural. 219Account TEventD Cre1.CadBask LonOffee Egieel15.000Cah150Accou Rocile35,000Service Reven35,4.Ca15000Account Roceinabe15,00Dividends5000Cah5,00hupaid Re120Cah12,00Lncamed Revenee5000Senice RevenRest Eapeehuped Ro4.0006000Spples spenseSupple10,00Required:b.PrepareT-Accountc. Prepare Trial Balanc.d. Prepare Income Statemente. Prepare Balance Sheet

b) The T-account prepared is given below,

Answered: Details about the account balances and…

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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PEPSICO LIMITEDSTATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER:2021 (R) 2020 (R)Sales 3 312 000 2 800 000Cost of sales (1 616 000) (1 560 000)Gross profit 1 696 000 1 240 000Selling and administrative expenses (672 000) (568 000)Operating profit 1 024 000 672 000Interest expense (64 000) (32 000)Profit before tax 960 000 640 000Tax (256 000) (172 000)Profit after tax 704 000 468 000LIST OF BALANCES FROM THE STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER:2021 (R) 2020 (R)Land and buildings 1 760 000 1 504 000Plant and machinery 992 000 848 000Investments 240 000 0Inventories 384 000 400 000Accounts receivable 408 000 256 000Cash and cash equivalents 72 000 64 000Ordinary share capital 1 600 000 1 600 000Retained earnings 896 000 480 000Long-term loan 640 000 320 000Accounts payable 384 000 448 000Income tax payable 128 000 64 000Dividends payable 208 000 160 000Additional information¦ Selling and administrative expenses include depreciation as follows:Depreciation on…
! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journal
View History Bookmarks Window Help Fri Apr 9 6:16 PM edugen.wileyplus.com Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 7-04 a-d (Part Level Submission) Crane Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2020. The subsidiary ledger contains three accounts: Bixler Company, balance $4,500; Cuddyer Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $9,500 $7,700 $ 0 Cuddyer Company 7,300 2,600 3,300 Freeze Company 9,000 9,000 (a) What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account $4 Click if you would like to Show Work for this question: Open Show Work S SAVE FOR LATER Attempts: 0 of 4 used (b) The parts of this question must be completed…
to Financial Accounting / FINAL EXAM ACCT101 FALL 2020-2021 Muscat Company Paid R.O 4, 000 on balance owed for Account Payable incurred last month. Which of the following journal entries is recorded correctly and in the standard format? Select the correct answer: ion Select one: O a. DEBIT Cash OMR 4,000 and CREDIT Account Payable OMR 4,000 O b. DEBIT Account Payable OMR 4,000 and CREDIT Cash OMR 4,000 Oc. No entry-not a transaction O d. DEBIT Cash OMR 4,000 and CREDIT Utilities Expense OMR 55,000 e. DEBIT Utilities Expense OMR 4,000 and CREDIT Account Payable OMR 4,000 Finish attempt Seyll lis si page
Prepare the SFP in Account Form
3.0Ledgers Cash Account No.101 Balance Date Account and explanation Debit (RM) Credit (RM) (RM) 2020 Aug-01 Capital 1 Rent expenses 5 Service revenue 15000 15000 800 14200 150 14350 11 Moonlight Enterprise 16 Drawings 1746 12604 200 12404 17 Asher 490 12894 20 Service revenue 700 13394 25 Unearned service revenue 500 13894 30 Wages 400 13694 Capital Account No.301 Balance Date Account and explanation Debit (RM) Credit (RM) (RM) 2020 Aug-01 Cash 15000 15000 Rental Account No.510 Balance Date Account and explanation Debit (RM) Credit (RM) (RM) 2020 August 1 Cash 800 800 31 Prepaid rental 400 400 Supplies Account No.516 Balance Date Account and explanation Debit (RM) Credit (RM) (RM) 2020 August 1 Account payable 1920 1920 Account Payables No.201 Balance Date Account and explanation Debit (RM) Credit (RM) (RM) 2020 August 2 Supplies 1920 1920 6 Return outwards 11 Cash 120 1800 1746 54 Discount received 54 Service Revenue Account No.401 Balance Date Account and explanation Debit (RM)…
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Do a journal entry based on this transections, round interest amounts to the nearest dollar,
Requirements 1. Journalize the transactions in the Johnson Pharmacies general journal. Round to the nearest dollar. Explanations required. 2. Prepare the liabilities section of the balance sheet for Johnson Pharmacies on March 1, 2019 after all the journal entries are recorded.
You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019. my confusion : not sure if LSL will be 50%of or not?
Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…

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