dit card company charges a fee of 3% for handling a credit card transaction. of the following correctly shows the effects of the sale on July 7? Assets 600 582 582 600 Multiple Choice Balance Sheet Liabilities + 18 ΝΑ ΝΑ ΝΑ O Option B O O Option D Option C O Option A Stockholders' Equity 582 582 582 600 Revenue - 582 600 600 600 Income Statement Expense = Net Income ΝΑ 車 18 18 ΝΑ 582 582 582 600 Statement of Cash Flows ΝΑ 582 OA ΝΑ ΝΑ

dit card company charges a fee of 3% for handling a credit card transaction. of the following correctly shows the effects of the sale on July 7? Assets 600 582 582 600 Multiple Choice Balance Sheet Liabilities + 18 ΝΑ ΝΑ ΝΑ O Option B O O Option D Option C O Option A Stockholders' Equity 582 582 582 600 Revenue - 582 600 600 600 Income Statement Expense = Net Income ΝΑ 車 18 18 ΝΑ 582 582 582 600 Statement of Cash Flows ΝΑ 582 OA ΝΑ ΝΑ

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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Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
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24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000
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i) From the following Trial Balance of XYZ Traders, prepare the (a) Trading and Profit & Loss Account (b) Balance Sheet Additional Information: Closing Stock 7,400 Depreciation on machinery 10%, furniture 20% and motor vehicle 5% on cost. Write off Rs. 400 as further bad debts and create a reserve on bad and doubtfuldebts at 4% and reserve for discount on sundry debtors at 2.5%. Salaries payable Rs. 450 Rent paid in advance Rs. 500 Purchased goods (50 units @ Rs.100) from a supplier on credit basis but not recorded ii) Analyze the Financial Position of the XYZ Traders by keeping in viewTrading and Profit & Loss Account and Balance Sheet you prepared.As an investor, what you will decide about investment in the company
Assuming that the market price as of December 31, 2020, is $2.97, record the journal entry. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 6,225.) Date Account Titles and Explanation Debit Credit Dec. 31 Unrealized Holding Gain or Loss - Income 12540 Estimated Liability on Purchase Commitments 12540 eTextbook and Media List of Accounts Attempts: 1 of 1 used (c2) Give the entry in January 2021, when the 38,000-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2020, and that the market price in January 2021 was $2.97 per gallon. Prepare the journal entry for when the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the…
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42.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,000
The trial balance of Novak Ltd. at December 31, 2020, follows: Debits Credits Cash $295,000 Sales revenue $10,299,000 FV-NI investments (at fair value) 323,000 Cost of goods sold 6,400,000 Bond investment at amortized cost 429,000 FV—OCI investments (fair value $445,000) 378,000 Notes payable (due in six months) 99,000 Accounts payable 805,000 Selling expenses 2,460,000 Investment income or loss* 11,000 Land 320,000 Buildings 2,940,000 Dividends payable 56,000 Income tax payable 106,000 Accounts receivable 705,000 Accumulated depreciation—buildings 232,000 Allowance for doubtful accounts 37,000 Administrative expenses 930,000 Interest expense 251,000 Inventory 767,000 Gain on disposal of land…
Now ant evaluating the balance sheet for Mari Corporation. from the balance sheet you find the following balances Cast and marketable securities = $420,000, Ramunds Race hase = $ 80000 inventony = $t. 120.000. Prepaid Rent Expense= $360. 000 Accrued Taves = $24.00 Accounts Payeble = $1.030.000 Notes Payable = $ 370.000 Net Profit After Tax $ 250.000 What is the amount of Marin's Net Working Capital?
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…