Draft the financial statements and show the accounting journal entries for year-end
Q: Answer the following questions.
A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…
Q: Required: Briefly explain whether the $7,000 and the $180,000 receipts constitutes ordinary income'…
A: The answer for the question on ordinary income is discussed hereunder: What is ordinary income?…
Q: Green Wave Company plans to own and operate a storage rental facility. For the first month of…
A: Basic accounting equation is: Assets = Liabilities + Capital
Q: In addition to the above accounts, VGC’s chart of accounts includes the following: Service Revenue,…
A: Date Account titles and explanation Debit ($) Credit ($) 1-Jan Cash $50,000 Accounts…
Q: On April 1, 2021, Roland Smith organized a business called Friendly Trucking During April, the…
A: Journal entry is a method to record the financial transaction in books of accounts.
Q: Assume you are the accounting manager for Logan’s Landscaping & Design. On December 1, 2013, Logan…
A: Under accrual concept, revenue should be recognized only when it is earned not only when cash is…
Q: Boris Gardner started a CD distribution business, by investing part of his Heineken…
A: Every organization conducts a large number of financial transactions in its business. Organizations…
Q: How much is her EBITDA at the end of the first month?
A: EBITDA is an acronym of earnings before interest tax depreciation and amortization, this is used by…
Q: Green Wave Company plans to own and operate a storage rental facility. For the first month of…
A:
Q: on april 1, 2021, nels ferrer organized a business called friendly trucking. during april, the…
A: Journal entries recording is the first step of accounting process, under which one account is…
Q: Seacost Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and…
A: Under the Accrual Basis of Accounting, revenue is accounted for when it is earned, and expense is…
Q: (1) Record the journal entries for the above transactions. (2) Post the journal entries onto the…
A: You have asked multiple sub-parts under a single question kindly resubmit the remaining so that the…
Q: GymCo sells gym memberships and weight equipment. On 12/31/2014 customer C pays $250 cash for a…
A: Unearned revenue is the portion of the revenue of goods or services against which amount is received…
Q: Dr Fionn opened a hospital on 1st April 2015 by investing $500,000 in equipment. The receipt and…
A: Income and expenditure account is just like profit and loss account but only difference is that ,…
Q: When opening a new business account on QuickBooks in July, but the business actually opened in…
A: Property purchased on mortgage means that the lender of money has provided the loan secured against…
Q: beginning April 24, 2020. Assume basic payroll deductions for Ontario. They work five days a week…
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…
Q: You are provided with the following information of John Mlachake for the month of March 2014 March:…
A: The general ledger accounts are graphically presented in the form of T Accounts. All the debit…
Q: Skint Limited has an opening bank balance of €1610 on 1 May. During May, the company makes sales of…
A: Since Skint limited is giving one month credit to all the customers, its total sale is credit sale…
Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: 1.Mannyy is not behaving ethically by reporting loan to Tom as a trade account receivable.The trade…
Q: Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P…
A: Closing entries are prepared to close the incomes and expenses to income statement and dividend…
Q: Aggressive Corporation approaches Matt Taylor, a loan officer for Oklahoma State Bank, seeking to…
A: Cash Flow Statement - It is statement showing cash inflow and outflow in the business from different…
Q: A local Starbucks sells gift cards of $10,000 during the year. By the end of the year, customers…
A: Deferred revenues: Collection of cash in advance to render service or to deliver goods in future is…
Q: Eleven Co. began operations on Jan. 1, 2022. Eleven starts her business by investing $25,000 of her…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…
A: 1 ) Manny behaving unethically just deluding the financial position of the entity. Advance to…
Q: For the following independent transactions, determine the amount of current and long-term…
A: Liability is the money owed by the entity to the creditors or any other persons such as suppliers…
Q: On January 1, 2010, the capital of Delta Company was P1,700,000 and on December 31, 2010, the…
A: Statements of changes in equity is the summary showing beginning and ending balances of share…
Q: OJD Ltd runs a small hotel which commenced trading on 1 March. The following transactions occurred…
A: 1. Journal Entries DATE PARTICULAR DEBIT CREDIT 1 March Cash 50,000 To…
Q: Refer to the following transactions for the next three questions. (Note: The following information…
A: The total assets of an entity are equal to the sum of total liabilities and equity. It is the…
Q: ⚫The company sells the toys with a 2 year warranty. The company estimates that warranty Expense will…
A: Part 2: Explanation:Step 1: Warranty Expense Calculation: Calculate the warranty expense based on…
Q: Journal Entries , Trial Balance and Financial Statements
A: Accounting cycle can be defined as the systematic manner of recording each monetary business…
Q: urnalize the follwing transactions for January 2016 of Ken Merchandising : January 01 On January 01,…
A: In a perpetual inventory system, the inventory records are maintained up to date. So, it is easier…
Q: source document of each transaction_
A: Source document is the document used for making a transaction into effect. t is used as a primary…
Q: Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: You are a trainee accountant working for a small firm of accountants. You have been asked to work on…
A: a) The Ledger is the book or file of accounts. It consists of the debits and credits of the journal…
Q: Fred has a business of selling computers taking orders online and customers click and collect during…
A: Cost of goods sold: Cost of goods sold refers to the expenses incurred by the company in order to…
Q: Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of…
A: Journal is a book in which all business transactions are recorded, all business transactions are…
Q: Patty Stone started a new store to sell backpacks in January. The following events occurred in the…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: T Account entries for Simple Construction: Bob Simple graduated from the BCIT Construction…
A: T-account is an informal form of account, It is called T-account because it depicts the shape of…
Q: Buku Enterprise is a medium size book distributor in Kota Kinabalu, Sabah. The business was set up…
A: Assets are the resources owned by the company. They are acquired with an intention to sell or to…
Q: How would you record this transaction into a journal (On the day of the transaction) and a closing…
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Kanti sets up a business on 1 January 2013 selling mountain bikes.
Capital of $10,000 is contributed and the following transactions
take place:
$
Buys 20 bikes for $400 each for cash 8,000
Sells 12 bikes for $500 each for cash 6,000
There are no other transactions during the year.
Required:
Draft the financial statements and show the accounting
entries for year-end
Step by step
Solved in 2 steps
- Lowell Company sells swimming pool supplies and equipment. The majority of Lowell's customers are small, family-owned businesses. Assume that Lowell Corporation completed the following transactions during the current year. Lowell's fiscal year ends on December 31. September 15 October 1 October 5 October 15 December 12 December 31 Required: Paid a supplier $129,500 for inventory previously purchased on credit. Borrowed $904,500 from Mass Bank for general use; signed an 11-month, 5% annual interest-bearing note for the money. Received a $42,250 customer deposit from Jim Scanlon for services to be performed in the future. Performed $19,800 of the services paid for by Mr. Scanlon. Received electric bill for $12,450. Lowell plans to pay the bill in early January. Determined wages of $52,900 earned but not yet paid on December 31 (disregard payroll taxes). 1.&2. Prepare journal entries for each of these transactions.HareshNeed some assistance logging these scenarios in a journal entry. April 2: The firm signed an agreement with a contractor to install shelves costing $18,000. The work will begin on April 4. Purchased a delivery truck by paying $1,000 and taking out a 5 year 12% loan for $24,000. Mark used the company's funds to purchase additional equipment costing $22,000 and furniture and fixtures costing $38,000. It was necessary to pay a computer consultant $4000 to install, configure, and test the equipment prior to its use. April 3: The company borrowed $100,000 from Mark by signing a five-year promissory note at 12% (ignore the interest for now) The company purchased a business health license from the county at a cost of $2,400. The license expires one year from now. April 8: Work on the leasehold improvements was finished and the contractor was paid $18,000. April 15: Sales for the first half of the month totaled $42,000, of which $18,000 was for cash and the remainder on account. The…
- Mary Maywood opened Maywood Cleaners on March 1, 2022. During March, the following transactions were completed.Mar.1 Shareholders invested €25,000 cash in the business in exchange for ordinary shares.Mar.1 Borrowed €7,000 cash by signing a 6-month, 8%, €7,000 note payable. Interest will be paid the first day of each subsequent month.Mar.1 Purchased used truck for €9,000 cash.Mar.2 Paid €2,500 cash to cover rent from March 1 through May 31.Mar.3 Paid €3,400 cash on a 6-month insurance policy effective March 1.Mar.6 Purchased cleaning supplies for €2,000 on account.Mar.14 Billed customers €4,700 for cleaning services performed.Mar.18 Paid €700 on amount owed on cleaning supplies.Mar.20 Paid €1,750 cash for employee salaries.Mar.21 Collected €1,800 cash from customers billed on March 14.Mar.28 Billed customers €4,500 for cleaning services performed.Mar.31 Paid €450 for gas and oil used in truck during month (use Maintenance and RepairsExpense).Mar.31 Declared and paid a €1000 cash…Please provide the following journal entries for these transactions, you can draw the T- Accounts or journal entries; A) Mortgage Company funded a loan for $100,000 and the company only advance 98% of the loan through financing (Warehouse Line). Remaining 2% is gathered from Companys funds. B) The same loan was sold to investor at 102 % 15 days later, please prepare the journal entries. C) The Company has expenses at the end of the month in the amount of $20,000 but has not paid until 30 days later. Please prepare journal entries at the end of the month and 30 days payment. D) The company received funds and has a trust liability account for borrowers in the amount of $10,000. 30 days later the trust liability is being transferred to the final investors. E) Company Prepaid Insurance for 12 months and paid in January for $1,200. You are now in the March 31 st of the year.Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011: The owner provided P30,000 cash as initial investment to the business on November 1, 2011. Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date. Purchased office supplies worth P60,000 for cash during the period. Rendered services worth P280,000 for cash during the period. Paid utilities expense of P4,000. The owner withdrew a total of P100,000 cash from the business during the period. Additional information: Unused office supplies on December 31, 2011 amounted to P5,000. With the given information: 1. Provide the Journal Entries 2. Post the entries to the ledger
- Dear expert , please help me with workingA customer buys a company product on the internet for $1,000 with bitcoins. At the end of the year he bit coins are worth $5,000. The company's income statements show sales of $1,000. Why?Create journal entries for each of the following transactions The company issues capital stock for $90,000. The company borrows $40,000 from the bank. The company pays its rent for one year in advance, $18,000. The company buys inventory for $30,000 on account. The company sells inventory costing $20,000 for $40,000 on account. The company pays its employees $1,000 for services rendered. The company buys inventory for $50,000 cash. The company sells inventory costing $40,000 for $80,000 cash. The company collects $20,000 from customers on account. The company pays $25,000 on account. One month of rent has expired. Dividends of $2,000 are paid.
- Pasadenas starts a business on the 1 June 20x8, introducing the following assets: cash £5,000 van £1,000 Pasadenas’s godfather agrees to lend the business £7,200 at an annual interest rate of 5% per annum. The business makes the following cash payments: goods for resale £6,000 rent for 6 months £1,500 In the first month of trade the business makes sales of £5,000 operating on a mark-up on cost of 25%. The inventory/stock held at the end of the first month’s trade was valued at £2,000. [Note: not all information provided above is required to answer this question correctly] Pasadenas’s capital account at the end of the first month’s trade is: Answers: a. £6,000 b. £13,000 c. £720 d. £6,720Hello I need some help, also need B, C, D, E, F, G, H, IThe following are the business transactions of Reyes Broiler farm for the month of March 2019. March 2 The owner borrowed P150,000 from Landbank to be used in the business. 4 Bought farm equipment P30,000. Terms: 50% down payment, balance on account. 5 Cash sales of broilers P15,000. 7 Purchased farm supplies P7,000 on credit. 10 Sales of broilers on account P10,000. 15 Paid the salaries of the farm workers P12,000. 18 Sales of broilers P12,000. 50% collected in cash , balance on account. 22 Bought additional farm supplies P5,000 and paid cash. 24 Paid the rent for the land P15,000. 25 Cash sales of broilers P30,000. 26 Paid Landbank P50,000. 27 Sales of broilers on account P14,000. 28…
