financial statement because they don't have accountant or a spe- cialized person who can prepare correct financial statement. The person who prepare financial statement always make a mistake and mixing between income statement and statement of financial position. The following information found in the AL-Naseem Com- pany Trail Balance. Required from you as an accountant to help AL-Naseem company to prepare:- (A) An income statement. (B) A retained earnings statement. Long Term Loans 13,000 Retained Earnings at the Beginning 4000 Capital 80,000 Goodwill 9000 Trademark 1000 Purchases 163,700 Purchases discount 1800 Fright in 3475 Sales 198950 Account Dr Cr Salaries Expenses 12100 Cash 20,000 Sales Return 7550 Account Receivable 18,000 Other Revenues 950 Account Payable 3000 Note Payable Short Term 2500 Other Information Prepaid Expenses 2325 Loans Short Term • Ending Inventory 37,625 1350

financial statement because they don't have accountant or a spe- cialized person who can prepare correct financial statement. The person who prepare financial statement always make a mistake and mixing between income statement and statement of financial position. The following information found in the AL-Naseem Com- pany Trail Balance. Required from you as an accountant to help AL-Naseem company to prepare:- (A) An income statement. (B) A retained earnings statement. Long Term Loans 13,000 Retained Earnings at the Beginning 4000 Capital 80,000 Goodwill 9000 Trademark 1000 Purchases 163,700 Purchases discount 1800 Fright in 3475 Sales 198950 Account Dr Cr Salaries Expenses 12100 Cash 20,000 Sales Return 7550 Account Receivable 18,000 Other Revenues 950 Account Payable 3000 Note Payable Short Term 2500 Other Information Prepaid Expenses 2325 Loans Short Term • Ending Inventory 37,625 1350

Name: financial statement because they don't have accountant or a spe-ciali
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: financial statement because they don't have accountant or a spe-cialized person who can prepare correct financial statement. Theperson who prepare financial statement always make a mistakeand mixing between income statement and statement of financia

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

I need help answering A, B, and C, questions please in the pic.
Q4. Analysis of Financial StatementsThere was a bit of concern about one of Big Rock’s newer entities – Big Rock PavingCompany. Management wants you to review the two financial statements below and giveyour analysis of the company’s performance.Big Rock Paving CompanyAssets LiabilitiesCurrent Assets: Current Liabilities:Cash 200,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 600,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,300,000Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets 1,600,000 Retained Earnings 100,000Total Assets 2,900,000 Total Owners’ Equity 800,000Total Liabilities and Owners’Equity2,900,000Big Rock Paving CompanyIncome Statement for Year Ending December 31, 2021Sales 3,400,000Less: Cost of Goods Sold 2,700,000Less: Administrative Expenses 700,000Less Depreciation 682,000Earnings Before…
Check my work For each of the Items listed below, identify the approprlate financial statement element. Item Element 1 Obligation to trasfer cash or other resouices as a resut of a past transaction 2 Dividends pad try a corporaton to ts shamholders a nfow of an anset tom providing a good or service 4 The financial positon ofa company Aset 5 Increase in equity dunng a penod trom nonowner transachons 6 increase in equity from perpheral or incidental transaction Assets, liobilities and equity Comprehensive income 7. Sak of an sset uned in the operations of a businens for ess than the assets book value B The owners msidual anterest n the asets of a company An dom owneod by the company tepresenting probable future bonets 10 Revenues plus gains less expenses and osses Distribution to owners 11 n owner's contribution of cash to a corporation in eKchange for ownershp shares of stock 12 Outfow of an asset related to the production of revenue
Courses =HCS380 Week 1 Terminology Matching Accounts Receivable Terminology Matching Note Payable Bonds Payable Common Stock Income Statement Balance Sheet Retained Earnings Statement Statement of Cash Flow Basic Accounting Equation multimedia.phoenix.edu Annual Report View Assessment HCS/380: Week 1 - Terminology Matching - Academic Resources Owed to a bank for the money borrowed Bill customer/patient for services HCS Debt securities sold to investors that must be repaid at a particular date in the future A AOL PASSV REQUIRED Enter your password for "kaylakı Accounts. Prepared by corporate management to present financial information, management discussion, notes, and auditor's report Used by creditors to determine if they will be paid Assets Liabilities+Stockholder's Equity Used by creditors and investors to analyze the organization's cash position Used by investors to evaluate the organization's history of paying high dividends The total amount paid in by stockholders for the share…
Choose an answer by this following choices: A. Cash provided/used by operating activities. B. Cash provided/used by investing activities. C. Cash provided/used by financing activities. D. Not a cash flow. Given. Payment on long-term debt Issuing 3-year unsecured notes Collection of accounts receivable Issue of ordinary shares for purchase of land Writing-off obsolete inventory Depositing cash on hand with the bank Payment of employees' wages Issuing ordinary shares for cash Payment of income taxes payable Purchase of equipment for cash Paying dividends Sale of real estate held as a long-term investment
Can somone help me with trial balance and what caused change in retained earnings... I didn’t fill out the equipment section because there weren’t any equipment used from he journal entry
2. Which of the following on a Balance Sheet would cause concern for you? Use the sample Balance Sheet provided Notes & Comments Current Assets 10350 Bank Chequing $75,992 10857 Visa Credit Card -$226 12000 Accounts Receivable $21,296 13500 Inventory Assets $27,791 14990 Hold Backs -$275 Total Current Assets $124,578 Liabilities & Equity 20000 Accounts Payable $22,063 22100 Unapplied Cash $8,716 29300 Shareholder Loan $24,410 35600 Retained Earnings $52,416 Net Icome (Current Year) $16,873 Total Liabilities & Equity $124,478
bad debt expense is relevant into the followings cycles: a. capital acquisition and payments b. Inventory and warehousing c. payroll and personnel d. sales and collection أخلِ اختياري سؤال 2 غير مجاب عليه بعد الدرجة من 1.00 علِّم هذا السؤال نص السؤال CPA Ellen Stout performs the audit of the local symphony society. Because of her good work, she was elected an honorary member of the board of directors. This action does not violate the independency of the auditor إختر واحداً: صح خطأ سؤال 3 غير مجاب عليه بعد الدرجة من 1.00 علِّم هذا السؤال نص السؤال The two characteristics of the appropriateness of evidence are a. relevance and reliability. b. relevance and timeliness. c. relevance and accuracy. d. reliability and accuracy.
Question 5: One of your team members is struggling with preparation of balance sheet and he needs your assistance in completing it. He has come up with following missing information. You are required to complete this Balance sheet. Assets Liabilities & Equity $ 100,000 Current Liabilities Cash Receivables Long Tem Debt Inventory Total Debt Plant Common Equity $ 600,000 Total Assets Total Claims Additional Information: Current Ratio is 2.5 ; Average Collection Period is 54 days; Total Debt to Total Assets 40 percent; Total Asset Tumoveris 2; Inventory Tumover 5.
Warm-up: Elements of Statement of Comprehensive Income Identify the correct classification of each of the accounts listed. Put a check mark (v) in the appropriate column. Owner's Account Asset Liability Revenue Expense Equity Accounts Payable Accrued Interest Income Accumulated Depreciation Allowance for Bad Debts Cash in Bank Depreciation Expense Bad Debts Expense Interest Receivable K. De Pedro, Drawing Mortgage Payable Petty Cash Fund Prepaid Insurance Prepaid Interest Professional Fees Repairs and Maintenance Expense Salaries Payable Service Income SSS Premium Expense Supplied on Hand Supplies Inventory Unearned Interest Income Unexpired Insurance Unused Supplies Utilities Expense Withholding Taxes Payable
QUESTION 1 B - Complete the table by identifying the Book of Original Entry for EACH source of information. * b. The table below shows sources of Debtors' Ledger Control Accounts. Complete the table to show the Book of Original Entry for EACH source of information. Source of Information Book of Original Entry Total refund to debtors Total dishonoured cheques Total credit sales Total returns inwards Receipts from debtors Total discounts allowed Total bad debts 1 Add file OUESTION 4B- You are required to prepare An Income and Expenditure Account
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corporation. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET Payables $ 35 Inventories $ 50 Less accumulated depreciation 120 Receivables 35 Total current assets Total current liabilities Long-term debt $ 350 Interest expense $25 Property, plant, and equipment 520 Total liabilities Net fixed assets Shareholders' equity $90 Total assets Total liabilities and shareholders' equity INCOME STATEMENT Net sales $700 Cost of goods sold 580 Selling, general, and administrative expenses 38 EBIT Debt due for repayment $ 25 Cash 15 Taxable income Federal plus other taxes $ 15 Depreciation 12 Net income Prepare the balance sheet and income statement by rearranging the above items. Note: Be sure to…