QuestionPrepare a proper Trial Balance for Vivian Trading as at 31 May. From the following list of balances extract from Vivian Trading's book as at31 МayRMRMCash in handCash at bank400 Trade payables6,800 Sales5,42512,400СаpitalDrawings18,000 Purchases300 Returns Outwards8,500 Wages2,100 Rent & rates9.400275Motor vehicles5,000Trade receivables3,600

Introduction: Trial Balance: After preparation of ledgers the final balances are posted in to Trial…

From the following list of balances extract from Vivian Trading's book as at 31 May RM 400 Trade payables 6,800 Sales 18,000 Purchases 300 Returns Outwards 8,500 Wages 2,100 Rent & rates RM 5,425 12,400 9.400 275 5,000 3,600 Cash in hand Cash at bank Capital Drawings Motor vehicles Trade receivables

From the following list of balances extract from Vivian Trading's book as at 31 May RM 400 Trade payables 6,800 Sales 18,000 Purchases 300 Returns Outwards 8,500 Wages 2,100 Rent & rates RM 5,425 12,400 9.400 275 5,000 3,600 Cash in hand Cash at bank Capital Drawings Motor vehicles Trade receivables

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

Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 June 12 June 13 Rashid's hard drive crashes and he sends it to DRS. After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $2,700. Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 10% educational discount and reducing the cost by $270 ( = $2,700 × 10%). DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today's date, offering a 2% discount for payment within 10 days. When Rashid receives the hard drive, he notices that DRS did not successfully recover all data. Approximately 30% of the data has…
Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.
Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. a. FICA-Social Security Taxes Payable, $3,472; FICA-Medicare Taxes Payable, $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) b. Employees' Federal Income Taxes Payable, $7,000 (llability for February only). c. Federal Unemployment Taxes Payable, $336 (liability for January and February together). d. State Unemployment Taxes Payable, $3,024 (lability for January and February together). The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $11,284 check is in payment of…
Unit Information with BWIP, FIFO Method Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is measured in ounces. The production data for July are as follows: Production: Units in process, July 1, 60% complete* Units completed and transferred out Units in process, July 31, 80% complete* * With respect to conversion costs. 11,000 88,000 15,100
The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buke-buku NChoc Sdn. Bhd, kilang coklat untuk September 2020.] 2020 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. Sept 1 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6. Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. Cash sale RM 520. Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. Received rent worth RM 750 by cash. I rent 11 12 Sold goods by cash to Salwani Ltd worth RM470. Returned some of damaged goods to Suzie Ltd amounting to RM 50 and settled amount due by cash after receiving discount…
! 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
How do you calculate the selling expense and intital direct cost journal entry values on December 31 in part c?
Imges
need sep 20 payment nov 5 dec 31
From the information given below, compute the time in days for the following notes: Date of Note Due Date Time in Days 1. June 28, 2010 August 10, 2010 days 2. March 5, 2010 August 12, 2010 days 3. April 20, 2010 July 17, 2010 days 4. January 12, 2010 May 15, 2010 days 5. December 17, 2010 February 2, 2011 days From the information given below, determine the due date for the following notes: Date of Note Time in Days/Months Due Date 6. February 14, 2010 7. March 13, 2010 60 days 8. May 15, 2010 3 months 30 days 9. November 15, 2010 October 27, 2010 120 days From the information given below, calculate the accrued interest for the following notes (
Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount period Final day bill is due (end of credit period) June 18 1/10, n/30