Net profit?Grey Grig LtdTrial Balance as at 30 June 2019ParticularsEquipment rentalInsuranceLighting and heating expensesMotor expensesSalaries and wagesSalesPurchaseSundry expensesLorryAccount payableAccount receivableFixturesShopCash at bankDrawingsCapitalTOTALDebit (RM) Credit (RM)9401,8041,9902,35048,580382,420245,95062419,40023,40844,5164,600174,00011,34644,000194,272600,100600.100

Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment rental Insurance Lighting and heating expenses Motor expenses Salaries and wages Debit (RM) Credit (RM) 940 1,804 1,990 2,350 48,580

Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment rental Insurance Lighting and heating expenses Motor expenses Salaries and wages Debit (RM) Credit (RM) 940 1,804 1,990 2,350 48,580

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: In the year 2020 LNG company had a net sale of RO19,800 million for the year of which RO17600 are…

A: The average collection period is the average number of days between the date of credit sale and the…

Q: Insurance Expense Advertising Expense 2,780 17,635 Totals $1,575,670 $1,575,670 A. Use the data…

A: Net sales of the business means sales revenue which is after sales discounts and sales returns of…

Q: ! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability…

A: Part 2: Explanation:1. January 01: The entry records the borrowing of $101,000 from Captive Credit…

Q: Requirement What is the revenue figure to be presented in the statement of profit or loss for the…

A: Discount allowed is a contra sales account. It reduces the revenue. Discount received reduces the…

Q: 7.Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a…

A: Journal entries: Journal entries are the beginning stage of accounting process. Journal entries are…

Q: On January 1, 2022, the ledger of Lily Company contains these liability accounts. Accounts Payable…

A: Using the accrual accounting principle and debiting and crediting the impacted accounts, this method…

Q: Flounder Company sells tablet PCs combined with Internet service, which permits the tablet to…

A: SOLUTION- SERVICE CONTRACT (PRODUCT BUNDLE A)- 469 PARTICULARS TABLET INTERNET SERVICE…

Q: REI Co-Op Inc. has the following unadjusted year end trial balance information available for 2022.…

A: The allowance for credit losses is the contra asset for the business. The net account receivables is…

Q: Summary information for a company's accounts receivable is provided below. Accounts receivable…

A: Allowance for uncollectible accounts, also known as the bad debt reserve, is a financial provision…

Q: Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past…

A: Age class Balance (A) Percent Uncollectable (B) Doubtful Debt (A*B) Not past due…

Q: Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due…

A: We need to calculate the estimate of allowance for doubtful accounts.

Q: Adjusting entry: On 1 February 2021, Design Thinking Pty Ltd obtained a three year bank loan of…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: e Se C uring ate ov justed) ate ec oose f More Info Accounts Receivable and aging schedule to be…

A: Answer - 1 1. Date Account Titles Debit Credit Nov. 30 Allowance for Uncollectible Accounts…

Q: Required: a. What is the accounts receivable turnover for each of the companies? b. What is the…

A: Accounts receivable represent total receivables from the customers as against sales of goods or…

Q: Plaridel Construction's adjusted trial balance Accounts Payable... Property Taxes Payable.…

A: Statement of financial position is one of the financial statement which shows all assets,…

Q: On 1 December 2019 Airline de Afrique sold ten return airline tickets for R12 500 each to passengers…

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: Multiple Company provided the following information on December 31, 2021: Accounts payable after…

A: Current liabilities include the liabilities that are payable within one year. Long term liabilities…

Q: At 31 December 2002 A Co had the following balances: Trade Receivable 52000 Trade payables 60000…

A: Account receivables are the due payment held by the customers to whom firm have rendered services or…

Q: On December 1, 2019, Xia Company accepts a $72,000, 90 day, 8% note from a customer. If Xia…

A: Journal entries are the foremost reporting of the business transactions in the books of accounts.…

Q: Answer 7-10

A: Debtor control refers to the procedure of decisions in relation to the investment in the debtors of…

Q: Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability…

A: To begin, the adjusted trial balance as of January 31, 2024, reflects the financial position of…

Q: Revenue has a credit balance of OMR 15,000 in Muscat Co. if the closing entry will made at the year…

A: The following computations are done for Muscat Company.

Q: Lovely Corp 's current liabilities at Dec. 31, 2019 totaled P 1,500,000 before any necessary…

A: Current Liability: Current liabilities are financial commitments owed by a corporation that are due…

Q: Required information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1…

A: Journal entry: It can be defined as the recording or accounting of routine financial transactions of…

Q: PA11. LO 6.6 The following is the adjusted trial balance data for Emma's Alterations EMMA'S…

A: Net sales is the aggregate or sum of the gross sales of the company less any allowances, returns and…

Q: Stant Company Unadjusted Trial Balance July 31, 2020 Cash $7,500 Accounts Receivable 38,400 7,200…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: Month of Sale ary amber and January Balance, March 31 2024 $75,000 8,000 2025 $60,000 12,000 10,000…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: A company reported the following items for 2020: Accounts receivable balance, beginning of the…

A: Allowance for Uncollectible Accounts - Allowance is a contra ledger account prepare to account…

Q: Data for RelyaTech Corp., a large merchandiser, is below: • Sales are budgeted at $300,000 for…

A: Accounts Payable: It implies to the sum of money or amount that is owed by any individual or the…

Q: Company A uses a periodic inventory system. In 2021, the internal auditors of Company A discovered…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: QUESTION 3 Sales on account for the month are $900,000. The month-end accounts receivable balance is…

A: A bad debt is a payable that has been declined by a customer. Bad debts are conceivable when credit…

Q: The balances on December 31 before any adjustments : Sales - 5,000,000 Accounts receivable…

A: Allowance for doubtful accounts is provision made for those accounts from which due amount has not…

Q: What amount should be reported as doubtful accounts expense for 2019? Answer: 300,000 2. What…

A: NRV stands for Net Realizable value which is defined as the amount of the cash that the business…

Q: At the end of 2020, Oriole Co. has accounts receivable of $801,800 and an allowance for doubtful…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: As of January 1, 2024, The Snowboarder Company had a credit balance of $532,000 in its allowance for…

A: Bad debt expense is the amount of credit sales that are no longer collectible from customer during…

Q: [The following information applles to the questions displayed below.] Suzuki Supply reports the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: ABC Inc.'s accounting records disclose the followi Accounts receivable, January 1, 2021 Allowance…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: adjusted balance of accounts receivable on December 31, 2021?

A: Answer: Unadjusted balance of accounts receivables as on Dec 31,2021 = P104000 Adjustments:…

Q: The following accounts were abstracted from Bramble Corp.'s unadjusted trial balance at December 31,…

A: ALLOWANCE FOR DOUBTFUL DEBT ACCOUNT Allowance for Doubtful Debt Account is Considered as Contra…

Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

Net profit?
Grey Grig Ltd
Trial Balance as at 30 June 2019
Particulars
Equipment rental
Insurance
Lighting and heating expenses
Motor expenses
Salaries and wages
Sales
Purchase
Sundry expenses
Lorry
Account payable
Account receivable
Fixtures
Shop
Cash at bank
Drawings
Capital
TOTAL
Debit (RM) Credit (RM)
940
1,804
1,990
2,350
48,580
382,420
245,950
624
19,400
23,408
44,516
4,600
174,000
11,346
44,000
194,272
600,100
600.100

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

How much increase in the allowance for uncollectible accounts is required on December 31, 2022? 57,400 40,320 43,600 137,400 What is the balance of the allowance for uncollectible accounts after all the necessary adjusting entries on December31, 2022? 127,480 60,000 113,800 117,400
b. Interest revenue accrued, $2,700. Accounts b. Interest Receivable Interest Revenue Journal Entry Debit 2700 Credit 2700
Walmart Inc (WMT) has the following excerpts from their financial statements January 31, 2022 January 31, 2021 Net Receivables * (in $ Millions) 8,280 6,516 *Net Receivable = Gross receivable minus Allowance Walmart’s fiscal year “FY22” is defined as the period between February 1, 2021 – January 31, 2022 Gross (Accounts) Receivables, January 31, 2022: $9,265 Million Gross Receivables, January 31, 2021: $7,421 Million Accounts Written-off in FY 22 $221 Million 2% of credit sales is assumed to be uncollectable CALCULATE The ending balance of Allowance for uncollectable accounts as of January 31, 2022 Bad Debt Expense for the fiscal year ending on January 31, 2022. Collections during FY22
Question attached in the SS thanks appreciate it itj2jy2o4jy2404 h04h0hje0hh d0
What is the adjusted balance of accounts payable on December 31, 2021? a. P158,000 b. P138,000 c. P118,000 d. P108,000
only 1c question photo thanks!
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit $ 11,700 35,000 152,500 72,300 125,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings $ 2,300 10, 100 23, 200 205,000 155,900 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $396,500 $396,500 During January 2021, the following transactions occur: Borrow $105, 000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments Receive $31, 500 from customers on accounts receivable. January $2,030 are required at the end of ead onth for 6e months. January 4 January Pay cash on accounts payable, $16,000. 10 January Pay cash for salaries, $29,400. 15 January…
Luna Company reported the following figures: 2020 2019 Net Credit Sales Account receivables at end of year $572,000 $38,700 $600,000 $46,100 Required: 1) Compute Luna's collection period of receivables for 2020. (Round to the nearest day) 2) Suppose Luna's normal credit terms for a sale on account are "2/10, n/30". How well does Luna's collection period compare to the company's credit terms? Is this good or bad for Luna Company?
Please do not give solution in image format thanku
What is the answer in D?
Don't give answer in image format