hFinancial information related to Ebony Interiors for February and March 2018 is as follows:AccountsFebruary 28, 2018March 31, 2018Cash$320,000$380,000Accounts receivable800,000960,000Supplies30,00035,000Accounts payable310,000400,000Common stock200,000200,000Retained earnings??Required:1. Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 2018. Refer to the lists of Accounts in the information given,Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.

1 Retained earning = Total Asset less Total Liabilities less common stock =1150000 - 310000…

Answered: h Financial information related to…

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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Required information Skip to question [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable $ 54,000 Accounts Receivable 31,800 Cash (balance on January 1, 2021) 102,400 Cash (balance on December 31, 2021) 86,000 Common Stock 138,500 Dividends 0 Equipment 145,700 Income Tax Expense 11,000 Interest Expense 30,400 Inventory 18,100 Notes Payable 32,600 Office Expense 15,200 Prepaid Rent 7,900 Retained Earnings (beginning) 10,800 Salaries and Wages Expense 36,600 Service Revenue 155,800 Utilities Expense 26,000 Salaries and Wages Payable 17,000 Other cash flow information: Cash from issuing common stock $ 30,000 Cash paid to reacquire common stock 34,100 Cash paid for income taxes 11,900 Cash paid to purchase long-term assets 61,400 Cash paid to suppliers and employees 94,000 Cash received…
Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal year ended 31 December 2021. Use the company's information from its annual reports: Receivables as of 31 December 2020 Receivables as of 31 December 2021 $4,468,392 $4,972,722 $45,349,943 Sales revenue for year ended 31 December 2021 1. Calculate the company's number of days of sales outstanding (DSO) for the fiscal year ended 31 December 2021. (Use the average receivables to calculate the ratio). Net = 2.37 = Accounting receivable: Average Day's sales in receivable = 154. 2. Interpret the calculated ratio. 3. Assume that the industry average DSO ratio is 60 days. Based on this information and the subject company's DSO ratio, critically evaluate the company's credit policy and its implications.
Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Debits Credits $25,500 16,300 13,800 157,000 $7,600 6,700 Deferred Revenue Common Stock Retained Earnings Totals 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year. storage services for cash, $143,100, and on account, $56,700. on accounts receivable, 1. January 9 2. February 12 Provide Collect $52,400. 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,409. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of Common stock in dividends to exchange for $36,000 cash. 9. December 30 Pay $3,700 cash stockholders. 8-a. Prepare the income…
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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…
Directions: Given the account balances below, calculate the indicated amounts for the current year's financial statements. Hint: Build a balance sheet and income statement in columns to the right of the given numbers and copy each provided item into the appropriate section for the balance sheet or income statement. Retained Earnings prior year 7,050 PP&E, net 4,440 Wages Expense 190 Administration Expense 150 Cash 1,550 Tax Expense 205 Common Stock 300 Inventory 3,700 Accounts Payable 1,800 Accounts Receivable 2,700 Notes Payable 2,200 Depreciation Expense 220 Cost of Goods Sold 6,700 Dividends 200 Interest Expense 85 Revenue 8,400 Tax Liability…
Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet Cash on hand P150,000 20,000 20,000 Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank 12,000 38,000 15,000 100,000 42,000 Advance to employees Land 120,000 220,000 65,000 Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue 120,000 50,000 30,000 20,000 11,000 Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill Trademark 35,000 200,000 150,000 25,000 10,000 The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture…
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…
From the accounts of DELTACOR Company, you are required to properly arrange the following accounts according to their group of accounts then: 1. Prepare the statement of financial position using the report form. 2. Prepare the supporting notes 3. Compute the ending capital of DELTA Office supplies Accounts Receivable Notes Receivable 30, 000 59,400 39,600 172,600 5,000 5, 000 247,500 6, 000 180, 000 225, 000 67, 500 72, 000 Cash Interest Receivable Allowance for bad debts Merchandise inventory Prepaid insurance Furniture and Fixtures Delivery equipment Accumulated depreciation- Fur. & Fixtures Accumulated Depreciation – Delivery Eqpt. Accrued expenses Accounts payable Notes payable (due in 2 yrs) DELTA, capital DELTA, drawing 8, 000 45, 000 105, 000 ? 50, 000 During the year, the owner made an additional investment of P20, 000 and withdrawals amounting of 50, 000. DELTA capital, beginning is 617, 600. Net income for the year is 75, 000.
Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
"Financial information related to Ebony Interiors for February and March 2018 is as follows: February 28, 2018 March 31,2018 Cash 320,000 380,000 Accounts receivable 800,000 960,000 Supplies 30,000 35,000 Accounts payable. 310,000 400,000 Common stock 200,000 200,000 Retained earnings ? ? A.Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 2018.B.Determine the amount of net income for March, assuming that no additional…
Study the information in the ledger accounts given below and answer the questions that ACTIVITY 2.14 year INSTRUCTIONS: follow: a) Show all workings b) The accounting period ends on 28 February. NOTE: 1. INFORMATION: Dit, GENERAL LEDGER OF DANKER TRADERS 1.1 BALANCE SHEET ACCOUNTS SECTION H/W EQUIPMENT DR. 20.6 Sept CR. 1 Bank Creditors Control 20.7 200 000 Feb 60 000 260 000 28 Balance c/d 260 000 CR. 260 000 20.7 20.7 1 Balance b/d March 20.7 260 000 Sept ? 20.8 1 Bank 100 000 360 000 Sept Feb 28 Balance c/d 300 000 360 000 CR. 20.8 Mar 1 Balance b/d 300 000 DR. ACCUMULATED DEPRECIATION ON EQUIPMENT CR. 20.7 28 Depreciation 20.7 Sept 20.8 Feb 28 20.7 Sept R. 1 Assets Disposal ? Feb ? NOMINAL ACCOUNTS SECTION LOSS ON SALE OF ASSETS CR. DR. 20.7 Sept 1 600 1 Assets Disposal 1.2 Additional Information: Depreciation is provided for annually at 20 % on the diminishing balance method. Grade 11 Learners book New Generation Accounting Grade 11

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