Holding Artisans Inc. (HAI) operates a craft market which sells paintings, handmade dolls and jewelry. The following is a list of accounts from HAI's general ledger as at December 31, 2020: Account Cash Accounts receivable Inventory Building Furniture and equipment Accumulated depreciation Accounts payable Unearned revenue Salaries payable Balance $3,000 2,800 15,900 30,000 10,000 8,000 6,450 3,500 1,700 Account Common shares Retained earnings Dividends Revenue Cost of goods sold Depreciation expense Supplies expense Utilities expense Salaries expense Balance $3,000 36,250 2,000 39,400 20,500 1,100 550 2,600 9,850 Karl Holding, HAI's owner, has hired you to prepare the closing entries (in good form). Karl has advised that all accounts have normal balances. Please ensure you provide detailed supporting calculations.
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- Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…Required Information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following sccount balances: Accounts Debit Credit $ 27,100 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipnent Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) 5e, 200 $ 6,200 22, B00 66, 800 25, e00 3,5ee 30,5ee 70, e00 55,e00 25,100 Common Stock Retained Earnings Totals $190,300 $198,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,e0e. The cards are redeenable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,88e. January 15 Firework sales for the first half of the month total $155,e0e. All of these sales are on account. The cost of the units sold is $83,88e. January 23 Receive $127,480 from custoners on accounts receivable. January 25 Pay $11e,eee to…Supposing EQR Trading has completed the following transactions for the month of October, 2020. 1. Sale of goods to company A on credit P200,000. 2. Purchase of goods of P400,000 from company B on credit 3. Purchase of goods of P500,000from company C on credit. 4. Sales of office-use equipment of P100,000 to company D on credit. What is the total amount recorded in the Sales account for this month?
- Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…Given below is AU Chiefs Company’s financial statements. Compute for the financial rations and showthe solutions in a sheet of paper.1. Expenses to sale ratio2. Return on assets3. Return on Equity4. Asset Turnover ratio 2020 2019 Cash 122,500 104,700 Accounts Receivable 90,650 80,550 Inventory 66,200 53,000 Prepaid Expense 85,450 106,000 Total Current Assets 364,800 344,250 Property, Plant and Equipment 925,000 786,350 TOTAL ASSETS 1,654,600 1,475,350 Total Current Liability 381,500 423,350 Long-term Liabilities 359,900 230,600 Mabini, Capital 913,200 821,400 Total Liability and Equity 1,654,600 1,475,350 Sales 1,047,050 1,151,755 Cost of Sales 322,750 355,025 Gross Profit 724,300 796,730 Selling Expenses 353,250 388,575 Administrative Expenses 128,150 140,965 Operating Income 242,900 267,190 Interest Income…
- Required Information [The following Information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Accounts Cash Debit. Credit Accounts Receivable Allowance for Uncollectible Accounts $ 27,100 50,200 $ 6,200 Inventory 22,000 Land 66,000 Equipment 25,000 Accumulated Depreciation 3,500 Accounts Payable 30,500 Notes Payable (6%, due April 1, 2022) 70,000 Common Stock 55,000 Retained Earnings 25,100 Totals $190,300 $190,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to…On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…Кеquired: Prepare current assets sectión of the báláncé šhéét. Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment. Q8. Ahmed construction began work on a OMR 10,000,000 contracts in 2016 to construct a bridge. During 2016, it incurred cost of OMR 2,450,000, billed their customers for 1,350,000, and collected OMR 1,200,000. At December 31, 2016, the estimated cost to complete the construction is OMR 4,500,000. Prepare journal entries by following Cost-recovery method. Page 3 Section C Answer Any ONE Question (1 x 6 marks = 6 marks) Q9. Al-Duqum Construction Company has a contract to construct a OMR 9,000,000 bridge at an estimated cost of OMR 8,000,000. The contract is to start in July 2020, and the bridge is to be completed in October 2022. The…
- Luxe Mobile Homes reported the following in its financial statements for the year ended December 31, 2024: (Click the icon to view the financial statements) Read the requirements. Requirement 1. Compute the collections from customers. Collections from customers are $ 24.444 Requirement 2. Compute payments for merchandise inventory. Payments for merchandise inventory are $ 18,560 Requirement 3. Compute payments of other operating expenses. Payments of other operating expenses are S 4.324 Requirement 4. Compute acquisitions of property, plant, and equipment (no sales of property during 2024). Acquisitions of property, plant, and equipment are Help me solve this Demodocs example Get more help - f4 f5 # +3 $ 4 do % 5 6 O & 7 Data table M Income Statement Net Sales Revenue Cost of Goods Sold Depreciation Expense Other Operating Expenses Income Tax Expense Net Income Balance Sheet Cash Accounts Receivable Merchandise Inventory Property, Plant, and Equipment, net Accounts Payable Accrued…The following list of account balances were extracted from the accounting records of Don's Electrical Services as at 28 February 2021: List of accounts Debit - R Credit - R Land and buildings at cost 250 000 Vehicles at cost 155 000 Accumulated depreciation: Vehicles -1 March 2020 90 00 Equipment at cost 85 000 Accumulated depreciation: Equipment -1 March 2020 12% Fixed deposit: Lock Bank 40 000 30 000 Inventory: Consumables -1 March 2020 21 000 Debtors' control 25 000 Allowance for credit losses 1 125 Bank 80 373 Long tem borowing: 10% per year 37 500 Creditors' control 20 835 Capital: Don Dude 197 500 Drawings 89 327 Service fees 524 835 Interest on fixed deposit 1 888 Rent income 19 180 Advertising 9735 Credit losses 2 100 Communication costs 5 078 Consumables purchased 84 148 Other operating expenses 92 902 Interest on borrowings 3 000 932 663 932 663 Additional information that needs to be taken into account: 1. Stock taking was done on 28 February 2021 and the consumable…Prudential Company sold 30 air conditioning units, on January 15, 2020; sale price for each unit is P40,000.All of the sales are subject to terms 2/10, n30; the entity used the net method of accounting for accounts receivable.Required;1. prepare journal entry to record the sale.2. prepare the journal entry to record receipt of the payment assuming the correct amount was received on January 25, 2020.3. prepare the journal entry to record receipt of the payment, assuming the correct amount was received on February 10, 2020.