Yim Yee is preparing the financial statements for her business for the year ended31 December 2010. The trading section of the income statement (trading and profit and lossaccount) showed a gross profit of £49 767.Yim Yee has extracted the following balances from the business books of account in order tocomplete the income statement (profit and loss account).Rent receivedBad debts£5 46074035 47618 46025 80018 00011 520Operating expensesWagesFixtures and fittings at costMotor van at cost at 1 January 2010Provision for depreciation - motor van at 1 January 2010Trade receivables (debtors) at 31 December 2010Provision for doubtful debts at 1 January 2010Additional information(1) Included in Yim Yee's closing inventory (stock) were goods which cost £1000. Thesehave been damaged and will have to be destroyed.32 400869(2)Yim Yee has taken goods for her own use from the business. The goods cost £857 andwould have been sold for £1200.(3) Yim Yee rents part of her premises to another business and she is owed £460 in rent at31 December 2010.(4) Included in the total for operating expenses is £389 paid for the year ended31 December 2011 and a payment of £5000 for the purchase of fixtures.(5) Wages for the final week of December 2010 amounting to £355 had not been paid at31 December 2010.(6) Yim Yee sold the motor van on 30 April 2010. She received £4450. She had purchasedthe van on 1 January 2008. It is her policy to depreciate the motor van using the reducingbalance method at the rate of 40% per annum. A full year's depreciation is charged in theyear of disposal.(7)Fixtures and fittings are depreciated using the straight-line method at the rate of15% per annum.(8)It is Yim Yee's policy to maintain the provision for doubtful debts at 2.5% of tradereceivables (debtors).

Income Statement A crucial piece of financial information for any company is an income statement. It…

Answered: im Yee is preparing the financial…

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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The Accounts Receivable balance and Allowance for Bad Debts for Turning Leaves Furniture Restoration at December 31, 2015, was $10,800 and $2,000 (credit balance). During 2016, Turning Leaves completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. 1925 a. Requirement 1. Journalize Turning Leaves's transactions for 2016 assuming Turning Leaves uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Sales revenue on account, $265,800 (ignore Cost of Goods Sold). Accounts and Explanation Debit .. Credit
Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…
The company made a sale of goods for RO. 10000 (cost RO 12000) and received 45% in cash and balance on the account. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity -12000 (stock of goods) +4500 (Cash) + 5500 (Receivables) = 0 + - 2000 (Loss) b. Assets = Liabilities + Owners' Equity -12000 (stock of goods) +4500 (Cash) = + 5500 (Payable) + - 2000 (Loss) c. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 5500 (Payable) + + 2000 (Profit) d. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 5500 (Receivables) + + 2000 (Profit)
Archie makes plumbing fittings. He is currently preparing accounts for the year ended 31 December 2021, but his sales book was destroyed in a flood. He has a separate list of the moneys owing by customers at 31 December 2021, which amounted to £41,000 in total. Generally, Archie allows his customers 30 days credit. Archie estimated his sales for the year ended 31 December 2021 at:a) £14,235,000b) £1,170,000c) £488,500d) None of the above
Can you provide the statement of profit and loss please Thanks in advance
Prepare a classified balance sheet (using good form-be sure to show different classes) for the Lee Company. The company had the following items on Dec. 31, 2012, (note this is a partial list of all accounts in the adjusted trial balance): Cash Wages Payable Goodwill Notes Payable (due in 3 years) Accumulated Depreciation- Equipment Revenues. Operating Expenses Cost of Goods Sold $30,000 $4,000 $10,000 $50,000 $20,000 $100,000 $20,000 $45,000 Equipment Retained Earnings Accounts Receivable Land Inventory Common Stock Sales Discounts Sales Returns Accounts Payable $100,000 ???--solve for this $50,000 $120,000 $40,000 $100,000 $1,000 $500 $7,000 Additional notes that the bookkeeper wanted brought to your attention: (1) Lee's Accounts Receivable balance includes a $3,000 for an allowance for uncollectibles. (2) Lee's Land account consists of $90,000 that is used by the business, and a $30,000 parcel that is held for future use. (3) The Cash balance of $30,000 is composed of the following:…
Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…
prepare the adjusted journal entry for the following, the team reported that on December 31, they received a $4,000 payment from SSG, Inc. Neptune closed SSG's account in July when they believed the company would not be able to pay any of their outstanding bill. No entries have been made for this transactions either
please help fill in the blanks (2 part problem)

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