Majan Company
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A: A balance sheet seems more of a summary of a firm's financial condition at a specific moment, which…
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A: As per Matching Principal we have to match the revenues of a paticulars…
Q: Required information The following information applies to the questions displayed below] A local…
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A: Unearned revenue is income received by a person or business in exchange for a service or product…
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A: Total expenses for the month of January = utilities used for January + Amount paid to employees for…
Q: rchandise, and the total amount is credited to Sales. During January, Sales was credited $318,000.…
A: Adjustment entry is required to be passed at the end of the period to properly provide for the…
Q: 1) A company purchased $1,800 of merchandise on November 5. On November 7, it returned $200 worth of…
A: 1) The discount shall be allowed if the payment is made within the discount period. The discount…
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A: Accounts payables are those accounts to whom amount is due to be paid on account of purchase of…
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A:
Q: Profit and Loss Statement Week Ending March 24, 2014 Income: Cash Sales $7,260 Expenses: Merchandise…
A: Interest on capital: Interest on capital is the interest paid to owners for providing the fund to…
Q: Below are the Profit and Loss Statement and Balance Sheet for the business after 12 months of…
A: Profit & Loss A/c Expenses amount income Amount Cost of goods sold 43000 Sales…
Q: P3-4 Alex Company runs a computer supplies company. Durlng the first few months of the year, the…
A: FIFO is inventory method in which inventories purchased at first will be sold first. LIFO is…
Q: A company had the following transactions during the finst month of the year. Frepare an income slale…
A: Journal Entries - Journal Entries are recorded to enter transactions entered into by the company.…
Q: help
A: The answer for the multiple choice question and relevant working are presented hereunder :
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A: Methods of Accounting: There are two types of accounting Cash accounting and Accrual accounting.…
Q: At the beginning of December, Camp David, Inc. purchased $5,000 of supplies on account for use in…
A: Supplies Used = Supplies Expense = 80% Supplies = 20% Accounts Payable = 30%
Q: The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the…
A: Horizontal statements model: Financial statements are prepared either in horizontal or vertical…
Q: Moore General Store purchased office supplies on account during the month of March for $5,000.…
A: Supplies refer to the items purchased by the business during the year to use in the business. It is…
Q: Southwestern City College sold season tickets for the 2011 football season for $180,000. A total of…
A: Unearned revenue simply means the earnings or incomes that is being received by the entity but the…
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A: Financial statements comprises of the following:- 1. Statement of financial position or Balance…
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A: Assumptions: 1. No Supplies consumed in March as no data given. 2. No Rental for March, as no…
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A: Deferred Revenue account is a Liability account which represents company's liabilities as company…
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A: Given, Cash collected for the services to be provided in one year = $120,000 The fiscal year of the…
Q: 3. CBA Co.'s adjusted trial balance at December 31, 2020 included the following expense accounts:…
A: Multi-step income statement: The income statement represented in multi-steps with several subtotals,…
Q: Tannin Bus Co. sold 8,000 tickets on 1/5/2020 at $20 each for four-month period from 1/5/2020 to…
A: Given, 8,000 tickets at $20 each sold on 1/5/2020 Total unearned revenue as on 1/5/2020 =…
Q: IP Company pays for purchases of materials in full in the month following the purchase. During the…
A: Definition: Following month means next month. Example Goods bought on January month and payment on…
Q: The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the…
A: Solution c: Total amount of current liabilities = Accounts Payable + Sales tax payable + Warranty…
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A: Under cash basis accounting, the revenue and expenses are recognised when cash transactions are…
Q: City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will…
A: Revenue per game = Total amount received / Total no. of games = $160000 / 8 = $20,000
Q: The following data are taken from an unadjusted trial balance at December 31, 2015: $ 600 Prepaid…
A: Solution a) Adjusting entries in journal format Particulars…
Q: P3-4. Alex Comipany. runs. a computer-supplies company.:During the first:few. months of the . year,…
A: 1. FIFO Method MONTH PURCHASE ISSUE/COGS BALANCE…
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A: Selling expenses can be defined as those expenses which are generally incurred in the distribution…
Q: Giga Inc has the following information: Unearned service revenue=$16,680 Sales tax payable=$8,490…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
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A: Trial balance is a mathematical representation of the accounts. It includes both temporary accounts…
Q: Moore General Store purchased office supplies on account during the month of March for $5,000.…
A: The correct answer is Option (d).
Q: The Eglington Newspaper sold 4,000 of annual subscriptions at $125 each on September 1. How much…
A: From September 1 to December 31 = 4 months 4 months of subscription revenue has been earned.…
Q: create a trial balance all balances are nornal. cash $45,000 accts recievable $6,000 inventory…
A: Prepare the Trail Balance
Q: On November 1, 2018, a company using accrual accounting, pays $900,000 for a television advertising…
A: Under accrual accounting, only the expenses and revenues that are expired during period are to be…
Q: Rune Co. pays its employees twice a month, on the 14th and the 30th. COn September 30, Rune Co. paid…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the…
A: Sales tax: It is the tax that is charged from the buyers on the amount of sales made to them
Q: A golf club sells refreshment to it's members. Suppliers for refreshment were owed 250 on 250 on 1…
A: Cost of Sales = Beginning Inventory + Purchases - Ending Inventory
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- Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?Rainbow, Inc began operations on January 1 of the oument year with a $12.000 cash balanoe. Forty percent of sales e collected in the month of sale 00 ae colleded in the month following sale Similarty. 20% of purchases are paid in the month of purhase, and B0 are paid in the morth following purchase. The folowing data apply February January February 66.00 35.00 Sales 30.00 40.00 Purdhases Operating epenses operating experses re paid in the month inoumed and indude monnly deprediation anarges of 52.600. denermine the change in Rainbows cash talane dunng February $7.500 ingrease 7.000 9.000 $2.000 increase 35.000 inrease 4.000 ingrease None of the answen is coned
- The Eglington Newspaper sold 4,000 of annual subscriptions at $125 each on September 1. How much unearned revenue will exist as of December 31? Select one: a. $166,667. b. $500,000. $0. C. d. $333,333.Company A sold merchandise for $171,000 cash during July. Returns that month totaled $3,600. If the company's gross profit rate is 40%, the company will report monthly net sales revenue and cost of goods sold of O $167,400 and $100,440. O $171,000 and $100,440. $171.000 and $102,600. O $167,400 and $66,960a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…
- Comply plc produces financial statements to 30 June annually. At 30 June 2012 Comply plc's trial balance was as follows: £000 £000 Sales revenue 14,776 Purchases 8,280 Inventory at 1 July 2011 1,390 Distribution cost 1,080 Administrative expenses 1,460 Deferred taxation 100 land at valuation 10,500 Buildings at cost 8,000 Buildings depreciation at 1 July 2011 2,130 Plant and equipment at cost 12,800 Plant and equipment depreciation at 1 July 2011 2,480 Trade receivables and payables 4,096 2,240 Cash at bank 160 Dividends paid 100 Ordinary share capital 14,000 Share premium account 4,000 Revaluation reserve as at 1 July 2011 3,000 Retained earnings 3,140 10% debenture loan 2,000 47,866 47,866 The following matters remain to be adjusted for in preparing the financial statements for the year ended 30 June 2012. 1. Closing inventory at 30 June 2012 amounted to £1,576,000 at cost. A review of inventory…Bagley Inc. had after-tax cash flows related to the purchase of inventory of $7,000 for September. What is the pre-tax cash flow relating to inventory purchases for the month, assuming a tax rate of 20%? Select one: O a. $10,000 O b. $4,900 c. $8,750 d. None of the aboveMarian Company reported the following items for the month of July: Sales revenue $470,300 Cost of goods sold $225,000 Beginning inventory $74,500 Ending inventory $84,700 Days' inventory outstanding is: (Round intermediate numbers to two decimal places, final answer to the nearest day.) A. 121 days B. 365 days C. 129 days D. 137 days
- Car Facts Inc. reports sales of $15,875,118 thousand and cost of sales of $13,691,824 thousand for the fiscal year ended February 28. The gross profit for the year is: Select one: a. $1,464,362 thousand b. 13.80% c. $2,183,294 thousand d. 86.2% e. There is not enough information to determine gross profit.From the following information regarding the year to 31 August 20X6, what is the payables' payment period? $ Sales 43,000 Cost of sales 32,500 Opening inventory 6,000 Closing inventory 3,800 Payables at 31 August 20X6 4,750 A 40 days B 50 days C 53 days D 57 daysSeason tickets for the Dingos are priced at $220 and include 11 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,287,000. By the end of October, $702,000 of the Unearned Ticket Revenue had been recognized as revenue. A. how many season tickets did the dingos sell? - 5850 B. How many home games had the dingos played by the end of October? C. Prepare the entry for the initial recording of the Unearned Ticket Revenue D. Prepare the entry to recognize the revenue after the first home game had been played.