ParticularsAmountParticularsAmountOpening stock at 30,000Expense ofsalaries10,000the branchGoods sent to90,000Other expenses4,000BranchSales made in120,000cashBranch sells at cost plus 20%. Branch manager entitled to commissionof 5% on the profits of the branch before charging the commission.Find the closing stock at branch.

Branch accounting was an system of book keeping where an entity maintain its books separately in…

Answered: Particulars Opening stock at 30,000 the…

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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December 31, current year. Balances January 1, current year Accounts receivable (various customers) $ 120,000 Allowance for doubtful accounts 9,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $9,000. c. Sold merchandise to K. Miller; invoice price, $23,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $26,000. f. R. Smith paid his account in full within the discount period. g. Collected $93,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after…
18. The following information pertains to Q Company: Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000 Notes receivable, P30,000 due in 12 months, P210,000 Advances to officers, due in 2 years, P20,000 Advances to suppliers, P10,000 Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000 Security deposit paid on a one-year lease contract, P6,000 Dividends receivable, P30,000 Determine the total current receivables. The correct answer is: 436,000
A company reports the following sales-related information. $ 220,000 Sales returns and allowances 4,400 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Sales, gross Sales discounts Net sales Multiple-Step Income Statement (Partial) $ 15,000 10,400
what is income statement? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
Cash Accounts receivable Raw materiala inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Coat of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 71,000 40,000 25,000 0 12,000 4,000 $ 10,000 13,000 112,000 24,000 40,000 40,000 94,000 171,000 $ 328,000 $ 328,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materiala requisition 111 Materials requisition 121 Labor time ticket 521 Labor time ticket 53: Labor time ticket 541 $ 4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,100 indirect materiala $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. Problem 19-3A (Algo) Parts 4 and 5 4. Prepare an income…
Assignment on Income Statement Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1. Cash 185,000 Prepaid insurance 24,000 Merchandise inventory, 1/1/20X1 535,000 Advertising expense 54,000 Sales 4,275,000 Prepaid income tax 93,000 Advances from customers 117,000 Depreciation of sales equipment 36,000 Purchases 2,786,000 Telephone – sales 17,000 Purchase discounts 27,000 Unearned rent 8,000 Sales salaries 284,000 Rental revenue 240,000 Sales returns 79,000 Interest expense 176,000 Transportation-in 72,000 Common stock ($10 par) 900,000 Sales equipment 135,500 Additional paid-in capital 250,000 Accounts receivable 142,500 Retained earnings 166,000 Metro’s tax rate on all items is 34%. A physical inventory indicates that the ending inventory is…
. With regard to accounts payable: Explain the rationale of taking a cash discount, such as 4/8, n/30. Assume a purchase of $1,000,000. include computations Additionally, determine the approximate balance of accounts payable, if a company stretches its payables to 40 days and on average, they make purchases of $1,000,000 per day from their vendors.
account_circle Business AccountingQ&A LibraryShown below are selected financial data for Company a and Company B at the end of the current Company A Net credit sales 675,000 Cost of goods sold 504,000 Cash 53,000 Accounts receivable 75,000 Shown below are selected financial data for Company a and Company B at the end of the current Company A Net credit sales 675,000 Cost of goods sold 504,000 Cash 53,000 Accounts receivable 75,000 Question Shown below are selected financial data for Company a and Company B at the end of the current Company A Net credit sales 675,000 Cost of goods sold 504,000 Cash 53,000 Accounts receivable 75,000 Inventory 84,000 Current liabilities 105,000 Company B Net credit sales 560,000 Cost of goods sold 480,000 Cash 22,000 Accounts receivable 70,000 Inventory 160,000 Current liabilities 100,000 A) calculate inventory turnover rate for company A and B
11. The sales clerks of Teresa's Treasures are paid a salary of $225 per week plus a commission of 8% on all sales they make. Find the amount of commission and gross earnings for these employees. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) Sales for the Week Name Commission Gross Earnings Tina Valendez $2,392.50 $4 Jan Yarrow $3,480.75 2$ $4
13-If there are Credit sales by Mason Branch amounted to $80,000; the branch's cost of the merchandise sold was $45,000. The journal entries for the branch and the home office should be... 14- The closing entries for the branch at the end of the year in case of attaining revenue are as follows.. 15- On December 31, 2021, the Momentum Company had 150,000 shares of common stock issued and outstanding. On April 1, 2022, an additional 30,000 shares of common stock were issued. Momentum's net income for the year ended December 31, 2022, was $517,500. During 2022, Momentum declared and paid $300,000 in cash dividends on its nonconvertible preferred stock and $100,000 on its common stock. The basic earnings per common share, rounded to the nearest cent, for the year ended December 31, 2022, should be what? 16- The appropriate journal entry for the home office to recognize the branch expenditure of $1,000for equipment to be carried in the home office accounting record is. 17- On September 1…

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