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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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…
Complete: Round to Nearest Current Assets Amount Hundredth Percent Cash $ 12,000 % Accounts receivable 9,000 % Prepaid rent Merchandise inventory 5,000 $ 28.000 Total current assets 100 %
Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.
Using the following information. a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $305.000. c. Cash payments for direct materials, $130.000. d. Cash payments for direct labor. $79,000. e. Cash payments for overhead, $38.00. f. Cash payments for sales commissions, $7000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13.000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments $4 Loan activity Loan balance, end of month %24 K Prev earch
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable 25,000 Freight-In 2,400 Inventory, December 31, 2019 8,300 Prepaid Rent 8,000 Purchases 69,700 Purchases Discounts $1,500 Purchases Returns and Allowances 2,350 Sales Discounts 4,550 Sales Revenue 115,000 Sales Salaries Expense 15,000 Required: Prepare a partial income statement through gross profit. The beginning inventory balance was $10,000. ROBERTS COMPANY Income Statement For Year Ended December 31, 2019
Cash receipts Cash payments For inventory purchases For S&A expenses January $ 107,000 February $113,000 March $ 133,000 93,500 34,500 75,500 35,500 88,500 30,500 Franklin Medical had a cash balance of $11,500 on January 1. The company desires to maintain a cash balance of $6,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 2 percent per month. Repayments may be made in any amount available. Franklin pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. Note: Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign. > Answer is complete but not entirely correct. Cash Budget Section 1: Cash Receipts Beginning cash balance January February March $ 11,500 $ 6,700 $ 6,000 Add:…
Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 98,000 129,000 Cost of goods sold 64,600 enter a dollar amount Gross profit enter a dollar amount 56,760 Operating expenses 20,400 enter a dollar amount Net income enter a dollar amount 21,930 Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 75.5%.) Crane Company Sheridan Company Profit margin enter profit margin in percentages rounded to 1 decimal place % enter profit margin in percentages rounded to 1 decimal place % Gross profit rate enter gross profit rate in percentages rounded to 1 decimal place % enter gross profit rate in percentages rounded to 1 decimal place %
PROBLEM U: The following information came from the books and records of the Home Office and its branch. The balances as of December 31, 2020 are as follows: Branch 170,000 Home office 300,000 Sales Shipments to branch Shipments from home office Purchases Operating expenses Inventory, December 31, 2019 Allowance for overvaluation of branch inventory 48,000 60,000 36,000 42,000 32,000 120,000 80,000 50,000 17,200 There were no shipment in transit between the Home office and the branch. Both shipment accounts are properly recorded. The closing inventory of the branch at billed price is P16,800, P6,000 of which were acquired from outside suppliers. The closing inventory of the home office is P18,000. The home office applies a uniform percentage markup on the shipments of inventory to the branch from year to year. 25. How much is the overvaluation in branch's ending inventory as of December 31, 2020? A. С. 15,040 17,200 В. 2,160 D. 26. How much is the net income (loss) of the branch for…
Ron Company has the following commission schedule: Commission rate Sales 2% Up to $80, 000 Excess of $80,000 to $100,000 More than $100,000 3.5% 4% Calculate the gross earning. Employee Total sales Gross earning Lai Xiaodong %24 146,000 < Prev 6 of 16 Next ..... .....n .....
This table shows the amount of commission earned for a broker receiving 3% commission on sales. How much would this agent earn in commission for $600,000 in sales? Commission Eamed Sales (in thousands of S) 120 240 360 480 600 Commission (in thousands ofS 36 72 108 14.4 A. $180,000 B. $18,000 C. $200 D. $20,000
ABC Company accepted a national credit card for a $3,000 purchase. The cost of the goods sold is $2,400. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income? Increase by $582 Increase by $2,910 Increase by $600 Increase by $510
Consider the following financial statement information for the Newk Corporation: Beginning $10,382 Ending $ 11,180 6,181 6,293 Item Inventory Accounts receivable Accounts payable Net sales. Cost of goods sold 5,651 5,952 Operating cycle Cash cycle $ 139,303 87,113 Assume all sales are on credit. Calculate the operating and cash cycles. Note: Do not round intermediate calculations and round your answers to 2 decimal pla 2.19 days days

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