Question 1Yellow Trading sells various brands of lamps and lights. The following is the trial balance of thecompany as at 31 December 2021:Credit (RM)Debit (RM)22,40013,400Wages and salaries15,40013,2001,081,800Return inwards/ return outwardsRent received841,800326,800Purchases /SalesMotor vehicles (at cost)Bank loan (repayable on 2028)Inventory (as at 1 January 2021)55,60020,7006,00045,000InsuranceEquipment (at cost)DrawingsDebtors / Creditors2,000120,00010,9002,500150,000CashCarriage inwardsCapital (as at January 2021)Bank178,00090,0009,180Bad debts expensesAllowance for doubtful debts (as at 1 January 2021)Administration expensesAccumulated depreciation for motor vehiclesAccumulated depreciation for equipment3,50024,00032,6804,5001,534,6801,534,680Additional information as at 31 December 2021:• Inventory as at 31 December 2021 was valued at RM 15,000.• Drawings of cash done by the owner amounting to RM 500 during the accounting year. Thesetransactions had not been updated inaccounting books of the business.• Depreciation for all non-current assets that the business held are to be calculated based onreducing balance method at a rate of 10% per annum.Allowance for doubtful debts are to be provided at the rate of 5% per annum on net debtors'amount.Required to prepare:(a)Income statement for the year ended 31 December 2021.(b) Balance sheet as at 31 December 2021.

Profit and loss account represents profits or loss of the business during the period as specified in…

Question 1 Yellow Trading sells various brands of lamps and lights. The following is the trial balance of the company as at 31 December 2021: Credit (RM) Wages and salaries Return inwards/ return outwards Debit (RM) 22,400 13,400 15,400 13,200 1,081,800 Rent received 841,800 Purchases /Sales Motor vehicles (at cost) Bank loan (repayable on 2028) Inventory (as at 1 January 2021) 326,800 55,600 20,700 Insurance 6,000

Question 1 Yellow Trading sells various brands of lamps and lights. The following is the trial balance of the company as at 31 December 2021: Credit (RM) Wages and salaries Return inwards/ return outwards Debit (RM) 22,400 13,400 15,400 13,200 1,081,800 Rent received 841,800 Purchases /Sales Motor vehicles (at cost) Bank loan (repayable on 2028) Inventory (as at 1 January 2021) 326,800 55,600 20,700 Insurance 6,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

pre.3
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
c. On 9/12 Year 7 $2,000 of ACCOUNTS PAYABLE is paid after the discount period. Phrase 1st: 2nd: Phrase 1st: Account 2nd: Accounts Account Category AL SER E contra AL SER E contra + Accounts Debit Affect d. On 9/28 Year 7 INVENTORY originally purchased for $4,000 on 9/1 Year 7 and was paid for on 9/10 Year 7 is returned by the purchaser and a debit memorandum (a debit to A/P) is received from the seller. [Hint: the amount of cash involved in this transaction must take the 2% discount into account.] Debit + Category AL SE RE contra AL SE RE contra + - + Affect Dr. or Cr. Dr Cr Dr Cr Credit Dr. or Cr. Credit Dr Cr Dr Cr
dont give answer in image format
OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
Please do not give solution in image format thanku
Required: Compute the net sales, cost of goods sold and gross profit for the following information provided by Cruz Company on December 31,2020. P 301,000 16,000 9,000 91,300 Sales Sales Returns & Allowances Sales Discounts Purchases Purchases Returns and Allowances 2,000 Purchases Discounts 3,000 2,200 Transportation In Merchandise Inventory, 01/01/2020 19,450 Merchandise Inventory, 12/31/2020 21,870
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income Hulkster's 2021 average collection period is: Multiple Choice O 109 days. O 128 days. 2021 $ 40,000 $ 28,000 O 73 days. 190,000 114,000 425,000 240,000 32,500 2020 $ 36,000 35,000 186,000 108,000 405,000 225,000 28,000
Total merchandise inventory as of January 1, 2019 amounted to PBlank 1.
ACTIVITY 3: Entries for Purchase of Goods On January 3, 2020, Kim Taehyung made a purchase. The list price of the goods was P125,000. Trade discount is 4%. Credit terms are at 5/10, n/30. Kim Taehyung, responsible for the freight, paid for the delivery cost of P3,000. On January 7, 2020, Taehyung returned some goods with invoice price of P25,000. On January 12, 2020, Taehyung settled his account. On an Excel sheet, provide the entries for the foregoing purchase in separate sheets for the periodic and the perpetual methods.
hsl.1
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