Question 2Pak AlcoTrial BalanceApril 30,2021No.Account TitlesDebitCredit$ 9,8408,78015,900101Cash112Accounts ReceivableEquipmentAccumulated Depreciation-Equip.Accounts PayableUnearned Rent RevenueOwner's CapitalOwner's Drawings157$ 7,4004,2201,80045,20015820120830130616,00064,0006,500400Service Revenue429711Rent RevenueDepreciation ExpenseSalaries and Wages ExpenseUtilities Expense8,00055,70014,900726732$129,120$129,120Following data is also provided along with ledger.i. Accrued Service Revenue $200ii. The accountant forgot to record the payment of Utilities $50,iii. Bad Debts $200, Discount Allowed $100, Discount received $350Required:Prepare Income Statement and Balance Sheet from the data given above

Income statement is a statement which shows the profit or loss generated by the firm during a…

Question 2 Pak Alco Trial Balance April 30,2021 No. Account Titles Debit Credit Cash Accounts Receivable $ 9,840 8,780 15,900 101 112 157 Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue $ 7,400 4,220 1,800 45,200 158 201 208 301 306 16,000 400 64,000 6,500 429 Rent Revenue 71 Depreciation Expense Salaries and Wages Expense Utilities Expense 8,000 55,700 14,900 726 732 $129,120 $129,120 Following data is also provided along with ledger. i. Accrued Service Revenue $200 i. The accountant forgot to record the payment of Utilities $50, i. Bad Debts $200, Discount Allowed $100, Discount received $350 Required: Prepare Income Statement and Balance Sheet from the data given above

Question 2 Pak Alco Trial Balance April 30,2021 No. Account Titles Debit Credit Cash Accounts Receivable $ 9,840 8,780 15,900 101 112 157 Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue $ 7,400 4,220 1,800 45,200 158 201 208 301 306 16,000 400 64,000 6,500 429 Rent Revenue 71 Depreciation Expense Salaries and Wages Expense Utilities Expense 8,000 55,700 14,900 726 732 $129,120 $129,120 Following data is also provided along with ledger. i. Accrued Service Revenue $200 i. The accountant forgot to record the payment of Utilities $50, i. Bad Debts $200, Discount Allowed $100, Discount received $350 Required: Prepare Income Statement and Balance Sheet from the data given above

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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A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest Payable WW Supplies X Interest Receivable XX Supplies Expense Y…
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Question 6 (22 pts): Margin Account Assume you buy one July '23 KC HRW contract today at $5.2875; its initial is $2,310 with a maintenance of $2,100. o Today - July KC HRW settles at 528'6. What do you deposit in the margin account? o Session 2-July KC HRW settles at 520'2 What is the gain or loss from session 2? What is the balance? Is there a margin call? If so, what is it? o Session 3-July KC HRW settles at 526'6 What is the gain or loss from session 3? What is the balance? Is there a margin call? If so, what is it? o Session 4 - Offset July KC HRW at 536'4 What is the gain or loss from session 4? What is the balance? Is there a margin call? If so, what is it? o Session 5 - Offset July KC HRW at 530'0 Calculate the profit or loss on the trade.
A junior accountant at Salah Traders has prepared the post - adjustment trial balance below. He requires your assistance in preparing the financial statements for the entity. Post adjustment Trial Balance for Salah Traders for the year ended 31 October 2023. Required: Prepare the Statement for Financial Position for Salah Traders as at the 31 October 2023.
The bank statement for Unique Fashion had an ending cash balance of $2,200 on April 30, 2022. On this date the cash balance in their general ledger was $3,678. After comparing the bank statement with the company records, the following information was determined. The bank returned an NSF cheque in the amount of $350 that Unique Fashion deposited on April 20. The NSF service fee was $9. A direct deposit received from a customer on April 29 in payment of their accounts totaling $3,780. This has not yet been recorded by the company. On April 29, the bank deposited $16 for interest earned. The bank withdrew $35 for bank service charges. Deposits in transit on April 30 totalled $4,880. Required Reconcile the ledger and bank statement and create the required journal entries. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Select the proper order for the headings of the Bank Reconciliation. Cash balance per bank statement Add Outstanding deposit Adjusted bank…
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mework Assignment Exercise 7-12A (Algo) Notes receivable-accrued interest LO 7-5 On May 1, Year 1, Benz's Sandwich Shop loaned $14,000 to Mark Henry for one year at 9 percent interest. Required: a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? Note: For all requirements, round your answers to the nearest dollar amount. a. Interest income ن و نان فان b. Receivables c. Cash used in investing activities Interest income e. Cash f. g. Interest earned 53° HO Saved
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A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest Payable WW Supplies X Interest Receivable XX Supplies Expense Y…
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