Question 6.From the following Trial Balance of the ABC Company, prepare the (a) Tradingand Profit & Loss Account (b) Balance Sheet(20)Rs.Rs.СapitalPlant & MachineryFurniture & Fixtures57,50023,5007,5008,70018,25010,560Opening StockCash in bankCash in handAccount Payable10,000Purchases39,200Sales63,8501,610Sunday CreditorsSundry DebtorsWagesDrawingsReturn inward4,1503,9201,5002506,0001,500240RentAdvertisingSalariesMics. ExpensesPostage ExpensesCarriage InwardFreight OutwardDiscount Received1,5001905001,000500Motor Vehicle8,000Bank Loan3,000136,460136,460Additional Information:• Closing Stock 7,400Depreciate Plant & Machinery at 15%, Furniture & Fixtures at 15% and MotorVehicle at 10%.

Financial statements are the reports which shows the company's assets, liabilities, equity, income…

Question 6. From the following Trial Balance of the ABC Company, prepare the (a) Trading and Profit & Loss Account (b) Balance Sheet (20) Rs. Rs. Capital Plant & Machinery Furniture & Fixtures 57,500 23,500 7,500 8,700 18,250 10,560 Opening Stock Cash in bank Cash in hand O 000

Question 6. From the following Trial Balance of the ABC Company, prepare the (a) Trading and Profit & Loss Account (b) Balance Sheet (20) Rs. Rs. Capital Plant & Machinery Furniture & Fixtures 57,500 23,500 7,500 8,700 18,250 10,560 Opening Stock Cash in bank Cash in hand O 000

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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Q1. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31" December, 2020 and Balance Sheet as on that date: Dr. (Rs.) Cr. (Rs.) Drawings 10,000 46,000 1,50,200 3,400 22,660 38,600 840 Stock on 01/01/2019 Purchases and Purchases Returns Cash in Hand 600 Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising 1,640 280 Professional Charges Commission Received Investments as on I" Jan. @ 10% 3,300 4,000 Interest on above 200 Sundry Debtors and Creditors Wages Salaries 36,000 25,000 14,000 29,000 Capital Income Tax 1,14,000 1,600 6,300 Discount allowed and received 4,600 Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 550 3,200 3,050 4,000 2,08,950 10,000 670 3,71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5% depreciation on frechold premises and 10% on office furmiture. (e) Insurance to the extent of Rs. 200…
Post each of the above transactions in the Ledger of attached picture
A transaction has been recorded in the T-accounts of Horowitz Corporation as follows: Debit Cash 25,000 A. + B. + C. D. Credit Assets = Liabilities Multiple Choice Which of the following reflects how this event affects the company's financial statements? Balance Sheet O Option C Option D Option B Option A Common Stock + N/A N/A Debit Credit 25,000 N/A Stockholders' Equity N/A + Revenue N/A N/A N/A Income Statement Expense = Net Income Statement of Cash Flows +FA +FA +0A -IA N/A N/A N/A + N/A N/A
Courses =HCS380 Week 1 Terminology Matching Accounts Receivable Terminology Matching Note Payable Bonds Payable Common Stock Income Statement Balance Sheet Retained Earnings Statement Statement of Cash Flow Basic Accounting Equation multimedia.phoenix.edu Annual Report View Assessment HCS/380: Week 1 - Terminology Matching - Academic Resources Owed to a bank for the money borrowed Bill customer/patient for services HCS Debt securities sold to investors that must be repaid at a particular date in the future A AOL PASSV REQUIRED Enter your password for "kaylakı Accounts. Prepared by corporate management to present financial information, management discussion, notes, and auditor's report Used by creditors to determine if they will be paid Assets Liabilities+Stockholder's Equity Used by creditors and investors to analyze the organization's cash position Used by investors to evaluate the organization's history of paying high dividends The total amount paid in by stockholders for the share…
education.wiley.com Ch 1: Ho... WP NWP AS... С Maria Q.. b Search.. The Acc... Cengag... financia... WileyPL... financia... BB Financi.. Accoun... X - Cha... e Ch 1: Homework Question 4 of 5 - / 20 View Policies Current Attempt in Progress Van Occupanther is the bookkeeper for Roscoe Company. Van has been trying to get the balance sheet of Roscoe Company to balance. Roscoe's balance sheet is as follows. ROSCOE COMPANY Balance Sheet December 31, 2022 Assets Liabilities Cash $ 9,400 Accounts payable $25,000 Supplies 7,100 Accounts receivable (19,500) Equipment 45,000 Common stock 40,000 Dividends 9,200 Retained earnings 25,200 Total assets $70,700 Total liabilities and stockholders' equity $70,700 Prepare a correct balance sheet. (List Assets in order of liquidity.) ROSCOE COMPANY Balance Sheet 田 II
Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
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1. The following accounts appeared on the partial Balance Sheet of Brandy Inc.: Accounts Payable Accounts Receivable $ 5,500 2,300 2,820 3,000 8,140 18,560 18,760 100 Bank Loan Cash Common Stock Inventory Long-term debt Machinery What is the total amount of all assets (rounded to the nearest dollar)?
28.8 The following trial balance was extracted from the books of R Giggs at the close of business on 28 February 20X7. Dr Cr f Purchases and sales 92,800 4,100 324 157,165 Cash at bank Cash in hand Capital account 1 March 20X6 Drawings Office furniture 11,400 17,100 2,900 3,400 31,400 Rent Wages and salaries Discounts Debtors and creditors 820 160 12,316 4,120 5,245 Stock 1 March 20X6 Provision for doubtful debts 1 March 20X6 405 Delivery van Van running costs Bad debts written off 3,750 615 730 174,375 174,375 Notes: (a) Stock 28 February 20X7 £2,400. (b) Wages and salaries accrued at 28 February 20X7 £340. (c) Rent prepaid at 28 February 20X7 £230. (d) Van running costs owing at 28 February 20X7 £72. (e) Increase the provision for doubtful debts by £91. (f) Provide for depreciation as follows: Office furniture f380; Delivery van £1,250. Required: Draw up the trading and profit and loss account for the year ending 28 February 20X7 together with a balance sheet as on 28 February 20X7.
2. Which of the following on a Balance Sheet would cause concern for you? Use the sample Balance Sheet provided Notes & Comments Current Assets 10350 Bank Chequing $75,992 10857 Visa Credit Card -$226 12000 Accounts Receivable $21,296 13500 Inventory Assets $27,791 14990 Hold Backs -$275 Total Current Assets $124,578 Liabilities & Equity 20000 Accounts Payable $22,063 22100 Unapplied Cash $8,716 29300 Shareholder Loan $24,410 35600 Retained Earnings $52,416 Net Icome (Current Year) $16,873 Total Liabilities & Equity $124,478
Solve this question with steps please. The subject is fundamental of financial accounting.
27 es The general ledger of Zips Storage at January 1, 2024, Includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totaln Debits $25,300 16,100 13,400 155,000 $7,400 6,500 150,000 45,900 $209,800 $209,800 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15. 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $141,100, and on account, $55,700. Collect on accounts receivable, $52,200. Receive cash in advance from customers, $13,600. Purchase supplies on account, $10,600. Pay property taxes, $9,200. Pay on accounts payable, $12,100. Pay salaries, $130,600. Issue shares of common stock in exchange for $34,000 cash. Pay $3,500 cash dividends to stockholders. Problem 3-9A (Algo) Part 5 5. Record adjusting entries. Insurance expired during the year is $7,700. Supplies…