OliveAdditional information:600112,800 112,8001. On 1 April 2020, the terms of the partnership agreement were changed. The new terms provided as follows:o A profit-sharing ratio of 5:3:2 for Mercy, Nelly and Olive respectively.o Salaries of $ 30 per month to Nelly and Olive.o Interest on capital at the rate of 5% per annum.o For the purpose of the changes, goodwill was valued at $3,600 and was to be written off immediately while theland and buildings were valued at $6,000 and $19,200 respectively.2. Sales include a credit sale of $1,800 in respect of goods sold on the basis of confirmation by the customer. The goods hadcost $600. As at 30 September 2020; the customer had not confirmed whether he would buy the goods.3. Interest on the loans from Nelly and Olive is to be charged at the rate of 10% per annum. This interest had not been paid asat 30 September 2020.4. Closing inventory as at 30 September 2020 was valued at $ 7,200.5. Unless where otherwise provided, the incomes and expenses accrued evenly throughout the year.Required:1. The statement of profit and loss for the year ended 30 September 2020.2. Partners' current accounts as at 30 September 2020.3. Statement of financial position as at 30 September 2020. SalesInventory (1 October 2019)PurchasesOperating expensesLoan from: NellyOliveLandBuildingPlant and machinery (cost)Accumulated depreciation (30 September 2020)Accounts receivable and accounts payableBank overdraftCapital accounts: MercyNellyOliveCurrent accounts: MercyNellyOliveDrawings: MercyNellyOlive$9,00030,00019,2003,00015,00021,00012,000600$60,0003,0006,00012,0009,9003,6007,5006,0003,0009006009001,200600112,800 112,800

It is an agreement between two or more parties to conduct the business and share the profits and…

Answered: Sales Inventory (1 October 2019)…

Sales Inventory (1 October 2019) Purchases Operating expenses Loan from: Nelly Olive Land Buildir $ 9,000 30,000 19,200 3,000 15.000 $ 60,000 3,000 6,000

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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Perpetual Inventory Journal Entries KJ Company engaged in the following transactions in September 2020. Sept 1 Sold merchandise to ABC company on credit, terms 2/10, n/30, $3,000, (cost $1,800). 3 Received a return of goods sold to ABC of $300 (cost $180). 4 Purchased merchandise on credit from Newark Company, terms 3/15, n/60, FOB shipping point, for $6,000. 5 Paid freight charges to Delivery Company of $100 to get freight in. 8 Returned merchandise to Newark Company costing $500. 9 Received check from ABC Company for their purchase on Sept 1. 17 Paid Newark Company for the balance due for inventory. Prepare appropriate journal entries assuming KJ Company uses a perpetual inventory system.
Make accounting entries for following perpetual inventory transaction Nov3,2019 sold inventory on credit to kcg inc. $27,800 cost $9000 term 3/10, n/30
Andy Company records its purchases at gross but wishes to change to recording purchases at net. Discounts available on purchases recorded from October 1, 2020 to September 30, 2021 totaled P400,000. Of this amount P50,000 is still available in the accounts payable balance. The balances in the accounts before conversion are: Purchases 8,000,000 Purchase discounts taken 100,000 Accounts payable 3,000,000 The adjusted accounts payable on September 30, 2021 should be? A. 2,950,000 B.3,000,000 C. 2,900,000 D. 2,600,000
For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses: Salaries Expense Rent Expense Advertising Expense Total Selling Expenses Administrative Expenses: Salaries Expense Insurance Expense Rent Expense Deprecaition Expense Total Administrative Expenses Total Operating Expenses Operating Income Other Income and Expenses Sales Discounts Forfeited 125,466 45,167 80,299 2,615 725 3,340 12,543 2,563 1,562 1,253 17,921 21,261 59,038 1,575 (265) Interest Expenses Total Other Income and Expenses Net Income 1,310 57.728 What type of financial statement is this? Statement of Owner's Equity Multiple-step Income Statement Balance Sheet O Single-step Income Statement
Date Account Titles and Explanation Debit Credit Apr. 20, 2020 Cash 7,440 Unearned Sales Revenue Unearned Service Revenue May 15, 2020 Unearned Sales Revenue 6,093.36 Unearned Service Revenue 1,346.64 Sales Revenue Service Revenue (To record sales) Cost of Goods Sold 4,580 Apr. 17, 2020 Apr. 20, 2020 Inventory May 15, 2020 Sep. 1, 2020 (To record cost of goods sold) Sep. 25, 2020
Calculate Inventory Turnover Accounts Receivable Turnover PPE Turnover Asset Turnover
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Current Attempt in Progress Oriole Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Purchased 1,380 660 Ending inventory $ Save for Later Quantities Cost of goods sold $ Sold 360 610 Balance 460 1,840 1,480 870 1,530 Unit Price of Purchase $4.60 Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. $4.9 $5.3 Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method. Attempts: 0 of 1 used Submit Answer
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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 %