Sunland Co. opened on July 1, 2020. On July 31, the statement of financial position showed Cash ¥5,500, Accounts Receivable ¥2,000,Supplies ¥500, Equipment ¥5,900, Accounts Payable ¥3,900, Share Capital-Ordinary ¥2,800, and Retained Earning of ¥7,200(amounts in thousands). During August, the following transactions occurred.1.2.3.4.5.6.7.8.Collected ¥1,700 of accounts receivable.Paid ¥2,500 cash on accounts payable.Recognized revenue of ¥8,600, of which ¥2,400 is collected in cash and the balance is due in September.Purchased additional equipment for ¥1,700, paying ¥400 in cash and the balance on account.Paid salaries ¥2,500, rent for August ¥1,000, and advertising expenses ¥450.Declared and paid ¥1,000 dividend.Received ¥1,900 from Standard Bank-money borrowed on a note payable.Incurred utility expenses for month on account ¥330.Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets,Liabilities or Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity itemthat was reduced. See Illustration 1.9 for example.)

The objective of the question is to prepare a tabular analysis of the August transactions for…

Answered: Sunland Co. opened on July 1, 2020. On…

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

5. What were total liabilities on December 31, 2021?
On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $25,700 Accounts Receivable 47,400 Allowance for Uncollectible Accounts $4,800 Inventory 20,600 Land 52,000 Equipment 18,000 Accumulated Depreciation 2,100 Accounts Payable 29,100 Notes Payable (6%, due April 1, 2025) 56,000 Common Stock 41,000 Retained Earnings 30,700 Totals $163,700 $163,700 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $153,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $141,000. All of these sales are on account. The cost of the units sold is $76,800. January 23 Receive $126,000 from customers on accounts receivable. January 25…
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals View transaction list Journal entry worksheet
The assets and liabilities of Snub Services as of March 31, 2020, the end of the current year, and its revenues and expenses for the year ended March 31, 2020 are listed below. The Retained Earnings balance was $10,030 at April 1, 2019, the beginning of the current year. Accounts Payable: $1,620 Accounts Receivable: $8,360 Cash: $27,950 Dividends: $13,130 Equipment: $82,770 Fees Earned: $115,430 Net Income: $ Upon completion of its financial statements for the year ended (and as of) March 31, 2020, Snub Services would report the following amounts: Ending Retained Earnings: $ Land: $58,970 Miscellaneous Expense: $1,960 Office Expense: $6,260 Stock: $98,050 Ending Total Liabilities and Equity: $ Supplies: $3,430 Wage Expense: $22,300
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net) 828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6 Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8 Buildings 1,462,500.00 900,900.00 9 Accumulated depreciation-buildings (408,600.00) (382,320.00) 10 Equipment 512,280.00 454,680.00 11 Accumulated depreciation-equipment (141,300.00) (158,760.00) 12 Total assets $4,785,480.00 $4,219,020.00 13 Liabilities and Stockholders’ Equity 14 Accounts payable (merchandise creditors) $922,500.00 $958,320.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 317,000.00 117,000.00 17 Excess of paid-in capital over par 758,000.00 558,000.00…
On July 1, 2021, the assets and liabilities of Lui Company are as follows: Cash, $96,000; Accounts Receivable, $75,800; Prepaid Rent, $12,000; Land, $318,000; Accounts Payable, $58,700; Mortgage Payable, $162,000. What is the amount of stockholders’ equity as ofbJuly 1, 2020? 722,500 281,100 296,100 assuming that 15,000 of dividends were paid 125,100
Prepare an income statement for Simpson Ltd for the month ended 31 July 2021
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Line Item Description Current Year Previous Year Current assets: Cash $417,200 $318,000 Marketable securities 483,100 357,800 Accounts and notes receivable (net) 197,700 119,200 Inventories 1,167,500 905,200 Prepaid expenses 601,500 578,800 Total current assets $2,867,000 $2,279,000 Current liabilities: Accounts and notes payable (short-term) $353,800 $371,000 Accrued liabilities 256,200 159,000 Total current liabilities $610,000 $530,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Line Item Description Current Year Previous Year 1. Working capital ? ? 2. Current ratio ? ? 3. Quick ratio ? ? from the preceding year to the current year. The working capital, current ratio, and quick…
MC.03.083.Algo Wu Systems has the following balance sheet. Assume that all current assets are used in operations. How much net operating working capital does the firm have? Cash Accounts receivable Inventory Current assets Net fixed assets Total assets O a. $400 b. $1,770 O c. $2,200 d. $470 e. $830 $ 70 Accounts payable 720 Accruals 510 $1,300 1,000 Notes payable Current liabilities Long-term debt Common equity Retained earnings $2,300 Total liab. & equity $ 250 220 430 Question 3 of 40 $ 900 640 260 500 $2,300
The following items are reported on a company's balance sheet: Cash $195,100 Marketable securities 152,400 Accounts receivable (net) 121,500 Inventory 140,700 Accounts payable 469,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
The following information was extracted from the Coach Trading as at 31 December 2022. Coach Trading Statement of Financial Position as at 31 December 2022 RM Non-Current Assets 572,000 Current Assets Closing inventory 189,000 Account receivable 177,700 Cash in bank 98,300 Prepaid expense 5,000 470,000 1,042,000 Owner’s Equity Capital 500,000 Add: Net profit 344,100 844,100 Current Liabilities Account payable 189,900 Accrued expense 8,000 197,900 1,042,000 Additional information: - 1. Net sales and cost of goods sales for the year ended 31 December 2022 were RM988,900 and RM400,000 respectively. 2. The amount of inventories as at 1 January 2022 was RM210,000. Based on the information given above, compute and comment the following ratios: a) Current Asset Ratio b) Inventory Turnover Ratio c) Account Receivables Collection Period d) Net Profit Margin Do not give answer in image

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS