The adjusted trial balance of C.S. Financial Planners appears below (in 000) December 31, 2017:DebitCreditCash .5,000Accounts Receivable...2,2002,800Supplies. .Equipment.Accumulated Depreciation-Equipment...Accounts Payable. .15,0004,5003,3006,000Unearned Service Revenue..Share Capital-Ordinary..Retained Earning .Dividends .Service Revenue...Supplies Expense...Depreciation ExpenseRent Expense..10,000?.2,5004,3006002,5001,90032,50032,500Required:Using the information from the adjusted trial balance, prepare for the Year ending December 31, 2017:1. Income statement.2. Retained earnings statement.3. Statement of financial position.

With the help of given adjusted trial balance, we have to prepare different statements: 1. Income…

The adjusted trial balance of C.S. Financial Planners appears below (in 000) December 31, 2017: Debit 5,000 2,200 2,800 Credit Cash. Accounts Receivable... Supplies. . Equipment .. Accumulated Depreciation-Equipment... Accounts Payable . Unearned Service Revenue.. 15,000 4,500 3,300 6,000 10,000 ? .............. Share Capital-Ordinary.. Retained Earnings... Dividends . ........ ..2,500 Service Revenue. 4,300 Supplies Expense... Depreciation Expense Rent Expense.. 600 2,500 1,900 32,500 32,500 Required: Using the information from the adjusted trial balance, prepare for the Year ending December 31, 2017: 1. Income statement. 2. Retained earnings statement. 3. Statement of financial position.

The adjusted trial balance of C.S. Financial Planners appears below (in 000) December 31, 2017: Debit 5,000 2,200 2,800 Credit Cash. Accounts Receivable... Supplies. . Equipment .. Accumulated Depreciation-Equipment... Accounts Payable . Unearned Service Revenue.. 15,000 4,500 3,300 6,000 10,000 ? .............. Share Capital-Ordinary.. Retained Earnings... Dividends . ........ ..2,500 Service Revenue. 4,300 Supplies Expense... Depreciation Expense Rent Expense.. 600 2,500 1,900 32,500 32,500 Required: Using the information from the adjusted trial balance, prepare for the Year ending December 31, 2017: 1. Income statement. 2. Retained earnings statement. 3. Statement of financial position.

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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ABC Company's accounting records reported the followingaccount balances as of December 31, 2028:Inventory ................... $59,000Trademark ................... $16,000Interest revenue ............ $21,000Accounts receivable ......... $44,000Cost of goods sold .......... $30,000Utilities expense ........... $29,000Salaries payable ............ $14,000Accumulated depreciation .... $37,000Land ........................ ?Dividends ................... $ 9,000Notes payable ............... $48,000Common stock ................ ?Rental revenue .............. $35,000Supplies .................... $23,000Income tax expense .......... $18,000Retained earnings ........... $57,000 (at Jan. 1, 2028)Sales revenue ............... $99,000Equipment ................... $74,000Copyright ................... $38,000Accounts payable ............ $41,000Salaries expense ............ $27,000Cash ........................ $19,000Additional information:The total equity at December 31, 2028 was $196,000.Calculate…
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Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal year ended 31 December 2021. Use the company's information from its annual reports: Receivables as of 31 December 2020 $4,468,392 $4,972,722 $45,349,943 Receivables as of 31 December 2021 Sales revenue for year ended 31 December 2021 1. Calculate the company's number of days of sales outstanding (DSO) for the fiscal year ended 31 December 2021. (Use the average receivables to calculate the ratio). Not Accounting receivable Average Day's sales in receivable = 154; 2. Interpret the calculated ratio. 3. Assume that the industry average DSO ratio is 60 days. Based on this information and the subject company's DSO ratio, critically evaluate the company's credit policy and its implications.
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From the following information, balance the ledger Cash A/c Date Particulars Amount Date Particulars Amount 1.6.2017 CAPITAL 84000 5.6.2017 Purcahses 14600 10.6.2017 sales 9500 30.6.2017 General expenses 178 30.6.2017 Salaries 4500 30.6.17 Bal C/d ? Select one: a. 84222 OMR b. 45522 OMR c. 74222 OMR d. 94222 OMR
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27. The average payment period of an organization is calculated by __________. a. Average payables / Daily credit purchases b. Average payables / Net purchases c. Accounts payables / Total purchases d. Opening account payable + Closing account payable /2
Diaz Fresh discloses the following annual data. For Year Ended December 31 2020 2021 Sales revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $160,000 $240,000 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 120,000 Its cost of goods sold is based on inventories valued at cost. Assume for each year that all of the beginning inven- tory is sold by year end. Additional information regarding its inventories follows. Inventory LIFO Cost Market January 1, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,000 $16,000 December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 18,000 December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000 20,000 Required a. Prepare the entries to apply the lower-of-cost-or-market rule at December 31, 2020, and 2021. Use an allow- ance account to reduce…
From the following balance the ledgers and make the trial Balance Cash Account Date Particular Amount Date Particular Amount 1.1.2020 50000 20.1.2020 50000 5.1.2020 80000 31.1. 2020 BAL C/D ? 12.1.2020 20000 01.02.2020 BAL B/D Capital Account Date Particular Amount Date Particular Amount 1.1.2020 20000 20.1.2020 150000 5.1.2020 10000 31.1.2020 BAL C/D ? 01.02.2020 BAL B/D Purchase Account Date Particular Amount Date…