the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, art of which follows:
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Income Statement Is One Of The Three Major Financial Statements That Shows The Profit Over a Specific Period, When Revenues Exceeds The Expenses.
Net Income = $72,230
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- Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year.REQUIREDUse the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020 Vancouver TradersPRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020Balance sheet accounts sectionDebitCreditCapital1 300 000Drawings96 000Land and Buildings912 000Vehicles at Cost672 000Equipment at Cost480 000Accumulated Depreciation on Vehicles384 000Accumulated Depreciation on Equipment168 800Fixed deposit: Fin Bank (9% p.a.)144 000Trading inventory123 000Debtors control142 420Provision for Bad Debts7 200Bank59 944Cash Float7 200Creditors Control133 344Mortgage Loan Fin Bank (12%)240 000Nominal Accounts SectionSales1 510 320Cost of sales432 000Sales returns9 600Salaries and wages427 200Bad debts13 400Stationery21 800Rates and Taxes57 100Motor expenses96 000 Repairs to building17 200Telephone32…Hi there Please help with the following accounting question Journalise ALL the above transactions for the year ended 28 February 2021 in the General Journal including the year-end adjustment entries for depreciation. Round off to the nearest Rand Narrations are not required The format has been provided ??
- Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. Accounts..... ..... ** Balances ($)....||| .... Accounts ... ........... ...... ..... Balances ($) Accumulated Depreciation-Building.... ..... 121000 . ... ||| .... Loss on Sale of Property Accumulated Depreciation-Equipment. . 36000.... ||| .... Merchandise Inventory Additional Paid in Capital-Common Stock.. 222000.... ||| - . . . Mortgage Loan.. . . **** .... .... ... 7380 231000 ............. 109000 Auditors Fee ... .... .... .... ... ... ... ..* 209000.... III.... Rent Revenue .. .... ... .... .... .. 53000 Retained Earnings .. . 52900 Buildings.. 410000.... |II - .......... ................... ............ Cash ... ......... ****** 150710.. .. |||. ... Salaries and Wages Expense 104000 Common Stock ($2 each).... ... .... .... .... ... ....... 104000....II.... Sales .... ........ .... .... .... ..... .*.* *.** 1754000 Cost of Goods Sold 1086000....…Daniel Corporation's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? Oa. $12,550 Ob. $4,950 Oc. $7,600 Od. $2,650
- Assume the following data for Casper Company before its year-end adjustments: Journalize the adjusting entries for the following:a. Estimated customer allowancesb. Estimated customer returnsprepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18.000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450Jan Taylor, the financial oficer of X-cel lne., showed the folowing adusted account talances for the year ended Jauary 31,2014 Use this information to prepare the January 31, 2014 dtassifed balanoe sheet Account Accounts Payatie Accounts Recevable Accumutated Deprociation, Land Inprovements 32.000 Accumulated Depreciation, Machinery Accumulated Depreciation, Tus Advertising Expene Advertising Payabe Bonds Payable (due January. 2020 Commissions Eaned Copyright Depreciation Exponse, Land inprovement Depreciation Expense, Machinery Depreciation Esponse, Trucks Balance 100.000 115.000 lect one Dalance hee 6.000 23.000 32.500 61.500 102.000 40.500 09,000 6,600 5.000 17.600 15,000 12.600 Dividends Insurance Expense Interest Expense Land Improvements Long-term Investnent in Shares 27,500 160,500 01,500 10,000 Machinary Mortgage Payable (due January, 2020) Prepaid insurance Prepaid Interest Prepaid Rent Rent Eamed 274.600 37 50 8.000 17.000 35,500 96.000 144,500 Rent Expense Retained Earnings…
- Assume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returnsA summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year -end . Alberto , Capital 12/31 9,029 1/1 6,264 12/31 12,583 Alberto, Drawing 6/30 2,567 12/31 9,029 11/30 6,462 Net Income for the period is A. 6,264 B. 12,583 C. 33,349 D. 20,766Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700