The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscalyear:Debit$ 1,75047,808CreditMerchandise inventoryOther assetsLiabilities$ 43,34037,690Joe Mendelstein, capitalJoe Mendelstein, withdrawalsInterest income3,700185Sales103,400Sales returns and allowances8,2001,19544, 200Sales discountsPurchasesPurchase returns and allowancesPurchase discounts2,500970Transportation-inSales salaries expenseRent expense, selling spaceStore supplies expenseAdvertising expenseOffice salaries expenseRent expense, office spaceOffice supplies expense5,40018,500,9003,9009,70822,7008,3003,648$188,885 $188,885TotalsA physical count shows that the cost of the ending inventory is $13.30o.Requlred:1. Calculate the company's net sales for the year.Net sales

The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 1,750 47,000 Credit Merchandise inventory Other assets Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense $ 43,340 37,690 3, 700 185 103,400 8,200 1,195 44, 200 2,500 970 5,400 18, see 9,900 3,900 9,700 22,700 8,300 3,640 $188, e85 $188,e85 Totals A physical count shows that the cost of the ending inventory is $13,300. Requlred: 1. Calculate the company's net sales for the year. Net sales

The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 1,750 47,000 Credit Merchandise inventory Other assets Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense $ 43,340 37,690 3, 700 185 103,400 8,200 1,195 44, 200 2,500 970 5,400 18, see 9,900 3,900 9,700 22,700 8,300 3,640 $188, e85 $188,e85 Totals A physical count shows that the cost of the ending inventory is $13,300. Requlred: 1. Calculate the company's net sales for the year. Net sales

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235Required:1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.for the year ended December 31, 2019.
The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
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BTS Corp. collected P24,700 in interest during 2021. BTS showed P3,700 in interest receivable on its December 31, 2021 statement of financial position and P10,600 on December 31, 2020. How much is the Interest Revenue reported on BTS Company’s statement of comprehensive income for 2021?
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The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
Mars Company reported the following balances after adjustments at year end of 2020 and 2019: 2020 Accounts Receivable P 5,250,000 Net Realizable Value 5,100,000 2019 P 4,800,000 4,715,000 How much is the Doubtful Accounts Expense for the year ended December 31, 2020?
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How much uncollectible accounts expense should be presented on the statement of comprehensive income for the year ended December 31, 2018? 160,600 194,000 240,600 254,600
These are some information for the balance sheet as of December 31, 2019 of MUST Corp.Accounts payable, consisting of purchase of goods, P278,000 and cost of goods received on consignment of P22,000,total P300,000Income tax due for 2019, (due and paid in the three (3) quarters of 2019, P87,500) 122,500Stock dividends payable 60,000Accrued expenses 7,800Reserve for contingencies 20,000Overdraft in Security Bank checking account 6,200Based on the above information, how much is the total liabilities to be reported in the balance sheet as of December 31,2019 of MUST Corp.?
The following pretax amounts pertain to Han Ae Sook Company for the year ended December 31, 2020: Sales -P800,000; Distribution and administrative costs – P84,000; Other income - P40,000; Interest expense - P4,000; Cost of goods sold – P480,000; Correction of prior period error (credit) – P16,000; Discontinued operations (debit) – P40,000; Cumulative effect of change in accounting policy (credit) – P28,000; Retained earnings, January 1 (not restated) – P160,000; Dividends declared – P12,000; Income tax rate is 30%. How much retained earnings would be shown on December 31, 2020 statement of financial position? А. Р310,400 В. Р335,600 C. P341,200 D. P344,800