The following information relates to Horizon Financial Services on 30 June 2021.
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The following information relates to Horizon Financial Services on 30 June 2021.
| Equipment | 54,000 |
| Prepaid Insurance | 5,400 |
| Wages Expenses | 28,800 |
| Cash at Bank | 39,000 |
| Service Revenue | 64,000 |
| Wages Payable | 13,500 |
| 5,400 | |
| 5,300 | |
| Supplies Expense | 2,760 |
| Owner, Drawings | 1,100 |
| Unearned revenue | 5,000 |
| Supplies | 2,600 |
| Electricity Expense | 4,440 |
| Accounts payable | 3,900 |
| Capital | ? |
| Loan payable (due in 2025) | 7,000 |
| 24,000 |
Prepare a fully classified Balance sheet in narrative format for the financial year
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- The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash $ 67,000 Short-term investments 182,000 Accounts receivable 123,000 Long-term investments 35,000 Inventory 215,000 Receivables from employees 40,000 Prepaid expenses (for 2022) 16,000 Land 280,000 Building 1,550,000 Equipment 637,000 Patent (net) 152,000 Franchise (net) 40,000 Notes receivable 250,000 Interest receivable 12,000 Accumulated depreciation—building $ 620,000 Accumulated depreciation—equipment 210,000 Accounts payable 189,000 Dividends payable (payable on 1/16/2022) 10,000 Interest payable 16,000 Income taxes payable 40,000 Deferred revenue 60,000 Notes payable 300,000…The following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits Cash $ 105,000 Short-term investments 87,000 Accounts receivable (net) 302,000 Prepaid expenses (for the next 12 months) 54,000 Land 97,000 Buildings 342,000 Accumulated depreciation—buildings $ 171,000 Equipment 276,000 Accumulated depreciation—equipment 131,000 Accounts payable 184,000 Accrued liabilities 56,000 Notes payable 122,000 Mortgage payable 230,000 Common stock 210,000 Retained earnings 159,000 Totals $ 1,263,000 $ 1,263,000 Additional information: The short-term investments account includes $29,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021. The accounts receivable account consists of the following: a. Amounts owed by…
- From the following information, you are required to prepare Profit and Loss Account of Zee Bank Ltd., for the year ending 31st March, 2016 : $ 2$ Interest and Discount Other Income Income on Investments 44,00,000 Interest Expended 1,25,000 Operating Expenses 5,000 Interest on Balance with RBI 13,60,000 13,31,000 25,000 Additional information : (a) Rebate on bills discounted to be provided for $ 15,000 (b) Classification of advances : $ 25,00,000 5,60,000 2,55,000 Standard Assets Sub-standard Assets (fully secured) Doubtful Assets not covered by Security Doubtful Assets covered by Security : For 1 year For 2 years For 3 years For 4 years Loss Assets 25,000 50,000 1,00,000 75,000 1,00,000 (c) Make tax provision @ 35% (d) Profit and Loss A/c (Cr.) $40,000.Monday Company provided the following information on December 31, 2020: Notes payable: Trade P2,500,000 Bank loans 4,000,000 Advances from employees 250,000 Accounts payable after deducting debit balances in supplier’s accounts of P500,000 5,000,000 Bank overdraft 600,000 Property dividends payable 750,000 Share dividend payable 400,000 Withholding tax payable 200,000 Mortgage payable 2,000,000 Income tax payable 1,000,000 Estimated warranty liability 500,000 Estimated damages payable by reason of breach of contract 650,000 Accrued liabilities 850,000 Estimated premium liabilities 350,000 Claim for increase in wages by employees covered in a pending lawsuit 2,000,000 Contract entered into for the construction of building 4,000,000 P2,000,000 of the Bank loans under Notes payable above is due on June 1, 2021, which was replaced by a 2-year note for the same amount before the financial statements were issued. The other P2,000,000 of the…On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
- Windsor Inc., a greeting card company, had the following statements prepared as of December 31, 2020. WINDSOR INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $7,100 Accounts receivable 62,400 51,000 Short-term debt investments (available-for-sale) 34,700 18,100 Inventory 40,400 60,300 Prepaid rent 4,900 4,000 Equipment 154,100 130,600 Accumulated depreciation—equipment (34,900 ) (24,800 ) Copyrights 46,400 49,800 Total assets $314,100 $296,100 Accounts payable $46,500 $40,200 Income taxes payable 4,000 6,000 Salaries and wages payable 8,100 4,100 Short-term loans payable 7,900 10,100 Long-term loans payable 59,600 68,400 Common stock, $10 par 100,000 100,000 Contributed…Required: Compute the asset turnover ratio for 2021. (Re Asset turnover ratioThe following is the ending balances of accounts at June 30, 2021, for Excell Company. Account Title Debits Credits Cash $ 83,000 Short-term investments 65,000 Accounts receivable (net) 280,000 Prepaid expenses (for the next 12 months) 32,000 Land 75,000 Buildings 320,000 Accumulated depreciation—buildings $ 160,000 Equipment 265,000 Accumulated depreciation—equipment 120,000 Accounts payable 173,000 Accrued liabilities 45,000 Notes payable 100,000 Mortgage payable 250,000 Common stock 100,000 Retained earnings 172,000 Totals $ 1,120,000 $ 1,120,000 Additional information: The short-term investments account includes $18,000 in U.S. treasury bills purchased in May. The bills mature in July, 2021. The accounts receivable account consists of the following: a. Amounts owed by…
- On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 70,000 Accounts receivable 40,000 Allowance for uncollectible accounts $ 5,000 Inventory 30,000 Building 70,000 Accumulated depreciation 10,000 Land 200,000 Accounts payable 20,000 Notes payable (8%, due in 3 years) 36,000 Common stock 100,000 Retained earnings 239,000 Totals $ 410,000 $ 410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5.…Janice Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $687,511 $665,763 Cash at Bank $109,805 $102,213 Mortgage payable this year $21,488 $31,995 Inventory $39,432 $42,929 Accounts payable $128,057 $121,309 Accounts receivable (trade debtors) $444,563 $393,798 Mortgage payable in 5 years time $516,150 $633,164 Owner's Equity $1,479,443 $1,096,378 Based on the information provided, calculate the Return on Equity for 2021.Orange Inc. had the following financial data related to the year ended December 31, 2021. Balance Sheet information As at December 31 2021 2020 Cash $270,040 $138,880 Accounts receivable 136,360 58,800 Inventory 155,250 143,420 Equipment 351,000 (2) 291,000 Accumulated depreciation (65.000) (62.400) S847.650 $569,700 Accounts Payable s106,393 S 80,760 Income Taxes Payable 11,450 10,400 Dividends Payable 33,607 10,000 Bonds Payable 100,000 132,000 Common Shares 282,000 198,000 Retained Earnings 314.200 138.540 S847,650 $569,700 Income Statement For Year ended December 31 Sales $479,892 Cost of goods sold $161,644 Amortization expense 58,800 Other expenses 17,374 Income tax expense 10,185 Interest expense 5,822 Loss on sale of equipment 16,800 (270,625) Net Income $209,267
