Trial BalanceAdjusted Trial BalanceDebitCreditDebitCreditCash$ 5,4105,410Accounts Receivable.4,6006,300Supplies.900320Prepaid Insurance.1,8001,650Equipment..8,0008,000Accumulated Depreciation-$ 180Equipment.Accounts Payable.$ 5,4005,400Salaries and Wages Payable.400Share Capital-Ordinar.12,00012,000Dividends.600600Service Revenue.6,2007,900Maintenance and Repairs Expense. .290290Supplies Expense.580Depreciation Expense..180Insurance Expense.150Salaries and Wages Expense..2,0002,400$23,600$23,600$25,880$25,880The adjusting entries involve:A debit entry of 180 toand a credit entry to

Journal Entry - It is record of every business transaction over day to day life whether it is…

Trial Balance Adjusted Trial Balance Debit Credit Debit Credit Cash $ 5,410 5,410 Accounts Receivable... 4,600 6,300 Supplies. 900 320 Prepaid Insurance.. 1,800 1,650 Equipment. 8,000 8,000 Accumulated Depreciation- Equipment.. 2$ 180 Accounts Payable... $ 5,400 5,400 Salaries and Wages Payable.. 400 Share Capital-Ordinary. 12,000 12,000 Dividends.. 600 600 Service Revenue... 6,200 7,900 Maintenance and Repairs Expense . 290 290 Supplies Expense. Depreciation Expense. 580 180 Insurance Expense... 150 Salaries and Wages Expense.. 2,000 2,400 $23,600 $23,600 $25,880 $25,880 The adjusting entries involve: A debit entry of 180 to and a credit entry to

Trial Balance Adjusted Trial Balance Debit Credit Debit Credit Cash $ 5,410 5,410 Accounts Receivable... 4,600 6,300 Supplies. 900 320 Prepaid Insurance.. 1,800 1,650 Equipment. 8,000 8,000 Accumulated Depreciation- Equipment.. 2$ 180 Accounts Payable... $ 5,400 5,400 Salaries and Wages Payable.. 400 Share Capital-Ordinary. 12,000 12,000 Dividends.. 600 600 Service Revenue... 6,200 7,900 Maintenance and Repairs Expense . 290 290 Supplies Expense. Depreciation Expense. 580 180 Insurance Expense... 150 Salaries and Wages Expense.. 2,000 2,400 $23,600 $23,600 $25,880 $25,880 The adjusting entries involve: A debit entry of 180 to and a credit entry to

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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Ee 20.
Aa.1
Complete: Round to Nearest Current Assets Amount Hundredth Percent Cash $ 12,000 % Accounts receivable 9,000 % Prepaid rent Merchandise inventory 5,000 $ 28.000 Total current assets 100 %
"A Sticky Patch: Completing the Accounting Cycle for ROYAL JELLY TRADING" ROYAL JELLY TRADING, which follows GAAP and uses the periodic inventory system, is a merchandising business that buys and sells various kinds of jelly candies. Its trial balance as of fiscal year-end September 30, 2020, before any adjustments, can be found on the next page: Information for adjusting entries are as follows: 1. Interest has accrued on the customer's P20,000 60-day 12% note dated August 21, 2020 and this remained unrecorded as of year-end. 2. Rent for the month of September amounting to P15,000 has not been received as at year-end. 3. The company pays its employees their salaries every Friday for work done Monday to Friday of that week. Weekly pay is P10,000 for office salaries and P15,000 for store salaries. September 30, 2020 falls on a Wednesday. 4. At year-end, unused office supplies were P18,000, while unused store supplies amounted to P12,000. 5. One-fourth of the Prepaid Insurance Expense…
Camaro GTO Torino Cash $ 2,400 $ 230 $ 1,300 Short-term investments 0 0 600 Current receivables 260 510 500 Inventory 2,175 2,020 3,050 Prepaid expenses 300 600 900 Total current assets $ 5,135 $ 3,360 $ 6,350 Current liabilities $ 2,220 $ 1,320 $ 3,550 a. Compute the acid-test ratio for each of the separate cases above.b. Which company is in the best position to meet short-term obligations?
Dr. Cr. Cash Accounts receivable Allowance for Doubtful Accts Inventory Equipment Accumulated Depreciation Accounts Payable 65,000 28,000 7,000 12,500 60,000 12,750 23,000 6,000 35,000 38,000 21,000 Unearned Revenue Long Term Note Payable Common Stock Retained Earnings Dividends Sales Cost of goods sold Repairs expense Salaries expense Depreciation expense Insurance expense Interest income Interest expense Income tax expense Total 10,000 130,000 52,000 6,500 25,000 3,000 4,500 1,250 4,000 3,500 274,000 274,000 What is the amount of Total Assets?
Date Accounts Debit Credit Cash 145,000 a. Accounts Receivable 145,000 b. Selling and Administrative Expenses 32,000 Cash 32,000 Accounts Payable 39,000 C. Cash 39,000 d. Raw Materials Inventory 28,200 Accounts Payable 28,200 Work-in-Process Inventory Manufacturing Overhead 8,850 e. 1,200 Raw Materials Inventory 10,050 Work-in-Process Inventory Manufacturing Overhead f. 20,600 18,400 Wages Payable 39,000 Wages Payable 38,700 g. Cash 38,700 h. Manufacturing Overhead 2,500 Accumulated Depreciation 2,500 Work-in-Process Inventory 16,480 i. Manufacturing Overhead 16,480 j. Finished Goods Inventory 47,430 Work-in-Process Inventory 47,430 k. Accounts Receivable 104,000 Sales Revenue 104,000 k. Cost of Goods Sold 47,430 Finished Goods Inventory 47,430 L. Cost of Goods Sold 5,620 Manufacturing Overhead 5,620
Prepare Statement of Financial Position with supporting notes.
answered Accounts Dr Marked out of Cash OMR 50,000 2.00 Accounts receivable 20,000 P Flag question Supplies 10,000 Prepaid expenses 12,000 Buildings-at cost 160,000 10,000 Accumulated depreciation - Buildings 30,000 Notes payable (due in 2 months) 30,000 Accounts payable 12,000 Interest payable 10,000 Unearned service revenue 120,000 Shared- Capital 100,000 Service revenues 40,000 Salaries Expenses 10,000 Depreciation Expenses 30,000 Utilities Expenses 10,000 Dividends / drawings 342,000 342,000 Total If this information was used to prepare a statement of financial position, Total Liabilities should be: Cull lis islO
Accounts Payable S600 Accounts Receivable $5,200 Cash $27,000 Loan Payable in 6 months S4,400 Revenue received in advance $12,000 Bank Loan - Mortgage S30,000 Accumulated depreciation S7,800 Inventory S10,200 Buildings $17,600 Supplies $1,600 What is the most likely amount for the company's net assets? Select one: a. $41,600. Б. $6,800. C. $14,600. d. $26,600. e. $18,800.
Cash Short-term investments Current receivables Inventory Prepaid expenses Total current assets Current liabilities Camaro $ 2,400 0 260 2,175 300 $ 5,135 $ 2,220 GTO $ 230 0 510 2,020 600 $ 3,360 $ 1,320 Torino $ 1,300 600 500 3,050 900 $ 6,350 $ 3,550 a. Compute the acid-test ratio for each of the separate cases above. b. Which company is in the best position to meet short-term obligations?
CASH Transactions Debit Credit Cash receipts 1,280,000 Cash Disbursements 825,000 December 31 balances 455,000 You are contacted by the management to compute its net income using the accrual basis of accounting. During the process of preparation, the following were identified by you that will impact your computation: Property, plant and equipment are depreciated on a straight line basis. Annual depreciation is P 105,000. Prepaid insurance of P 18,000 was recognized as expense when it was paid. P 12,000 of the balance relates to year 2023. The entire amount of P 120,000 which was received as advance rental for office space in its building was recognized as rent income when received. P 70,000 of the amount will be earned in 2023. Employees are due P 28,000 at the end of 2022. Uncollected interest from investment at the end of 2022 is P 31,700. It is estimated that your 2022 fee for accounting services that have not been billed will be P 5,000. QUESTIONS: What is the…