udes the following Azure a tancy mobile cover trader has shown an amount of 15,6/0 in his books of accounts expenses: Agents commission 5,700; warehouse wages 1,850; warehouse repairs 550; lighting of office 70; office salaries 1,150 directors salaries 1,500; travelling expenses 760 related to business; rent rates and insurance of warehouse 320; rent rates and insurance of office330; lighting of warehouse 300; printing and stationery 2,500; trade magazines 90; donations 550. From the above information, prepare a statement showing in separate totals: (a) selling expenses; (b)distribution expenses; (c) administration expenses; and (d) expenses which you would exclude from total costs.

udes the following Azure a tancy mobile cover trader has shown an amount of 15,6/0 in his books of accounts expenses: Agents commission 5,700; warehouse wages 1,850; warehouse repairs 550; lighting of office 70; office salaries 1,150 directors salaries 1,500; travelling expenses 760 related to business; rent rates and insurance of warehouse 320; rent rates and insurance of office330; lighting of warehouse 300; printing and stationery 2,500; trade magazines 90; donations 550. From the above information, prepare a statement showing in separate totals: (a) selling expenses; (b)distribution expenses; (c) administration expenses; and (d) expenses which you would exclude from total costs.

Name: Azure a fancy mobile cover trader has shown an amount of 15,670 in hi
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Description: Azure a fancy mobile cover trader has shown an amount of 15,670 in his books of accounts which includes the followingexpenses: Agents commission 5,700; warehouse wages 1,850; warehouse repairs 550; lighting of office 70; office salaries 1,150;direct

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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Below are the transactions for June 2009 at Superior traders. Superior traders are a registered VAT vendor and all amounts are inclusive of VAT. Use the information below to complete the Creditors Journal and Creditors Allowance Journal of Superior Traders for June 2009. Transactions for June 2009: 11 Purchased stock on credit from BOB wholesales for R798 14 Received credit invoice from DIOR trading Store for: · Inventory – R700 · Packing material – R200 · Stationery – R100 25 Returned damaged goods to be value of R92.34 to DIOR Traders. The items returned are: · Packing materials – R28.50 · Trading stock – R45.60 · Stationery – R18.24 26 Received a credit note from BOB Wholesalers for inventory returned, R47. 30 Bought office equipment (R912) and inventory (R4560) on credit from Office Suppliers Ltd.
The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash $ 290,800 Kristina Marble, Drawing $ 121,200 Accounts Receivable 1,170,600 Sales 13,746,000 Merchandise Inventory 2,075,300 Cost of Merchandise Sold 9,513,000 Office Supplies 16,400 Sales Salaries Expense 1,110,100 Prepaid Insurance 9,700 Advertising Expense 666,500 Office Equipment 1,005,800 Depreciation Expense— Accumulated Depreciation— Store Equipment 169,700 Office Equipment 666,500 Miscellaneous Selling Expense 46,100 Store Equipment 4,362,700 Office Salaries Expense 787,700 Accumulated Depreciation— Rent Expense 113,900 Store Equipment 2,205,600 Depreciation Expense— Accounts Payable 395,100 Office Equipment 60,600 Customer Refunds Payable 48,500 Insurance Expense 58,200 Salaries Payable 50,300 Office Supplies Expense 34,100 Note Payable Miscellaneous Administrative Exp. 17,600 (final payment…
EXERCISE (All exercise would be saved in one record) Journalize the following transactions for the month of February 1: Sold merchandise on account for $10,000 (other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale) Received the utilities bill for $250.00 (accrued expense, utilities expense) Salaries for the week are $3,300 (salaries expense, wages payable) Received an invoice of $100 for advertising. Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000. Prepare the Customer List Report only for your account, include a column for term conditions and credit limits. (February 5) Prepare a sales order (15 units of any product). In the Sales Order Register include a column with the name of the vendor. (February 7) The invoice from the sales order above was delivered completely (February 9) (Prepare an Invoice Register) Prepare an Income Statement (February 28) Prepare a Balance Sheet (February 28)…
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $175,000, terms n/30. 31 Issued a 30-day, 6% note for $175,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 5% note. Jul. 1 Purchased tools by issuing a $45,000, 60-day note to Poulin Co., which discounted the note at the rate of 7%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $260,000, paying $40,000 cash and issuing a series of ten 9% notes for…
The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:Jan. 21. Sold merchandise on account to Black Tie Co., $28,000. The cost of merchandise sold was $16,800.Mar. 18. Accepted a 60-day, 6% note for $28,000 from Black Tie Co. on account.May 17. Received from Black Tie Co. the amount due on the note of March 18.June 15. Sold merchandise on account to Pioneer Co. for $17,700. The cost of merchandise sold was $10,600.21. Loaned $18,000 cash to JR Stutts, receiving a 30-day, 8% note.25. Received from Pioneer Co. the amount due on the invoice of June 15.July 21. Received the interest due from JR Stutts and a new 60-day, 9% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.)Sept. 19. Received from JR Stutts the amount due on her note of July 21.22. Sold merchandise on account to Wycoff Co., $20,000. The cost of merchandise sold was $12,000.Oct. 14.…
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. Jul. 1 Purchased tools by issuing a $216,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $156,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $500,000, paying $150,000 cash and issuing a series of ten 8%…
Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…
es Vail Company recorded the following transactions during November. Date General Journal Debit Credit November 5 Accounts Receivable-Ski Shop 5,775 Sales 5,775 November 10 Accounts Receivable-Welcome Incorporated Sales 1,706 1,706 November 13 Accounts Receivable-Zia Company Sales 1,000 1,000 November 21 Sales Returns and Allowances 258 November 30 Accounts Receivable-Zia Company Accounts Receivable-Ski Shop 258 3,557 Sales 3,557 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance 0 0 Sales Ending Balance 0 0 Zia Company Ending Balance 0 0
Nkome Traders, owner T Nkome, is a registered VAT vendor. The VAT rate applicable is 15%. Transactions: 20.3 February 3 Received and invoice (re-numbered to 20.3/105) from Bapela Wholesalers for merchandise purchased on credit for R18 975. 5 Some of the items to the value of R1 265 on invoice number 20.3/105 was not received. Issued a debit note for the amount. Bapela Wholesalers granted the claim and issued a credit note for the amount claimed. 10 Bought stationery, R1 035, from Big Stationers and received their invoice. 12 Received an invoice from Electronics Traders for the purchase of a new printer for R3 680. 17 Bought merchandise to the value of R21 965 from Bangani Wholesalers and received their invoice. Complete the given Purchases journal and Purchases returns journal for February 20.3.
The following items were among those that appeared on Rubi Co.’s books at the end of year 1: Merchandise inventory P600,000; Loans to employees 20,000. What amount should Rubi classify as monetary assets in preparing constant peso financial statements? P0 P 20,000 P600,000 P620,000
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
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