Required answer You are preparing a balance sheet for A Cake Too Far, a small local bakery. The owner lists for you their assets and liabilities.They have $4,500 cash, and an additional $1,675 in accounts receivable. They have a total of $1,200 in accounts payable, aswell as $1,890 in wages payable. The business has a current inventory worth $375, and food and baking supplies worth$1,450. The bakery has a total of $15,400 on its mortgage for the property it sits on. They also have $18,500 in businessequipment they own and owe $1,600 in loans for new equipment.According to this list, what are the totals of assets and liabilities for the business?

Step 1: Total assets ASSETS Cash$4,500Accounts receivable 1,675Inventory 375Food and baking…

Answered: You are preparing a balance sheet for A…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 1CP

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Show the following transactions for a household on a double-entry bookkeeping ledger (values are expressed in the same given unit of account): Household earns a salary paid in a checking account (value=100). Household makes consumption expenses (value=80). Household buys a property (value=15,000) with a down payment of 10,000 and a loan of 5,000. ENTRY DEBIT CREDIT Salary Deposits Consumption expenses Deposits Loan Deposits Property Deposits
Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account. The goods cost your company $155 and were paid for in a previous period. Your company also recorded salaries and wages of $145, of which only $45 has been paid in cash. How would I record the following activities in the journal?
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2. Assume that you are the owner of Samuel's Café, a special coffee shop in Victorias City. At the end of June 2020, you collected the ff: a. Sales, per cash register records, totaled P470,000. There was a sale on credit of P7,500. b. With the help of a friend Jefer who is an accountancy student, you determined that the costs of goods sold during June was P160,000. C During the month, you paid P140,000 for salaries, rent, ads. And other expenses. Utilities of P6,800 for June was unpaid because of late billing. What is the profit for June 2021?
You were hired by Mr. Brian Stevens to prepare his convenience store’s Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Mr. Stevens: a. His convenience store has cash deposited in a bank account amounting to P50,000 b. His convenience store had a lot of uncollected sales from customers amounting to P75,000 c. The total amount of merchandise left inside the store is P30,000 d. He already paid one year’s rent in advance amounting to P12,000 e. The value of all the company’s furniture amounted to P100,000 f. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000 h. The convenience store had outstanding liabilities to utility companies amounting to P3,000 i. He had a loan from the bank amounting to P50,000 to be paid in 3 years Requirement: Prepare a Statement…
Mr. Steve Persian hired Elizabeth to prepare the Statement of Financial Position of his business. To prepare the statement, Elizabeth identified the following assets and liabilities of Mr. Persian: a. Cash deposited in YKY Bank amounting to P100, 000 b. He has uncollected sales from customers amounting to P50, 000 c. The total amount of merchandise left inside the warehouse is P35, 000 d. Steve paid in advance the rent amounting to P15, 000 for one year. e. The machineries and equipment amounted to P150, 000 f. He bought the materials from his suppliers amounting to P30, 000 and promised to pay the said amount one month after the end of the year. g. He paid the contributions of his employees such as SSS, Philhealth and Pag ibig amounting to P6, 500 h. Outstanding balance to Meralco is amounting to P3, 500 i. He acquired a 2 year loan from YKY Bank amounting to P45, 000.
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Shamar invoices a company for $6,000. When he looks at the Customer Balance Summary, he sees an amount of $13,000 that includes unpaid invoices. How can he find detail on the open invoices? Select an answer: Select Open Invoices. Select the $7,000 amount. Select the $13,000 amount.
Your answer is incorrect. Try again. Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $2,355 per month, has just purchased a new Acura. You decide to test the accuracy of the accounts receivable balance of $128,740 as shown in the ledger.The following information is available for your first year in business. (1) Collections from customers $310,860 (2) Merchandise purchased 502,400 (3) Ending merchandise inventory 141,300 (4) Goods are marked to sell at 40% above cost Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account. The ending balance of accounts receivable from customers $ Apparent shortage $

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