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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In order to prepare the statement of Financial position, you identified the following assets and liabilities of Ms. Santos after she made an investment of 159,000. A. Her store has cash deposited in a bank account amounting to 25,000.B. Her store has a lot of uncollected sales from customers amounting to 75,000.C. The total amount of merchandise left inside the store is 30,000.D. He already paid one year's rent in advance amounting to 12,000.E. The value of all the company's furniture amounted to 100,000F. He bought merchandise from his supplier amounting to 25,000 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 5,000.H. The sari-sari store had outstanding Liabilities to utility companies amounting to 3,000.I. She had a loan from the bank amounting to 50,000 to be paid in 3 years. Please make the statement of Financial position.
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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Mark Waugh starts business. Before any sales, he has purchased fixtures $12,000, motor vehicle $30,000 and stock of goods $21,000. Although he has paid in full for the fixtures and motor vehicle, he still owes $8,400 for some of the stock. His brother Steve has lent him $18,000. Mark, after the above, has $16,800 in the business bank account and $600 cash in hand. Calculate Mark’s capital?
Knife and Fork operates as a restaurant. Its customers can pay by cash, debit or credit card. For each debit transaction, John pays $0.30. For credit cards, John pays 4% of the total credit card transactions. On October 25, 2022, John compiled the following summary for the work day. Transaction Type Total Number of Transactions Cash $2485 50 Debit Card $0 0 Credit Card $3600 81 Required Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the total debit/credit card expense for October 25. Total Debit/Credit Card Expense = $144 b) Record the journal entry for the day's sales ignoring cost of goods sold.
Protection Home provides house-sitting for people why they are away on vactation. Some of its customers pay immediately after the job is finished. Some customers ask that the business sends them a bill. As of the end of the year, Protection Home has collected $900 from cash-paying customers. Protection Home's remaining customers owe the business $1,300. A. Cash Basis? B. Accrual Basis?
a.
Botsogo is setting up a new business. Before actually selling anything she boughta van for 4,500,a market stall for 2,000 and an inventory of goods for 1,500. She did notpay in full for her inventory of goods and still owes 1,000 in respect of them. Sheborrowed 5,000 from Boineelo. After the events just described and before trading startsshe has 400 cash in hand and 1,100 cash at bank. Calculate the amount of her capital.
Secure Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Secure Home has collected $1,720 from cash-paying customers. Secure Home’s remaining customers owe the business $3,080. Secure Home recorded $1,720 of service revenue for the year. (Cash basis) If Secure Home had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?

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