ACCT 217 - Tutorial 02

Financial accounting

← U a 33.000 8.550 85,000 28,000 Introduction to Business finance Accounting conventions Week 8 seminar exercise Question 1 From the following trial balance of Ursula, you are asked to draw up a statement of profit or loss for the year ended 31 March 2019 and a statement f financial position as at that date. Dr Cr £ £ 82,000 Sales Purchases Inventory as at 1 April 2018 Premises Equipment Returns inwards 340 Bank 1,280 5.600 Wages Insurance 390 Advertising 260 Capital 94.660 Drawings 11,800 Returns outwards 450 Receivables 6.500 4,960 Payables Rent 1,350 182.070 182,070 Additional information: 1) Inventory as at 31 March 2019 was valued at £10,660 2) A provision for doubtful debt is to be created at 5% of receivables at the year- end. 3) Accrued rent £350 4) Insurance paid in advance £250 5) Ursula provide depreciation on assets as follows: premises 10% and Equipment is 20% on cost annually ||| < V

NKUMBA UNIVERSITY FUNDAMENTALS OF ACCOUNTING Revision Questions Question 1 As at 30.3.20X7, your business has the following balances on its ledger accounts. Accounts Balance Shs Bank loan 12,000 Cash at bank 11,700 Capital 13,000 Local business taxes 1,880 Trade accounts payable 11,200 Purchases 12,400 Sales 14,600 Sundry payables 1,620 Trade accounts receivable 12,000 Bank loan interest 1,400 Other expenses 11,020 2,020 Vehicles During 31.3.20X7, the business made the following transactions. (a) Bought materials for shs 1,000, half for cash and half on credit (b) Made shs1,040 sales, shs 800 of which was for credit (c) Paid wages to shop assistants of shs 260 in cash You are required to draw up a trial balance showing the balances as at the end of 31.3.20X7.

turn to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION BACK NEX Exercise 194 a-b White Water Kayak Company's bank statement for the month of September showed a balance per bank of $6,900. The company's Cash account in the general ledger had a balan of $5,573 at September 30. Other information is as follows: (1) Cash receipts for September 30 recorded on the company's books were $5,850 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for $25 for check printing charges. (3) Check No. 119 payable to Blacque Company was recorded in the cash payments journal and cleared the bank for $236. A review of the accounts payable subsidiary ledger shows a $27 credit balance in the account of Blacque Company and that the payment to them should have been for $263. (4) The total amount of checks still outstanding at September 30…

Chapter 5 Exercises i Saved 49 Required information Part 4 of 7 (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit 1 $ 26,100 14,700 Cash points Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) Land Skipped 3,600 15,000 80,000 Accounts Payable Conmon Stock Retained Earnings 7,900 95,000 33,500 eBook Totals $139,400 $139,400 Print During January 2021, the following transactions occur: 2 Provide services to customers for cash, $46,100. 6 Provide services to customers on account, $83,400. January January January 15 write off accounts receivable as uncollectible, $2,500. January 20 Pay cash for salaries, $32, 500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 30 Pay cash for utilities during January, $14,800. References…

prepare a balance sheet using the following information for Mike consulting as of january 31,2019

Courses =HCS380 Week 1 Terminology Matching Accounts Receivable Terminology Matching Note Payable Bonds Payable Common Stock Income Statement Balance Sheet Retained Earnings Statement Statement of Cash Flow Basic Accounting Equation multimedia.phoenix.edu Annual Report View Assessment HCS/380: Week 1 - Terminology Matching - Academic Resources Owed to a bank for the money borrowed Bill customer/patient for services HCS Debt securities sold to investors that must be repaid at a particular date in the future A AOL PASSV REQUIRED Enter your password for "kaylakı Accounts. Prepared by corporate management to present financial information, management discussion, notes, and auditor's report Used by creditors to determine if they will be paid Assets Liabilities+Stockholder's Equity Used by creditors and investors to analyze the organization's cash position Used by investors to evaluate the organization's history of paying high dividends The total amount paid in by stockholders for the share…

Tutorial Accounting for Club The treasurer of Accounting Club has prepared the following receipts and payments account for the year ended 31 October 2012 from the bank statement. Receipts: Balance at bank 1 November 2011 RM Payments: RM 7,790 Equipment 1,760 Printing and stationery Subscriptions: Ordinary 2,020 2,110 Insurance 1,980 Life 8,800 Telephone and electricity 2,970 Wages (kiosk) 84,480 Purchases (kiosk) 480 Donation 9,240 Takings from kiosk 64,020 Balance at bank 31 October 2012 26,650 106,150 106,150 The following information is available: 1. Cheques issued for kiosk purchases amounting to RM1,190 were unpresented as at 31 October 2012. 2. The takings from the kiosk on 30 October 2012 amounting to RM1,410 were deposited on the same day but the amount was not credited by the bank until 2 November 2012. 3. Depreciation of 10% on cost is to be provided for the equipment. 4. The captain of the kiosk is entitled to a commission of 5% on the gross profit from the kiosk before any…

MindTap - Cengage Learning 22 CengageNOWv2 | Online teachir x - https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionL.. た 回 еВook 4 Show Me How Calculator Determining Cash Payments to Stockholders The board of directors declared cash dividends totaling $585,000 during the current year. The comparative balance sheet indicates dividends payable of $167,625 at the beginning of the year and $146,250 at the end of the year. What was the amount of cash payments to stockholders during the year? %24

Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date:   Cr. (Rs.)   Dr. (Rs.)   10,000   46,000   1,50,200   3,400   22,660   600   38,600   840   1,640   280   3,300   4,000   200 29,000   Drawings   Stack on 01/01/2019   Purchases and Purchases Returns   Cash in Hand   Bank Balance   Freehold Premises   Trade Expenses Printing, stationery and Advertising   Professional Charges   Commission Received   Investments as on 1" Jan. @ 10% Interest on above   Sundry Debtors and Creditors Wages   Salaries Capital   Income Tax Discount allowed and received   Sales Returns and Sales   Bills Receivable /Bills Payable   Office furniture   Rent, Rates and Insurance Bad Debts Provisions   Total Adjustments:   36,000   25,000   14,000   1,14,000   1,600   6,300   550 3.200   4,600   2,08,950   10,000   3,050   4,000   670 3.71,320   3,71,320   (a) Provide for wages Rs. 5,000.   (b) Write Off 5%…

Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Exercise 133 a-b CALCULATOR PRINTER VERSION BACK NEXT On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $245,000; the Accounts Payable control account had a credit balance of $109,000. The October transactions recorded in the special journals are presented below. Special Journals October Transactions Sales journal Total sales $183,000 Purchases journal Total purchases 75,000 Cash receipts journal Accounts receivable column total 128,000 Cash payments journal Accounts payable column total 49,000 Compute the balance of the accounts rsceivable control accounts after the monthly postings on October 31. Accounts Receivable Compute the balances of the accounts payable control accounts after the monthly postings on October 31. Accounts Payable SUBMIT…

marks Window Help Wed Apr 28 9:37 PM edugen.wileyplus.com Return to Blackboard eygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College elp | System Announcements CALCULATOR PRINTER VERSION « BACK NEXT cise 194 a-b Water Kayak Company's bank statement for the month of September showed a balance per bank of $6,900. The company's Cash account in the general ledger had a balance 573 at September 30. Other information is as follows: Cash receipts for September 30 recorded on the company's books were $5,850 but this amount does not appear on the bank statement. The bank statement shows a debit memorandum for $25 for check printing charges. Check No. 119 payable to Blacque Company was recorded in the cash payments journal and cleared the bank for $236. A review of the accounts payable subsidiary ledger shows a $27 credit balance in the account of Blacque Company and that the payment to them should have been for $263. The total amount of checks still…

38 es Maps On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Saved Help

History Bookmarks Window Help A 65% A ezto.mheducation.com Connect leed-to-Know Videos Saved Help Save & Exit Check Nolan Company's cash account shows a $22,352 debit balance and its bank statement shows $21,332 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $3,713. b. The June 30 bank statement lists $41 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $90 check written by the company was mistakenly recorded in the company's books as $99. d. June 30 cash receipts of $4,724 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $23 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. ok Prepare a bank reconciliation using the above information. nces NOLAN COMPANY Bank Reconciliation June 30 Bank statement balance Book…

Classified Balance Sheet Exam InstructionsPrepare a classified balance sheet for Sandpiper Corporation as of December 31, 2020 using column 2 for detail and column 3 for nets, sub-totals, & totals on the 4-column accounting paper provided online.Use pencil only, place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank. No commas are necessary when you use the accounting paper properly. Dollar signsare used at the top of the column and after a total line. Double underlining should only be used for totalassets and total liabilities and stockholders’ equity.Each section starts all the way to the far left of the description column with a header row, then theitems following with an indentation, and then a net or total row with an additional indentation. If thesection is a single item like retained earnings, no header or net total / rows are necessary. Skip a row between each section. Use column 1 as an overflow from the description column…

Need need on part B. Thank you

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A v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLo... Assignment 6d: Chapter 22 Exercises eBook Print Item Schedule of Cash Collections of Accounts Receivable Office World Inc. has "cash and carry" customers and credit customers. Office World estimates that 20% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $106,000 November 133,000 December 194,000 The Accounts Receivable balance on September 30 was $71,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. Office World Inc. Schedule of Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash…