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- Beg. Retained Earnings= $34 for nov. 30, 2022. . Then, The following transactions occurred during December of 2022: Paid $14 for December rent, Paid $6 to reduce the amount of accounts payable, Sold inventory costing $5 for $60, Collected $10 accounts receivable, Accrued $5 owed to employees for work performed in December to be paid in January, Recorded $8 depreciation on the new equipment. What is retained earnings at 12/31/2022?Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
- Q4] Deewali advance given to an employee is a) Revenue Expenditure b) Capital Expenditure e) Deferred Revenue Expenditure d) Notan Expenditure Q5] A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after takinginto consideration the following items. (1) The cost of an asset Rs.23.000 has been taken as an expense(ii) The firm anticipated a profit of Rs.12.000 on the sale of an old furniture (iii) Salary of Rs.7.000 outstanding for the year has not been taken into account. (iv) An asset of Rs.85,000 was purchased for Rs.75.000 and was recorded in the books atRs.85,000. What is the correct amount of profit to be reported in the books?a)Rs.1,47,000 b) Rs. 1,51,000 c) Rs. 1,63,000 d) Rs. 1,41,000 Q6] The process of recording financial data upto trial balance is a) Book keeping b) Classifying c) Summarising d) AnalyzingQuestion 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500 (b) Calculate the following ratios of Barry Sdn Bhd for the year ended 31December 2020. (iv) Inventories turnover days(v) Trade receivables turnover daysQuestion 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500 (b) Calculate the following ratios of Barry Sdn Bhd for the year ended 31December 2020.(i) Gross profit margin(ii) Net profit margin(iii) Current ratio
- EA16. Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange.B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed.C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid.E. The electric bill in “C” is paid.Your answer: (Answer B, C, D, and E by referring to the answer example for A)A. (as an example, the answer for A. is shown below)Cash will increase $25,000, so total assets will increase $25,000.Common stock will increase $25,000, increasing total stockholders’ equity $25,000.There is an equal increase on each side of the equation.There is an equal decrease on each side of the equation.QUESTION NO.17 From the following balances of Ali,Ahmed as on 31.12.2016, Opening stock 30,000 Machinery at cost (including ~ 10,000 new) 60,000 Purchases 1,10,000 Sundry Debtors 20,000 Sales 2,50,000 Bad debts 3,000 Building 55,000 Depreciation fund 25,000 Wages 23,000 Sundry Creditors 24,000 Carriage inwards 3,000 Rent,rates and taxes 4,000 Bills payable 10,000 Trade expenses 4,000 Furniture 9,000 Capital : Ali 50,000 Salaries 42,000 Capital : Ahmed 40,000 Advertisement 24,000 Petty expenses 4,000 Coal and coke 2,000 Provision for bad debts 1,000 Cash at bank 14,000 Gas and water 1,200 Prepaid wages 1,000 Cash in hand 800 Depreciation fund investment 25,000 Outstanding rent 400 Bank loan 34,600 The following additional information is supplied: (a) The partners share profits and losses as Ali 2/5 and Ahmed 3/5. (b) Closing stock ---- ~ 15,000. (c) Stock valued at ~ 10,000 was destroyed by fire but the Insurance…Question 18 Blossom Service Shop started the year with total assets of $342000 and total liabilities of $236000. During the year, the business recorded $629000 in revenues, $424000 in expenses, and owner drawings of $60500. Owner's equity at the end of the year was Select answer from the options below $250500. $106000. $318000. $257500.
- HW - Ch 20-2 Prepare journal entries to record the effects on Shannon’s accounting records at December 31, 2021, for each of the items described above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars not in thousands of dollars.) (1) Record the gain on sale of investment with an original cost of $186,000 for $232,000 (2) Record the adjustment of equity securities for the investment of $232,000 as on the date of sale. (3) Record the fair value adjustment. (4) Record the loss-lawsuit. (5) Record correction of inventory error. (6) Record correct assets that were incorrectly expensed. (7) Record the 2021 adjusting entry for depreciation. (8) Record the income tax expense.Q3) A. The following information has been taken from the accounting records of Ahmed and Company in first and second period. Period Sales Profit 2019 $ 100,000 $15,000 2020 150,000 25,000 Calculate: 1) Sales required to earn a profit of $25,000 2) Profit when sales are $200,0006) Treetop company has the gross profit of RO 125,600, selling expenses of RO 45,100, administration expenses of RO 24,700 and dividend revenue of RO 3,500 during the year 2019. Calculate the income from operations of the business. a. RO 55,800 b. RO 73,300 c. RO 59,300 d. RO 69,800