Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement ofFinancial Position. (The accounts are not in order)Include the additional information when making the Balance sheetCash on handP150,00020,00020,000Trade securitiesAccounts ReceivablePrepaid rentMerchandise InventoryPrepaid UtilitiesCash on bank12,00038,00015,000100,00042,000Advance to employeesLand120,000220,00065,000BuildingFurniture and FixtureAccounts PayableNotes PayableUnearned Revenue120,00050,00030,00020,00011,000Taxes PayableWarranty payableLoan(lyear)MortgageBonds PayableGoodwillTrademark35,000200,000150,00025,00010,000The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additionalinvestment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to56,500.The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture P2,000Allowance for Bad Debts for the year was P2,500

Closing capital=Beginning capital+Addition-Withdrawal+Net income=P 120,000+P 50,000-P30,000+P…

Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet P150,000 20,000 20,000 12,000 38,000 15,000 100,000 42,000 120,000 220,000 65,000 120,000 Cash on hand Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank Advance to employees Land Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill 50,000 30,000 20,000 11,000 35,000 200,000 150,000 25,000 10,000 Trademark • The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. • The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture P2,000 • Allowance for Bad Debts for the year was P2,500

Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet P150,000 20,000 20,000 12,000 38,000 15,000 100,000 42,000 120,000 220,000 65,000 120,000 Cash on hand Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank Advance to employees Land Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill 50,000 30,000 20,000 11,000 35,000 200,000 150,000 25,000 10,000 Trademark • The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. • The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture P2,000 • Allowance for Bad Debts for the year was P2,500

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14P: Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following...

See similar textbooks

Similar questions

Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.
Balance Sheet Calculations Dawson Companys balance sheet information at the end of 2019 and 2020 is as follows: Additional information: The company did not issue any common stock during 2020. Required: Next Level Fill in the blanks labeled (a) through (l). All the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)
Investment in Trading Securities The following information relates to Sanders Companys investment in trading securities for 2019: Required: 1. Prepare journal entries to record the previous information for 2019. Use the effective interest method and round all amounts to the nearest dollar. Assume that Sanders prepares semiannual financial statement. 2. Show the items of income or loss from investment transactions that Sanders reports for each 2019 semiannual income statement. 3. Show how the investment items are reported on each of the 2019 semiannual balance sheets, assuming that management expects to dispose of all investments within one year of purchase.
Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders equity section: The company engaged in the following stock transactions during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 270,000).
Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet: The following stock transactions occurred during 2019: Required: 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders equity section (assume that 2019 net income was 225,000).
Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Linens considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Complete the following 2019 comparative income statements for 2019, showing net income changes as a result of the changes to the balance sheet aging method categories. D. Describe the categories change effect on net income and accounts receivable.
Using the following select financial statement information from Black Water Industries, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Black Water Industries?
Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following information: Required: 1. Prepare the journal entries necessary for Upham to record the preceding transactions. 2. Prepare an analysis and schedule that shows the amounts of the accounts receivable, allowance for doubtful accounts, notes receivable, and notes receivable dishonored accounts that will be disclosed on Uphams June 30, 2020, balance sheet.
Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000
Comparative balance sheet accounts of Martinez Inc. are presented below. MARTINEZ INC.COMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020 2019 Cash $41,600 $33,700 Accounts Receivable 70,500 60,600 Inventory 29,700 23,700 Equity investments 22,300 38,900 Machinery 29,900 18,800 Buildings 67,600 56,300 Land 7,600 7,600 $269,200 $239,600 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation—Machinery 5,600 2,300 Accumulated Depreciation—Buildings 13,500 9,000 Accounts Payable 34,700 24,800 Accrued Payables 3,300 2,600 Long-Term Notes Payable 20,900 31,300 Common Stock, no-par 150,000 125,000 Retained Earnings 39,000 43,100 $269,200 $239,600 Additional data (ignoring taxes): 1. Net…
Comparative balance sheet accounts of Waterway Inc. are presented below. WATERWAY INC.COMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020 2019 Cash $42,400 $33,900 Accounts Receivable 70,600 60,300 Inventory 30,100 24,100 Equity investments 22,000 38,900 Machinery 30,300 18,700 Buildings 67,900 55,700 Land 7,600 7,600 $270,900 $239,200 Credit Accounts Allowance for Doubtful Accounts $2,300 $1,500 Accumulated Depreciation—Machinery 5,600 2,200 Accumulated Depreciation—Buildings 13,500 8,900 Accounts Payable 34,700 24,500 Accrued Payables 3,500 2,600 Long-Term Notes Payable 21,000 30,800 Common Stock, no-par 150,000 125,000 Retained Earnings 40,300 43,700 $270,900 $239,200 Additional data (ignoring taxes): 1. Net…
Comparative balance sheet accounts of Sheridan Inc. are presented below. SHERIDAN INC.COMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020 2019 Cash $41,600 $33,700 Accounts Receivable 70,500 60,600 Inventory 29,700 23,700 Equity investments 22,300 38,900 Machinery 29,900 18,800 Buildings 67,600 56,300 Land 7,600 7,600 $269,200 $239,600 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation—Machinery 5,600 2,300 Accumulated Depreciation—Buildings 13,500 9,000 Accounts Payable 34,700 24,800 Accrued Payables 3,300 2,600 Long-Term Notes Payable 20,900 31,300 Common Stock, no-par 150,000 125,000 Retained Earnings 39,000 43,100 $269,200 $239,600 Additional data (ignoring taxes): 1. Net…