business: sport ca owner: Carlos panent business start October 1, 2023 monthly sale: 4000 montly rent: 3700 montly electricity: 327 October 01, 2023, purchase machinery on credit 90000 usage period 3 years, estimated residual value 66000, straight line method October 01,2023 purchase truck on credit 44000, usage period 3 years, estimated residual value 17000, declining balance method rate 27% october 01,2023 invested 200000. preparw balance sheet at March 31, 2026.

business: sport ca owner: Carlos panent business start October 1, 2023 monthly sale: 4000 montly rent: 3700 montly electricity: 327 October 01, 2023, purchase machinery on credit 90000 usage period 3 years, estimated residual value 66000, straight line method October 01,2023 purchase truck on credit 44000, usage period 3 years, estimated residual value 17000, declining balance method rate 27% october 01,2023 invested 200000. preparw balance sheet at March 31, 2026.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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business: sport ca owner: Carlos panent business start October 1, 2023 monthly sale: 4000 montly rent: 3700 montly electricity: 327 October 01, 2023, purchase machinery on credit 90000 usage period 3 years, estimated residual value 66000, straight line method October 01,2023 purchase truck on credit 44000, usage period 3 years, estimated residual value 17000, declining balance method rate 27% october 01,2023 invested 200000. prepare balance sheet at March 31, 2026.
Prepare journal and adjusting entries using Balance Sheet Approach and Income Statement Approach: June 8 an amount of P50,000 was paid for six month rent. June 9 equipment costing P100,000 was purchased using P40,000 cash. The remaining amount of P60,000 is a one year note with an interest rate of 3.4% compounded monthly ADDITIONAL INFORMATION: (Adjusting) 1. Monthly rent 2. Payment for equipment 3. At the end of 5 years the equipment salvage value is P10,000
Wildhorse Co. sells office equipment on July 31, 2022, for $23,790 cash. The office equipment originally cost $81,100 and as of January 1, 2022, had accumulated depreciation of $40,350. Depreciation for the first 7 months of 2022 is $3,700.Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Gawucho Furniture Manufacturing Company (Gawucho) commenced business on 1st January, 2019, preparing account to 31st December each year. The accountant of the business has provided you with the below information.Assets Note Original Cost (USD)Furniture 1 424,000Plywood 2 130,000Motor Vehicle 3 350,000Plant and Machinery 4 100,000Total Assets 1,004,000Additional Information1. The Furniture was produced on 1st March, 2019 for sales but Gawucho used GH¢ 20,000 of these Furniture in its Administration offices. No sales was made during the year.2. Plywood was purchased on 1st January, 2019 for the production of the furniture. 3. Motor Vehicle was acquired on 1st January, 2019 to convey furniture to customers’ destination only.4. Plant and machinery was bought on 1st October, 2019 for production of furniture.5. The business depreciates its asset at the rate of 20% on straight line method on one month ownership basis.6. All the above assets existed as of 31st December, 2019.Required a. Draft…
Trial Balance as at 30 April 2020 Dr. Cr. Sales - 288,128 Purchases 143,568 - Equipment 216,000 - Motor Vehicle 108,000 - Depreciation expense 20,790 - Provision for depreciation - Equipment - 81,900 Provision for depreciation - Motor Vehicle - 36,000 Opening stock 28,170 - Returns in 1,170 - Returns out - 432 Accounts payables - 45,794 Accounts receivables 51,480 - Bad debts expense 1,890 - Bank 36,792 - Cash 13,500 - Carriage in 2,610 - Carriage out 2,430 - Discounts allowed 3,294 - Discounts received - 2,160 Capital - 212,058 Drawings 22,500 - Rent 43,200 - Insurance 6,012 - Interest expense 7,434 - Loan - 52,000 Provision for bad debts - 1,548 Telephone 5,940 - Water rates 5,240 - 720,020 720,020 Stock at 30 April 2020 was $25,700 You are required to prepare the financial statements (Income Statement and Balance Sheet) for the year ended 30 April 2020
Gawucho Furniture Manufacturing Company (Gawucho) commenced business on 1st January, 2019, preparing account to 31st December each year. The accountant of the business has provided you with the below information.Assets Note Original Cost (GH¢)Furniture 1 424,000Plywood 2 130,000Motor Vehicle 3 350,000Plant and Machinery 4 100,000Additional Information's 1. The Furniture was produced on 1st March, 2019 for sales but Gawucho used GH¢ 20,000 of these Furniture in its Administration offices. No sales was made during the year.2. Plywood was purchased on 1st January, 2019 for the production of the furniture.3. Motor Vehicle was acquired on 1st January, 2019 to convey furniture to customers’ destination…
1. Megan Thee Stallion Stable Co. Income Statement Sales $1,000 Operating Expenses $320 Net Operating Income $680 Interest Expense $30 Tax Expense $120 Net Income $530 Beginning Balance Ending Balance Total Operating Assets $2,063 $7,030 Compute Megan Thee Stallion Stable Company's Asset Turnover for last year. Round your answer to 2 d.p. 2. What is Megan Thee Stallion Stable Company's margin? Round your answer to 2 d.p. a. 68% b. 22% c. 53% d. 78%
The following additional information is available at June 30, 2022: Store Supplies on hand at June 30, 2022 amounted to $159,500. Insurance of $202,050 was paid on April 1, 2022, for 9-months to December 2022 Rent was prepaid on March 1, 2022, for 7-months to September 2022. The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $10,000. The motor truck was acquired on November 1, 2021, and is being depreciated over 5 years on the double-declining balance method of depreciation, down to a residue of $15,000 Salaries earned by employees not yet paid amounted to $182,500 at June 30, 2022. Accrued interest expense as of June 30, 2022, $65,000. On June 30, 2022, $145,000 of the previously unearned sales revenue had been earned. The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the Allowance for…
On January.01, the organization purchased a computer on credit, value 7,000$ It will be used for 3 years The expected selling value at the end of those 3 years is 1,250$ Straight line method To do : 1) Perform the January accounting cycle 2) Perform the February accounting cycle
Answer both subparts i,ii.if answered within 40mins,it would be great You were hired as a junior accountant at Byron Manufacturing Company. The following transactions relate to the company’s operations for the year 2020. A. On February 8, the company purchased raw materials from Cetal Company for $80,000 with related terms 2/10, n/30. Byron paid for this purchase on February 15. Purchases and accounts payable are recorded at net amounts. B. On March 1, the company purchased equipment for$500,000 from Machines and More Company. It paid$100,000 in cash and used a one-year, 7% note for the balance. C. On June30, the company borrowed $200,000 by signing a one-year zero-interest-bearing $240,000 note at FSC Bank. D. The company sells smart speakers at an average price of $15,000. Each customer is offered a separate 5-year service type warranty contract of $1500. With this contract, the company would carry out periodic services and replace defective parts. During 2020, the company sold 40…
Entity A sold computer accessories. The draft accounts for the year ended 31 December 2014 included a motor van with the cost of $1,985,000 which was bought on 1 January 2012. Its economic life is assumed to be 8 years. However, the market has turned down on 31 December 2014, as a result, the motor van was estimated that it could only be able to generate $210,000 cash at each year-end of 2015, 2016, 2017, 2018 and 2019 respectively. It will then be scrapped on 31 December 2019 with a scrap value of $25,000. Alternatively, the motor van could be sold immediately on 31 December 2014 for $840,000 and $95,000 selling costs incurred. Market interest rates are 12.00% per annum. Recoverable amounts on 31 December 2015 and 31 December 2016 are $750,000 and $850,000 respectively. On 1 January 2016, Entity A changed the depreciation method from the straight-line method to the reducing balance method of 20% annually. On 31 December 2017, Entity A sold the motor van for $580,500. REQUIRED:…
Prepare and income statement, statement of owners equity and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable (solve) Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00…