Classify and prepare a Balance Sheet with the following accounts (you do not need to use chart of accounts or other encodings, use the format we saw in class). These accounts belong to an 8-string farm that is dedicated to the production and sale of milk and dairy products. 1. Monthly land rent payment $14,000 2. Salaries $25,200 3. Milking equipment $3,800 (useful life 10 years) 4. Dairy Work Inventory $35,000 5. Cash $8,200 6. Cargo truck $32,000 (useful life 8 years) 7. Milk inventory ready for sale $48,000 8. Animals for slaughter $1,500 9. Monthly loan payment $3,600 10. 60 month loan $32,000 11. Production cows $5,400 (useful life 8 years) 12. Office equipment $2,500 (useful life 10 years) Also has: Gross Income: $82,000 Operating Income: $69,500 Net Income: $52,125

Classify and prepare a Balance Sheet with the following accounts (you do not need to use chart of accounts or other encodings, use the format we saw in class). These accounts belong to an 8-string farm that is dedicated to the production and sale of milk and dairy products. 1. Monthly land rent payment $14,000 2. Salaries $25,200 3. Milking equipment $3,800 (useful life 10 years) 4. Dairy Work Inventory $35,000 5. Cash $8,200 6. Cargo truck $32,000 (useful life 8 years) 7. Milk inventory ready for sale $48,000 8. Animals for slaughter $1,500 9. Monthly loan payment $3,600 10. 60 month loan $32,000 11. Production cows $5,400 (useful life 8 years) 12. Office equipment $2,500 (useful life 10 years) Also has: Gross Income: $82,000 Operating Income: $69,500 Net Income: $52,125

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 1PA: For each of the following situations write the principle, assumption, or concept that justifies or...

See similar textbooks

Similar questions

The following are the business transactions of Reyes Broiler farm for the month of March 2019. March 2 The owner borrowed P150,000 from Landbank to be used in the business. 4 Bought farm equipment P30,000. Terms: 50% down payment, balance on account. 5 Cash sales of broilers P15,000. 7 Purchased farm supplies P7,000 on credit. 10 Sales of broilers on account P10,000. 15 Paid the salaries of the farm workers P12,000. 18 Sales of broilers P12,000. 50% collected in cash , balance on account. 22 Bought additional farm supplies P5,000 and paid cash. 24 Paid the rent for the land P15,000. 25 Cash sales of broilers P30,000. 26 Paid Landbank P50,000. 27 Sales of broilers on account P14,000. 28…
FarmCo sold a tractor for $40,000 that they initially purchased for $30,000 cash from John Deere. How is the $30,000 journalized? Select an answer: as a credit to Assetsas a liabilityas revenueas cost of goods sold
Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the EmpireMall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $10,000 cash plus4 percent sales tax. The clock had originally cost Ahlers $6,000. Show the accounting equationeffects and prepare the journal entries related to this transaction. Assume Ahlers uses a perpetualinventory system, as explained in Chapter 6
View the data below and then answer the question below: Company Name: WaitRose Sales - $2,100 (20% cash, 80% credit) Inventory - $750 Depreciation - $1,500 Plant & Equipment - $2,000 Accounts Receivable - $225 Notes Payable - $165 Question: What is the average collection period for the year for Waitrose? (show your work and explain)
You are working as the chief accountant of Ganyu Co., who does business in a specialized industry.Ganyu is into agriculture, the company owns a coffee plantation and raises animals for their meat andother produce. During the year, a farmland with a mango plantation and rice fields was also acquired.Information about the animals Ganyu held were as follows:Ganyu Co. has the following animals as of January 1, 2021:350 cows (average age, 2 years old)200 heifers (average age, 1-year old)Ganyu also purchased 175 heifers, average age 1-year old, on July 1, 2021Also, 75 animals were born on July 1, 2021.The unit values less estimated costs to sell were.1-year old animal at December 31, 2021 P12,2002-year old animal at December 31, 2021 14,5001.5-year old animal at December 31, 2021 12,6003-year old animal at December 31, 2021 15,0001-year old animal at January 1, 2021 and July 1, 2021 12,0002-year old animal at January 1, 2021 14,0000.5 year old at December 31, 2021 4,000Newborn at July 1,…
You are working as the chief accountant of Ganyu Co., who does business in a specialized industry.Ganyu is into agriculture, the company owns a coffee plantation and raises animals for their meat andother produce. During the year, a farmland with a mango plantation and rice fields was also acquired. Information about the animals Ganyu held were as follows:Ganyu Co. has the following animals as of January 1, 2021:350 cows (average age, 2 years old)200 heifers (average age, 1-year old)Ganyu also purchased 175 heifers, average age 1-year old, on July 1, 2021Also, 75 animals were born on July 1, 2021.The unit values less estimated costs to sell were.1-year old animal at December 31, 2021 P12,2002-year old animal at December 31, 2021 14,5001.5-year old animal at December 31, 2021 12,6003-year old animal at December 31, 2021 15,0001-year old animal at January 1, 2021 and July 1, 2021 12,0002-year old animal at January 1, 2021 14,0000.5 year old at December 31, 2021 4,000Newborn at July 1,…
For each of the following situations write the principle, assumption, or concept that justifies or explains what occurred. A. A landscaper received a customers order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. The owner should record the revenue from the customer order in March of next year, not in December of this year. B. A company divides its income statements into four quarters for the year. C. Land is purchased for $205,000 cash; the land is reported on the balance sheet of the purchaser at $205,000. D. Brandys Flower Shop is forecasting its balance sheet for the next five years. E. When preparing financials for a company, the owner makes sure that the expense transactions are kept separate from expenses of the other company that he owns. F. A company records the expenses incurred to generate the revenues reported.
Mr. Sojo opened up a merchandising business on October 1, 2019 with a cash investment of P50,000. The following activities were given: Cash received from customers 205,000.00 Cash borrowed from the bank 150,000.00 Utilities, salaries, supplies and rent paid 115,000.00 Cash paid to the bank 50,000.00 Cash purchase for equipment 100,000.00 Cash purchase for furniture 25,000.00 Equipment bought on credit 150,000.00 Additional investment 200,000.00 Withdrawal 40,000.00 Additional information;1. Supplies amounted to 20% of the…
In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…
You opened a novelty store called "The Awesome Shop" on January 1, 2019. The following were the transactions during the year. 1. Provided P100,000 cash as an initial investment 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash 4. Acquired inventory on account for P60,000 (use perpetual inventory system) 5. Sold goods on a cash basis for P200,000.The cost of sales is P20,000 6. Sold goods on account for P300,000. The cost of sales is P30,000 7. Paid supplies to expense for P20,000 cash. 8. Paid rent expense of P180,000 9. Paid utility expense of P40,000 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable…
You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity. Simple Income Statement The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2016: Loss on sale of land $5,000 Cost of goods sold $130,000 Sales (net) $198,000 Operating expenses 45,000 Twelve thousand shares of common stock were outstanding the entire year. Required: Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a multiple-step format. Round earnings per share computations to two decimal places.
Prepare general journal entries for the following transactions of Green Energy Company. Use the following (partial) chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense. May 1 The company billed a customer $2,000 in consulting revenue for sustainable proposals. 3 The company purchased $300 of energy-efficient supplies on credit. 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. 20 The company paid $300 cash toward the payable for energy-efficient supplies. 31 The company paid $100 cash for May’s renewable energy utilities.