Bleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet "Debit Credit Debit Credit Cash 12,300 Accounts Receivable 25,000 Merchandise Inventory 16,000 Store Supplies 1,100 Office Supplies 600 Prepaid Insurance 1,500 Store Equipment 66,000 Accumulated Depreciation-Store Equipment 38,000 Office Equipment 18,000 Accumulated Depreciation-Office Equipment 10,000 Accounts Payable 22,300 Salaries Payable 400 Long-Term Notes Payable 36,000 Carlo Perez, Capital 50,600 Carlo Perez, Drawing 32,000 Income Summary 17,000 16,000 Sales 61,500 Sales Returns and Allowances 500 Purchases 23,000 700 Purchases Returns and Allowances

Bleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet "Debit Credit Debit Credit Cash 12,300 Accounts Receivable 25,000 Merchandise Inventory 16,000 Store Supplies 1,100 Office Supplies 600 Prepaid Insurance 1,500 Store Equipment 66,000 Accumulated Depreciation-Store Equipment 38,000 Office Equipment 18,000 Accumulated Depreciation-Office Equipment 10,000 Accounts Payable 22,300 Salaries Payable 400 Long-Term Notes Payable 36,000 Carlo Perez, Capital 50,600 Carlo Perez, Drawing 32,000 Income Summary 17,000 16,000 Sales 61,500 Sales Returns and Allowances 500 Purchases 23,000 700 Purchases Returns and Allowances

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

See similar textbooks

Similar questions

Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.
The following data pertain to ABC Corporation on December 31, 2022Payroll account - 500,000Treasury bills, due 1/31/23 (purchased 11/2/22) - 300,000Credit memo from a vendor for a purchase return - 20,000Treasury bills, due 3/31/23 (purchased 12/1/22) - 200,000Money order - 30,000Treasury bills, due 1/30/23 (purchased 10/31/22) - 400,000Customer’s check outstanding for 18 months - 50,000Time deposit – 30 days - 200,000Certificate of deposit (due June 30, 2023 acquired December 31, 2022) - 500,000360-day Treasury bills, due 1/31/23 (purchased 11/2/22) - 600,000 Compute the total amount to be included as cash equivalents as of December 31, 2022.
Sohar township issued purchase orders totalling RO 300,000, which were properly charged to encumbrances at that time. The part of goods received and related invoices at the encumbered amounts RO 150,000 before year-end and paid. The encumbrances balance at the year-end is a. None of the options b. RO 250,000 c. RO 150,000 d. RO 300,000
The trial balance of Fuzzy Security Services Ltd. as of January 1, Year 9, had the following normal balances:Cash$93,380Petty Cash100Accounts receivable21,390Allowance for doubtful accounts2,485Supplies180Prepaid rent3,000Merchandise inventory (23 @ $280)6,440Equipment9,000Van27,000Accumulated depreciation14,900Salaries payable1,500Common stock50,000Retained earnings91,605During Year 9, Fuzzy Security Services experienced the following transactions:1. Paid the salaries payable from Year 8.2. Paid $9,000 on May 2, Year 9, for one year’s office rent in advance.3. Purchased $425 of supplies on account.4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable.6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.)7. Billed $107,000 of monitoring…
Dynasty Company sells gift certificates redeemable only whenmerchandise is purchased. Upon redemption, Dynasty Companyrecognizes the unearned revenue as realized. Information for 2019 is asfollows: Unearned Revenue, January 1, 2019 P650,000; Gift certificatessold P2,250,000; Gift certificates redeemed P1,950,000; Gift certificatesunredeemed for a long time P100,000; Cost of Goods Sold 60%. Whatamount should be reported as Unearned Revenue on December 31, 2019,following the ruling by the Department of Trade and Industry that giftcertificates no longer have an expiration period?
Prudential Company sold 30 air conditioning units, on January 15, 2020; sale price for each unit is P40,000.All of the sales are subject to terms 2/10, n30; the entity used the net method of accounting for accounts receivable.Required;1. prepare journal entry to record the sale.2. prepare the journal entry to record receipt of the payment assuming the correct amount was received on January 25, 2020.3. prepare the journal entry to record receipt of the payment, assuming the correct amount was received on February 10, 2020.
Company presents the following selected general ledger accountsshowing balances at October 1, 2017: CashFinished GoodsWork in ProcessRaw materialsPrepaid Insurance Accumulated Depreciation Accounts PayableBalances at October 31, 2017 include: Accrued payrollFinished goodsWork in ProcessRaw MaterialsP 40,000 592,000 164,000 128,0004,000 280,000 108,000P 12,000 608,000 188,000 120,000 A summary of transactions for the month of October follows: a. Cash salesb. Raw materials purchased on account c. Direct materials usedd. Direct Labore. Factory insurance expiredf. Depreciation for factory equipment g. Factory utility service on accounth. Accounts payable paidi. Factory payroll paidP420,000 168,000 156,00064,000 1,200 6,80012,000 196,000 88,000Required: Indirect materials used.Indirect laborTotal factory overhead Cost of goods manufa
Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: The issuance of the note The payment of the note at maturity Journalize Zorzi Industries entries to record: The receipt of the note Receipt of the payment of the note at maturity On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation – Building $365,000 Ray Zorzi – Capital $530,000 Administrative Expenses 440,000 Ray Zorzi – Drawing 15,000 Building 810,000 Sales 1,437,000 Cash 78,000 Sales tax Payable 4,500 Cost of Merchandise Sold…
The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 9, had the following normal balances Cash $ 93,380Petty cash 100Accounts receivable 21,390Allowance for doubtful accounts 2,485Supplies 180Prepaid rent 3,000Merchandise inventory (23 @ $280) 6,440Equipment 9,000Van 27,000Accumulated depreciation 14,900Salaries payable 1,500Common stock 50,000Retained earnings 91,605 During Year 9, Pacilio Security Services experienced the following transactions: Paid the salaries payable from Year 8 Paid $9,000 on May 2, Year 9, for one year’s office rent in advance Purchased $425 of supplies on account Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account Record cost of good sold for the sales transaction…
Cucu Company sells gift certificates redeemable only when merchandise is purchase. The certificates have anexpiration date two years after issuance date. Upon redemption or expiration, Cucu Company recognizes theunearned revenue as realized. Data for 2020 are as follows:Unearned revenue, 1/1/2020 P800,000Gift certificates sold 4,000,000Gift certificates redeemed 3,200,000Expired gift certificates 400,000Cost of goods sold 60%At December 31, 2020, what amount of current liability should Cucu report in relation to gift certificates?a. P1,200,000 b. P800,000 c. P400,000 d. d. P0
Bloom Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, the entity recognizes the unearned revenue as realized. Information for the current year:Unearned gift certificates revenue, January 1 ₱ 250,000Gift certificates sold 1,745,000Gift certificates redeemed 1,483,250Gift certificates which expired 80,000Gross profit rate based on cost 25% Requirements: What amount should be reported for the year ended December 31 as Gross Profit? Unearned gift certificates revenue?
1. The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets at December 31, 2020? * 2. The financial records of DISGRASYA Inc. were destroyed by fire at the end of 2020. Selected information gathered are the following: Inventory on January 1 was P92,000 and…