Designer Dry cleaning showed the following information for its first and second months just ended, March and April of 2020: April 30, March 31, Account Title 2020 2020 Cash 7,000 3,500 12,000 76,000 3,000 Cleaning supplies Prepaid rent Equipment Accounts payable Notes payable Christopher Dior, capital* 900 16,000 30,000 500 700 40,000 15,000 *Christopher Dior made a $10,000 investment during March and had withdrawals of $1,000 in March and $25,100 in April. Required: Use the information provided to complete a statement of changes in equity and a balance sheet for each of March and April 2020. DESIGNER DRYCLEANING Statement of Changes in Equity For Months Ended April 30, 2020 March 31, 2020 Christopher Dior, capital, beginning Total

Designer Dry cleaning showed the following information for its first and second months just ended, March and April of 2020: April 30, March 31, Account Title 2020 2020 Cash 7,000 3,500 12,000 76,000 3,000 Cleaning supplies Prepaid rent Equipment Accounts payable Notes payable Christopher Dior, capital* 900 16,000 30,000 500 700 40,000 15,000 *Christopher Dior made a $10,000 investment during March and had withdrawals of $1,000 in March and $25,100 in April. Required: Use the information provided to complete a statement of changes in equity and a balance sheet for each of March and April 2020. DESIGNER DRYCLEANING Statement of Changes in Equity For Months Ended April 30, 2020 March 31, 2020 Christopher Dior, capital, beginning Total

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 3.1C

See similar textbooks

Similar questions

A. You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.Required:Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.
You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019. my confusion : not sure if LSL will be 50%of or not?
Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars DebitRM CreditRMDelivery van expenses 1,760Lighting and heating:FactoryOffice 7,2201,490Manufacturing wages 72,100General expenses:FactoryOffice 8,1001,940Sales representatives : Commission 11,688Purchase of raw materials 57,210Rent:FactoryOffice 6,1002,700Machinery (Cost : RM40,000) 28,600Office equipment ( RM9,000) 8,200Office salaries 17,740Accounts receivables 34,200Account payables 9,400Bank 16,142Sales 194,800Van (cost RM6,800) 6,200Inventory at 31 December 2020:Raw materialsFinished goods 13,26041,300Drawings 24,200Capital 155,950TOTAL 360,150 360,150 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory at 31 December 2020:a. Raw materials RM14,510b. Finished goods RM44,490ii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200iii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rentprepaid RM140 Required: c) Prepare…
Design a salary slip for the month of December 2021 with information given below. Fixed vs variable ratio- 70:30Ctc - 18LBasic- 50%Hra- 20%Da - 12%Travel allowance- 2000Insurance - 2500Incentive- 75% target completionPf 12%Earned leaves - 2LOP - 4 Prepare the assignment in Ms excel/ Ms Word.
*Today's Assignment* Design a salary slip for the month of December 2021 with information given below. Fixed vs variable ratio- 70:30Ctc - 18LBasic- 50%Hra- 20%Da - 12%Travel allowance- 2000Insurance - 2500Incentive- 75% target completionPf 12%Earned leaves - 2LOP - 4 Prepare the assignment in Ms excel/ Ms Word. And submit on whatsApp. Before 4 pm tomorrow. Regards
Insert a pie chart with a 2-D visual effect for 2018 using all expense items in a new worksheet called, “Comparing Expenses”. Include all relevant labels, titles (not shown) and legends while changing the default colors. Thom-Pierre Consultants (TPC) Tax Rate COMPARITIVE INCOME STATEMENT 30% for years ended 31 December 2018 2019 Revenues and gains *Sales revenue *Interest revenue *Investment Income *Other revenue Total revenue and gains Expenses and losses **Cost of goods sold 460,000 **Selling and admin administrative 195,000 ***Computer (operating) **Depreciation 55,000 **Interest expense 25,200 Total expenses and losses Income before taxes Income tax expense (30%) Net Income
Design a salary slip for the month of December 2021 with information given below. Fixed vs variable ratio- 70:30Ctc - 18LBasic- 50%Hra- 20%Da - 12%Travel allowance- 2000Insurance - 2500Incentive- 75% target completionPf 12%Earned leaves - 2LOP - 4 Prepare the assignment in Ms excel
Prepare Income statement for the year ended 31 December2020. Prepare the statement of financial position as at 31 December 2020 Inventory at 31 December 2020 was £4,400. Aderonke took out some goods costing £500 for personal use. No payment was made for these goods Rent prepaid at 31 December 2020 was £1,300 Motor running expenses owing at 31 December 2020 was £90 Delivery Van 25% on the reducing balance basis Shop fittings 20% on the straight-line basis Trial Balance Capital 30,000 Purchases 100,000 Sales Revenue 164,000 Trade payable 5,000 Trade receivable 13,000 Discount received 500 Discount allowed 920 Carriage outwards 1,500 Drawings 14,000 Rent & Rates 9,300 Heating and Lighting 4,500 Salaries and wages 37,000 Cash in hand 1,350 Bank Over draft 1,200 Inventory 1/1/2020 6,000 Delivery van 9,000 Motor running cost 630 Shop…
Supposing EQR Trading has completed the following transactions for the month of October, 2020. 1. Sale of goods to company A on credit P200,000. 2. Purchase of goods of P400,000 from company B on credit 3. Purchase of goods of P500,000from company C on credit. 4. Sales of office-use equipment of P100,000 to company D on credit. What is the total amount recorded in the Sales account for this month?
Wiam water supply services orders a water pump and expects the delivery in 30 days. The order was placed in 1st January, 2019 with an estimated cost of RO 8000. The water pump was delivered on time by the supplier on 30th January, 2019 with a voucher of RO 8,100. The voucher was approved on 6th February 2019 and the payment was settled on 7th February, 2019. Based on the above case, answer the following six questions (Questions 45-50) Question 45 Question text In the above case the disbursement is recorded on: a. 1st July, 2019 b. 30th January, 2019 c. 7th February, 2019 d. 6th February, 2019 Question 46 Question text Suppose the order made on 1st January is cancelled later on 10th January, which among the following will be the correct accounting treatment? a. A fresh encumbrance is made again on 10th January b. There will be no effect on the encumbrance control account c. The encumbrance made earlier is reversed. d. The available fund balance…
Violet Designs provides consulting services related to home decoration. Violet Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Violet Designs. VIOLET DESIGNS Adjusted Trial Balance December 31, 2024 Accounts Debits Credits Cash $ 4,900 Accounts Receivable 3,900 Supplies 1,900 Prepaid Rent 5,900 Buildings 109,000 Accumulated Depreciation $ 20,900 Accounts Payable 2,900 Salaries Payable 3,900 Utilities Payable 1,200 Notes Payable (due in four years) 19,000 Common Stock 49,000 Retained Earnings 14,900 Service Revenues 115,100 Salaries Expense 41,900 Rent Expense 17,900 Depreciation Expense 6,900 Supplies Expense 7,900 Advertising Expense 12,900 Utilities Expense 11,900 Interest Expense 1,900 Totals $ 226,900 $ 226,900…
Use the following information to answer Exercises E5-23 through E5-25. The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: Preparing a single-step income statement Prepare Quality Office’s single-step income statement for the year ended March 31, 2018.