The following are accounts taken from the books of Wei Long Trading for year endedDecember 31, 2017. Complete the income statement based on the given facts. ull SMART7:49 PM54%a mcourser.phSAVE & EXITGoDRILL 2The following are accounts taken from the books of Wei Long Trading for year endedDecember 31, 2017. Complete the income state ment based on the given facts.P450,000284,00080,00018,000SalesPurchasesInventory, Jan. 1Sales Returns and AllowancesSales Discount12,00014,00012,000Purchase Returns and AllowancesPurchase DiscountFreight-inInventory, Dec. 31Advertising ExpenseSales Salaries-reight-outtilities Expense - StoreStore Supplies6,00088,00018,00074,00014,2002,8006,00022,0004,800Office SalariesUtilities Expense - OfficeOffice SuppliesDoubtful Accounts Expense2,4007,20050,00040,00016,0001,600Dividends IncomeRent IncomeInterest ExpenseDiscount Lost(14H THE TWO FORMS OF THE INCOME STATEMENT14 / 360+4

The ledger accounts will be prepared taking the journal as the source document. The ledger accounts…

DRILL 2 The following are accounts taken from the books of Wei Long Trading for year ended December 31, 2017. Complete the income statement based on the given facts. Sales P450,000 Purchases 284,000 Inventory, Jan. 1 Sales Returns and Allowances 80,000 18,000 Sales Discount 12,000 Purchase Returns and Allowances 14,000 Purchase Discount Freight-in Inventory, Dec. 31 Advertising Expense Sales Salaries reight-out | tilities Expense - Store Store Supplies Office Salaries Utilities Expense - Office Office Supplies 12,000 6,000 88,000 18,000 74,000 14,200 2,800 6,000 22,000 4,800 2,400 Doubtful Accounts Expense 7,200 Dividends Income 50,000 Rent Income 40,000 Interest Expense 16,000 Discount Lost 1,600

DRILL 2 The following are accounts taken from the books of Wei Long Trading for year ended December 31, 2017. Complete the income statement based on the given facts. Sales P450,000 Purchases 284,000 Inventory, Jan. 1 Sales Returns and Allowances 80,000 18,000 Sales Discount 12,000 Purchase Returns and Allowances 14,000 Purchase Discount Freight-in Inventory, Dec. 31 Advertising Expense Sales Salaries reight-out | tilities Expense - Store Store Supplies Office Salaries Utilities Expense - Office Office Supplies 12,000 6,000 88,000 18,000 74,000 14,200 2,800 6,000 22,000 4,800 2,400 Doubtful Accounts Expense 7,200 Dividends Income 50,000 Rent Income 40,000 Interest Expense 16,000 Discount Lost 1,600

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11P: Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1,...

See similar textbooks

Similar questions

Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: In addition, the following price indexes are available: Required: Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places.
24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000
42.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,000
26.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much was the cost of goods sold during the period? 285,000 293,000 300,000 315,000
JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances:GH¢’mGH¢’mRevenue 2,648Loan note interest paid3Purchases1,669Distribution costs514Administrative expenses345Interim dividend paid6Inventories at 1 January 2012444Trade receivables545Trade payables434Cash and cash equivalents2850Gp ordinary shares100Capital surplus814Retained earnings at 1 January 20123494% loan note repayable 2018 (issued 2010)150Land and buildings: Cost (including GH¢60m land) 380 Accumulated depreciation at 1/1/201264Plant and equipment: Cost 258 Accumulated depreciation at 1/1/2012126Investment property at 1 January 2012548Rental income48Proceeds from sale of equipment7,4,7404,740Further information to be taken into account:i. Closing inventories were counted and amounted to GH¢388m at cost. However, shortly after the year end out-of-date inventories with a cost of GH15m were sold for GH¢8m.ii. The company decided to change its accounting policy with respect to its 10…
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
The following trial balance was extracted from the books of J. Brown as at 31 May 2021. DRCR $$ Purchases and Sales65,730 125,910 Stock at June 1, 202015,480 - Bank overdraft- 13,050 Capital- 21,600 Cash270 - Discounts4,320 2,880 Return inwards2,430 - Return outwards- 1,710 Carriage outwards6,480 - Carriage inwards2,850 - Rent and Rates5,220 - Provision for bad debts- 1,980 Machinery5,100 - Van9,300 - Provision for depreciation on Vans- 3,000 Provision for depreciation on Machinery- 1,500 Accounts Receivable and Payables35,730 18,180 Drawings8,640 - Wages and Salaries26,820 - General office expenses1,440 - 189,810 189,810 Notes:Closing stock $22,000Wages and salaries: accrual $900; Office expenses accrued $500Rent and rates prepaid $800Increase the provision for bad debts to $2,000Provision for depreciation Van 10% of cost, and Machinery 15% on the reducing balance method.(See requirements on next page.) Required:1: Prepare an Income Statement for the year ended May 31, 2021 2: From…
1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.
The following data are taken from the financial statements of Cullumber Company. 2022 2021 Accounts receivable (net), end of year $ 587,000 $ 585,000 Net sales on account 4,927,000 3,921,000 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $554,500. (Round answers to 1 decimal place, e.g. 12.5.) 2022 2021 Accounts receivable turnover Enter turnover in times rounded to 1 decimal place. times Enter turnover in times rounded to 1 decimal place. times Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 2022 2021 Average collection period Enter the collection period in days rounded to 1 decimal place. days Enter the collection period in days rounded to 1 decimal place. days
Then balance off the accounts and extracted a trial balance for sole trader Airman Co. as at 30September 2020:DR CR£ £Capital £306,070Drawings 26,500Cash at bank 20,000Cash in hand 8500Accounts receivable (Debtors) 70,000Accounts payable (Creditors) 16,000Inventory (Stock): 30 September 2019 36,000Van 16,000Fixtures and Fittings 32,000Sales 80,000Purchases 150,000Return inwards (Sales Returns) 2,000Carriage inwards 720Returns outwards (Purchase Returns) 600Carriage outwards 400Motor expenses 1200Rent 5,000Telephone charges 620Wages and salaries 32,000Insurance 830Office expenses 600Sundry expenses 300437,600 437,600Inventory as at 30 September 2020was £120,000.Requireda. Draft an Income Statement for S. Keyes for the year ending 30th September 2019
Answer the following questions according to the picture Question A17 What is the trade receivable (debtor) days of Moopay Ltd? (round to the nearest whole day) Question A18 What is the inventory (stock) days of Moopay Ltd? (round to the nearest whole day) Question A19 What was the gross profit margin for Moopay Ltd for the year ended 31 March 2021? (2d.p)
Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?