From the following list of balances extract from Vivian Trading's book as at 31 May RM RM Cash in hand 400 Trade payables Cash at bank 6,800 Sales 18,000 Purchases Capital Drawings 300 Returns Outwards Motor vehicles 8.500 Wages Trade receivables 2,100 Rent & rates 5425 12,400 9.400 275 5,000 3,600
Q: Why is it critical to have internal controls in place when it comes to managing and handling cash?…
A: Internal controls are the controls that are set to maintain the integrity and make financials as per…
Q: JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2020 Account Title Cash Accounts…
A: Financial statements (FS) are those statements which comprises of income statement, cash flow…
Q: 1 Transferred cash from a personal bank account in exchange for stock, $50,000 Purchased $8,000 of…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journal are to…
Q: During Heaton Company's first two years of operations, it reported absorption costing net operating…
A: The main distinction between absorption costing and variable costing is the treatment of fixed…
Q: how much income will be reported in net income and other comprehensive income in each of Years tal…
A: The answer has been mentioned below.
Q: Prepare a worksheet.
A: Trial balance is the summary of all general ledger account balances in the business. Total of debits…
Q: Jax Incorporated reports the following data for its only product. The company had no beginning…
A: The unit product costs under absorption costing: 64000 units 88000 units Direct materials…
Q: Which of the following statements regarding asset ceilings for overfunded and underfunded pension…
A: A firm retirement plan with more assets than obligations is known as an overfunded pension plan…
Q: Oslo Company prepared the following contribution format income statement based on a sales volume of…
A: Degree of operating leverage (DOL): DOL reflects the variable and fixed cost relationship of an…
Q: Given Dats Net interest income 810 Provision for loan loss 90 $40 Total non-interest expenses .…
A: The net income after taxes can be computed as follows:- Please note, that the amounts within the…
Q: Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310,…
A: Gross profit can be determined by following formula: Gross profit = Net sales - Cost of Goods sold
Q: 1 The Corporation will always sell all partly paid overdue shares to the highest bidder. $2…
A: A stock becomes delinquent upon failure of the holder to pay the unpaid subscription or balance…
Q: Sheffield Corp. expects direct materials cost of $5 per unit for 110000 units (a total of $550000 of…
A: Standard material cost is based on the per-unit rate of material and the budgeted material cost is…
Q: Bob died in 2020. He left an estate worth $20,000,000, a surviving spouse, and a two trust will…
A: CST termed as Credit Shelter Trust which is made to allow the affluent couples for decreasing or…
Q: a. In what year will there be no payment? b. What is the present worth of all payment? c. What is…
A: Present worth of the payments is the present value when all the payments which are made during the…
Q: Net income? Accounts Debit Credit (OMR) Cash Capital 100,000 (OMR) 120,000 1600
A: Introduction: Income statement: All revenues and expenses are to be shown in Income statement. It…
Q: Goodrich, Incorporated signed an agreement to rent a warehouse from Ellie Company This is an example…
A: Accounting is a process of identifying, measuring, and communicating financial information to permit…
Q: February 25 February 28 Provide beauty services of $900 to customers on account. Pay utility bill…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Learning Task 3: Prepare Adjusting Entries in a two-column journal: 1. On June 30, 2018, Mr. De…
A: Income statement is one of the financial statement which shows profitability of the business. It…
Q: A company paid $600,000 for 1-year, 10% bonds with a par value of $600,000 on July 1. The bonds pay…
A: A record is typically kept in the ledger accounts, but it can also be kept in a specific account,…
Q: Q #3 The following transactions were completed by IQBAL COMPANY Limited: i) Issued 50,000 ordinary…
A: Journal Entry: It is the initial phase in the bookkeeping cycle. Business transactions are recorded…
Q: A firm purchased a Machine on 1 January 2010. The Machine has a 5 year life and no residual value.…
A: Depreciation Accounting: Depreciation Accounting is the method of debiting the cost of an asset and…
Q: Sheridan Company manufactures a product with a standard direct labor cost of two hours at $14 per…
A: Variances are calculated to determine the deviation of actual data from the standard data. The…
Q: Stockholders contribute $25,000 cash to a company in exchange for common stock. The company…
A: According to the accounting equation, a company's total assets are equal to the sum of its…
Q: Below are four levels of ERP value realization:
A:
Q: Income statement for the year ended 31 December Year before last Last year £000 £000…
A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and…
Q: ginning work in process in the finishing department was 75% complete as co conversion. Direct…
A: Units Accounted for =Beginning WIP units + Units started this period…
Q: even === You are the warehouse manager for a kitchen supplies store. On a Sunday in May, you receive…
A: Formulas: Estimated value of the lost inventory = Cost of goods available for sale - Cost of goods…
Q: Perform a horizontal analysis for the balance sheet entry "Cash" given below. That is, find the…
A: In Horizontal Analysis, the comparison is made between different periods of the business entity. In…
Q: Don's Dairy had sales of $271,000 in the month of March. Use the retail method to estimate the value…
A: Formulas: Estimated value of inventory at cost = Ending inventory at retail x Cost to retail ratio…
Q: Journalize
A:
Q: Cost of goods sold for Abe Distributors was $550,330 for the year. If the beginning inventory at…
A: Ratio analysis is one of the important technique of management accounting. Under this, various…
Q: CASE STUDY: Sasol recently donated COVID-19 medical resources to the value of approximately R1.7…
A: Corporate Citizenship is a recognition that a business or corporation-like organization has…
Q: Prepare an income statement, an owner's equity statement, and a balance sheet for the dental…
A: Introduction: Income statement, owner's equity statement and balance sheet are part of financial…
Q: The Goods in Process Inventory account for the AB Corp. follows: Goods in Process Inventory…
A: This question requires us to calculate the Cost of units transferred to finished goods. Cost of…
Q: Swifty Corporation can produce 100 units of a necessary component part with the following costs:…
A: Introduction: Materials and supplies devoured during the manufacture of products that are typically…
Q: he amount o
A: The leftover amount of profit is paid for all the cost direct costs indirect costs and income taxes…
Q: What is the rate of growth if a company's earnings and dividends increase from P3.15 per share to P4…
A: Increase costs are the percent alternate of a positive variable over time. Increase costs are…
Q: Learning Task 2: Journalize the entries for the following adjustments on December 31, the ed of the…
A: Adjusting entries are made at the year-end after the preparation of the unadjusted trial balance.…
Q: Company Y has the following inventory data: August 1 Beginning inventory 20 units at $10 Purchases 8…
A: When average cost method is used in perpetual system average unit cost is calculated each time a…
Q: Accounts Receivable Analysis The following data are taken from the financial statements of Basinger…
A: Accounts receivable: It implies to the money that a customer owed to a business for the goods and…
Q: Part A Smart Swim Ltd manufactures and sells swimsuits for $40 each. The estimated income statement…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Cost…
Q: Based on the following data for the current year, what is the number of days' sales in receivables…
A: Average accounts receivable = (Accounts receivable, beginning of year + Accounts receivable, end of…
Q: In 2012, an apartment building was purchased. The building's depreciation was $236,510, and it was…
A: Formula: Gain or loss = Asset cost - Depreciation amount
Q: a) Discuss the procedures to be followed by you at the time of examining the evidences? b) How can…
A: Audit inquiry: An auditor questions management about specific business transactions or occurrences…
Q: Assuming that a perpetual inventory system is used, what is ending inventory (rounded) under the…
A: Inventory valuation refers to the methods used by the company to determine the value of its…
Q: How would you explain the concept of time value of money to someone hearing about it for the first…
A: Time value of money is an important topic used in investment appraisals.
Q: Presented below is information related to Muharraq Company. Cost $484,000 Retail $500,000 Beginning…
A:
Q: Suppose a company has fixed costs of $47,600 and variable cost per unit of +222 dollars, where x is…
A: As per our guidelines, when the question contains multiple sub-parts we are allowed to answer only…
Q: allant Sports is considering the purchase of a new rock-climbing facility. The company estimates…
A: Explanation of Concept This is the concept related to discounted cash flow. In this discounted flow…
Step by step
Solved in 2 steps with 1 images
- 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…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? 285,000 293,000 300,000 315,000The 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 $107,000 of monitoring…
- The following trial balance has been extracted from the ledger of Mr. Cole, a sole trader:Trial balance as at 31 December, 2020Particulars Debit ¢ Credit ¢Sales 138,000Purchases 82,350Travel expenses 5,200Drawings 7,800Rent, rates & insurance 6,600Postage and stationery 3,000Advertisement 1,330Salaries and wages 26,420Bad debt 8,700Investment Income 15,890Debtors 12,120 Creditors 130Cash in hand 1,700Cash at bank 1,000Inventory as at 1 January, 2020 11,800Equipment at cost 58,000Loan 19,000Capital 53,000226,020 226,020Inventory at the close of business has been valued at ¢13,500Required;Prepare an income statement for the year ending 31st December 2020 and a balance sheet as at that date.Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,0009. Uncollectible account expense for 2018 is $1,615. What is the adjusted balance in theAllowance account at year-end for 2018?a. $650b. $2,515c. $1,615d. $90042.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
- On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…The Ledger of Darlene Subay Advertising contained the following account balance as of June 30, 2020.Cash $520,500Accounts Recievable $35,420Notes Recievable $16,800Prepaid Insurance $35,600Equipment $423,500Accounts payable $44,210 Loans Payable $310,000Subay, Capital $668,100Subay, Drawing $120,000Advertising Revenues $332,780Salaries Expense $89,000Marketing Expense $48,200Rent Expense $15,800Supplies Expense $22,000Utilities expense $17,990Miscellaneous Expense $10,280
- When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. Give the journal entry to eliminate the above account and to set up the appropriateaccounts to replace it.When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. How should each item be reported on Palma Company’s statement of financial position?Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions)20222021Accounts receivable (gross)$ 3,650$ 4,530Accounts receivable (net)3,4004,450Allowance for doubtful accounts25080Sales revenue32,97035,470Total current assets7,1427,304 Answer each of the following questions.(a)Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Accounts receivable turnoverenter the accounts receivable turnover in times rounded to 1 decimal place timesThe average collection period for 2022enter the average collection period for 2022 in days rounded to 1 decimal place days