Give its general ledger and financial statements
Q: What is the notes to financial statement? Describe its content.
A: Financial statements consists of profit or loss account, balance sheet,cash flow statement and…
Q: Describe the basic accounting information system.
A: Definition: Accounting information system: An accounting information system is a system that is…
Q: what accounts are disclosed on a balance sheet
A: Balance sheet means where all assets , liabilities and equity are shown in proper format
Q: Prepare the Statement of Financial Position in an account form
A: Statement of financial position shows all assets and all liabilities of the business along with…
Q: Define financial statements.
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger…
A: General ledger: General ledger is a record of all accounts of assets, liabilities, and stockholders’…
Q: Prepare a Classified Balance Sheet
A: Balance sheet is one of the financial statement which shows all assets, liabilties and equity of the…
Q: - Classification of Balance Sheet Account
A: The items in the Balance Sheet are classified according to the nature of each item.
Q: The ledger that contains the financial statement accounts of a company is the a. General journal. d.…
A: The ledger that contains the financial statement accounts of a company is the General Ledger option…
Q: prepare a balance sheet and income statement using the data given.
A: Income statement of the business shows all incomes and all expenses in the business and at the end…
Q: What are the information about the balance sheet and income statement account groups and their…
A: In Day to day business, Company requires various accounting information's to carry its business. Due…
Q: Define Balance Sheet Accounts.
A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…
Q: Please make balance sheet and income statement
A: Income statement is the financial statement which shows all incomes and all expenses of the business…
Q: When is each of the following ledgers used? Elaborate your answers 1. General Ledger 2. Payables…
A: 1. A general ledger is used in accounting to keep track of all of a business's transactions. Assets,…
Q: Illustratrate about the real and nominal accounts along with examples.
A: Real account:Real account involves the amount of asset, liability, or stockholder’s equity at a…
Q: List the chart of account numbers and major categories used in DPSystems’accounting system.
A: The chart of the account numbers and major categories used in DP accounting system are given below…
Q: Prepare the Balance Sheet
A: Balance sheet in the business shows all assets and all liabilities and equity balance as on date.
Q: What document are financial statements prepared from?
A: Financial statements are prepared from the records of accounting equation, Journal entries, general…
Q: Name some users of accounting information.
A: Accounting is defined as an information system that reports the financial performance of a business…
Q: Recording Transactions in a Financial Transaction Worksheet
A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…
Q: Define preparation of financial statements
A: Introduction: Financial statements apply to those statements which at the end of accounting period…
Q: Describe common operating transactions and selectappropriate income statement account titles.
A: Common operating transactions are those business transactions which are directly related to revenue…
Q: Explain where the various types of accounts are reported on financial statements.
A: All revenues and expenses accounts are reported on the income statement. Revenues minus expenses are…
Q: prepare the income statement and balance sheet
A: The income statement and the balance sheet are two of the major financial statements of any company.…
Q: Journals and Ledgers
A: A journal is a book in which all financial transactions are recorded for a particular period.…
Q: How do REA and ER diagrams support financial statements?
A: REA diagram: REA diagram is a method utilized to implement the association among events, agents and…
Q: CREATE AN EXAMPLE OF CHART OF ACCOUNTS. (SHOULD BE ARRANGED FROM ASSETS TO EXPENSES)
A: A chart of accounts is a list of all financial accounts in a corporation's general ledger. In a…
Q: Explain the use of the general ledger in the financial management process.
A: A general ledger is a financial data record-keeping method that contains debit and credit account…
Q: What operating or financial data appears on more than one statement? Is there a specific…
A: Financial Statement:- These are statements prepared at the end of the financial year to know the…
Q: Describe the flow of accounting information from the business transaction to the ledger.
A: The accounting process includes identifying, recording and classifying the business transactions.
Q: PREPARE BALANCE SHEET FOR THE FOLLOWING TRANSACTIONS
A: Balance Sheet: Balance sheet is a financial statement which helps to know financial position of…
Q: mention the users of financial information and their respective needs.ment accounting and cost…
A: The users of financial information and their respective needs are discussed hereunder :
Q: Define accounting cycle
A: Accounting: It can be defined as the process of summarizing and recording the financial events and…
Q: Prepare the SFP in Account Form
A: SFP is statement of financial position, which is one of the financial statement that is being made…
Q: Prepare a classified balance sheet in proper form.
A: Worksheet: It is a sheet helps in assisting the accountants to calculate the end of period…
Q: What is the function of the Accounting Information System in current accounting?
A: Accounting Information Systems are the systems that help the organizations to record their…
Q: Describe the elements of financial statements.
A: Financial Statements are statements prepared at the end of accounting period to analyse financial…
Q: Prepare an income statement and balance sheet
A: Trial Balance Dr. Cr. Cash 45450 Common Stock 50000 Prepaid rent 3000 Equipment 5000…
Q: Which account records is the main source of information used to prepare the financial statements
A: generally, primarily we start accounting by recording journal entries, then we do ledger postings,…
Q: Instructions: Prepare Income Statement Prepare Balance Sheet
A: Depreciation = Total Cost - Salvage Value / life time Total Equity Capital $70,000…
Q: Define Accounting Period
A: The explanation is provided as follows:
Give its general ledger and financial statements
Step by step
Solved in 4 steps with 6 images
- The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…Assets = _________, Liabilities + Owner’s equity = P150,000
- Determine the missing amount from each of the seperate situations given below. Assets = Liabilities + Equity = $94,000 + $29,000 $110,000 = $40,000 + $144,000 = + $62,0003. Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in Financial Assets - 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and give reasons for each element whether these elements belongs to financing activities or notSome selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…
- Owner's equity is OR150,000 and total liabilities are OR90,000. Total assets would be: Select one: a. OR60,000. O b. OR300,000. O c. OR240,000. O d. OR180,000.Calculate the current ratio in each of the following separate cases. Current Assets Current Liabilities Case 1 $ 75,000 $ 30,000 Case 2 $161,500 $ 85,000 Case 3 $ 45,000 $ 53,000 Case 4 $132,000 $127,000 Case 5 $ 99,000 $110,000BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 What is the firms ROE (Return on Equity)?Group of answer choices 9.45% 9.63% 9.84% 10.20%
- BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 9 What is the firm's Debt Ratio? Group of answer choices 60.0% 65.0% 70.0% 75.0% Question 10 What is the firm's Inventory Turnover? 4.41 4.55 4.69 4.83 Question 11 What is the firm's DPS…BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 5 What is the firm's EBITDA coverage? Group of answer choices 3.51 3.69 3.88 4.17 Question 6 What is the firms DSO (Days Sales Outstanding)? Group of answer choices 51.30 days 52.80 days 53.50…Given the following information : prepaid expense R72 000, accrues expenses R48 000,accrues income R110 000,trade creditors R600 000,TRADE DEBTORS R9 000 000 and income received in advance R350 000. Trade and other receivable is