please help me to solve this problem Goods from Head Office55,800Purchases114,000Sales145,50090,600Stated capital25,50031,50013,200Administrative expensesProvision for unrealised profit7,800Goods sent to branch85,800316,800316,800102,900 102,900Additional information was as follows:i)The branch deposited cash on behalf of the head office in the bank on 31 December2021. No record of this transaction had been made in head office books.ii)All goods sold by the branch are supplied from the head office at cost plus 25%.iii)Inventories at 31 December 2018, excluding goods in transit were as follows:GH¢'000Branch at mark upHead office at cost24,00043,500Required:Prepare for the head office, branch and combined entity of JAP Limited:a) Statement of profit or loss for the year ended 31 December 2021; andb) Statement of financial position as at 31 December 2021. QUESTION FOURThe following trial balances for the year ended 31 December 2021 were obtained from the HeadOffice and Branch of JAP Limited.BranchHead OfficeDebitCreditDebitCreditGH'000 GHe¹000GH'000 GHe'00054,00010,500Office equipmentMotor vehicles4,2001,800Retained earnings52,200Current accounts49,50012,300Inventory (at cost or mark up at 1/1/2021)63,60021,600

Branch accounting is a bookkeeping system in which separate accounts are kept for each branch or…

Goods from Head Office 55,800 Purchases 114,000 Sales 145,500 90,600 Stated capital 25,500 31,500 13,200 Administrative expenses Provision for unrealised profit 7,800 Goods sent to branch 85,800 316,800 316,800 102,900 102,900 Additional information was as follows: The branch deposited cash on behalf of the head office in the bank on 31 December 2021. No record of this transaction had been made in head office books. i) ii) All goods sold by the branch are supplied from the head office at cost plus 25%. iii) Inventories at 31 December 2018, excluding goods in transit were as follows: GH¢'000 24,000 Branch at mark up Head office at cost 43,500 Required: Prepare for the head office, branch and combined entity of JAP Limited: a) Statement of profit or loss for the year ended 31 December 2021; and b) Statement of financial position as at 31 December 2021.

Goods from Head Office 55,800 Purchases 114,000 Sales 145,500 90,600 Stated capital 25,500 31,500 13,200 Administrative expenses Provision for unrealised profit 7,800 Goods sent to branch 85,800 316,800 316,800 102,900 102,900 Additional information was as follows: The branch deposited cash on behalf of the head office in the bank on 31 December 2021. No record of this transaction had been made in head office books. i) ii) All goods sold by the branch are supplied from the head office at cost plus 25%. iii) Inventories at 31 December 2018, excluding goods in transit were as follows: GH¢'000 24,000 Branch at mark up Head office at cost 43,500 Required: Prepare for the head office, branch and combined entity of JAP Limited: a) Statement of profit or loss for the year ended 31 December 2021; and b) Statement of financial position as at 31 December 2021.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.4.4P: Multiple-step income statement and report form of balance sheet The following selected accounts and...

See similar textbooks

Similar questions

OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
Missing amounts from Financial statements The financial statements at the end of Network Realty, Inc.’s first month of operations are shown below. 11y analyzing the interrelationships among the financial statements, fill in the proper amounts for (a) through (s).
Problem 2-57A Inferring Transactions from T-Accounts The following T-accounts summarize the operations of Chen Construction Company for July, 2019. Required: CONCEPTUAL CONNECTION Assuming that only one transaction occurred on each day (beginning on July 2) and that no dividends were paid, describe the transactions that most liker took place. Prepare a trial balance at July 31, 2019.
Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019 and includes all of Rogers financial statement amounts except retained earnings: Required: Prepare a single-step income statement and a c1assified balance sheet for the year ending December 31, 2019, for Rogers.
Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Briefly explain how multiple-step and single-step income statements differ.
Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Mulberry paid the interest payable of $8,000. A Wages of $379,000 were paid in cash. Repairs and maintenance of $9,000 were incurred and paid. The prepaid rent at the beginning of the year was used in 2019. In addition, $28,000 of computer rental costs were incurred and paid. There is no prepaid rent or rent payable at year-end. Mulberry purchased computer paper for $13,000 cash in late December. None of the paper was used by year-end. Advertising expense of $26,000 was incurred and paid. Income tax of $10,300 was incurred and paid in 2019. Interest of $5,000 was paid on the long-term loan. (Continued) Required: 1. Establish a ledger for the accounts listed above and enter the beginning balances. Use a chart of accounts to order the ledger accounts. 2. Analyze each transaction, Journalize as appropriate. (Note: Ignore the date because these events are aggregations of individual events.) 3. Post your journal entries to T-accounts, Add additional T-accounts when needed. 4. Use the ending balances in the T-accounts to prepare a trial balance
COMPLETION OF A WORK SHEET SHOWING A NET INCOME A trial balance for the Bosket Corner, a business owned by Linda Palermo, is shown on page 557. Year-end adjustment information is provided below. (a and b)Merchandise inventory costing 24,000 is on hand as of December 31, 20--. (The periodic inventory system is used.) (c)Supplies remaining at the end of the year; 2,100. (d)Unexpired insurance on December 31, 2,600. (e)Depreciation expense on the building foe 20--, 5,300. (f)Depreciation expense on the store equipment for 20--, 3,800. (g)Unearned decorating revenue as of December 31, 1,650. (h)Wages earned but not paid as of December 31, 750. REQUIRED 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments in a general journal.
Spreadsheet The following 2019 information is available for Payne Company: Partial additional information: The net income for 2019 totaled 1,600. During 2019, the company sold, for 390, equipment that cost 390 and had a book value of 300. The company sold land for 200, resulting in a loss of 40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock. Required: Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
Problem 1-61B Retained Earnings Statement Magical Experiences Vacation Company has the following data available: Required: Prepare retained earnings statements for 2019 and 2020.
Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.s office buildings. Jennifers received 4 months' service fees in advance on signing the contract. Required: 1. Prepare Jennifers journal entry to record the cash receipt for the first 4 months. 2. Prepare Jennifers adjusting entry at December 31, 2019. 3. CONCEPTUAL CONNECTION How would the advance payment (account(s) and amounts(s)] be reported in Jennifers December 31, 2019, balance sheet? How would the advance payment [account(s) and amount(s)] be reported in Lolas December 31, 2019, balance sheet?