Mr. Sojo opened up a merchandising business on October 1 2019 with a cash investment of 50,000. The following activities were given: Mr. Sojo op e nedup a merchand ising businesson Oc to ber 1, 2019 withа cas hin vestment of P50 ,000.The follo w ing activities wer e given:Cash received fro m205,000.0 ocusto m ersCash borrow ed fro mthe ban k150,000.00Utilitie s, sala rie s, sup plies and ren tpaid115,000.0oCash paid to theban k50,000.00Cash purchase for equ ip ment100,000.00Cash purchase for furn itu re25,000.00Eq u ip m ent bou ght on credit150,000.0 0Ad d itio n al inv estm ent200,000.00withd raw al40,000.00Ad d itio n al info rm a tio n;1. Sup plies am ounted to 20% of the utilitie s, salaries, supp lie s and rent paid in tot al2. At the en d of the month, it was fou nd that of the sup p lies pa id, on ly 30% were used.RE QUIREMENT:1.Journal En tries2.Ledger3.Un a d ju ste d Tri al Bal anceAd ju sting En tries4.5.Ad ju sted Trial Bala nce6.State ment of Com prehensive IncomeState ment of Changes in Equit y7.8.State ment of Cash Flow s9.State m ent of Fin anciaI Positio n

Name: Mr. Sojo opened up a merchandising business on October 1 2019 with a c
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Description: Mr. Sojo opened up a merchandising business on October 1 2019 with a cash investment of 50,000. The following activities were given: Mr. Sojo op e nedup a merchand ising businesson Oc to ber 1, 2019 withа cas hin vestment of P50 ,000.The follo w ing

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Answered: Journal En tries 1. 2. Ledger 3. Un ad…

Business

Accounting

Journal En tries 1. 2. Ledger 3. Un ad ju ste d Tri al Bal a nce

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 18E: Errors During the course of your examination of the financial statements of Burnett Co., a new...

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Errors During the course of your examination of the financial statements of Burnett Co., a new client, for the year ended December 31, 2019, you discover the following: Inventory at January 1, 2019, was understated by 6,000. Inventory at December 31, 2019, was overstated by 5,000. During 2019, the company received a 1,000 cash advance from a customer for merchandise to be manufactured and shipped during 2020. It had credited the 1,000 to sales revenue. The companys gross profit on sales is 50%. Net income reported on the 2019 income statement (before reflecting any adjustments for the above items) is 20,000. Required: Next Level What is the correct net income for 2019?
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