FUDEFOXIT READER POF1 HENREVEWDES GNREFERENCESMAILINGSVIEWFILEHOMEINSERTPAGE LAYOUT義FindX CutArial-BoldMT10AaBbCcD AaBbCcDc AaBbC AABBCCC AaB AABBCCD AaBbCcD AaBbCcDRepla哈CopyA- "y- A吉三 ,T Normal T No Spac.HeadingHeading 2TitleSubtitleSubtle Em.EmphasisA SelecPasteU - abc x, xFormat PainterEditinParagiaphStylesFontClipboard182 700G HuntI KhuneR Nadal3. Additional information to be taken into account (not included in the above):13.1 No entry has been made for a credit sale of goods to C Gale for R 5 400.3.2 R Nadal'sS account must be written off as irrecoverable.3.3 G Hunt must be charged R1 827 interest on his overdue account.3.4 A credit note issued to I Khune for goods returned was erroneously entered inthe account of C Gale in the debtors' ledger.3.5 The sales returns journal was undercast by R900.3.6 A receipt issued to H Bolt for a payment on account of R37 800 was recorded inthe cash receipts journal but was not posted to his account in the debtors' ledger.18 9009 000Required:Use the above information provided to prepare the following:2.1 The correct Debtors Control Account properly balanced for May 2021. (11)2.2 Reconciliation of the debtors list with the debtors control account for themonth ended 31 May 2021. (9)PAGE 3 OF 72254 WORDS8:1Type here to searchA O 4) 6 10/1.Desktop16°C&pockard bell AaBbCcD AaBbCcDc AaBbC AABBCCD AaBI AaBbCcD AaBbCcD AaHeading 2Arial-BoldMTAA Aa-令10A - - A-加。1 Normal1 No Spac.Heading 1SubtitleSubtle Em..EmTitleBIU abx x, xFontParagraphStylesQUESTION TwO [20]Sport Enterprises have individual accounts for their debtors in a debtors subsidiaryledger and have a debtors control account in the general ledger. The balance of thedebtors control account at 1 May 2021 is R169 200. The following information wasprovided for the month ending 31 May 2021:1. Journals provided the following totals for relevant transactions:For the month ended 31 May 2021: RSales journal: Debtors columnSales returns journalCash receipts journal: Debtors columnGeneral Journal: Interest charged on overdue debtors’ accountsGeneral Journal: Debtors balances written off as irrecoverable2. The debtors ledger clerk submitted the followingList of debtors balances as at 31 May 2021C GaleH BoltG HuntI KhuneR Nadal3. Additional information to be taken into account (not included in the above):762 0006 300586 8002 1002 700debit balancesR31 500132 300182 70018 9009 000o searchDesktop16°C

Debtors refer to a legal entity that has borrowed some money and is authorized to pay off the debt…

Nadal's account must be written off as irrecoverable. Hunt must be charged R1 827 interest on his overdue account. credit note issued to I Khune for goods returned was erroneously ente count of C Gale in the debtors' ledger. e sales returns journal was undercast by R900. receipt issued to H Bolt for a payment on account of R37 800 was re

Nadal's account must be written off as irrecoverable. Hunt must be charged R1 827 interest on his overdue account. credit note issued to I Khune for goods returned was erroneously ente count of C Gale in the debtors' ledger. e sales returns journal was undercast by R900. receipt issued to H Bolt for a payment on account of R37 800 was re

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 15.2CP

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In column A, identify the account to which element it belongs whether Current Asset (CA), Noncurrent Assets (NCA), Current Liabilities (CL), Noncurrent liabilities (NCL) or Shareholders’ equity (SHE). In column B, indicate the line item to which the account belongs. Column A Column B1. Share Capital2. Accounts Payable 3. Plant Expansion Fund4. Trading Securities 5. Employees income tax payable6. Goodwill 7. Raw Materials8. Share Premium 9. Advances from customers 10. Serial bonds not collectible currently 11. Investment in Bonds 12. Notes Payable 13. Prepaid Insurance 14. Income Tax Payable 15. Land
27 Assume that the Accounts receivables, notes receivables, cash balance and inventory of the company is OMR 500, OMR 700,OMR 600 and OMR 700 respectively. The equity and total liabilities are OMR 2000 and OMR7000 respectively. From the following given options identify the fixed assets of the company. a. OMR 2500 b. None of the given options c. OMR 9000 d. OMR 6500 Clear my choice
information to answer question 5. Cash R10 000 Accounts receivable(debtors control) R30 000 Inventory R80 000 Prepaid insurance R 6 000 Fixed assets R200 000 Accounts payable (creditors control) R30 000 Income received in advance R25 000 Wages payables R5 000 Long-term liabilities R70 000 Capital R196 000 Calculate the acid test ratio. A. 0.83:1 B. 1:1 C. 1.3:1 D. 0.76:1
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1. The following information is available from the records of X, Corporation: Year 1Income(loss)before bad debts write off and recovery P100,000Bad debts write off P25,000 Year 2 Income(loss)before bad debts write off and recovery (P20,000)Bad debts write off P10,000Previous year’s write off, recover this year P30,000 Year 3Income(loss)before bad debts write off and recovery P50,000Bad debts write off P5,000Previous year’s write off, recover this year P8,000 For year 3 the total taxable income should be?
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Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio. Please help with the both questions mentioned
Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio.
E5.2B (L0 1,2) (Classification of Balance Sheet Accounts) Presented below are the captions of Chan Company’s balance sheet. (a) Current assets. (f) Current liabilities. (b) Investments. (g) Non-current liabilities. (c) Property, plant, and equipment. (h) Capital stock. (d) Intangible assets. (i) Additional paid-in capital. (e) Other assets. (j) Retained earnings. Instructions Indicate by letter where each of the following items would be classified. 1. Cash surrender value of life insurance. 11. Trading securities. 2. Prepaid insurance. 12. Preferred stock. 3. Taxes payable. 13. Allowance for doubtful accounts. 4. Bonds payable. 14. Accounts receivable. 5. Notes payable (due next year). 15. Goodwill. 6. Bond sinking fund. 16. Current portion of long-term debt. 7. Common stock. 17. Wages payable. 8. Merchandise inventory. 18. Buildings. 9. Office supplies. 19.…
19 - Which of the following is the account in which the net loss after tax for the operating period of the business is followed in the balance sheet ? a) 542 Extraordinary Reserves Hs. B) 591 Net Loss for the Period Hs. NS) 540 Legal Reserves Hs. D) 541 Status Reserves Hs. TO) 590 Net Profit for the Period Hs.
Camaro GTO Torino Cash $ 2,400 $ 230 $ 1,300 Short-term investments 0 0 600 Current receivables 260 510 500 Inventory 2,175 2,020 3,050 Prepaid expenses 300 600 900 Total current assets $ 5,135 $ 3,360 $ 6,350 Current liabilities $ 2,220 $ 1,320 $ 3,550 a. Compute the acid-test ratio for each of the separate cases above.b. Which company is in the best position to meet short-term obligations?
HW - Ch 20-2 Prepare journal entries to record the effects on Shannon’s accounting records at December 31, 2021, for each of the items described above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars not in thousands of dollars.) (1) Record the gain on sale of investment with an original cost of $186,000 for $232,000 (2) Record the adjustment of equity securities for the investment of $232,000 as on the date of sale. (3) Record the fair value adjustment. (4) Record the loss-lawsuit. (5) Record correction of inventory error. (6) Record correct assets that were incorrectly expensed. (7) Record the 2021 adjusting entry for depreciation. (8) Record the income tax expense.