On December 31, 2016, LOUDY was depressed upon seeing the following accounts in his ledger. In order for him to easily know the results of his operations he hired SUNSHINE, to assist him. The following data were taken from the incomplete accounting records maintained by CLOUDY:
Q: Mandy is an aspiring entrepreneur and your friend. She is having difficulty understanding the…
A: Financial statements are defined as those statements which contain the written records of the…
Q: At a recent luncheon, you were seated next to Mr. Hopkins, the president of a local company that…
A: Methods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset…
Q: explain what accounting principles or concepts would be violated if the accounts were not closed at…
A: The rules and regulations that businesses and other organizations must abide by when reporting…
Q: The following list of balances was extracted from the books of Kai Jordan at 31 December 2020, the…
A: Financial statements show the financial performance/position of the business entity. It is prepared…
Q: Which of the following statements does not fit the job title? An accounting clerk works out…
A: Accounting clerks means that the person who use to pass out the regular accounting work including…
Q: Mr. Q started his own business. As it is a very small business with little investment and very…
A: i) Suppose Mr. A has purchased goods for using it in manufacturing from Mr. B on credit for RO…
Q: Although Deborah Adefowope has run a small business for many years, she has never kept adequate…
A: A) Computation of total purchase for the year ended 31/8/2009: PARTICULARS VALUE (GHS)…
Q: Sue is a customer account representative for ABC Company. She recently acquired several new accounts…
A: Fictitious Revenues refer to sales of products or services that never happened. False invoicing can…
Q: Buddy Dupree is the accounting manager for On-Time Geeks, a tech support company for individuals and…
A: Definition:
Q: Although Deborah Adefowope has run a small business for many years, she has never kept adequate…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Although Deborah Adefowope has run a small business for many years, she has never kept adequate…
A: Indirect costs are the costs that are incurred for the production of output but it cannot be…
Q: Donna Franks, an accountant forSouthern Technologies Corporation, discovers that her supervisor,…
A: Given case is: Donna Franks, an accountant for Southern Technologies Corporation, discovers that her…
Q: The following list of balances was extracted from the books of Kai Jordan at 31 December 2020, the…
A: An income statement is a financial document that shows the details of all the income earned and…
Q: Mr. Smith Johnson joined as the CEO of his Company after the retirement of his father.…
A: Variable costing seems to be an accounting technique for manufacturing costs that really only…
Q: VimalZarival and Rajesh Garg operate as estate agents in Mumbai. When their bookkeeper retired,…
A: Hello. Since the second part of the question is opinion based question, we will solve the first…
Q: You have been asked to prepare the final accounts for W Smith, a sole trader, for the year ended 31…
A: The financial accounting concept has its concentrates on the financial statements that are…
Q: Which accountant tool in QuickBooks Online helps identify transactions that may have been removed…
A: Option B is correct B.Voided /Deleted transactions. In case any of the transactions have been…
Q: Indicate whether the following is true or false: If all transactions and record keeping are done…
A: Accounting Standards is a set of rules and guidelines, issued by the accounting institutions or…
Q: Although Sahra now pays Stone & Co Accounting Specialists Pty Ltd to manage the accounting function…
A: Financial Accounting It is that branch of accounting which is associated with recording,…
Q: The following list of balances was extracted from the books of Kai Jordan at 31 December 2020, the…
A: Trial balance refers to the statement or workbook in which all the closing balances of ledgers are…
Q: Sue is a customer account representative for ABC Company. She recently acquired several new accounts…
A: Sue should contact all parties who will underwrite the public offering if the company is planning an…
Q: Mr. Santos is engaged in the business of restaurant business. In the year 2018, the Regional…
A: BIR stands for Bureau of Internal Revenue which is the body who regulates the policy of finance,…
Q: How would you know if all the necessary disclosures were prepared and contained correct information?
A: Introduction: Accounting policy: Accounting policy can be defined as the rules, regulations and…
Q: sements from the firm. According to the understanding and acceptance of the basic principles and…
A: Marketing managers should be informed about it by the accounts and finance manager or controller.…
Q: amon Davis was working on a spreadsheet for the Drano Plumbing Company. He calculated that the net…
A: The totals of debit and credit sides of a balance sheet should be equal in order to be accurate.…
Q: Indicate whether the following is true or false: If Triple D wants to compile the Debtors Ledger,…
A: The general journal is the book in which the business transactions are recorded initially by using…
Q: July 1st: Michael Powers invested $8,500 cash into her business Which accounts are affected? Cash…
A: As per the double-entry bookkeeping, each transaction affects two accounts. One of the accounts is…
Q: VimalZarival and Rajesh Garg operate as estate agents in Mumbai. When their bookkeeper retired,…
A: The accounting concepts are the rules and regulations that should be followed by companies while…
Q: Joshua Rangel, the bookkeeper of Logan Co., was scheduled to leave on the 3-week vacation at 5:00 on…
A: Trial balance is a part of book keeping, which helps in summarizing the financial transaction of the…
Q: You are a public accountant with many small business clients. During a recent visit to a client’s…
A:
Q: Joe Rezzo, a college student majoring in accounting, helped finance his education with a part-time…
A: An auditor’s opinion is the one which is given by the auditors via reports in order to provide…
Q: Are the following events recorded in the accounting records? Explain. (a) The owner of the company…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Sue is a customer account representative for ABC Company. She recently acquired several new accounts…
A: A scenario is a hypothetical set of events. This is an example of thinking about all the possible…
Q: The CEO of newly formed True Target printed a copy of the company's general ledger prior to a re…
A: Introduction From the given information we have to prepare trial balance and determine the missing…
Q: Mr. A started his own business. As it is a very small business with little investment and very…
A: Suppose Mr. A has purchased goods for using it in manufacturing from Mr. B on credit for RO 5000:…
Q: There are several reasons why a customer’s account may become irregular. In the ma-jority of cases,…
A: Banks accept deposits from customers and lend money. Each customer has a separate account which is…
Q: bts being written off on the individual customer account but not included in the nominal ledger. You…
A: Ethics:
Q: E CONFUSED ACCOUNTANT Yvonne Pillar is a young accountant who came from a poor family. She was…
A: Business ethics seems to be the discipline of determining what is correct, incorrect, and acceptable…
Q: Cyber Systems’ management has been actively pursuing clients who fail to pay invoices when they fall…
A: Step 1 The relevant Accounting Principle for recording bad debts are the Matching Principle, Revenue…
Q: nis is a subjective question, hence you have to write your answer in the Text-Field given below. n…
A: Business intelligence is technology driven process that provides the business community easy access…
Q: Mr. Smith Johnson joined as the CEO of his Company after the retirement of his father.…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: vonne Pillar is a young accountant who came from a poor family. She was recently hired by a big…
A: Business ethics seems to be the discipline of determining what is correct, incorrect, and acceptable…
Q: Frontland Advertising creates, plans, and handles advertising campaigns in three provinces.…
A: May 2 : Difference of amount = $ 20000 - $ 2000 = $ 18000 May 25 : Difference in Cash amount = $…
Q: Rakesh started business on 1st Jan 2018 and had not maintained any kind of books to record…
A: Formulas:
Q: Jack Company hired Jill as the external auditor in 2002 and his auditor's opinion for 2002 to 2004…
A: Here Jack Company hired Jill for an external Auditors to make the opinion about the financial report…
Compute for the Cost of Sales
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- After a recent computer crash, the accountant salvaged the following Trial Balance which was saved before proofing for errors. While all the account titles and account balance amounts are correct, some of the balances are not listed in the proper order or Debit/Credit columns. After making the necessary corrections, what is the correct balancing totals for this Trial Balance? Los Rolano, DESIGNER Trial Balance November 30, 2017 Account Title Balance Debit CreditCash $ 7,410Accounts Receivable $1,300Office Supplies 500Prepaid Insurance 2,400Furniture 1,500Land…On June 30, Oscar Inc.s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $2,820.76, but the accounts receivable subsidiary ledger shows total account balances of $2,220.76. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake?Nillsons Nursery uses the direct write-off method for recording bad debts. Required Journalize the following selected entries: 2012 Apr. 10Write off the account of P. A. Seldon as uncollectible, 458. July 27Write off the account of J. M. Weller as uncollectible, 268. Check Figure Total amount debited to Bad Debts Expense 726
- The following information from Tiny Company’s first year of operations is to be used in testing the accuracy of Accounts Receivable. The December 31, 2015, balance is $28,300. (a) Collections from customers, $48,000 (b) Merchandise purchased, $74,000 (c) Ending merchandise inventory, $31,500 (d) Goods sell at 60% above cost (e) All sales on account Compute the balance that Accounts Receivable should show and determine the amount of any shortage or overage.The following misstatements are included in theaccounting records of the Joyce Manufacturing Company:1. A sales invoice was miscalculated by $1,000 as a result of a key-entry mistake.2. Cash paid on accounts receivable that had been prelisted by a secretary was stolenby the bookkeeper who records cash receipts and accounts receivable. He failed torecord the transactions.3. A material sale was recorded on the last day of the year even though the goods werenot shipped until 3 days later.4. Merchandise was shipped to a customer, but no bill of lading was prepared. Becausebillings are prepared from bills of lading, the customer was not billed.5. The controller approved a payment to a consulting firm owned by his sister. Theconsulting firm did not actually perform any services for the company.6. The shipping clerk included several additional valuable items to a shipment that werenot included in the customer’s order and were not invoiced to the customer. Theshipping clerk has an arrangement…Creative Solutions Company, a computer consulting firm, has decided to write off the $15,220 balance of an account owed by a customer, Wil Treadwell. Question Content Area a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Bad Debt Expense Bad Debt Expense Accounts Receivable-Wil Treadwell Accounts Receivable-Wil Treadwell Feedback Area Feedback Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. Question Content Area b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Allowance for Doubtful Accounts Allowance for Doubtful Accounts
- Jayty has not kept proper bookkeeping records, but she has kept notes in a personal note form of her business transactions as at 31 May 2020. The following transactions relate to financial year ended on 31 May 2019. DR CR Bank 18 200 Cash 1 400 Accounts Receivable and Payable 7 800 6 850 Motor Vehicle (Net Depreciation) 22 500 Furniture and Fittings at cost 16 700 Inventory – 31 May 2018 8 490 Prepaid Rent and Accrued Stationery Expense 510 150 During the financial year ended 31 May 2020, the following transactions occurred. Paid suppliers N$ 26 400 by…Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. fill in the blanks by rearranging the items that are wrong: Balance Sheet Payables $ 35 Inventories $50 Less accumulated depreciation 120 Receivables 35 Total current assets ___?____ Total current liabilities __?____ Long-term debt $350…Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. fill in the blanks by rearranging the items that are wrong: Balance Sheet Payables $ 35 Inventories $50 Less accumulated depreciation 120 Receivables 35 Total current assets ___?____ Total current liabilities __?____ Long-term debt $350…
- On December 31, 2017, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2018, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. Assume that on February 2, 2018, Extreme Fitness received a payment of $500 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Mr. Evans Otabil has been in business for a number of years. In the past year, he has been busy Learning for the ICAG exams and has not kept proper records for his business. He has given you some information. 1st June, 2017 31st May, 2018$ $Inventory 1,019 2,998Trade Receivables 3,605 2,070Trade payables 1,740 970Telephone prepaid 200 265Cash at bank 1,696 (1,144)The bank statements for the year to 31st May, 2018 are summarized as follows:$Payments to suppliers 8,460 Receipt from Customers 6,690Cash takings 5,900 Drawing 3,120Rent 2,700 Telephone 1,150Other balances as at 1st June, 2017 are as follows: $Motor vehicle (cost $6,000) 4,750Rent; Outstanding 165 Prepaid 100You are given the following additional information: i. Depreciation is to be charged at 20% on straight line method. Mr. Otabil took goods for his personal use worth $375. ii. A telephone bill was received on 7th July, 2018 for $375, this related to the quarter ended 30th June, 2018. iii. Rent includes $960 paid on 1st…The following errors were discovered during the financial year ended 28 February 2021.a) A debtor that was owing N$ 600 was erroneously written-off as bad debt;b) Cash receipt of $300 was recorded as bank receipt;c) A payment of N$ 1 500 received from a customer was recorded on supplier;d) Credit sales of N$ 4 300 was recorded to supplier account; Page 18 of 19e) Bank charge of $420 was completely omitted from the records;f) Stationery purchased of $ 580 was debited to advertisement;g) Printing that was purchased by EFT was completely ignored in the books, $630;h) A customer that was owing $1 250 was declared bankrupt and the transaction was notrecorded;i) The owner withdraws a cheque for $900 and deposited in the business;j) Depreciation for motor vehicle was not provided for. Depreciation is at 10% straight lineand no residual value.k) Depreciation for computer equipment was not provided for. Depreciation as at 15%,straight line with N$ 2 000 residual value.REQUIREDPrepare a…