Paul's bakery business has the following account balances at 30 September 2020: ovens £38,000, inventories £4,100, trade payables £2,650, loan of £5,000 and a bank overdraft of £1,090. Paul's capital account as at 30 September 2020 is? a. £35,540 •b.£38,660 c. £38,360 d.£33,360
Q: On January 2, 2020, Cobra Kai sets up a firm and brings in office equipment of P50,000 and…
A: Firm capital on January 31, 2020 = Office equipment by Owner + Merchandise inventory by Owner + Cash…
Q: ended 31st March, 2020 and Balance Sheet as at that L.F. Dr. Balance () Cr. Balance ) Heads of…
A: The balance sheet and trading and profits and loss statement are important financial statements of…
Q: wu Company has the following selected accounts balances on 31 December 2020. (RM) (RM) Equipment…
A: Adjusting entries are made before the preparation of financial statements to make sure that the…
Q: The following balances have been extracted from the books of Ambrosia Berhad as at 31 December 2020.…
A: Profit and loss account shows the details of revenues and expenses and the resulting profit and loss…
Q: Fool’s Paradise Ltd had cash and cash equivalents at 1 January 2019 of $400,000. The transactions…
A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…
Q: Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019.Cash in…
A: It is prepared for knowing the final balances of the accounts.
Q: Wildhorse Co. had the following transactions during 2021: • Sales of $9720 on account • Collected…
A: The entries:
Q: The financial statements of Carrier Office Furniture Company include the following items: 2025 2024…
A: Working capital = Current asset - Current liabilities
Q: As at 30 June 2019, the Assets, Liabilities, Equity, Income and Expense amounts for Ronaldo Shop…
A: Balance Sheet - A statement which shows the position of the business as at the reporting date by…
Q: Using the information below, compute for the Ending Capital of the owner for the year ended December…
A: Capital of the business can be calculated by subtracting total liabilities from the total assets in…
Q: Fool’s Paradise Ltd had cash and cash equivalents at 1 January 2019 of $400,000. The transactions of…
A: Cash flow statement is a financial statement which records inflow and outflow of cash activities in…
Q: As of December 31, 2019, Armani Company's financial records show the following items and amounts.…
A: Theory Concept: Income Statement: In Income statement only items of Revenues and expenses are to be…
Q: Fool’s Paradise Ltd had cash and cash equivalents at 1 January 2019 of $400,000. The transactions of…
A: Statement of Cash Flow of Fool's paradise Ltd for the year to December 31 , 2019.
Q: Fool's Paradise Ltd had cash and cash equivalents at 1 January 2019 of $400,000. The transactions of…
A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…
Q: 1) Omani Company's ledger showed an ending accounts payable balance of OR 25,000 on June 30, 2020.…
A: The ending balance of accounts payable can be calculated by adding up credit purchase and deducting…
Q: Foxcoon is a technological solution provider business with a year-end 31st March 2021.You have…
A: Factoring is described as a process in which one party buys the debts of the business. It is also…
Q: Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of 220,000. The…
A: Adjustment entries is made to show clear picture of income and expenditure. It can be made on…
Q: Enter the following transaction in the main ledger accounts of Atif & Co and extract a trial balance…
A: In the above question we have asked to prepare Main Ledgers and Trial balance of Atif & Co.…
Q: You are given the following trial balance as at 30 September 2019 of Emerson Trading: Cr (RM) 100,…
A: Financial statements consists of the following:- Statement of Financial position; Income Statement;…
Q: 3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balances extracted…
A: Statement of Profit & Loss shows all income and expenses of the business and then profit and…
Q: what effect each of the following June transactions will have on net profit before tax, cash flow…
A: Cash flow from operations (CFO) refers to the sum of money earned by an entity or an individual in a…
Q: The company on 31/12/2020 charged its customers with interest 14,500. The interest on the short-term…
A: Here asked for the adjustment recording of the transaction which are incurred to the business entity…
Q: 1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year's trading. Ali Mamat…
A: Introduction: Profit or loss statement: All revenues and expenses are recorded in profit or loss…
Q: Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019. Cash in…
A: Since you have asked two questions under single question. We have solved question number 1 for you…
Q: The questions related to this section are based on the following scenario. The financial records of…
A: Liabilities of the business are those which may result in outflow of cash in future. Gross profit is…
Q: On 1st January 2020 the balance of Mr. Asim is as follows: Assets Rs. Liabilities + O.E Rs. Cash…
A: The following transactions are presented in an equation form as the information provided.
Q: The accounting records of Tama Co. show the following assets and liabilities as of December 31, 2018…
A: Financial statement is the combination of the three major reports on a business which is basically…
Q: The following information relates to Megah Sdn. Bhd. for the financial year ended 31 May 2021: RM…
A: Cost of goods sold = beginning inventory + purchases - ending inventory = 20000+240000-30000 =…
Q: he following figures were extracted from the books of E Wallis as at 30 June 2019: what is the…
A: Particulars Amount Inventory 12,560 Trade Receivables 43,800 Provision for doubtful debts…
Q: Cherry, Apple and Lemon who are partners in the Stardew Store, share the profits in the ratio of…
A: Final accounts of partnership means accounts that are prepared at the end of the period in order to…
Q: Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of P220,000.…
A: According to the given question, we are required to prepare the journal entries in the books of…
Q: If the value of owner's equity is initially $10.000, calculate the value of owner's equity after the…
A: Owners equity in the business means total amount attributable to the equity shareholders in the…
Q: Using the information below, compute for the Ending Capital of the owner for the year ended December…
A: Capital of the Business can be calculated by subtracting total liabilities from total assets in the…
Q: The following is the trial balance of Tom Holland as at 31 January 2022: Debit Credit RM RM Drawings…
A: Financial statements are the summaries showing assets & liabilities, equities and cash flows,…
Q: Expenses incurred for the month
A: Expense means the costs incurred for running the daily operations of business.
Q: The following information relates to Megah Sdn. Bhd. for the financial year ended 31 May 2021: RM…
A: Cost of goods sold = beginning inventory + purchases - ending inventory + freight out =…
Q: Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balances extracted…
A: Statement of financial position is a statement which shows balances of assets and liabilities of the…
Q: Required: a. Write up the transactions in the general ledger of S. Keyes b. Balance up the accounts…
A: Trail Balance can be defined as the summary financial statement which records the ending balances of…
Q: Alan, a sole trader, has the following trial balance as at 31 December 2020: Accounts Debit…
A: Statement of comprehensive income means all income and expenses of the business and then showing net…
Q: Given the ledger accounts of Bastoni Company as of January 31, 2020: Cash $40,500 Accounts Payable…
A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…
Q: The following transactions are taken from Pak Maun Enterprise in November 2020: Nov 1 Starting…
A: The ledger indicates the classification of recorded transactions into their respective account title…
Q: 1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year's trading. Ali Mamat…
A: Income Statement It is a part of the books of a company and is the most important element as it…
Q: At the end of June 30, 2022, FDN Company has the following summary ledger accounts: Asset=P500,000…
A: Introduction:- The main purpose of a trial balance is to make sure that all entries made…
Q: The following are extracts from the finandial records of ABC Ltd for the year ended 31 August 2021.…
A: Cash flow statement is prepared to present the flow of cash of an organization during the period.…
Q: Fool's Paradise Ltd had cash and cash equivalents at 1 January 2019 of $400,000. The transactions o…
A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…
Q: The following are extracts from the financial records of ABC Ltd for the year ended 31 August 2021.…
A: Cash flow from Operating activities is a method of converting the net income to the net cash flow…
Q: Prepare the statement of cash flows of Fool’s Paradise Ltd for the year to 31 December 2019.
A:
Q: Then balance off the accounts and extracted a trial balance for sole trader Airman Co. as at 30…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Fool’s Paradise Ltd had cash and cash equivalents at 1 January 2019 of $400,000. The transactions of…
A: A cash flow statement is prepared by the company to measure the amount of cash inflows and cash…
Step by step
Solved in 2 steps with 3 images
- Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
- Pearce & Sons started Business in Feb 2020. They have the following transactions at for themonth of Feb 2020.2020Feb 1 Started business with; £21,500 in the bank account, a van £25,000 and office fixtures£8002 A loan of £2,500 was received from Lloyds Bank.3 The amount of £1500 was transferred from Bank Account to Cash in hand account.4 Bought Van paying by cheque £4,8005 Bought office fixtures £1100 on credit from Quick Office Ltd8 Bought a new van on credit from Nissan Co. £5,20015 Bought office fixtures paying by cash £7019 Paid Nissan Co. a cheque for whole amount of debt25 Paid £350 of the cash in hand into the bank account28 Bought new office fixtures paying via bank account £620Required:a. Write up the transactions in the general ledger of S. Keyes b. Balance up the accounts and extract a Trial Balance as at 30 Feb 2019 please send both the requirements..need both ledger and trail balanceMr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019.Cash in hand Sh.3,000; Bank overdraft Sh.7,000; Motor vans Sh.56,000; Furniture and Equipment Sh.11,900; Creditor (R. Osoro) Sh.4,800; Debtor (B. Anyumba) Sh.3,000; Capital Sh.20,000; Loan from Kokise Investment Ltd. Sh. 42,100. At the end of the month, Mr. J Mwero was able to provide the following information from his records: Cash Transactions: I) Receipts - March 7: Cash Sales - Sh.1,200 “ 26: Cash from bank - Sh.3,500 ii) Payments - March 10: Electricity - Shs.200 “ 14: Salaries - Sh.1,800 “ 25: Postage and Stationery - Sh.960 Bank Transactions: i) Receipts - March 17: B. Anyumba - Sh.48,000 ii) Payment - March 20: R. Osoro - Sh. 20,600 in full Settlement less Sh.200 cash discount March 27: Kokise Investment Ltd. - Shs.2,100 Other Transactions: March 5:Purchase goods - Sh.16,000 from R OsoroMarch 11: Sold goods to B…Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019.Cash in hand Sh.3,000; Bank overdraft Sh.7,000; Motor vans Sh.56,000; Furniture and Equipment Sh.11,900; Creditor (R. Osoro) Sh.4,800; Debtor (B. Anyumba) Sh.3,000; Capital Sh.20,000; Loan from Kokise Investment Ltd. Sh. 42,100. At the end of the month, Mr. J Mwero was able to provide the following information from his records: Cash Transactions: I) Receipts - March 7: Cash Sales - Sh.1,200 “ 26: Cash from bank - Sh.3,500 ii) Payments - March 10: Electricity - Shs.200 “ 14: Salaries - Sh.1,800 “ 25: Postage and Stationery - Sh.960 Bank Transactions: i) Receipts - March 17: B. Anyumba - Sh.48,000 ii) Payment - March 20: R. Osoro - Sh. 20,600 in full Settlement less Sh.200 cash discount March 27: Kokise Investment Ltd. - Shs.2,100 Other Transactions: March 5:Purchase goods - Sh.16,000 from R OsoroMarch 11: Sold goods to B…
- Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019. Cash in hand Sh.3,000; Bank overdraft Sh.7,000; Motor vans Sh.56,000; Furniture and Equipment Sh.11,900; Creditor (R. Osoro) Sh.4,800; Debtor (B. Anyumba) Sh.3,000; Capital Sh.20,000; Loan from Kokise Investment Ltd. Sh. 42,100. At the end of the month, Mr. J Mwero was able to provide the following information from his records: Cash Transactions: I) Receipts - March 7: Cash Sales - Sh.1,200 “ 26: Cash from bank - Sh.3,500 ii) Payments - March 10: Electricity - Shs.200 “ 14: Salaries - Sh.1,800 “ 25: Postage and Stationery - Sh.960 Bank Transactions: i) Receipts - March 17: B. Anyumba - Sh.48,000 ii) Payment - March 20: R. Osoro…Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balancesextracted from the books of the business on 30 June 2020: Account Name RM RM Account Receivable and Account Payable 165,520 72,440 Carriage inwards 3,520 Inventory as at 1 July 2019 65,980 Carriage outwards 4,360 Discount allowed and discount received 2,680 60 Utilities 25,100 Loan from Miko bank 80,000 Returns inwards and return outwards 3,840 3,580 Bank 10,400 Premises 160,000 Motor Vehicles 56,000 Furniture and fittings 27,600 Cash 2,160 Accumulated depreciation as at 1 July 2019 ∙ Motor vehicles 20,160 ∙ Furniture and fittings 8,280 Salaries and wages 68,600 Bad debts 2,940 Rent received 7,500 Printing and stationery 9,400 Drawings 3,560 Insurance expenses 18,200 Purchases and Sales…Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balancesextracted from the books of the business on 30 June 2020: Account Name RM RM Account Receivable and Account Payable 165,520 72,440 Carriage inwards 3,520 Inventory as at 1 July 2019 65,980 Carriage outwards 4,360 Discount allowed and discount received 2,680 60 Utilities 25,100 Loan from Miko bank 80,000 Returns inwards and return outwards 3,840 3,580 Bank 10,400 Premises 160,000 Motor Vehicles 56,000 Furniture and fittings 27,600 Cash 2,160 Accumulated depreciation as at 1 July 2019 ∙ Motor vehicles 20,160 ∙ Furniture and fittings 8,280 Salaries and wages 68,600 Bad debts 2,940 Rent received 7,500 Printing and stationery 9,400 Drawings 3,560 Insurance expenses 18,200 Purchases and Sales…
- J.Moon has the following transactions at for the month of June 2020. June 1 Started business with £28,500 in the bank2 Bought Van paying by cheque £2,1005 Bought office fixtures £850 on credit from Office Hand Ltd8 Bought (second) van on credit from Fast Car Ltd £3,60012 Took £110 out of the bank and put it into the cash till15 Bought office fixtures paying by cash £6019 Paid Fast Car Ltd a cheque for £3,60021 A loan of £2,500 cash is received from F. Maurice25 Paid £160 of the cash in hand into the bank account30 Bought more office fixtures paying by cheque £460Required:a. Write up the transactions in the general ledger of S. Keyes b. Balance up the accounts and extract a Trial Balance as at 30 June 2020.Enter the following transaction in the main ledger accounts of Atif & Co and extract a trial balance as at 30 June 2020. June 2020 01 Started business with Rs 800,000 in the bank 02 Bought goods on credit from KH Supplies Rs. 76,000, Hatts Rs 27,000 and Toby Traders Rs 56,000. 05 Cash sales Rs 87,000. 06 Paid wages Rs 14,000 by cheque. 07 Sold goods on credit to: Elliots Rs 35,000, Lane Rs 42,000 and Carton Leisure Rs 72,000. 09 Bought goods for cash Rs 46,000. 10 Bought goods on credit from KH Supplies Rs. 57,000 and Toby Traders Rs 98,000. 12 Paid wages Rs 14,000 by cheque. 13 Sold goods on credit to Lane Rs 32,000 and Carton Leisure Rs 23,000. 15 Bought Shop fixtures on credit from Beta Fittings Rs 50,000. 17 Paid KH Supplies Rs 84,000. 18 Goods returned to Toby Traders Rs 20,000. 21 Paid Beta Fitting Rs 50,000. 24 Payment received from Carton Leisure Rs 95,000. 27 Goods returned to KH Supplies Rs 24,000. 30 King Bank provide a loan of Rs 60,000. 31 Bought a…The financial records of Delta Ltd reveal the following at 30 June 2019: Credit Sales $120,000 Cash Sales $80,000 Cost of goods sold for year $90,000 Average inventory in 2019 $30,000 Average accounts receivable in 2019 $20,000 What was the number of days' sales in receivables? Select one: a. 60 times. b. 36. 5 days. c. 90 days. d. 120 days. e. 60. 8 days.