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Petty cash fund Accrued expenses Prepaid expenses Accumulated depreciation-Equipment Test II The following accounts were taken from the books of Narnia Company for the year ended December 1, 2021. 112,000 50,000 25,000 Accounts receivable 23.000 135,000 110,000 20,000 1,650,000 66,000 400,000 25,000 50,000 30,000 120,000 150,000 Freight in Equipment Depreciation expense Sales 52,000 The inventory on December 31, 2021 was P 180,00. Repairs and maintenace expense Purchases Freight out Marketable securities Compute for the following: 1. Working capital= Current assets – Current liabilities Cash Patents 2. Current ratio= Current assets/ Current liabilities Purchases Office supplies 3. Quick ratio= Cash, Marketable securities, Accounts receivable 200,000 300,000 350,000 100,000 800,000 950,000 25,000 30,000 Furnitures and Fixtures Current liabilities Merchandise inventory Dec. 1, 2021 |Copyrights 4. Receivable turn over= Credit sales/ Average receivable Land 5. Average collection period= 360/ receivable turn over Building Commission expense Accumulated depreciation-Building Advertising expense Capital stock Rent expense Retained earnings Accounts payable Salaries expense Mortgage payable 6. Inventory turn over= Cost of good sold/ Average merchandise inventory 30,000 370,000 120,000 7. No. Of days sales in inventory= 360/ inventory turn over 1,089,000 565,000 150,000 250,000 8. Gross profi rate= Gross profit/ sales I 9. Net income percentage= net income/ sales

Petty cash fund Accrued expenses Prepaid expenses Accumulated depreciation-Equipment Test II The following accounts were taken from the books of Narnia Company for the year ended December 1, 2021. 112,000 50,000 25,000 Accounts receivable 23.000 135,000 110,000 20,000 1,650,000 66,000 400,000 25,000 50,000 30,000 120,000 150,000 Freight in Equipment Depreciation expense Sales 52,000 The inventory on December 31, 2021 was P 180,00. Repairs and maintenace expense Purchases Freight out Marketable securities Compute for the following: 1. Working capital= Current assets – Current liabilities Cash Patents 2. Current ratio= Current assets/ Current liabilities Purchases Office supplies 3. Quick ratio= Cash, Marketable securities, Accounts receivable 200,000 300,000 350,000 100,000 800,000 950,000 25,000 30,000 Furnitures and Fixtures Current liabilities Merchandise inventory Dec. 1, 2021 |Copyrights 4. Receivable turn over= Credit sales/ Average receivable Land 5. Average collection period= 360/ receivable turn over Building Commission expense Accumulated depreciation-Building Advertising expense Capital stock Rent expense Retained earnings Accounts payable Salaries expense Mortgage payable 6. Inventory turn over= Cost of good sold/ Average merchandise inventory 30,000 370,000 120,000 7. No. Of days sales in inventory= 360/ inventory turn over 1,089,000 565,000 150,000 250,000 8. Gross profi rate= Gross profit/ sales I 9. Net income percentage= net income/ sales

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section19.6: Buying Intangible Assets And Calculating Amortization Expense
Problem 1OYO
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Petty cash fund Accrued expenses Prepaid expenses Accumulated depreciation-Equipment 112,000 50,000 25,000 Test II The following accounts were taken from the books of Narnia Company for the year ended December 1, 2021. Accounts receivable 23,000 135,000 110,000 20,000 1,650,000 66,000 Freight in Equipment Depreciation expense Sales 52,000 Repairs and maintenace expense The inventory on December 31, 2021 was P 180,000. wwwwwwww Purchases 400,000 25,000 50,000 30,000 120,000 150,000 200,000 300,000 350,000 100,000 Freight out Marketable securities Compute for the following: 1. Working capital= Current assets – Current liabilities Cash Patents 2. Current ratio= Current assets/ Current liabilities Purchases Office supplies Furnitures and Fixtures 3. Quick ratio= Cash, Marketable securities, Accounts receivable Current liabilities Merchandise inventory Dec. 1, 2021 Copyrights Land 4. Receivable turn over= Credit sales/ Average receivable 800,000 950,000 25,000 5. Average collection period= 360/ receivable turn over Building Commission expense Accumulated depreciation-Building Advertising expense Capital stock Rent expense Retained earnings Accounts payable Salaries expense Mortgage payable 6. Inventory turn over= Cost of good sold/ Average merchandise inventory 30,000 30,000 370,000 120,000 7. No. Of days sales in inventory= 360/ inventory turn over 1,089,000 565,000 150,000 250,000 8. Gross profi rate= Gross profit/ sales I 9. Net income percentage= net income/ sales Witholding tox Doveble 32.000
Transcribed Image Text:Petty cash fund Accrued expenses Prepaid expenses Accumulated depreciation-Equipment 112,000 50,000 25,000 Test II The following accounts were taken from the books of Narnia Company for the year ended December 1, 2021. Accounts receivable 23,000 135,000 110,000 20,000 1,650,000 66,000 Freight in Equipment Depreciation expense Sales 52,000 Repairs and maintenace expense The inventory on December 31, 2021 was P 180,000. wwwwwwww Purchases 400,000 25,000 50,000 30,000 120,000 150,000 200,000 300,000 350,000 100,000 Freight out Marketable securities Compute for the following: 1. Working capital= Current assets – Current liabilities Cash Patents 2. Current ratio= Current assets/ Current liabilities Purchases Office supplies Furnitures and Fixtures 3. Quick ratio= Cash, Marketable securities, Accounts receivable Current liabilities Merchandise inventory Dec. 1, 2021 Copyrights Land 4. Receivable turn over= Credit sales/ Average receivable 800,000 950,000 25,000 5. Average collection period= 360/ receivable turn over Building Commission expense Accumulated depreciation-Building Advertising expense Capital stock Rent expense Retained earnings Accounts payable Salaries expense Mortgage payable 6. Inventory turn over= Cost of good sold/ Average merchandise inventory 30,000 30,000 370,000 120,000 7. No. Of days sales in inventory= 360/ inventory turn over 1,089,000 565,000 150,000 250,000 8. Gross profi rate= Gross profit/ sales I 9. Net income percentage= net income/ sales Witholding tox Doveble 32.000
Witholding tax Payable Office supplies expense 32,000 15,000 30,000 32,000 Accrued income Utilities expense
Transcribed Image Text:Witholding tax Payable Office supplies expense 32,000 15,000 30,000 32,000 Accrued income Utilities expense
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