Please help me with this question The fallowing nformatlon le available fartwo different types of bualinepoes for thve Year 1 accourting yenr Hopldna CPAa a n servcebualnees that provides accundng services to small busnesoes. Sparts Clothing le a merchandising business that selb sportu clothingto college students.Duta for HopkdnsAsL Borrowed $90,000 fram the bank to start the bustnesa.2 Provded $E0,000 of pervices to chents and collected $60.D00 cash.3. Pald sabry expense of $32D00.Data for Sparts Clothing1 Borrowed $90,000 fram the bank to start the bucinesa.2 Purchased $60,000 Inventory for cach3. nverntory costing $26,000 was sold for $50,000 cach.4 Pald $8,000 cach for aperating expences.Requireda. Prepare an Income statement, balance sheet, and statement of cash flows for each af the compantesComplete this question by entering your answers In the tabs below.Hopkina CeahMewa SmtSporta SelSheetSporta CahMowa SmtHopkina IncHopkina SelSheetSporta IncPrepare a statement ofcash fows for Hopikins CPAS. (Cash outfiows shoulid be indicated with a minus sign.)HOPKINE CPASatatement of Cash FlowsFor the Year Ended Deoember 31, Year 1Cash lows thom operating acvitiesNet ceshow trom operatinrg activicesCash ows trom investing IMEesCashtows trom nancing pcIviciesNe: cash fow tom tinencimg actiMEesEnd ng ceshbeanceSports Inc SEenitK Hopldins Bal heet The following informotion is avoilable for two different types of brsinesges for the Yeor 1 accounting year. Hopkins PAs is a servicebusiness that provides occounting services to smol businesses. Sports Clothing is o merdhondising business that sells sports dothingto college students.Data for Hopldns CPAS1 Borrowed $90,000 from the bonk to stort the business.2 Provided $60,000 of services to dients and collected $50.000 cosh.3. Paid salary expense of $32,000.Data for Sports Clothing1 Borrowed $90,000 from the bank to stort the business.2 Purchased $60,000 inventory for cash.3. Inventory costing $26,000 was sold for $50,000 cash.4 Paid $8,000 cash for operating expenses.Requireda Prepore on income statement, balance sheet, and statement of cash flows for each of the companies.Complete this question by entering your answers in the tabs below.Hopidins IncStmtHopicins CashFlows StmtSports IncStmtSports BalShetSports CashFlows StmtHopidins BalSheetPrepare an income statement for Sports Clothing.SPORTS CLOTHINGIncome StatementFor the Year Ended December 31, Year 1Expenses( Hopkiris Cash Flows StrmtSports Bel Sheet1 of 13Next >

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assuming that Ms. Aysha Alshuili was working as a Marketing manager of a Saud Bahwan Automobiles LLC for 5 years. She then started her own business named THE BEST OMANI DATES. She purchased different types of Omani dates from a manufacturer and sells wholesale and retail traders across Oman. Her terms of credit are 3/10, n/60 for all customers. The business will give 5% trade discount only for wholesale customers and 2% of cash discount for immediate cash payment. Her selling price of Dates per kg is OMR 3 for all the customers. Which of the following is termed as Trade Discount? a. It is not given for any customers b. It is given for immediate payment c. It is given for retail customers only d. It is given for the customers who buys large quantities
Assuming that Ms. Aysha Alshuili was working as a Marketing manager of a Saud Bahwan Automobiles LLC for 5 years. She then started her own business named THE BEST OMANI DATES. She purchased different types of Omani dates from a manufacturer and sells wholesale and retail traders across Oman. Her terms of credit are 3/10, n/60 for all customers. The business will give 5% trade discount only for wholesale customers and 2% of cash discount for immediate cash payment. Her selling price of Dates per kg is OMR 3 for all the customers. Assume that a retail customer who purchased 10 kg of dates on 10th day of November 2020 and paid cash immediately. What will be the amount payable by the retail customer? a. OMR 27.930 b. OMR 30 c. OMR 28.500 d. OMR 29.400
Assuming that Ms. Aysha Alshuili was working as a Marketing manager of a Saud Bahwan Automobiles LLC for 5 years. She then started her own business named THE BEST OMANI DATES. She purchased different types of Omani dates from a manufacturer and sells wholesale and retail traders across Oman. Her terms of credit are 3/10, n/60 for all customers. The business will give 5% trade discount only for wholesale customers and 2% of cash discount for immediate cash payment. Her selling price of Dates per kg is OMR 3 for all the customers. The number 3 in the credit terms of the business will indicate that a. The customer will be given for 3 days discount period if cash paid within 10 days b. The customer will be given for 3% cash discount if cash paid within 10 days c. The customer will be given 3 days credit period d. The customer will be given for 3% trade discount if cash paid within 10 days
Assuming that Ms. Aysha Alshuili was working as a Marketing manager of a Saud Bahwan Automobiles LLC for 5 years. She then started her own business named THE BEST OMANI DATES. She purchased different types of Omani dates from a manufacturer and sells wholesale and retail traders across Oman. Her terms of credit are 3/10, n/60 for all customers. The business will give 5% trade discount only for wholesale customers and 2% of cash discount for immediate cash payment. Her selling price of Dates per kg is OMR 3 for all the customers. 1- Assume that a retail customer who purchased 10 kg of dates on 10th day of November 2020 and paid cash immediately. What will be the amount payable by the retail customer? 2- Assume that a wholesale trader who purchased 1000 kg of dates on 1st day of November 2020 and made the final payment on 11th day of November 2020. What will be the amount payable by the wholesale trader?
Assuming that Ms. Aysha Alshuili was working as a Marketing manager of a Saud Bahwan Automobiles LLC for 5 years. She then started her own business named THE BEST OMANI DATES. She purchased different types of Omani dates from a manufacturer and sells wholesale and retail traders across Oman. Her terms of credit are 3/10, n/60 for all customers. The business will give 5% trade discount only for wholesale customers and 2% of cash discount for immediate cash payment. Her selling price of Dates per kg is OMR 3 for all the customers. Assume that a wholesale trader who purchased 1000 kg of dates on 1st day of November 2020 and made the final payment on 11th day of November 2020. What will be the amount payable by the wholesale trader? a. OMR 3000 b. OMR 2940 c. OMR 2850 d. OMR 2793
Assuming that Ms. Aysha Alshuili was working as a Marketing manager of a Saud Bahwan Automobiles LLC for 5 years. She then started her own business named THE BEST OMANI DATES. She purchased different types of Omani dates from a manufacturer and sells wholesale and retail traders across Oman. Her terms of credit are 3/10, n/60 for all customers. The business will give 5% trade discount only for wholesale customers and 2% of cash discount for immediate cash payment. Her selling price of Dates per kg is OMR 3 for all the customers. Which of the following type of business is operated by Ms. Aysha Alshuili? a. Manufacturing business b. Wholesale merchandise business c. Retail merchandise business d. Wholesale and retail merchandise business
Please show the solution in good accounting form. Thank you! Dominic Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the…
Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: How much net cash did the entity receive (give) with regards to the premium transactions for the year 2019 and 2020?
Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: Compute for the premium liability for the year ended December 31, 2019 and 2020.
Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED:Compute for the premiums expense for the year ended December 31, 2019 and 2020.
Valerie Vamp as an individual provides personal service and obtains commission as a designer of exclusive leather garments for export has the following plant on hand at 1st of July of the current income year. Item Cost Price Opening Adjustable Value Tax Depreciation Rate Leather Garment Machine A 20,000 17,400 20% DV Valarie sold Leather Garment Machine A on 30 September of the current income year for $15,000. The balancing adjustment on sale will be: Group of answer choices
JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the premium transactions for the year given below? (if net cash outflow,…