2:24 O P3 all 31%docs.google.com/forms/d/e/118The following accounts are extracted fromthe worksheet of X Company on December31, 2020Sales Retums and AllowancesS410,000Sales Discount140,000Sales1,500,000Salaries Expenses - Sales52,000Rent Revenue22,000Purchases Retums and Allowances120,000Purchases600,000Loss from write down of Inventory17,000Inventory, January 1, 2020460,000Interest Expense55,000Gain from Sale of Building23,000Freight-out14,000Freight-in30,000Depreciation Expense - Sales22,000Cost of Goods Sold600,000Based on the data above, the inventoryaccount showed a balance of $------ onDecember 31, 2020: *$340,000$370,000$354,000None of the above 2:24 P令l 31%docs.google.com/forms/d/e/118None of the aboveBased on the data above, net sales were:$1,500,000$950,000$1,360,000None of the aboveBased on the data above, gross profit was:$350,000$900,000$580,000None of the aboveBased on the data above, selling expenses

Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales Rent Revenue 52,000 22,000 Purchases Retums and Allowances 120,000 Purchases Loss from write down of Inventory 600,000 17,000 Inventory, January 1, 2020 460,000 Interest Expense Gain from Sale of Building Freight-out Freight-in Depreciation Expense - Sales Cost of Goods Sold 55,000 23,000 14,000 30,000 22,000 600,000 Based on the data above, the inventory account showed a balance of $------ on December 31, 2020: * O $340,000 $370,000 O $354,000 EO None of the above

Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales Rent Revenue 52,000 22,000 Purchases Retums and Allowances 120,000 Purchases Loss from write down of Inventory 600,000 17,000 Inventory, January 1, 2020 460,000 Interest Expense Gain from Sale of Building Freight-out Freight-in Depreciation Expense - Sales Cost of Goods Sold 55,000 23,000 14,000 30,000 22,000 600,000 Based on the data above, the inventory account showed a balance of $------ on December 31, 2020: * O $340,000 $370,000 O $354,000 EO None of the above

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter10: Current Liabilities And Payroll

Section: Chapter Questions

Problem 10.23EX

See similar textbooks

Similar questions

Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31
ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…
PA3. LO 7.4The following transactions occurred for Donaldson Inc. during the month of July. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount period Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. Record the same transactions using QuickBooks, and print the journals and subsidiary ledger. They should match.
PA11. LO 4.3Prepare journal entries to record the following transactions. Create a T-account for Prepaid Insurance, post any entries that affect the account, and tally the ending balance for the account (assume Prepaid Insurance beginning balance of $9,000). April 1, paid cash for one-year policy, $18,000 December 31, unexpired premiums, $4,500
3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019
Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020ACCOUNT TITLES DEBIT CREDITCash 150000Inventory 10,000Prepaid rent 50,000Office Supplies 60,000Land 900,000Building 800,000Accumulated Depreciation 40,000Accounts payable 80,000Salaries payable 55,000Long term loan 390,000Purchases 400,000Sales 600,000Purchase returns 18,000Sales returns 14,000Transportation-in 5,000Interest expense 2,000Salaries expense 44,000Depreciation expense 29,000Electricity expense 5,000Interest expense 5,000Interest payable 25,000Commission Income 22,000Capital 1,254,000Drawing 10000Total 2,484,000 2,484,000Inventory Closing Rs. 50,000REQUIRED a) Prepare Income Statement for the year ended December 31, 2020. b) Prepare Balance Sheet in classified account form as of December 31, 2020
Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020ACCOUNT TITLES DEBIT CREDITCash 150000Inventory 10,000Prepaid rent 50,000Office Supplies 60,000Land 900,000Building 800,000Accumulated Depreciation 40,000Accounts payable 80,000Salaries payable 55,000Long term loan 390,000Purchases 400,000Sales 600,000Purchase returns 18,000Sales returns 14,000Transportation-in 5,000Interest expense 2,000Salaries expense 44,000Depreciation expense 29,000Electricity expense 5,000Interest expense 5,000Interest payable 25,000Commission Income 22,000Capital 1,254,000Drawing 10000Total 2,484,000 2,484,000Inventory Closing Rs. 50,000REQUIRED a) Prepare Income Statement for the year ended December 31, 2020.
Q3) A. The following information has been taken from the accounting records of Ahmed and Company in first and second period. Period Sales Profit 2019 $ 100,000 $15,000 2020 150,000 25,000 Calculate: 1) Sales required to earn a profit of $25,000 2) Profit when sales are $200,000
Q.4 From the following balances prepare Final Accounts as at 31st March, 2019: - Particulars ₹ Particulars ₹ Stock 1-4-2018 23,500 Freight In 1100 Purchases 46,800 Freight Out 3000 Sales 1,30,000 Rent (factory 1/3, Office 2/3) 7500 Productive Expenses 27000 Legal Expenses 800 Unproductive Expenses 5800 Miscellaneous Receipts 500 Trade Expenses 1200 Sundry Debtors 30,000 Returns In 6600 Sundry Creditors 16,100 Returns Out 2800 Donation 600 Loose Tools 7200 Bad Debts 4750 Trade Marks 5000 Bad Debts Recovered 4000 Discount Cr. 2100 Bank charges 2800 Salaries 9600 Loan on Mortgage 20,000 Fixed Deposit 10,000 Interest on Loan 2400 Cash in Hand 1300 Motor Vehicles 50,000 Leasehold Land 60,000 Capital 1,37,450 Life Insurance Premium 6000 12 marks Value of Closing Stock was ₹36,500 on 31st March, 2019.
PA10. LO 4.3Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). March 1, paid interest due on note, $2,500 December 31, interest accrued on note payable, $4,250