Topic: Single entryRequirement: - Compute the expenses- Compute the gross sales- Compute the net income The ff data were made available from a single entry set of books of PETRA Trading ownedby Petra Diez and transactions for the current year:AssetsJan 1Dec 31Cash900,0001,200,000Notes Receivable270,000550,000Accounts Receivable1,200,0001,100,000Inventory900,000750,000Prepaid Expense30,00050,000Furniture and Equipment750,000900,000Total Assets4,050,0004,550,000LiabilitiesNotes payable400,000500,000Accounts payable850,000710,000Accrued expense50,00040.000Interest payable5,00015,000Unearned rent income20,00030,000Total Liabilities1,325,0001,295,000 The cash record of the current year showed the ff information:ReceiptsDisbursementsBalance, Jan 1900,000Accounts payable1,200,000Accounts Receivable2,150,000Notes payable950,000Notes Receivable750,000Cash purchases450,000Cash sales600,000Interest paid50,000Rent collection150,000Expense paid600,000Sales of equipment costing100,000Equipment purchased300,000150,000 - 50% depreciatedWithdrawals300,000Additional investment400,000Total5.050,000Total3,850,000Balance, Dec 311,200,000Additional Info:Sales returns and allowance granted to customers - 175,000Sales discounts granted to customers - 75,000Uncollectible accounts written off - 40,000Purchase discounts on accounts payable paid - 50,000

In a single entry system to compute the gross sales and net incomes the following work is needed to…

The ff data were made available from a single entry set of books of PETRA Trading owned by Petra Diez and transactions for the current year: Assets Jan 1 Dec 31 Cash 900,000 1,200,000 Notes Receivable 270,000 550,000 Accounts Receivable 1,200,000 1,100,000 Inventory Prepaid Expense Furniture and Equipment 900,000 750,000 30,000 50,000 750,000 900,000 Total Assets 4,050,000 4,550,000 Liabilities Notes payable 400,000 500,000 Accounts payable 850,000 710,000 Accrued expense Interest payable 50,000 40,000 5,000 15,000 Unearned rent income 20,000 30,000 Total Liabilities 1,325,000 1,295,000

The ff data were made available from a single entry set of books of PETRA Trading owned by Petra Diez and transactions for the current year: Assets Jan 1 Dec 31 Cash 900,000 1,200,000 Notes Receivable 270,000 550,000 Accounts Receivable 1,200,000 1,100,000 Inventory Prepaid Expense Furniture and Equipment 900,000 750,000 30,000 50,000 750,000 900,000 Total Assets 4,050,000 4,550,000 Liabilities Notes payable 400,000 500,000 Accounts payable 850,000 710,000 Accrued expense Interest payable 50,000 40,000 5,000 15,000 Unearned rent income 20,000 30,000 Total Liabilities 1,325,000 1,295,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.6E

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