The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT CREDIT P764,985 8,200 5,465 Sales Purchase DisCount Purchase Returns and allowances Purchases Freight-in Sales discount Sales returns and allowances Depreciation Expense Amortization expense Salaries Expense Utilities Expense Advertising Expense Rent Expense 459,990 9,180 13,300 5,455 25,000 10,000 80,000 55,000 35,000 60,000 Interest Inco
Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…
A: 1. Gross profit Amount $ Sales Sales…
Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…
A: The income statement is one of the essential parts of the financial statements used for reporting…
Q: For the next seven (6) items, use the information below: Debit Credit Account Title Sales Sales…
A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…
Q: net sales from the above transactions? 12. Silver Co. sold merchandise to Bronze Co. on account,…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Karla Company provided the following information for the current year: Purchases Purchase returns…
A: A firm, at the end of the period, prepares financial statements in which income statement is…
Q: Stockton Company sold goods on account with a sales price of $70,000 on August 17. The terms of the…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: Presented below are transactions related to Oriole Company. 1. On December 3, Oriole Company sold $…
A: Sales discount = net sales x discount rate = (576,200-24,900 ) * 4% = $22,052
Q: 1. During the year, Fall Company purchased merchandise having a gross invoice cost of P1,000,000.…
A: There are different methods of recording the inventory transaction.
Q: The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10,…
A: a.Calculate the requirement of cash to pay the merchandise purchased on account during the discount…
Q: A company purchased $9,500 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it…
A: Net Purchase = Purchase - purchase return = $9500 - 475 = $9,025
Q: The records of a business show the following information. Sales, p724,200; Sales discounts, P10,000;…
A: Net sales in the business means sales revenue of the business after deducting sales discounts and…
Q: A Company purchased P3,600 of merchandise on account, terms 2/10, n/30. If payment was made after…
A: Purchase price = P 3600 Payment after expiration of the discount period
Q: The following information were found from the records of FDN Company: Net Purchases = P90,000…
A: The discount can be of different types as trade discount and cash discount. The trade discount is…
Q: statement of 2 companies: Company ABC…
A: Inventory turnover ratio = Cost of good sold / Average inventory = $1709406/356394 = 4.8 times
Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT…
A: Hi student Since there are multiple subparts, we will answer only three subparts.
Q: The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold…
A: Perpetual Inventory System: The perpetual inventory system involves tracking inventory after every,…
Q: Year Ended December 31, Debit Credit Cash $ 624,500 Accounts Receivable 100,233 465,099 277,340…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: The following were selected from among the transactions completed by Babcock Company during November…
A: Please find the answers to the above questions below:
Q: how do i prepare the journal entry ? Assume that Sunland Company received the balance due from…
A: Credit terms 2/10, n/30 means customer will get discount of 2%, if payment is made within 10 days of…
Q: Silver Co. sold merchandise to Bronze Co. on account, P23,000, terms 2/15, ne 45. The cost of the…
A: The amount of a company's gross sales minus returns, allowances, and discounts is known as net…
Q: The following were selected from among the transactions completed by Harrison Company during…
A: Journal Entries: A Journal entry is a record of the business transactions within the accounting…
Q: The following infomation provided by ABC compaies. a of Deceaber31, 2019 Acconnts Tetal Sales Revme…
A: Accounting is the process of recording, classifying, and summarizing accounting information. On the…
Q: The following is a listing of some of the balance sheet accounts and all of the income statement…
A: Solution: Net Sales revenue = Sales revenue -Sales discounts - sales returns and allowances =…
Q: Below are some of the account balances of FDN Company. Purchases P 1,256,500 Purchase returns and…
A: Ans. The cost of goods available for sale refers to the amount of cost of goods that can be sold by…
Q: Answer the following questions by using the following data taken from the financial statement of 2…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: T-Mart reported the following amounts at the end of the year: Total sales = $650,000; sales…
A: Net sales is the amount of sales after adjusting sales returns, sales allowances and sales discount.…
Q: Record these business transactions in debit and credit format a) The Company purchased Inventory on…
A: Allowance for doubtful account is created to record bad debt under allowance method, and it is a…
Q: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account…
A: Journal refers to an account in which all the financial transactions occurred in the business are…
Q: pare the nature of expense SCI for the following accounts below: Account titles Balance…
A: solution : nature of expense statement of comprehensive income is prepared below Revenue…
Q: On October 12, Equipment Incorporated sells $53,000 worth of equipment on account to a credit…
A:
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: During the month of February 2021, the following transactions ocurred: Feb 1 Collected 113,00 from…
A: Journal entry means recording of transactions on basis of double entry system.
Q: Bramble Corp. made a $26200 sale on account with the following terms: 3/10, n/30. If the company…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…
A: Accounts receivable = Selling price- discount = $11300-($11300×2%) =$ 11300 -$226 =$11074
Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The following information applies to the Grady Company for the current year: Purchases of…
A: We have the following information: Purchases of merchandise for resale: $300,000 Merchandise…
Q: Based on the following information provwded by Max Trading Company on December 31, 200C, the end of…
A: Gross profit is calculated by subtracting the Total cost of goods sold from the Net sales. Gross…
Q: PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTION
A: Income statement and statement of owner's equity are the financial statements which are prepared for…
Q: On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of…
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: Sara’s Market recorded the following events involving a recent purchase of merchandise: Received…
A: The purchase of merchandise is recorded at the cost less return less discount plus freight paid.
Q: Account titles Balance Account titles Balance P 5,555 13,300 Sales retum Sales P 800,050 Purchases…
A: Hi student Since there are multiple questions, we will answer only first three subparts.
Q: Based on the following selected accounts provided to you by the chief accountant of Barbi Traders: P…
A: Trial Balance: Trial balance is a statement in which the ending balance of ledger accounts are…
Q: American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus…
A: Sales Return - Sales Return is the sales made by the company due to some defect or quality issue…
Q: Assume the following information: merchandise is sold on account to customer for P120,000, FOB…
A: Under FOB Shipping arrangement, the responsibility of seller is to deliver the goods to the shipping…
Q: Oppenheimer Company purchased merchandise on account from a supplier for $13,400, terms 1/10, n/30.…
A: Net purchases = Purchases - purchase return = $13400 - 1700 = $11,700
Q: You were given the following data for the VIDA Trading Company as of April 30, 201A: Sales P155 000…
A: Income statement forms a part of financial statements of an entity and is prepared with a view to…
Q: Donovan Inc., a retail store chain, had the following information in its general ledger for the year…
A: Inventoriable costs: Inventoriable cost or Product costs are the costs which are incurred in the…
Please answer all. thankyou
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Linens considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Complete the following 2019 comparative income statements for 2019, showing net income changes as a result of the changes to the balance sheet aging method categories. D. Describe the categories change effect on net income and accounts receivable.The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…
- The following are extracts from the financial records of ABC Ltd for the year ended31 August 2021.ABC LtdExtract from the Statement of financial statement as at 31 August 2021 31 August 2021 - R 30 August 2020 - R Bank Inventories - Trade Goods Trade Recievables Trade payables Prepaid Expenses Prepaid Expenses Accrued Expenses; interest Accrued Expenses; other SARS - income tax payable Dividens payable 50000 22000 77000 44000 1800 1000 5700 8000 1500 20000 30000 69000 46000 1200 2400 4400 3000 2700 ABC LtdExtract from the Statement of profit or loss and other comprehensive incomefor the year ended 31 August 2021 Sales 592000 Cost of sales (301000 Gross profit 291000 Profit on sale of Equipment 9000 Depreciation 41000 Interest Expense 2600 Income tax expense 15200 Profit for the year 110300 Additional information: 1. The dividends declared for the current year is R2 400 Required:Prepare only the “Cash flows from operating activities” section…Presented below are certain account balances of Novak Products Co. Rent revenue $7,170 Sales discounts $8,240 Interest expense 13,450 Selling expenses 99,740 Beginning retained earnings 114,990 Sales revenue 401,100 Ending retained earnings 134,490 Income tax expense 26,796 Dividend revenue 71,710 Cost of goods sold 166,306 Sales returns and allowances 12,750 Administrative expenses 84,010 Allocation to noncontrolling interest 20,840 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Novak has allocation to noncontrolling interest of $20,840. (a) Total net revenue ($enter total net revenue in dollars) (b) Net income ($enter net income in dollars) (c) Income attributable to controlling stockholders ($enter income attributable to controlling stockholders in dollars)The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…
- The accounting records of Colton Industries, Inc., provided the data below for the year ended December31, 2020:Sales $1,000,000Cost of goods sold 500,000Depreciation expense 15,000Insurance expense 6,000Selling, general and administrative expenses 140,000Interest expense 20,000Income tax expense 125,000Net income 194,000Decrease in inventory 2,000Increase in accounts receivable 1,400Amortization of bond discount 5,000Decrease in prepaid insurance 300Cash dividends paid 20,000Required: In good form, prepare the operating activities section of the statement of cash flows for 2020using the indirect method.During 2021, Jerry Inc. has the following account balances in Income Statement: Sales P 1,630,245, Cost of Sales P 646,788, Selling Expense P 235,500, Administrative Expense P 114,766, Other Expense P 57,146, Tax Expense P 200,400 and Other Revenue P 65,810. How much is the net income? a. P 414,454b. P 414,455c. P 441,455d. P 441,445Milford Company uses the percent-of-sales method to estimate uncollectibles. Netcredit sales for the current year amount to $140,000, and management estimates 2% will beuncollectible. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $3,000. The amount of expense to report on the income statement will bea. $1,500.b. $2,800.c. $8,400.d. $5,800.Q5-46. Refer to Q5-45. The balance of Allowance for Uncollectible Accounts, after adjustment, will bea. $5,200.b. $5,800.c. $1,500.d. $2,800.
- Milford Company uses the percent-of-sales method to estimate uncollectibles. Netcredit sales for the current year amount to $140,000, and management estimates 2% will beuncollectible. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $3,000. The amount of expense to report on the income statement will bea. $1,500.b. $2,800.c. $8,400.d. $5,800.These are some information for the balance sheet as of December 31, 2019 of MUST Corp.Accounts payable, consisting of purchase of goods, P278,000 and cost of goods received on consignment of P22,000,total P300,000Income tax due for 2019, (due and paid in the three (3) quarters of 2019, P87,500) 122,500Stock dividends payable 60,000Accrued expenses 7,800Reserve for contingencies 20,000Overdraft in Security Bank checking account 6,200Based on the above information, how much is the total liabilities to be reported in the balance sheet as of December 31,2019 of MUST Corp.?Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing? 8. Using the information provided, compute the change in operating working captial