This is Ben’s budget. Use his budget to determine the answer to the following question:Scenario: Suppose Ben wants to buy a house for $251,599.Calculate his 20% down payment for this home. Monthly IncomeMonthly ExpensesITEMJAMOUNTITEM]Column1|AMOUNTIncome Source 1$2.000.00Rent$800.00Cell phone$100.00Groceries$200.00Car payment$273.00Auto expenses$120.00Student loans$250.00Credit cards$100.00Auto Insurance$78.00Personal care$50.00Entertainment$100.00Miscellaneous$50.00

Down Payment: A down payment is a cash given in advance for a financial transaction, such as the…

Answered: This is Ben’s budget. Use his budget to…

This is Ben’s budget. Use his budget to determine the answer to the following question: Scenario: Suppose Ben wants to buy a house for $251,599. Calculate his 20% down payment for this home.

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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Q3: Following is the trial balance of Dhofar Company for the year ended 31st December 2020: Account Debit Credit Owners Equity 48000 Accounts Receivable 17000 Accounts Payable 20000 Notes Payable 4000 Notes Receivable 22000 Bank 38000 4000 Salary expenses 24000 Rent 9000 3000 Insurance expenses 6000 Other Income 14000 Machinery 52000 Buildings 63000 Loan 38000 Sales 194000 Purchases 44000 Sales Return 5000 Purchase Return 24000 Opening Stock 69000 Total 349000 349000 Other information is given: Closing stock is 12000 OMR. Depreciation charges for Building is 10% and Machinery is 20% Required: Income statement as on 31.12.2020 Balance sheet as on 31.12.2020
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
balane Q5: The following comparable balance sheet for Ibrahim Stores for the year ended Dec.31, 2012. Dec. 31, 2012 84,500 21,000 Jan.1, 2012 33,000 Accounts Cash Notes receivable Accounts receivable 20,000 000' 160,000 95,000 Enventory Prepaid expenses Short term investment 000'OSI 000'01 000'01 000'7I 000'0F Building & Equipment (net) Total Assets 000'071 000'001 490,500 439,000 Accounts payable Interest payable Expenses payable Bonds payable Capital Retained earning Total liabilities & owners' equity 000'SEI 006 000 000'os 000'E 200,000 52,000 439,000 280,000 73,600 490,500 An analysis of cash receipts and disbursements discloses the following: keceipts New capital investment Disbursement Trade creditor - 210,000 $ $ 0000$ Accounts Pay. Trade debtors - Notes and səsuədx accounts Cash sales N/R discounted - Face value 19,500 Dividends Equipment 28,000 000'0 00007 Note issued to bank Bonds 50,000 Sales of investment 25,000 Required: 1) Prepare an income statement supported by…
eBook Question Content Area Ratio Analysis The following information was taken from Nash Inc.’s December 31st trial balances for this year and the previous year. This Year Previous Year Accounts receivable $32,000 $39,000 Accounts payable 47,000 36,000 Sales 219,000 128,000 Sales returns 4,000 2,300 Retained earnings 47,000 16,000 Dividends declared and paid 5,000 1,000 Net income 36,000 9,000 Required: 1. Calculate the net profit margin and accounts receivable turnover for the this year. Assume a 365-day year. Round your answers to two decimal places. This Year Net profit margin fill in the blank 1% Accounts receivable turnover fill in the blank 2 2. How much profit does Nash make on each sales dollar? Round your answer to two decimal places.3. How many days does the average receivable take, in a 365 year, to be paid (assuming all sales are on account)? Round your answer to nearest whole day.
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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
Q3 Form the trial balance given below for Star Ltd. Prepare final accounts for the year ending 30 June 2020. Show all the relevant workings. Star Ltd has the following trial balance as at 30th June 2020 RO RO Sales / Revenue 2,452,050 Purchases 1,360,000 Furniture 601,600 Furniture accumulated Depreciation as at 1 July 2019 232,000 Inventory at 1 July 2019 299,200 Cash at Bank 437,750 Debtors 973,350 Creditors 677,025 Buildings 1,995,000 Buildings Accumulated Depreciation as at 1 July 2019 1,218,000 Marketing overheads 221,400 Directors fees 24,800 Insurance 59,800 Finance cost 5,850 Selling and Distribution costs 1,825 Retained earnings as at 1 July 2019 276,500 Equity Shares at 1 July 2019 1,125,000 TOTAL 5,980,575 5,980,575 The following information is also available:- a) Closing Inventory…
We prepared the statements for Quarter 1 (Q1) in class. Prepare the statements for Q2(April 1 –June30). Show your work on the next page. XYZ Company PRO FORMA Quarterly Income Statements Q1 Q2 Sales $165,000 Cost of goods sold 115,500 Gross profit 49,500 Operating expenses 138,000 Depreciation expense 131,250 Income before interest &taxes (219,750) Interest expense 25,000 Income before taxes (244,750) Income tax (expense)/recovery 122,375 Net Income $(122,375) PRO FORMA Quarterly Balance…
ASAP!! ANSWER The following is the trial balance of Shah Latif & Co. on March 31, 2011Cash Rs. 20,000 Accounts Payable Rs. 30,000Accounts Receivable Rs. 50,000 Salaries Payable Rs. 15,000Merchandise inventory Rs. 60,000 Bank loan Rs. 25,000Equipment Rs. 40,000 Capital Rs. 100,000The following transactions were performed during first fortnight of April:Apr 05 Paid outstanding salaries06 Collected 1/2 of accounts receivable.07 Sold merchandise for cash Rs.20,000 and on account Rs.30,00010 Paid 1/3 of the accounts payable.14 Made additional investment depositing cash into the bank Rs.25,000.Requireda. Prepare the ledgers with opening balances on April 01. b. Prepare Trial balance
Q3: The worksheet of the Ford Motor service Company LLC as follows. Ford Motor service Company LLC Worksheet (partial) for the year ended December 31, 2019 Account Title/Ledger Balance Adjusted Trial Balance Debit Credit Cash 56000 Accounts Receivables 64300 Supplies 23000 Prepaid Insurance 14500 Equipment 660000 Notes Payable 235400 Accounts Payable 57000 Capital 420000 Drawings 15000 Service Revenue 160400 Salaries Expenses 24000 Rent Expenses 16000 872800 872800 Instruction Journalize the closing entries at December 31, 2019 Post the closing entries to “Income Summary” and “Capital” by using “T” accounts (a)Journal Entries Date Account Ref. Debit Credit (b). “T”…
Magic Styles, Inc.Unadjusted Trial BalanceAt March 31, 2023Cash $ 18,000.00Prepaid Insurance $ 600.00Prepaid Rent $ 7,300.00Equipment $ 9,700.00Furniture and Fixtures $ 9,700.00Accounts Payable $ 10,800.00Deferred Revenue $ 400.00Notes Payable Long-term) $ 20,000.00Common Stock $ 10,000.00Retained Earnings, February 28, 2023 $ 2,100.00Dividends $ 300.00Service Revenue $ 12,300.00Supplies Expense $ 5,500.00Salaries and Wages $ 3,200.00Utilities Expense $ 700.00Rent Expense $ 600.00TOTAL $ 55,600.00 $ 55,600.00Required:Based on the unadjusted trial balance of Magic Styles, Inc. above, you are required to prepare/write thefollowing:1) An income statement 2) A statement of retained earnings 3) Balance Sheet 4) A paragraph stating your evaluation of the company’s performance and financial status for themonth ending March 31, 2023. In your evaluation, state whether:* the business is profitable;* it is able to pay its current obligations/liabilities; and* its assets are financed more by debts…
Maria's Beauty SpaAdjusted Trial BalanceJune 30, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Cash 11,185.00 Accounts Receivable 750.00 Supplies 220.00 Prepaid Insurance 500.00 Accounts Payable 150.00 Maria Costa, Capital 10,520.00 Maria Costa, Drawing 1,200.00 Income from Spa Services 7,500.00 Wages Expense 2,620.00 Rent Expense 700.00 Telephone Expense 65.00 Supplies Expense 585.00 Miscellaneous Expense 345.00 18,170.00 18,170.00 Prepare a post-closing trial balance for Maria’s Beauty Spa. List all the accounts in the proper order as described in the textbook. If an amount box does not require an entry, leave it blank.