Trial Balance December 31 Debit Credit Cash Accounts receivable Merchandise inventory Prepaid insurance Store equipment $14,000 27,000 15,000 2,500 15,000
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- Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on the liquidity metric working capital and profitability metric gross profit percent. Indicate the gross profit percent for each sale (rounding to one decimal place) in parentheses next to the effect of the sale on the company’s ability to attain an overall gross profit percent of 30%.( Appendix 5A) Sales Discounts Ramsden Inc. provided consulting services with a gross price of $25,000 and terms of 2/10, n/30. Required: 1. Prepare the necessary journal entries to record the sale under the gross method. 2. Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays within 10 days. 3. Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays after 10 days.Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 5,280 Accounts Receivable 12 2,110 Prepaid Expenses 13 671 Equipment 18 13,997 Accumulated Depreciation 19 1,252 Accounts Payable 21 1,586 Notes Payable 22 5,638 Bob Steely, Capital 31 10,985 Bob Steely, Drawing 32 930 Fees Earned 41 7,139 Wages Expense 51 2,128 Rent Expense 52 867 Utilities Expense 53 315 Depreciation Expense 54 239 Miscellaneous Expense 59 63 Totals 26,600 26,600 Use the adjusted trial balance for Stockton Company. Determine the current assets
- Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 5,558 Accounts Receivable 12 2,988 Prepaid Expenses 13 664 Equipment 18 15,797 Accumulated Depreciation 19 1,451 Accounts Payable 21 1,522 Notes Payable 22 4,036 Bob Steely, Capital 31 15,392 Bob Steely, Drawing 32 649 Fees Earned 41 7,798 Wages Expense 51 2,949 Rent Expense 52 826 Utilities Expense 53 493 Depreciation Expense 54 213 Miscellaneous Expense 59 62 Totals 30,199 30,199 Use the adjusted trial balance for Stockton Company. Determine the total assets.T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.32. Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,912 Accounts Receivable 12 2,948 Prepaid Expenses 13 689 Equipment 18 14,440 Accumulated Depreciation 19 1,203 Accounts Payable 21 1,683 Notes Payable 22 5,756 Bob Steely, Capital 31 14,457 Bob Steely, Drawing 32 732 Fees Earned 41 6,268 Wages Expense 51 2,243 Rent Expense 52 796 Utilities Expense 53 383 Depreciation Expense 54 161 Miscellaneous Expense 59 63 Totals 29,367 29,367 Use the adjusted trial balance for Stockton Company. Determine the current assets. a.$29,367 b.$10,549 c.$23,786 d.$9,860
- Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…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 31Miller CompanyAdjusted Trial BalanceDecember 31 Line Item Description Debit Credit Cash 8,130 Accounts Receivable 3,300 Prepaid Expenses 2,750 Equipment 10,400 Accumulated Depreciation 2,200 Accounts Payable 2,700 Notes Payable 1,000 Common Stock 9,200 Retained Earnings 2,000 Dividends 4,870 Fees Earned 36,600 Wages Expense 12,450 Rent Expense 4,900 Utilities Expense 3,475 Depreciation Expense 2,150 Miscellaneous Expense 1,275 Total 53,700 53,700 Question Content Area Journalize the closing entries. If an amount box does not require an entry, leave it blank.
- Miller CompanyAdjusted Trial BalanceDecember 31 Line Item Description Debit Credit Cash 8,130 Accounts Receivable 3,300 Prepaid Expenses 2,750 Equipment 10,400 Accumulated Depreciation 2,200 Accounts Payable 2,700 Notes Payable 1,000 Common Stock 9,200 Retained Earnings 2,000 Dividends 4,870 Fees Earned 36,600 Wages Expense 12,450 Rent Expense 4,900 Utilities Expense 3,475 Depreciation Expense 2,150 Miscellaneous Expense 1,275 Total 53,700 53,700 Question Content Area Journalize the closing entries. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Accounts ReceivableCashFees EarnedSalary ExpenseSupplies - Select - - Select - Accounts ReceivableCashCommon StockWages ExpenseSupplies - Select - - Select - Accounts ReceivableCashCommon StockRent ExpenseSupplies - Select - - Select - Accounts ReceivableCashCommon StockUtilities ExpenseSupplies -…Effect of the error # 3 for the year 2020 Answer the ff: O-Overstated U-Understated X-No effect Purchases Cost of Sales Net income Inventory Accounts Payable RE before closing RE after closingQuestion 4 a) You have collected the following information for Fishy Berhad. Item Beginning Ending Inventory RM20,700 RM43,00 Account rceivable RM9,900 RM11,500 Account payable RM16,500 RM22,700 Other information provided are credit sales RM210,000 and cost of goods sold RM198,000. Calculate: i) Operating cycle ii) Cash cycle
