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- You are given the following account balances as at year-end: Accounts Receivable: ₱36,000 Accumulated Depreciation – Store Furniture and Equipment: ₱13,750 Allowance for Doubtful Accounts: ₱19,000 Cash: ₱126,694 Depreciation Expense – Store Furniture and Equipment: ₱5,500 Doubtful Accounts Expense: ₱11,000 Merchandise Inventory: ₱24,237 Office Supplies: ₱5,094 Store Furniture and Equipment: ₱44,000 Store Supplies: ₱9,996 How much is total assets at year-end?View the data below and then answer the question below: Company Name: WaitRose Sales - $2,100 (20% cash, 80% credit) Inventory - $750 Depreciation - $1,500 Plant & Equipment - $2,000 Accounts Receivable - $225 Notes Payable - $165 Question: What is the average collection period for the year for Waitrose? (show your work and explain)Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account. The goods cost your company $155 and were paid for in a previous period. Your company also recorded salaries and wages of $145, of which only $45 has been paid in cash. How would I record the following activities in the journal?
- Devan Co. began the year with $500 in office supplies. During the year, Devan used $2,800 worth of additional supplies. At the end of the year, Devan had $1,200 worth of supplies remaining. How many supplies did Devan purchase during the year?Fisher Inc. paid a $1,500 utility bill with cash. Which of the following journal entries is recorded correctly?Suppose that an organization purchased $800 in supplies to be placed in inventory with cash of $500 and $300 remaining on credit, record the appropriate journal entry.
- Suppose your company sells goods for $300, of which $200 is received in cash and $100 is on account. The goods cost your company $125 and were paid for in a previous period. Your company also recorded salaries and wages of $70, of which only $30 has been paid in cash. prepare journal entries a) Record the sales revenue of $200 for cash and $100 on account and record the cost of goods sold of $125 using one journal entry. b) Record the salaries and wages expense of $70.The Income Statement and Balance Sheet columns below are from the work sheet of the Mandle Company for the year ended December 31, 20--. Mandle CompanyWork Sheet (partial)For the year ended December 31, 20-- Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash 24,000 Accounts Receivable 12,500 Merchandise Inventory 8,000 Store Supplies 550 Office Supplies 1,200 Prepaid Insurance 750 Store Equipment 33,000 Accumulated Depreciation—Store Equipment 19,000 Office Equipment 9,000 Accumulated Depreciation—Office Equipment 5,000 Accounts Payable 9,900 Salaries Payable 200 Long-Term Notes Payable 18,000 H. Mandle, Capital 45,300 H. Mandle, Drawing 16,000 Income Summary 8,500 8,000 Sales 31,000 Sales Returns and…The Income Statement and Balance Sheet columns below are from the work sheet of the Mandle Company for the year ended December 31, 20--. Mandle CompanyWork Sheet (partial)For the year ended December 31, 20-- Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash 24,000 Accounts Receivable 12,500 Merchandise Inventory 8,000 Store Supplies 550 Office Supplies 1,200 Prepaid Insurance 750 Store Equipment 33,000 Accumulated Depreciation—Store Equipment 19,000 Office Equipment 9,000 Accumulated Depreciation—Office Equipment 5,000 Accounts Payable 9,900 Salaries Payable 200 Long-Term Notes Payable 18,000 H. Mandle, Capital 45,300 H. Mandle, Drawing 16,000 Income Summary 8,500 8,000 Sales 31,000 Sales Returns and…
- Yang & Min Inc. is a retailer of contemporary furniture. You are told that Yang & Min’s ending inventory is $200,000 and its cost of goods sold is $500,000. Yang & Min had $100,000 of inventory at the beginning of the year. What was the dollar amount of goods purchased by Yang & Min during the year?March 31, 2018, the balances of the accounts appearing in the ledger of RoyalFurnishings Company, a furniture wholesaler, are as follows:Accounts Receivable $ 170,000Accumulated Depreciation—Building 750,000Administrative Expenses 435,000Building 3,500,000Cash 80,000Common Stock 300,000Cost of Goods Sold 5,500,000Dividends 175,000Interest Expense 15,000Inventory $ 980,000Notes Payable 250,000Office Supplies 20,000Retained Earnings 1,987,000Salaries Payable 8,000Sales 8,245,000Selling Expenses 575,000ore Supplies 90,000A. Prepare a multiple-step income statement for the year ended March 31, 2018.B. Compare the major advantages and disadvantages of the multiple-step and singleAt year end,Elliott counted the office supplies on hand,which amounted to $1500.The firm had $900 of supplies on hand at the start of the year, and had purchased $600 of supplies during the year.What was the total office supplies expense for the year？