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Q: Financial Statement.. studocu.com StuDocu
A: The answer is stated below: Note: Answering the first three subparts as there are multiple…
Q: Define Notes payable.
A: Notes payable is a liability item in the balance sheet of an organization.
Q: Accounts receivable is
A: Account Receivable is classified as an Correct answer :- A. An Assets
Q: True (t) or False (f) ____ The matching principle states that debits mus equal credits in each…
A: Matching concept follows the accrual accounting concept of business.
Q: 01 : - What are Accounts Receivable — AR ? - What are Importance of Accounts Receivable ?
A: Accounts receivables form a significant part of the current assets of many organizations.
Q: Which term is associated with '' left'' or''left side'' a) Debit b) Credit
A: While preparing general ledger accounts in books, there are two sides of account. One is left side…
Q: preparing a balance sheet, interest receivable goes under what heading?
A: Balance sheet:It is one of financial statement which shows the assets, liabilities and shareholders’…
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A: The saving accounts contain compound interest charge on their balances which indicates the…
Q: What would the credit terms of “2/10, n/EOM” mean?
A:
Q: Define Sale of Receivables.
A: Sales: A sale refers to the operating activity through which the company earns income by selling…
Q: How to make balance sheet to balance
A: The financial statements of the business includes the income statement and balance sheet of the…
Q: What is the difference between ‘accounts payable (AP)’ and ‘accounts receivable (AR)’?
A: Credit Transaction: Under a credit transaction, the exchange of goods or services takes place where…
Q: the contra -asset of accounts receivable is
A: The contra assets of accounts are represented as the deductions from a gross account. The contra…
Q: Define Accounts payable.
A: Accounts payable refer to money owed by a entity to its creditors or suppliers from whom the entity…
Q: What is the invoice total (in $)?
A: Insurance on the invoice is $32.99
Q: Give an example of accounts receivable.
A: The account receivables are also known with the name of debtors. These are the values due to a firm…
Q: Determine if each statement represents the allowance (A) or direct write-off (DW) approach. On the…
A: The Answer
Q: Describe the relationship between debit balances and credit balances when it comes to “t graphs”?
A: T-graph or T-accounts: T-account is the form of the ledger account, where the journal entries are…
Q: Describe the accounting when there is a right of return.
A: The right of return entitles a customer to a full or partial refund of the amount paid or a credit…
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A: There are two most commonly used quantitative measured for valuing the assets of a company this are…
Q: al credit sales ts purchasing ivable has shi agement a ye
A: Receivables outstanding = 1710000×23/365= $107,753 Payables outstanding = 1710000×49.56%…
Q: Define Accounts receivable.
A: Assets: Assets are those items that provide value for money and future economic benefit for an…
Q: choose the correc a) The analysis of 1- Return on Equi 2- Receivable tur n
A: Ratios help in comparing firms' different components such as profitability, receivability,…
Q: Show the deposit slip of
A: Case -1 Deposit of Cash amounting to P 55000 Deposit Date ____July 8,20X1 Cash Name…
Q: nd de
A: The terms debit (DR) and credit (CR) have Latin roots: debit comes from the word debitum, meaning…
Q: How does account receivable work?
A: The term "account receivable" denotes that payment for previously completed work has yet to be…
Q: the Accumulated OCI included in the 12 O credit O debit 0 credit
A: Stockholders' equity refers remaining value of monetary remained at a company after it has sorted…
Q: Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are…
A: Option d is correct.
Q: Explain the term Transfers of Notes Receivable.
A: Note receivable: Note receivable refers to a written promise for the amounts to be received within a…
Q: Explain an example of balance sheet.
A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…
Q: 2. Differentiate pledging, assignment and factoring of receivable,
A: The receivables are referred to as the current assets of the company. These are the amounts that a…
Q: What is the difference between a PL and a balance sheet?
A: Balance sheet records the assets and liabilities of the firm at a point in time. P&L account or…
Q: Account for notesreceivable and interestrevenue
A: Notes Receivables: This records the promissory note’s value that is a promise in writing that one…
Q: Grill's Floori Allowance f receivable cchedu Hule of
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Description P.R. Debit Credit
A: Step 1 Journal is the part of Book keeping.
Q: revenue yable-bank yable (b) nclude two se 0% poto iccus
A: Current Liabilities:
Q: Define the term accounts receivable?
A:
Q: HOW DO YOU FIND NET CURRENT RECIEVABLES
A: The total amount of money owing to a corporation by its clients minus the money owing that will most…
Q: Define account receivable
A: The formula to compute accounts receivable turnover ratio as follows: Accounts receivable turnover…
Q: Dr. Receivables Cr. Purchases Dr. Sales Returns Cr. Receivables Dr. Sales Cr. Receivables Dr.…
A: The financial transactions are recorded in the form of journal entries. When a company purchases…
Q: Income fr
A: Assumptions :- 1] From…
Q: What is Accrued receivables?
A: Accruals:Accruals are the revenues that are earned but not received, and expenses that are incurred…
Q: Define accrual basis accounting and contrast it with cashbasis accounting.
A: Definition of Accrual basis of Accounting Accrual accounting means revenue and expenses are…
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- The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is asfollows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300,600 $ 337,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704,400 609,600Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,600 865,800Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,600 26,400Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 1,386,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980,000 $ 990,000Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . (397,200) (366,000)Equipment . . . . . . . . . . . . . . . . . . .…
- Selected accounts of Noteworthy Communications at December 31, 20X6, follow:Accounts payable $15,100 Lori Stone, capital $67,100Accounts receivable 6,600 Note payable, long-term 27,800Accumulated depreciation - equipment 37,800 Other assets 3,600Accumulated depreciation- computers 11,600 Other current liabilities 4,700Equipment 114,400 Prepaid insurance 1,100Cash 16,500 Prepaid rent 6,600Service revenue 93,500 Salary expense 24,600Computers 22,700 Salary payable 3,900Interest payable 600 Supplies 2,500Unearned service revenue 5,400Required:i) Prepare Noteworthy’s classified balance sheet in report form as at4December 31, 20X6. Show totals for total assets, total liabilities andowner’s equity.On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off. 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000.…On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off.Required:1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join for a 20% interest in…
- The Sky Blue Corporation has the following adjusted trial balance at December 31.Debit CreditCash $ 1,310Accounts Receivable 2,800Prepaid Insurance 3,100Notes Receivable (long-term) 3,800Equipment 16,000Accumulated Depreciation $ 4,200Accounts Payable 6,220Salaries and Wages Payable 1,400Income Taxes Payable 3,700Deferred Revenue 760Common Stock 3,200Retained Earnings 1,320Dividends 380Sales Revenue 49,230Rent Revenue 380Salaries and Wages Expense 23,200Depreciation Expense 2,100Utilities Expense 5,020Insurance Expense 2,200Rent Expense 6,800Income Tax Expense 3,700Total $ 70,410 $ 70,410How would you make the adjusted trial balance sheetCalculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earningsOn August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…
- Cash$ 9,000Depreciation expense$ 4,000Building98,000Wages expense45,000Accounts payable8,000Insurance expense3,000Services revenue60,000Supplies expense2,000Interest revenue5,000Utilities expense1,000 Use the following selected accounts and amounts with normal balances from Buildex Company’s adjusted trial balance to prepare its income statement for the year ended December 31. Hint: Not all accounts need to be used.Financial statementsThe assets and liabilities of Global Travel Agency on December 31, 20Y5.and its revenue and expenses for the year are as follows: Accounts payableAccounts receivableCashCommon stockFees earnedLandMiscellaneous expense Rent expenseSuppliesSupplies expenseUtilities expenseWages expense $ 108,000539,000200,000575,000940,0001,500,000$ 19,50056,0006,00012,70034,80415,000 Common stock was $525,000 and retained earnings was $1,250,000 as ofJanuary 1. 20Y5. During the year, additional common stock of $50,000was issued for cash, and dividends of $90,000 were paid. Instructions1. Prepare an income statement for the year ended December 31.20Y5.2. Prepare a statement of stockholders' equity for the year ended December 31. 2015.3. Prepare a balance sheet as of December 31, 20Y5.4. What items appears on both the statement of stockholders'equity and the balance sheet?The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3AssetsCash $443,240 $360,920Accounts receivable (net) 665,280 592,200Inventories 887,880 1,022,560Prepaid expenses 31,640 25,200Land 302,400 302,400Buildings 1,713,600 1,134,000Accumulated depreciation—buildings (466,200) (414,540)Machinery and equipment 781,200 781,200Accumulated depreciation—machinery and equipment…