Cash $ 92,000 Gerri Faber, Drawing $ 300,000 Accounts Receivable 450,000 Sales 8,925,000 Merchandise Inventory Estimated Returns Inventory 370,000 Cost of Merchandise Sold 5,620,000 5,000 Sales Salaries Expense 850,000 Office Supplies 10,000 Advertising Expense 420,000 Prepaid Insurance 12,000 Depreciation Expense- Office Equipment 220,000 Store Equipment 33,000 Accumulated Depreciation- Miscellaneous Selling Expense Office Salaries Expense 18,000 Office Equipment 58,000 540,000 Store Equipment Accumulated Depreciation- 650,000 Rent Expense Insurance Expense 48,000 24,000 Store Equipment 87,500 Depreciation Expense- 38,500 10,000 Accounts Payable 10,000 Office Equipment Office Supplies Expense Customer Refunds Payable 4,000 6,000 12,000 Salaries Payable 4,000 Miscellaneous Administrative Exp. Note Payable (final payment due 2032) Gerri Faber, Capital Interest Expense 140,000 431,000

Cash $ 92,000 Gerri Faber, Drawing $ 300,000 Accounts Receivable 450,000 Sales 8,925,000 Merchandise Inventory Estimated Returns Inventory 370,000 Cost of Merchandise Sold 5,620,000 5,000 Sales Salaries Expense 850,000 Office Supplies 10,000 Advertising Expense 420,000 Prepaid Insurance 12,000 Depreciation Expense- Office Equipment 220,000 Store Equipment 33,000 Accumulated Depreciation- Miscellaneous Selling Expense Office Salaries Expense 18,000 Office Equipment 58,000 540,000 Store Equipment Accumulated Depreciation- 650,000 Rent Expense Insurance Expense 48,000 24,000 Store Equipment 87,500 Depreciation Expense- 38,500 10,000 Accounts Payable 10,000 Office Equipment Office Supplies Expense Customer Refunds Payable 4,000 6,000 12,000 Salaries Payable 4,000 Miscellaneous Administrative Exp. Note Payable (final payment due 2032) Gerri Faber, Capital Interest Expense 140,000 431,000

Name: The following selected accounts and their current balances appear in t
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Description: The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, ass

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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Particulars Debit Credit CASH 100,000 INVENTORY 124,500 ACCOUNTS RECEIVABLES 12,000 SHORT TERM INVESTMENT 25,000 FURNITURE 100,000 BUILDING 500,000 UNEARNED REVENUE 27,000 ACCOUNTS PAYABLE 9,000 ACC.DEP.PLANT-FURNITURE 5,000 ACC.DEP.BUILDING 6,000 EQUITY 200,000 CONSULTANCY REVENUE 650,000 REPAIR EXPENSE 2,000 RENT EXPENSE 3,500 INSURANCE EXPSNES 1,000 OTHER GENERAL EXPNSE 1,200 UTILITY EXPENSE 6,000 SALARIES EXPENSE 10,000 INTEREST EXPENSE 800 DEPRECIATION EXPENSE 11,000 SALARIES PAYABLE 2,000 TOTAL 897,000 897000 Required Income Statement Statement of Owner’s Equity Balance Sheet
Accounts Receivable$ 21,000 Cost of Goods Sold215,000 Selling Expenses (includes depreciation)27,000 Interest Expense800 Accumulated Depreciation—Building33,000 Sales Discounts13,000 Unearned Service Revenue28,000 Inventory37,000 Administrative Expenses (includes depreciation)18,000 Sales Revenue330,000 Accounts Payable9,000 Interest Revenue600 Instructions: Using the data provided as appropriate, prepare a multiple-step income statement for Atlantic Department Store for the year ended December 31, 2012.
Instruction: make the statement of Financial Position The balances shown are as of December 31, 2021. Sales Returns and Allowances P11,000 Accounts Payable 100,000 Accounts Receivable 220,000 Merchandise Inventory, December 31, 2021 80,000 Cash 50,000 Freight-In 10,000 General and Administrative Expense 200,000 Merchandise Inventory, January 1, 2021 100,000 Mr. Ian Capital, Jan. 1, 2021 200,000 Accumulated Depreciation – Office Equipment 50,000 Net Income from Operation 200,000 Notes Payable 200,000 Office Equipment 220,000 Office Supplies 30,000 Prepaid Rent 100,000 Purchase Discounts 8,000 Sales Discounts 29,000 Purchase Returns and Allowances 2,000 Purchases 400,000 Sales 1,050,000 Mr Ian Drawings 50,000 Selling Expenses 190,000
110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable — 310 Lynn Tolley, Capital, June 1, 20Y6 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end…
110 Cash $ 63,600 112 Accounts Receivable 153,900 115 Merchandise Inventory 602,400 116 Prepaid Insurance 16,800 117 Store Supplies 11,400 123 Store Equipment 469,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Salaries Payable — 310 Rocky Hansen, Capital, August 1, 2009 555,300 311 Rocky Hansen, Drawing 135,000 312 Income Summary — 410 Sales 3,221,100 411 Sales Returns and Allowances 92,700 412 Sales Discounts 59,400 510 Cost of Merchandise Sold 1,623,000 520 Sales Salaries Expense 334,800 521 Advertising Expense 81,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 182,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800 South…
Sales . . . . . . . . . . . . . . . . . . . . . . . . $300,000Sales returns . . . . . . . . . . . . . . . . . . . 15,000Sales discounts . . . . . . . . . . . . . . . . . 4,500Beginning inventory . . . . . . . . . . . . . 25,000Purchases . . . . . . . . . . . . . . . . . . . . . 180,000Purchases returns and allowances . . . . 6,000Purchases discounts . . . . . . . . . . . . . 3,600Transportation-in . . . . . . . . . . . . . . . 11,000Gross profit from sales . . . . . . . . . . . 105,000Net income . . . . . . . . . . . . . . . . . . . 55,000 Required: Calculate the(a) total operating expenses,(b) cost of goods sold(c) ending inventory.
1.The following items were among those that appeared on Rubi Co.’s books at the end of 20X1:Merchandise inventory P600,000Loans to employees 20,000 What amount should Rubi classify as monetary assets in preparing constant peso financial statements? a.0b.20,000c. 600,000d.620,0002. The followimg assets were among those that appeared on Baird’s Co.’s books at the end of the year:Demand bank deposits P650,000Net Long-Term Receivables 400,000Patents and Trademarks 150,000 In preparing constant peso financial statements, how much should Baird classify as monetary assets?a.1,200,000b.1,050,000c.800,000d.650,000
Prepare a balance sheet Valley Company Adjusted Trial Balance Debit Credit Ending Merchandise inventory 41000 Other Assets (noninventory) 130,400 Total Liabilities 25,000 K. Valley, Capital 10,000 K. Valley, Withdrawals 8,000 Sales 225,600 Sales Discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense- Selling space 8,000 Store supplies expense 1,500 Advertising Expense 13,000 Office salaries expense 28,500 Rent expense – Office space 3,600 Office supplies expense 400 $355,150 $335,150 Additional Information The beginning merchandise inventory was $25,400 Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases…
Super Sound Company as at 31 Dec, 2015 TITLE OF ACCOUNTS DEBIT CREDIT Cash 145,000 A/c receivable 75,000 Plant 325,000 Selling expenses 12,500 Prepaid Rent 8,500 Other expenses 6,000 Office supplies expense 3,500 Interest expense 16,000 Mds. Inventory-Beg 27,800 Purchases 275,000 Transportation-in 22,000 Sales return 12,000 Equipment 500,000 Acc. dep-equipment 75,000 Acc. dep- plant 100,000 All for bad debts 12,000 Salaries expenses 65,000 Marketable securities 45,000 Sales revenue 695,000 Purchases return 1,800 Purchases discount 4,500 Commission income…
Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.00
Balances at beginning of 2018: Cash$16,900, Inventory 25,000 , Common stock 30,000 Retained earnings 11,900 Purchased inventory that cost $15,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $200 were paid in cash. Returned $800 of the inventory that it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost. Paid the amount due on its account payable to Ross Company within the cash discount period. Sold inventory that had cost $18,000 for $32,000 on account, under terms 2/10, n/45. Received merchandise returned from a customer. The merchandise originally cost $800 and was sold to the customer for $1,500 cash. The customer was paid $1,500 cash for the returned merchandise. Delivered goods FOB destination in Event 4. Freight costs of $140 were paid in cash. Collected the amount due on the account receivable within the discount period. Took a…
Beardom Gym Center Cash P150,000 Trading Investments 70,000 Receivables: Jan. 1 158,000 Dec. 31 225,000 Merchandise Inventory Jan. 1 250,000 Dec. 31 185,000 Current Liabilities 230,000 Cost of Goods Sold 2,750,000 Credit Sales 4,800,000 Calculate the following: 1. Inventory turnover 2. Receivable turnover 3. Average age of receivables Question; Is Beardom doing a good job in managing inventory and receivables? Explain.