Munirah Trading for the year ended 30 June 2022. Trial balance as at 30 June 2 Inventory at 1 July 2021 Sales Purchases Return inwards Return outwards Electricity charges Rental Dr (S) Cr (S) 5,000 148,600 2,400 700 8,300 176,000 3,600
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- Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.On an entity’s April 30,2021 balance sheet a note receivable was reported as a noncurrent asset and its accrued interest for eight months was reported as a current asset. Which of the following terms would fit the entity’s note receivable? A. Principal and interest are due December 31, 2021. B. Principal is due August 31,2022, and interest is due August 31, 2021, and August 31, 2022. C. Both principal and interest amounts are payable on December 31, 2021 and December 31, 2022. D. Both principal and interest amounts are payable on August31, 2021, and August 31, 2022.1. What amount of receivable would be shown by Cabana Company relating to the factoring transaction on January 31, 2021? Please include solutions. Thank you.
- Complete a Vertical analysis of the "Unearned revenue" account using the balance sheet as at 30/06/2021. Round the percentage change to one decimal placeWhat are the journal entries a-f and the effects on accounts receivable in the balance sheet for 2021?assume that at 30 June 2018:accounts receivable balance is $3543
- In the preceding problem, what is the carrying amount of the note payable on December 31, 2020? In the preceding problem, what is the equity of the assignor in assigned accounts on December 31, 2020?On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…what is the carrying amount of the note payable on December 31, 2020? what is the equity of the assignor in assigned accounts on December 31, 2020?
- The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 41,500Accounts Receivable 25,700Land 110,800Accounts Payable $ 15,300Notes Payable (due in 2 years) 30,000Common Stock 100,000Retained Earnings 32,700Totals $178,000 $178,000The following is a summary of the transactions for the year:1. January 12 Provide services to customers on account, $62,400.2. February 25 Provide services to customers for cash, $75,300.3 March 19 Collect on accounts receivable, $45,700.4. April 30 Issue shares of common stock in exchange for $30,000 cash.5. June 16 Purchase supplies on account, $12,100.6. July 7 Pay on accounts payable, $11,300.7. September 30 Pay salaries for employee work in the current year,…2) Outline the extracts of Trade Receivable at Statement of Financial Position as at 31 December 2020.FINANCIAL RATIO: Requirement: Compute for the following financial ratios for the year 2021 (round-off answers to two decimal places) f. Accounts receivable turnover (assume all sales are on credit) g. Days of receivable (use 365 days) h. Debt ratio i. Equity ratio j. Debt-to-equity ratio k. Gross profit ratio 1. Net profit ratio m. Return on assets n. Return on equity