On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $443,000 Administrative Expenses 534,000 Building 984,000 Cash 95,000 Cost of Merchandise Sold 941,000 Interest Expense 7,000 Merchandise Inventory 140,000 Notes Payable 121,000 Peter Bronsky, Capital 644,000 Peter Bronsky, Drawing 18,000 Sales 1,745,000 Sales Tax Payable 4,500 Selling Expenses 194,000 Store Supplies 19,000 Store Supplies Expense 25,500   Required:   Prepare the July 31, 20Y7, closing entries for Yang Interiors Company. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. For journal closing entries, has only 9 usable slots, no more.

The following five transactions occurred in 2018: First purchase (cash) 150 units @ $155 Second purchase (cash) 160 units @ $160 Sales (all cash) 410 units @ $320 Paid $38,000 cash for salaries expense Paid cash for income tax at the rate of 25 percent of income before taxes What is weighted average cost of goods sold, ending inventory, and income tax expenses amount?

Using the following information: a. Beginning cash balance on March 1, $80,00. b. Cash receipts from sales, $306,000. c. Cash payments for direct materials, $135,000. d. Cash payments for direct labor, $73,000. e. Cash payments for overhead, $41,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $110 (1% of beginning loan balance of $11,000) h. Cash repayment of loan, $11,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Loan activity Loan balance, end of month D-pptx A Presentation3.pptx 1 Jarvis CST 141.00...pptx A Musical Theatre Hi...ppt re to search

The following are taken from the records of ABC Company for the year ended December 31, 20X2: Debit Credit P764,985 Sales Purchase discount 8,200 Purchase returns and allowances 5,465 Purchases 459,990 Freight-in 9,180 Sales discount 13,300 Sales returns and allowances 5,455 Depreciation expense Amortization expense 25,000 10,000 Salaries expense 80,000 Utilities expense 55,000 Advertising expense 35,000 Rent expense 60,000 Interest income 5,444 Interest expense 5,677 Gain on sale of PPE 5,465 Bad debts expense ??? Based on actual physical count, inventory balance are as follows: January 1, 20X2 P25,455 December 31, 20X2 P20,765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: a. Net sales b. Net purchases Chapter 2: Statement of Comprehensive Income 55 C. Cost of goods sold d. Bad debts expense 2. Prepare a nature of expense SCI. 3. Prepare a function of expense SCI. Additional information:…

Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $61,700 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $38,720. B. Paid $40,670 to the state sales tax department for taxes collected. CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends   REVENUE 410 Sales…

York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of…

The following information is available for the Johnson Corporation:          Beginning inventory $ 25,000   Inventory purchases (on account)   155,000   Freight charges on purchases (paid in cash)   10,000   Inventory returned to suppliers (for credit)   12,000   Ending inventory   30,000   Sales (on account)   250,000   Cost of inventory sold   148,000      Required:Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Record merchandise purchased on account for $155,000. Record the payment of $10,000 in cash for freight charges. Record merchandise returned to supplier for credit of $12,000.   Record sales on account of $250,000. Record cost of merchandise sold of $148,000. Record the end-of-period adjusting entry. Ending inventory is $30,000.

The accounts payable balance at the beginning of the year was $98,000. The company purchased $445,000 worth of goods on account, and the ending balance of the payables account was $135,000. What were the total payments on account? Multiple Choice $548,000 $463,000 $408.000 $478.000

The following items were among those that appeared on Rubi Co.’s books at the end of year 1: Merchandise inventory P600,000; Loans to employees 20,000. What amount should Rubi classify as monetary assets in preparing constant peso financial statements?   P0 P 20,000 P600,000 P620,000

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