Managerial Accounting
7th Edition
ISBN: 9781260247886
Author: Wild
Publisher: MCG
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Textbook Question
Chapter D, Problem 16E
Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s records show the following selected accounts and amounts for the month of August. Use this information to prepare an August income statement for the business
Exercise D-16
Preparing an income statement C3 P3
Check Net income, $10,470
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Question-Specific Notes:
you are given a role in a scenario, that of preparing an income statement for DL Enterprises for the month ending July 31, 20X8. The DL Enterprises info below may help you with the task of categorizing items.
QUESTION:
For each independent situation below calculate the missing values
Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you as
an Accounting Officer. As per job description, you are required to assist in the preparation of the
financial statements. The Accounts Manager has extracted a list of balances as at December 2021
for you to review.
Revenue
7 600 010
Administrative Expenses
2 300 000
Distribution Costs
980 231
Interest paid on loan
Purchases
125 000
4 500 330
1 018 900
Inventories at 1 January 2021
Trade receivables
630 340
Provision for doubtful debts at Jan 2021
19 634
Bad debts
70 110
Non- current Investment
300 900
Additional notes
i.
Provide for Administrative Expenses of $500 000 paid in advance at 31 December 2021
and Distribution Costs of $50 528 owing at 31 December 2021
Provision for Doubtful Debts is to be maintained at 10% of receivables
ii.
iii. Inventories at 31 December 2021 were valued at $1 000 000
iv. Provide for corporation tax of S80 000 which is payable on October 1, 2022
Loan interest…
Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you as
an Accounting Officer. As per job description, you are required to assist in the preparation of the
financial statements. The Accounts Manager has extracted a list of balances as at December 2021
for you to review.
Revenue
7 600 010
Administrative Expenses
2 300 000
Distribution Costs
980 231
Interest paid on loan
Purchases
125 000
4 500 330
Inventories at 1 January 2021
Trade receivables
1 018 900
630 340
Provision for doubtful debts at Jan 2021
19 634
Bad debts
70 110
Non- current Investment
300 900
Additional notes
i.
Provide for Administrative Expenses of $500 000 paid in advance at 31 December 2021
and Distribution Costs of $50 528 owing at 31 December 2021
Provision for Doubtful Debts is to be maintained at 10% of receivables
ii.
iii. Inventories at 31 December 2021 were valued at $ı 000 000
iv. Provide for corporation tax of $80 000 which is payable on October 1, 2022
Loan interest…
Chapter D Solutions
Managerial Accounting
Ch. D - Prob. 1DQCh. D - Prob. 2DQCh. D - Prob. 3DQCh. D - Prob. 4DQCh. D - Are debits or credits typically listed first in...Ch. D - Should a transaction be recorded first in a...Ch. D - Prob. 7DQCh. D - Why does the reeordkeeper prepare a trial balance?Ch. D - Prob. 9DQCh. D - Prob. 10DQ
Ch. D - Prob. 11DQCh. D - Prob. 12DQCh. D - Prob. 13DQCh. D - Define (a) assets, (b) liabilities, and (c) equityCh. D - Prob. 15DQCh. D - Review the Apple balance sheet Appendix A....Ch. D - Review the Google balance sheet in Appendix A....Ch. D - Prob. 18DQCh. D - Identify the items from the following list that...Ch. D - Prob. 2QSCh. D - Prob. 3QSCh. D - Identify the normal balance (debit or credit) for...Ch. D - Prob. 5QSCh. D - Prob. 6QSCh. D - Prob. 7QSCh. D - A trial balance has total debits of $20,000 and...Ch. D - Prob. 9QSCh. D - Prob. 10QSCh. D - Prob. 11QSCh. D - Prob. 12QSCh. D - Prob. 13QSCh. D - Prob. 14QSCh. D - Prob. 15QSCh. D - Order the following steps in the accounting...Ch. D - Prob. 2ECh. D - Enter the number for the item that best completes...Ch. D - For each of the following, (1) identify the type...Ch. D - Prob. 5ECh. D - Prob. 6ECh. D - Prepare general journal entries for the following...Ch. D - Prob. 8ECh. D - Prob. 9ECh. D - Prob. 10ECh. D - Prob. 11ECh. D - 1. Prepare general journal entries for the...Ch. D - Prob. 13ECh. D - Prob. 14ECh. D - A corporation had the following assets and...Ch. D - Carmen Camry operates a consulting firm called...Ch. D - Prob. 17ECh. D - Prob. 18ECh. D - Prob. 19ECh. D - Prob. 20ECh. D - You are told the column totals in a trial balance...Ch. D - Exercise D-22 Calculating and interprets the debt...Ch. D - Prob. 23ECh. D - Prob. 1PSACh. D - Prob. 2PSACh. D - Denzel Brooks opened a web consulting business...Ch. D - Prob. 4PSACh. D - The accounting records of Nettle Distribution show...Ch. D - Prob. 6PSACh. D - Prob. 7PSACh. D - Prob. 1PSBCh. D - Prob. 2PSBCh. D - Prob. 3PSBCh. D - Prob. 4PSBCh. D - Prob. 5PSBCh. D - Prob. 6PSBCh. D - Prob. 7PSBCh. D - Prob. 1SPCh. D - Prob. 2SPCh. D - Prob. 3SPCh. D - Prob. 1GLPCh. D - Prob. 2GLPCh. D - Prob. 3GLPCh. D - Prob. 4GLPCh. D - Prob. 5GLPCh. D - Prob. 6GLPCh. D - Prob. 7GLPCh. D - Using transactions from the following assignments...Ch. D - Prob. 1AACh. D - Prob. 2AACh. D - Prob. 3AACh. D - Prob. 1BTNCh. D - Prob. 2BTNCh. D - Prob. 3BTNCh. D - The expanded accounting equation consists of...Ch. D - Prob. 5BTNCh. D - Prob. 6BTNCh. D - Prob. 7BTN
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