00 were purchased. All purchases were made on o ere JD132,400, of which JD 6,200 were cash sale rs (trade receivables) totaled JD 120,200. trade payables) totaled JD 114,500. ally valued at JD 37,500. However, one box of in
Q: The series of five transactions recorded in the following T accounts were related to a sale to a…
A: Journal: Journal is the book of original entry. Journal consists of the day today financial…
Q: On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 40.000 TL and exchange…
A: When a company buys and/or sells goods and services in a foreign currency, the value of that…
Q: (5) The company "Z" displays in its accounting records the following costs for the goods purchased…
A: Introduction: The following expenses for items acquired to arrive safely its warehouses are recorded…
Q: December 5, 2018, PACQ Company sold P500,000 worth of inventories with trade discounts of 10%,…
A: Net sales = Sales x (1 - trade discount rate) = P500,000 x (1-0.10) x (1-0.15) x (1-0.25) = P286,875
Q: Using the FIFO method, the values of purchases and COGS after accounting for the transaction on May…
A: COGS using the FIFO method can be determined by the oldest inventory units sold.
Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…
A: Formula: Discount amount = Invoice amount x Discount rate
Q: Wise Company, a VAT registered company, sold merchandise totaling P90 000 ( 12% VAT exclusive) under…
A: FOB (Free on Board) shipping point where the seller pays the cost of transportation as well as fees…
Q: The following information is available for Cheyenne Corp.: 2022 2021 Accounts receivable $…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: On November. 15, 20x1, ABC Co. purchases inventory with invoice price of P380,000 on account under…
A: Under net method, the purchases or sales are recorded with net price after discount.
Q: Trading company Andin in September 2020, recorded the following transactions: Date Information…
A: Special Journal There is much difference in the General journal entry and the special journal entry.…
Q: Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for…
A: Sale value=Merchandise value×100-2%=$600×98%=$588
Q: Robles Co. sells P1,000 of inventory to Salas Co.for cash. Robles paid P650 for the merchandise.…
A:
Q: On 1/6, Majid Commercial Markets bought merchandise for the amount of 96000 dinars, and the terms of…
A: Credit terms 2/10, n/20 means that discount of 2% will be allowed if payment is made within 10 days,…
Q: Based upon the following information, what was the cost of purchases? $ Opening trade payables…
A: Calculation of cost of purchases:
Q: E8-7 On March 3, Plume Appliances sells $710,000 of its receivables to Western Factors Inc. Western…
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
Q: On January 1, 20x1, Khaleed Co. sold inventory costing ₱1,800,000 with a list price of ₱2,200,000…
A: Cost of the inventory is ₱1,800,000 Sold in…
Q: Aroma Company used the net price method of accounting for cash discounts .In one of its transactions…
A: Accounts receivable (AR) appears to be the sum owed to a company for products or services provided…
Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…
A: Formula: Discount amount = Invoice amount x Discount rate.
Q: On Jan. 01, Ronald Co. accounts receivable balance is P50,000. On Jan. 13, the company sold items on…
A: Ending Accounts receivable = Beginning Accounts receivable + Credit sales - Collection = P50,000 +…
Q: On October 1, Ace Company purchased P6,000 worth of goods on terms of 2/10, n/30. Freight of P500…
A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…
Q: 4 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the…
A: Foreign exchange is the exchange rate of value of one currency in terms of other. It helps the…
Q: The following transactions occurred for Donaldson Inc. during the month of July. Jul. 1 Sold 50…
A: The ledger accounts are prepared to record the transactions for each account separately.
Q: alance was 4,280 NIS (credit) Sales amounts in 7/2020 were 400,000 NIS including VAT. Purchase…
A: VAT is the value-added tax, which is an indirect tax paid on goods and services, burden of which is…
Q: On November. 15, 20x1, ABC Co. purchases inventory with invoice price of P380,000 on account under…
A: In the given case, if the credit is paid within 30 days, 2% of discount would be allowed. But the…
Q: The following information is available for Cheyenne Corp.: 2022 2021 Accounts receivable $…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 40.000 TL and exchange…
A: On hand TL = On hand $ x exchange rate = $30,000 x 1.25/$1 = 37,500TL Forex loss = Account balance -…
Q: Widgets, Inc. makes a $300 on account sale to Custom Motors. How is the sale recorded in the…
A: Accounts receivable is the amount due for the goods sold on credit.
Q: Given the following data; TOTAL PURCHASES OMR 150000 CASH PURCHASES OMR 45000 PURCHASE RETURN OMR…
A: Formula: Credit purchases = Total purchases - purchase returns - Cash purchases.
Q: EONY Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30.…
A: Formula: Net purchases = Purchase invoice - Purchase discount + Freight.
Q: Presented below is information related to Lathorp Corp., which sells merchandise with terms 2/10,…
A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…
Q: Bramble Corp. made a $26200 sale on account with the following terms: 3/10, n/30. If the company…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Potatong Nacorner purchased an inventory from Kawang-gawa Co for Php75,000. The sale is on account…
A: The question is related to Journal Entries
Q: Cumberland Co. sells $2,000 of merchandise to Hancock Co. for cash. Cumberland paid $1,250 for the…
A: Perpetual inventory system: It is a method of inventory management that records real time…
Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…
A: Invoice Price = 22,000 Credit Terms = 1/10,n/15 1% discount will be Provided if payment has made…
Q: On September 1, 2021, Lily Company had an initial accounts receivable contro account balance of…
A: Subsidiary ledger balance is affected by the transaction that occurred during the year. The control…
Q: The company "Z" displays in its accounting records the following costs for the goods purchased to…
A: IAS 2: Inventories: The costs of purchase of inventories comprise the purchase price, import duties…
Q: On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange…
A: Foreign exchange rate is the value of one currency in the terms of other currency. Foreign exchange…
Q: on May 15 ABC company sells merchandise on account to SAN Co. for $2,000, terms 2/10, n/30. On May…
A: Term Discount:- It is a discount which one party avail when it fulfills the required condition of…
Q: The debits and credits for four related entries for a purchase of $40,000, terms 2/10, n/30, are…
A: Prepare purchase of merchandise inventory on account.
Q: From the following information, calculate the value of purchases: $ Opening trade payables 142,600…
A: We have the following information: Opening Trade Payables: $142,600 Cash Paid: $542,300 Discount…
Q: Smith Co. sold $32403 of merchandise on account on April 3, 20x7 under the terms 2/15, n/45. The…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Delta Company sold goods to wholesalers on terms 2/15, net 30. The entity had no cash sales but 50%…
A: The ageing of receivables are givem with the terms of credit 2/15 net 30. Required What amount…
Q: I purchased goods on account for 8,200, terms 1/10, n/30. I returned $1,700 of the goods and…
A: A discount is the reduction in the amount of cash which is to be paid by the customers for the goods…
Q: FDN Company sold goods amounting to P5,000 on account. Freight is on terms FOB shipping point,…
A: FOB shipping point is a point where the liability of the seller ends and he is not responsible for…
Q: Aroma Company used the net price method of accounting for cash discounts. In one of its transactions…
A:
quickly please
Step by step
Solved in 2 steps with 2 images
- QUESTION : " The balance sheet of Lara Ltd are as follows: 31/12/2019 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 28,500 (11,450) 17,050 Current Assets 18,570 Inventory Account receivable 8,470 Less: Provision doubtful debts (420) 8,050 4,060 30,680 Cash and bank Total Assets Current Liabilities Account Payable 4,140 Non-Current Liabilities Loan 10,000 Total Liabilities (14,140) 16,540 Net Assets 33,590 Capital Opening Add: Net profit 35,760 10,240 Cash introduced Less: Drawing Total Capital (12,410) 33,590 31/12/2020 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 26,100 (13,010) 13,090 Current Assets 16,250 Inventory Account receivable 14,190 Less: Provision doubtful debts (800) 13,390 3,700 33,340 Cash and bank Total Assets Current Liabilities Account Payable 5,730 Non-Current Liabilities Loan 4,000 23,610 36,700 Total Liabilities (9,730) Net AssetsThe comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec 31 20Y9 Dec 31 20Y8ASSETSCash $ 70,720 $ 47,940Accounts Receivable 207,230 188,190Inventories 298,520 289,850Investments - 102,000Land 295,800 -Equipment 438,600 358,020Accumulated Depreciation-Equipment (99,110) (84,320)Total Assets $ 1,211,760 $ 901,680LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable $ 205,700 $ 194,140Accrued Expenses Payable (operating expenses) 30,600 26,860Dividends Payable 25,500 20,400Common Stock, $1 par 202,000 102,000Paid-in Capital; Excess of issue price over par-common stock 354,000 204,000Retained Earnings 393,960 354,280Total Liabilities and Stockholders Equity: $ 1,211,760 $ 901,680Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:A. Equipment and land were acquired for cashB. There were no disposals of equipment during the year.C. The investments were sold for $91,800 cash.D. The common stock was…A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
- The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…Mvula Limited Statement of Financial Position as at: 28 February 2021 ASSETS Non-current assets Fixed/tangible assets Financial assets Fixed deposit Current assets Inventory Trade and other receivables Cash and cash equivalents Fixed deposit TOTAL ASSETS 4 320 350 EQUITY AND LIABILITIES Bay Holdings Limited: 30 June 2021.Required:Statement of financial position as at: 30 June 2021InformationBALANCE SHEET ACCOUNTSOrdinary share capital 2 648 000Retained income (1 Jul 2020) 490 000Shareholders for dividends 280 000Fixed deposit 60 000Mortgage bond 336 000Fixed/tangible assets (Carrying value) 4 021 000Debtors control 45 000Creditors…Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
- Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal placesSwifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Asset turnoverenter the number rounded to 2 decimal places (g)Return on assetsenter percentages rounded to 0 decimal places…
- Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal places (b)Acid-test ratioenter the ratio rounded to 2 decimal places…Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…The following information relates to the activities of Goalie Plc: Statement of financial position as at 30 April 2019 $'000 2020 $'000 Non-current assets Freehold land, cost Plant and equipment 2,100 2,340 990 3,090 1,092 3,432 Current assets Inventory 1,068 1,494 Receivables 990 912 Bank 90 2,148 5,238 2,406 5,838 Total assets Equity and liabilities Equity 2,808 3,750 Non-current liabilities: 6% debentures 1,350 750 Current liabilities Payables 720 690 Bank overdraft 378 Corporation tax 360 270 1,080 1,338 2,088 Total liabilities 2,430 Equity and liabilities 5,238 5,838 Income statement for the year ended 30 April 2020: $'00 13,560 (10,260) 3,300 Sales Cost of sales Gross profit Expenses (2,298) 1,002 Profit before tax Таx (450) Profit after tax 552