5. The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS Cash in hand Cash at bank Account receivable Inventory as at 1 June 2019 Motor vehicles Plant and machinery Long term investment Freehold premises Account payable 10% Mortgage on freehold premises Capital Purchases Wages and salaries Rates and taxes Interest on mortgage General expenses Carriage outwards Insurance premium Drawings Carriage inwards Advertising expenses Sales Sales returns Purchases returns Discount received Discount allowed Allowance for doubtful debt RM 100 9,000 12,840 26,500 14,000 50,000 10,000 147,500 16,500 34,000 219,840 128,900 70,300 1,000 1,700 2,000 21,000 3,000 7,400 600 14,000 250,000 1,000 500 600 800 200 Inventory at 31 July 2020 was RM30,000. Required: i. Statement of Profit and Loss and Others Comprehensive Income for the yea ended 31 July 2020. ii. Statement of Financial Position as 31 July 2020

5. The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS Cash in hand Cash at bank Account receivable Inventory as at 1 June 2019 Motor vehicles Plant and machinery Long term investment Freehold premises Account payable 10% Mortgage on freehold premises Capital Purchases Wages and salaries Rates and taxes Interest on mortgage General expenses Carriage outwards Insurance premium Drawings Carriage inwards Advertising expenses Sales Sales returns Purchases returns Discount received Discount allowed Allowance for doubtful debt RM 100 9,000 12,840 26,500 14,000 50,000 10,000 147,500 16,500 34,000 219,840 128,900 70,300 1,000 1,700 2,000 21,000 3,000 7,400 600 14,000 250,000 1,000 500 600 800 200 Inventory at 31 July 2020 was RM30,000. Required: i. Statement of Profit and Loss and Others Comprehensive Income for the yea ended 31 July 2020. ii. Statement of Financial Position as 31 July 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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8. SAN JOSE Company, non vat registered subject to 3% OPT under sec 116, had the following data in the first quarter of 2018: Accounts receivable, beginning Accounts receivable, ending Trade payable-purchases, beg Trade payable-purchases, end Cash Purchases at list price (Trade discounts given: 10%;20%) 12,500.00 8,000.00 4,000.00 6,500.00 40,000.00 Purchase discount not taken from Cash Purchases 1,000.00 Payments to Trade Suppliers Beginning Inventory Inventory decreased by-- Operating expenses paid 36,300.00 9,500.00 2,800.00 18,700.00 Gross Profit rate is 30% based on cost What is the percentage tax due?
westigate Paragraph S a. Accounts receivable turnover b. Number of days' sales in receivables Accounts receivable, end of year Sales on account EX.17-09.ALGO - Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. 1. Accounts receivable turnover F5 2. Number of days' sales in receivables 2013 F6 W6-Financial Ratio Analysis - Exercise #1.docx Q Search 20Y2 $182,600 $197,000 1,043,900 1,001,560 For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 F7 20 8 18.3 F8 I Styles days F9 20Y1 $211,800 Days prt sc F10 20Y2 DALL home F11 W Days end F12 insert
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se the following selected financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Year Net Credit Sales Ending Accounts Receivable 2017 $687,430 $332,250 2018 705,290 362,450 2019 769,500 403,650 A. Compute the number of days’ sales in receivables ratios for 2018 and 2019. Round your answers to two decimal places. 2018 fill in the blank 1 days 2019 fill in the blank 2 days B. Using the sales in accounts receivable, choose the statement that most closely describes the company's management of its receivables. a. The company collects its accounts slowly, and the days are increasing. b. This may be leave the company unable to pay current debt owed to a lender. c. The company may need to be more aggressive with its receivable collection procedures. d. All of the above statements may be correct.
4. The following select financial statement information from Hogge Computing. Compute the accounts receivable turnover ratios and the number of days' sales in receivables ratios for 2021 and 2022 (round answers to two decimal places). Year 2020 2021 2022 2021: Net Credit Sales 2022: $1,557,200 $1,755,310 $1,965,170 Accounts Receivable Turnover Ratio: • Days' Sales: days Accounts Receivable Turnover Ratio: Days' Sales: days times times Ending Accounts Receivable $397,000 $465,200 $505,780
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Number 5
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25. Coronado Inc., a greeting card company, had the following statements prepared as of December 31, 2020. CORONADO INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $5,900 $7,000 Accounts receivable 61,400 51,500 Short-term debt investments (available-for-sale) 35,000 18,200 Inventory 40,000 60,500 Prepaid rent 5,000 4,100 Equipment 152,900 131,100 Accumulated depreciation—equipment (35,200 ) (25,100 ) Copyrights 45,800 50,000 Total assets $310,800 $297,300 Accounts payable $46,100 $40,100 Income taxes payable 3,900 5,900 Salaries and wages payable 8,000 4,000 Short-term loans payable 8,100 10,000 Long-term loans payable 60,400 69,300 Common stock, $10 par 100,000 100,000…
a. the Statement of Comprehensive Income for the year ended 31 December2020.