A/C NameSapphire Gems and Minerals Co Ltd - Kunzite DivisionTrial Balance as of December 31, 2022Trial BalanceCashAccounts receivableAllowance for bad debtOther debtorsMerchandise InventoryStore SuppliesPrepaid InsurancePrepaid rentFurniture & EquipmentAccumulated deprecation-Furniture and equipmentMotor TruckAccumulated depreciation- Motor TruckAccounts payableSalary payableInterest payableUnearned Sales revenueNote Payable, long termCapitalWithdrawalsSales revenueSales discountSales returns and allowancesCost of goods soldSalaries expenseInsurance ExpenseUtilities ExpenseRent ExpenseDepreciation Expense - Furniture and EquipmentDepreciation Expense - Motor truckStore Supplies ExpenseGain/loss on Disposal of Fixed AssetBad-Debt ExpenseInterest ExpenseDR3,000,0006,500,00010,000,0002,000,0004,800,0004,200,00010,000,0004,000,000150,0001,350,0001,350,00011,500,00012,900,0001,400,0004,200,000CR650,0003,960,0002,951,4241,650,0502,800,0004,500,00016,875,043,963,52677,350,000 77,350,000 The following additional information is available December 31, 2022:1) Store Supplies on hand on December 31, 2022, amounted to $800,000.2) Insurance of $4,800,000 was paid on January 1, 2022, for the 15-months to March 31, 20233) Prepaid rent expired December 31, 2022, amounted to $3,000,000.4) The furniture and equipment have an estimated useful life of 10 years and is being depreciatedon the straight-line method down to a residual value of $100,000.5) The motor truck cost relates to two Livi Trucks purchased for $2,000,000 each by the companyon January 1, 2016. The double-declining balance method of depreciation is used to compute thetruck's depreciation charges and their expected useful life is 10 years or 100,000 miles. In 2016,10,000 miles were driven, 16,500 in 2017, 12,600 in 2018, 16,000 in 2019, 16,500 in 2020, 14,800in 2021 and 16,800 in 2022. The residual value on both truck is $419,430 each. On September 1,2022, the company sold one of the trucks to Daley Company for $600,000 on credit. Round offanswers to the nearest dollar.6)Salaries earned by employees and not yet paid amounted to $80,000 on Dec 31, 2022.7) Accrued interest expense as of December 31, 2022, $80,000.8) On Dec 31, 2022, $2,600,000 of the previously unearned sales revenue had been earned.9) The aging of the Accounts Receivable schedule on Dec 31, 2022, indicated that the Allowancefor Bad Debts should be $950,000.10) A physical count of inventory was done on December 31, 2022, after making all the otheradjustments and this revealed that there was $3,700,000 worth of inventory on hand at thispoint.Other data:11) The business is expected to make principal payments totalling $400,000 towards the loan duringthe fiscal year to October 31,2023Required:a) Prepare the necessary adjusting journal entries on Dec 31, 2022. [Narrations are not required]b) Prepare the Adjusted Trial balance for the period ending December 31, 2022.c) Prepare the following financial statements for the division:■A Multiple-step income statement & a Statement of owner's equity for the year endedDecember 31, 2022A Classified balance sheet, in report format, at December 31, 2022.

Financial Statement includes an Income Statement, Statement of Owner's Equity and Balance Sheet..The…

A/C Name Sapphire Gems and Minerals Co Ltd - Kunzite Division Trial Balance as of December 31, 2022 Trial Balance Cash Accounts receivable Allowance for bad debt Other debtors Merchandise Inventory Store Supplies Prepaid Insurance Prepaid rent Furniture & Equipment Accumulated deprecation-Furniture and equipment Motor Truck Accumulated depreciation- Motor Truck Accounts payable Salary payable Interest payable Unearned Sales revenue Note Payable, long term Capital Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense Insurance Expense Utilities Expense Rent Expense Depreciation Expense - Furniture and Equipment Depreciation Expense - Motor truck Store Supplies Expense Gain/loss on Disposal of Fixed Asset Bad-Debt Expense Interest Expense DR 3,000,000 6,500,000 10,000,000 2,000,000 4,800,000 4,200,000 10,000,000 4,000,000 150,000 1,350,000 1,350,000 11,500,000 12,900,000 1,400,000 4,200,000 CR 650,000 3,960,000 2,951,424 1,650,050 2,800,000 4,500,000 16,875,000 43,963,526 77,350,000 77,350,000

A/C Name Sapphire Gems and Minerals Co Ltd - Kunzite Division Trial Balance as of December 31, 2022 Trial Balance Cash Accounts receivable Allowance for bad debt Other debtors Merchandise Inventory Store Supplies Prepaid Insurance Prepaid rent Furniture & Equipment Accumulated deprecation-Furniture and equipment Motor Truck Accumulated depreciation- Motor Truck Accounts payable Salary payable Interest payable Unearned Sales revenue Note Payable, long term Capital Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense Insurance Expense Utilities Expense Rent Expense Depreciation Expense - Furniture and Equipment Depreciation Expense - Motor truck Store Supplies Expense Gain/loss on Disposal of Fixed Asset Bad-Debt Expense Interest Expense DR 3,000,000 6,500,000 10,000,000 2,000,000 4,800,000 4,200,000 10,000,000 4,000,000 150,000 1,350,000 1,350,000 11,500,000 12,900,000 1,400,000 4,200,000 CR 650,000 3,960,000 2,951,424 1,650,050 2,800,000 4,500,000 16,875,000 43,963,526 77,350,000 77,350,000

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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Accounts Payable Accounts Receivable Accumulated Depreciation (Equip) Allowance for Doubtful Accounts Bonds Payable Cash Cash Dividends Common Stock Cost of Goods Sold Depreciation expense Equipment Interest Expense Inventory Adjusted Trial Balance 12/31/2020 Gain on Sale of Equipment Notes Payable (due 9/30/22) PIC in Excess of Par - Common PIC from Treasury Stock Preferred Stock Prepaid Rent Retained Earnings Salary Expense Sales Returns & Allowances Sales Revenue Supplies Treasury Stock Unearned Sales Revenue Utilities Expense TOTALS Debit $4,000 $12,400 $2,800 $16,400 $1,400 $50,000 $400 $4,800 $600 $4,600 $2,000 $400 $600 $2,000 Credit $9,000 $10,000 $200 $10,000 $600 $600 $600 $20,000 $1,400 $6,000 $6,400 $36,800 $800 $102,400 $102,400 Total Assets Total Current Assets Total Liabilities Total Current Liabilities Total Stockholders' Equity Total Paid-in Capital Gross Profit Income from Operations Net Income Intangible Assets
Financial information of Barnes Ltd, a furniture maker, for the year ended 31st December 202X as follow: Notes: Capital Cash at Bank Account Machinery Provision for depreciation - Warehouse Plant and buildings Provision for depreciation - Machinery Stock at 1st Jan 202X Purchases Sales Trade debtors Trade creditors Selling and distribution expenses Provision for doubtful debts at 1st Jan 202X Administrative expenses Bank loan to be repaid in 2025 Operating expenses Interest Returns inward Returns outward Total Debit 3,000 120,000 100,000 14,500 22,000 20,000 18,450 5,300 12,750 10,000 2,000 Credit 100,000 1. Stock at 31st December 202X £16,700. 2. Operating expenses £2,000 accrued. 3. Selling and administrative expenses £4,500 prepaid. 4. Provision for doubtful debts adjusted to 7% of debtors. 5. Warehouse and machinery to be depreciated at 10% straight-line method. 20,000 15,000 105,000 16,750 3,200 65,300 2750 328,000 328,000 a) Prepare an Income Statement for Barnes Ltd for the year…
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"A Sticky Patch: Completing the Accounting Cycle for ROYAL JELLY TRADING" ROYAL JELLY TRADING, which follows GAAP and uses the periodic inventory system, is a merchandising business that buys and sells various kinds of jelly candies. Its trial balance as of fiscal year-end September 30, 2020, before any adjustments, can be found on the next page: Information for adjusting entries are as follows: 1. Interest has accrued on the customer's P20,000 60-day 12% note dated August 21, 2020 and this remained unrecorded as of year-end. 2. Rent for the month of September amounting to P15,000 has not been received as at year-end. 3. The company pays its employees their salaries every Friday for work done Monday to Friday of that week. Weekly pay is P10,000 for office salaries and P15,000 for store salaries. September 30, 2020 falls on a Wednesday. 4. At year-end, unused office supplies were P18,000, while unused store supplies amounted to P12,000. 5. One-fourth of the Prepaid Insurance Expense…
QUESTION 1 The following trial balance was extracted from the books of Aidil Enterprise as at 31 March 2022: Particulars Sales Purchases Return outwards Return inwards Discounts Carriage outwards Duty on purchases Inventory as at 1 April 2021 Salary Advertisement General expenses Stationery Utilities Rental Motor vehicle expenses Insurance Repairs and maintenance Interest on loan Commission revenue Carriage inwards Allowance for doubtful debt as at 1 April 2021 5% bank loan Accounts payable Accounts receivable Fixture and Fittings Motor vehicles Machinery 3% Fixed Deposit Accumulated depreciation as at 1 April 2021: Fixture and Fittings Motor vehicles Machinery Cash in hand Cash at bank Drawings Capital Additional information: 1. Inventory as at 31 March 2022 was valued at RM15,000. Debit (RM) 94,000 8,750 3,500 250 940 12,000 19,500 1,500 700 275 500 12,000 1,000 2,400 1,500 1,500 750 12,500 7,000 25,000 45,000 50,000 4,250 5,475 3,500 313,790 Credit (RM) 185,000 3,750 1,500 7,540 600…
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A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest Payable WW Supplies X Interest Receivable XX Supplies Expense Y…
Create the income statement from the adjusted trial balance
A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax…
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