As of May 31, Kiddy Day Care's general ledger balances, listed in alphabetical order of accounts, are as follows:AccountsBalanceAccounts Payable$2,215.00Accounts Receivable2,555.00Advertising Expense983.00Cash21,298.00Equipment8,500.00Income from Services20,510.00Prepaid Insurance460.00R. Ramirez, Capital (beginning)21,572.00R. Ramirez, Drawing2,700.00Rent Expense1,900.00Supplies535.00Utilities Expense783.004,583.00Wages ExpenseRequired:1. Prepare an income statement for the two months ended May 31, 20--.Kiddy Day CareIncome StatementFor Two Months Ended May 31, 20--Revenue:Time Remaining: 0:25:54All work saved.

The objective of the question is to prepare an income statement for Kiddy Day Care for the two…

Answered: As of May 31, Kiddy Day Care's general…

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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The following data (in millions) were adapted from recent financial statements of CVS Health Corporation (CVS). Year 2 Year 1 Sales $256,776 $194,579 Operating income 12,467 10,170 Average accounts receivable 18,624 15,406 1. Compute the accounts receivable turnover for Years 1 and 2. Round to one decimal place. Accounts Receivable Turnover Year 2 fill in the blank 1 Year 1 fill in the blank 2 2. Compute the days' sales in receivables for Years 1 and 2. Assume there are 365 days in the year, and round to the nearest day. Number of Days' Salesin Receivables Year 2 fill in the blank 3 days Year 1 fill in the blank 4 days 3. Compute the return on sales for Years 1 and 2. Round to one decimal place. Return on Sales Year 2 fill in the blank 5 % Year 1 fill in the blank 6 % 4. Based on the results in parts 1, 2, and 3, all the following are true except: The change in accounts receivable turnover from Year 1 to…
General ledger accounts
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The following is information related to Blossom Company for its first month of operations. Jan, 7- 15 23 Credit Sales Austin Co. Diaz Co. Noble Co. $11,800 7,300 11,100 Balance of Accounts Receivable Jan. 17 24 Austin Co. 29 Cash Collections Austin Co. Diaz Co. Noble Co. $7,900 4,900 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. 11.100 Subsidary Ledger Diaz Co, $ Noble Co. General Led
Prepare the journal entries for the following transactions, provided the chart accounts below: DATE:APRIL 2022TransactionsApril 01 -Completion of a denture worth 6,000 April 02 - Received 7,000 in total from appointed patients for the whole dayApril 03 -received 7,000 in total from appointed patients for the whole dayApril 04 -received 2,500 in total from appointed patientsApril 05- paid 36,000 for car loan for business/personal useApril 06- received 1,500 from one patient that dayApril 07 -received 3,000 from appointed patients that dayApril 08- purchased dental supplies, 4,500April 09- received 4,000 from appointed patients April 10-received 3,000 in total from appointed patients April 11-received 1,500 from one patient that dayApril 12-paid 10,000 for dental laboratory feeApril 13-received 20,000 from a prosthodontic caseApril 15-paid 13,000 for a lot for future investment/businessApril 15 -paid 7,500 for dental assistantApril 16-received 2500 in total from appointed patientsApril…
Identify and explain the components of IT Bank's Balance Sheet?
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Recording Note Transactions The following information is extracted from Tara Corporation’s accounting records: May 1 Received a $6,000, 12%, 90-day note from V. Leigh, a customer. May 6 Received a $9,000, 10%, 120-day note from C. Gable, a customer. May 11 Sold the Leigh and Gable notes with recourse at the bank at 13%. In addition, borrowed $10,000 from the bank for 90 days at 12%. The bank remits the face value less the interest. The estimated recourse liability for Leigh and Gable is $84 and $110, respectively. July 31 The July bank statement indicated that the Leigh note had been paid. Aug. 10 Repaid the $10,000 borrowed on May 11. Sept. 4 Received notice that Gable had defaulted on the May 6 note. The bank charged a fee of $10. Paid the amount due on the Gable note to the bank. Informed Gable to pay Tara the entire amount due plus 11% interest on the total of the face amount of the note, the accrued interest, and the fee from the maturity date until Gable remits the amount owed.…
Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000 Impairment for loans: OMR 300 Impairment for investments: OMR 2,700 Rebate on bills…
Tanger Company has three customers: E, F, and G. The beginning accounts receivable subsidiary ledger of customers F and G have $2,600 and $1,500, respectively. The beginning Accounts Receivable balance in the general ledger is $12,000. Calculate the ending amount in the accounts receivable subsidiary ledger account of customer E, if customer E also made a $3,900 payment. OA. $4,000 OB. $3,900 OC. $1,500 OD. $2,600
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…

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