Calculate debtors turnover ratio from the following information Cash sales                              RO 200,000                Opening Bills Receivables    RO 8,000 Total sales                               RO 405,000                Closing Bills Receivables             RO 2,000 Opening sundry debtors          RO 15,000                  Sales returns   RO 5,000 Closing sundry debtors           RO 75,000

Prepare a balance sheet with the information below Debit Credit $ $ Sales 1,000,000 Sales returns 10,000 Selling expenses 150,000 Administration expenses 205,000 Financial expenses 50,000 Purchases 320,000 Cash at bank 77,000 Accounts receivable 22,000 Provision for Doubtful Debts 2,500 Inventories 42,000 Motor Vehicles 80,000 Furniture 42,000 Plant and Equipment 276,500 Accumulated Depreciation Plant 1,500 Accounts payable 56,000 Bank Loan 12,000 Capital - Bennett 75,000 Capital - Barney 112,500 Current - Bennett 25,000 Current - Barney 35,000 Drawings - Bennett 20,000 Drawings - Barney 25,000

As loan analyst for Carla Bank, you have been presented the following information.     Toulouse Co.   Lautrec Co. Assets Cash   $124,000     $335,000   Receivables   214,000     305,000   Inventories   589,000     523,000      Total current assets   927,000     1,163,000   Other assets   482,000     582,000      Total assets   $1,409,000     $1,745,000                 Liabilities and Stockholders’ Equity Current liabilities   $301,000     $368,000   Long-term liabilities   409,000     482,000   Capital stock and retained earnings   699,000     895,000      Total liabilities and stockholders’ equity   $1,409,000     $1,745,000   Annual sales   $946,000     $1,559,000   Rate of gross profit on sales   30 %   40 % Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be…

Tammany Professional Engineers uses the Percentage of Receivables method to account for bad debt.  The following is a summary of Tammany’s Accounts Receivable Aging Report. Cash Sales $42,000 Credit Sales $21,000 Allowance for Uncollectible Accounts December 31, 2020      $4,375   Current > 30 >60 >90   $115,000 $98,000 $75,000 $15,000 Estimated Uncollectible   1%   2%   4%   5%             Required: Prepare the total estimate of uncollectible accounts and give the amount of the required adjustment. Do not prepare a journal entry.    Please show your work if possible.   In addition to submitting your answer here, you should also write it down so you an use it for the next problem.

Presented below is information for Flint Company: Beginning of the year accounts receivable balance was $23,600. Net sales (all on account) for the year were $103,100. Flint Company does not offer cash discounts. Collections on accounts receivable during the year were $90,300.    Flint Company is planning to factor some accounts receivable at the end of the year. Accounts totaling $14,100 will be transferred to Credit Factors Inc. with recourse. Credit Factors will retain 7% of the balances for probable adjustments and assess a finance charge of 6%. The fair value of the recourse obligation is $1,021. Prepare the journal entry to record the sale of the receivables Compute Flint’s accounts receivable turnover for the year, assuming the receivables are sold.

As loan analyst for Waterway Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $114,000 $328,000 Receivables 230,000 296,000 Inventories 582,000 493,000 Total current assets 926,000 1,117,000 Other assets 493,000 607,000 Total assets $1,419,000 $1,724,000 Liabilities and Stockholders' Equity Current liabilities $314,000 $340,000 Long-term liabilities 385,000 493,000 Capital stock and retained earnings 720,000 891,000 Total liabilities and stockholders' equity $1,419,000 $1,724,000 Annual sales $911,000 $1,440,000 Rate of gross profit on sales 30 % 40 % Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be granted. Compute the various ratios for each company. (Round answer to 2 decimal places, e.g. 2.25.) Toulouse Co. Lautrec Co. Current ratio :1 :1 Acid-test ratio :1 :1 Accounts receivable turnover…

3. From the following information relating to Bank Şobar, prepare Income Statement for the year ended 31st March 2020. Show the calculations separately. (PREPARED SHEDULES) Particulars Interest on overdraft Establishment Interest on bill discounted R.O 550,000 70,000 300,000 Rent Salaries 25,000 15,000 Interest on savings Printing and stationery Interest on fixed deposits Commission Interest on loan Interest on Borrowing Interest on cash credit Administration's fees Postage and telegram Maintenance expenses General Reserve 80,000 5,900 55,000 90,000 45,000 42,000 275,000 7,000 2,500 8,400 50,000 30.000 Loan Additional information: 1. Provide OMR 50,000 for doubtful debts 2. Provide OMR 120,000 for taxation 3. Rebate on bills discounted on 31-03-20 OMR 60,000 4. Dividend proposed to pay OMR 30,000 5. Last year Profit OMR 100,000

The following relate to Minnie’s financial statements for the year ended 30 April 20X6. Some customers took advantage of the cash settlement discount when they were not expected to. Trade receivables control account balance at 1 May 20X5                  $101,477 Receipts from credit customers                                                             $93,457 Credit sales                                                                                            $57,133 Cash sales                                                                                             $14,086 Dishonoured cheques from credit customers                                         $570 Contra with the trade payables ledger                                                    $9,040 Cash settlement discounts taken by customers                                      $1,033 What should the balance on the trade receivables control account be at 30 April 20X6? A. $54,510 B. $56,576 C. $55,650 D. $73,730

Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method Chart of Accounts Journal Final Questions Instructions On January 1, the first day of its fiscal year, Jacinto Company issued $23,100,000 of five-year, 9% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 10%, resulting in Jacinto Company receiving cash of $22,208,059. Required: a. Journalize the entries to record the following (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit anmount is entered.): 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual interest…