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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:CHARLES MERCHANDISING FINANCIAL RECORDS FOR THE YEAR ENDED
DECEMBER 31, 2021 AS FOLLOWS
ALLOWANCE FOR BAD DEBTS
ACCUMULATED DEP. EQUIPMENT
ACCUMULATED. DEP. STORE COMPUTER
ACCOUNTS PAYABLE
ACCOUNTS RECEIVABLE
BEGINNING INVENTORY
CASH AND CASH EQUIVALENTS
CHARLES, CAPITAL
CHARLES, DRAWINGS
DEPRECIATION-STORE COMPUTER
DEPRECIATION EXPENSE
ENDING INVENTORY
EQUIPMENT
FUEL EXPENSE
GROSS SALES
INTEREST EXPENSE
INTEREST INCOME
NOTES PAYALE
REQUIREMENT:
1. PREPARE STATEMENT OF COMPREHENSIVE INCOME
2. PREPARE STATEMENT OF FINANCIAL POSITION
43,817
63,987
36,789
738,304
876,354
245,890
6,053,842
3,876,123
254,672
12,908
32,876
989,760
176,432
23,789
4,567,836
3,674
5,487
234,775
OFFICE SUPPLIES
OFFICE SUPPLIES EXPENSE
PREPAID INSURANCE
PROFESSIONAL FEES
PURCHASE DISCOUNT
PURCHASES
RENT EXPENSE
SALES DISCOUNT
SALES RETURN AND ALLOWANCES
STORE ADVERTISING
STORE-OFFICE SUPPLIES
STORE-SALARIES
STORE COMPUTER
TAXES
TRANSPORTATION IN
UNEARNED REVENUE
MISCELLANEOUS EXPENSE
34,894
34,789
56,789
57,899
18,902
2,578,349
80,000
10,257
65,797
34,890
23,098
65,234
87,663
26,893
25,789
1,289,356
12,598
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- Problem 1: Below is the financial information for Justin Bieber's Merchandising company for the year 2020: Cash and Cash Equivalents Accounts Receivable Merchandise Inventory Machinery and Equipment Furnitures and Fixtures Total Assets 513,374 312,745 112,038 1,039,782 59,744 2,037,683 Suppose that the total current assets of the company for the year 2019 is P1,317,873 and the total fixed asset for the same year is P687,369 plus there is a prepaid expenses for 2020 of P35,000 for insurance. Compute for the financial leverage ratio assuming that the value of the total liabilities for the company is P856,971.arrow_forwardc. On 9/12 Year 7 $2,000 of ACCOUNTS PAYABLE is paid after the discount period. Phrase 1st: 2nd: Phrase 1st: Account 2nd: Accounts Account Category AL SER E contra AL SER E contra + Accounts Debit Affect d. On 9/28 Year 7 INVENTORY originally purchased for $4,000 on 9/1 Year 7 and was paid for on 9/10 Year 7 is returned by the purchaser and a debit memorandum (a debit to A/P) is received from the seller. [Hint: the amount of cash involved in this transaction must take the 2% discount into account.] Debit + Category AL SE RE contra AL SE RE contra + - + Affect Dr. or Cr. Dr Cr Dr Cr Credit Dr. or Cr. Credit Dr Cr Dr Crarrow_forwardMultiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $120,200 Gerri Faber, Drawing $72,000 Accounts Receivable 326,200 Sales 4,344,900 Merchandise Inventory 365,300 Cost of Merchandise Sold 2,546,100 Estimated Returns Inventory 14,450 Sales Salaries Expense 716,000 Office Supplies 11,300 Advertising Expense 196,900 Prepaid Insurance 8,800 Depreciation Expense—Store Equipment 38,400 Office Equipment 264,500 Miscellaneous Selling Expense 16,800 Accumulated Depreciation—Office Equipment 179,700 Office Salaries Expense 390,900 Store Equipment 825,600 Rent Expense 57,700 Accumulated Depreciation—Store Equipment 264,500 Insurance Expense 17,900 Accounts Payable 183,000 Depreciation Expense—Office Equipment 28,900 Customer Refunds Payable 28,900 Office Supplies Expense 10,600 Salaries Payable…arrow_forward
- Journalize this transactions for 2024, before starting the company for the journal entries uses the allowance method I added more imformation in the image for the background data and imformation. Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold). 2-Collections on account, $92,895 3-Write-offs of uncollectibles, $760. 4- The Company accepted a 90-day, 9%, $13,500 note receivable from a customer in exchange for 4 his account receivable. a Journalize the issuance of the note. b Journalize the collection of the principal and interest at maturity. (use 360 days) 5 Bad debts expense of $?? was recorded. (Refer to requirement 3)(about the write off) -attached is an image to the context the journal entries should be placed inarrow_forwardPrepare Statement of Financial Position as of December 31, 2019.arrow_forward
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