Covid Ltd has provided you with the following general ledger account balances:31 March 2022 31 March 2021$$SalesCost of goods soldDoubtful debt expenseAccounts receivableAllowance for doubtful debtsInventoryAccounts payableGST890 000380 0002 80079 8002 90040 00052 20045 000 Cr74 0002 60049 50048 96010 000 DrAdditional information:Covid Ltd uses the direct method for reporting cash flows from operating activities. The GSTrate is 15%.Required:Prepare the cash flows from operating activities (CFOA) section of the Statement of CashFlows for the year ended 31 March 2022 for Covid Ltd. Covid LtdStatement of Cash Flows for the year ended 31 March 2022Cash flows from operating activities:Cash receipts from customersCash paid to suppliersNet GST cash inflow/(outflow)Cash generated from operationsCheck: Total cash inflow - Total cash outflow

The direct method for preparing a statement of cash flow appears to be one of two methods for…

Covid Ltd has provided you with the following general ledger account balances: 31 March 2022 31 March 2021 $ $ Sales Cost of goods sold Doubtful debt expense Accounts receivable Allowance for doubtful debts Inventory Accounts payable GST 890 000 380 000 2 800 79 800 2 900 40 000 52 200 45 000 Cr 74 000 2 600 49 500 48 960 10 000 Dr

Covid Ltd has provided you with the following general ledger account balances: 31 March 2022 31 March 2021 $ $ Sales Cost of goods sold Doubtful debt expense Accounts receivable Allowance for doubtful debts Inventory Accounts payable GST 890 000 380 000 2 800 79 800 2 900 40 000 52 200 45 000 Cr 74 000 2 600 49 500 48 960 10 000 Dr

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

QUESTION 1 2020 Net credit sales Estimate of doubtful debts Allowance account credit balance Gross Accounts receivable $100,000. 2% of net credit sales $1,800 before the estimate was made $40,000. Required: Prepare the adjusting entry to record bad debts expense for 2020 using the percentage of sales method. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). In BIUS Paragraph Arial 10pt k Save and Submit to save and submit. Click Save All Answers to save all answers. !!!
Please answer MCQ not working required
2.17) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 12/1-12/9 12/10 12/11-12/17 12/18 12/19-12/31 Average $840.00 Purchase $230.00 X Number of Days $975.00 x $1,205.00 x $1,205.00 x $365.00 X $365.00 x Total → 9 1 7 1 13. 31 Sum of Balances
Q1_ The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Balance 7 000 Accounts Sales Purchases commission Purchases Purchases return Creditors Freight out Purchases allowance Balance 830 000 18 000 Accounts Repair Interest received Revenue 25 000 480 000 70 000 90 000 Sales allowance 20 000 3 000 000 22 000 2 000 000 Loan Import customs Beginning inventory Sales discount 165 00 25 000 90 000 Purchases discount 10 000 8 000 Building 5 000 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission lighting Purchases expenses Depreciation 21 000 14 000 Salaries 120 000 Rent 80 000 26 000 Sales return 12 000 10 000 000 2 000 000 18 000 Bank 1 200 000 65 000 cash Debtors Ending inventory Capital Ins: 1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)
2.16) Find the average daily balance (new purchases included) Dates Payment End of Day Balance 4/1-4/5 4/6 4/7-4/22 4/23 4/24-4/30 Average $380.00 Purchase $110.00 Po X $300.00 x $410.00 x $410.00 X $30.00 X $30.00 x Total Number of Days v 5 1 16 1 7 30 Sum of Balances $1,500.00 $410.00 $6,560.00 $30.00 $210.00
OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
Please do not give solution in image format thanku
! Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 note payable. _?____Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _______ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 3 3.…
Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section Bad debts Telephone Adjustment R 90 000 R 50 000 R 100 000 2 000 O A. R860 OB. R840 OC. R1 360 OD. R1 860 R R 500 1 500 4 Emma Jacobs was declared insolvent. Her estate will pay 20 cents of every rand she owes us. She owed us R1 700. The rest must be written off. Bad debts at the end of the year will be:
ermediate Accounting 1.docx Open with Google Docs The following information is available for AVS-CVN Company: Credit sales during 2019 Accounts recelvable deemed worthless and written off during 2019 Allowance for doubtful accounts at December 31, 2018 22. P 8,000,000 180,000 160,000 As a result of a revlew and aging of accounts receivable in early January 2020, however, It has been determined that an allowance for doubtful accounts of P110,000 is needed at December 31, 2019. What amount should AVS-CVN record as doubtful accounts expense for the year ended December 31, 2019? a. P130,000 b. P110,000 P90,000 d. P270,000 C. 23. Terrific Corporation, an equipment distributor, sells a piece of machinery with a list price of P800,000 to Archer Company. Per agreement, Archer will pay P850,000 in one year evidenced by a note. Terrific normally sells at cash price equivalent to 90% of list price. The note has a market rate of 12%. How much should be recorded as Sales? (The PV of 1 at 12% for 1…
2021 Dec 31 Recorded Bad Debt Expense of $15,500 2022 Apr 1 Wrote off J.Salazar account of $3500 as uncollectible 2022 June 4 Wrote off T.Savvy account of $4000 as uncollectible 2022 August 10 Recovered $1500 from T. Savvy Required Journalize the transactions using the income statement approach to estimate bad debts. Journalize how Sloan Company would record the T Savvy bad debt situation if the direct write-off method had been used. Assume the bad debt was recovered on August 10, 2023.
complete part 2