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

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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)
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a. 8,200,000 b. 6,200,000 c. 2,000,000 d. 4,200,000 Problem 4-15 (AICPA Adapted) 81 molde Steven Company provided the following information during the first year of operations: 0913410000 Total merchandise purchases for the current year Merchandise inventory on December 31 Collections from customers bgodno ode All merchandise was marked to sell at 40% above cost. All Isales are on a credit basis and all accounts are collectible, What amount should be reported as accounts receivable on December 31? od ove arlo batable pore ab a. 1,000,000 b. 3,840,000 c. 5,000,000 d. 5,800,000 7,000,000 1,400,000 4,000,000 120 000 030 000,000 at amount was received b remittance in full? a. 2,744,000 b. 2,940,000 c. 2,944,000 d. 3,140,000 Problem 4-17 (PHILCPA A Germany Company started busines year. The entity established an all- estimated at 5% of credit sales. wrote off P50,000 of uncollectible Further analysis showed th amounted to P9,000,000 and e was P1,500,000. Goods were s The total sales…
From the following information, find receivable turnover. Sales 375000 (60% credit ) Account receivable 31.12 125000 Current Assets 760000 Cost of sale 120000 Fixed Assets 1440000 Net profit 30000 Inventory 800000 Current Liabilities 600000. Total assets 125000 Account receivable 1.1 25000 Select one: O a. 3 O b. The correct answer not available О с.5 O d. 1.5
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…
! 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.…
PROBLEM 2 Fleming Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 6% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2017, and December 31, 2018, appear below: 12/31/17 12/31/18 Net Credit Sales $400,000 $500,000 Accounts Receivable 60,000 80,000 Allowance for Doubtful Accounts 5,200 ? Instructions (a) Record the following events in 2018. Aug. 10 Determined that the account of Sue King for $800 is uncollectible. Sept. 12 Determined that the account of Tom Young for $3,700 is uncollectible. Oct. 10 Received a check for $500 as payment on account from Sue King, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November. Nov. 15 Received a check for $300 from Sue King as payment on her account. (b) Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2018.…
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:
2:31 G ileo The following are taken from the records of Debit Credit Sales P764985 Purchase Discount 8200 Purchase returns and allowances 5465 Purchases 159990 Freight-in 9180 Sales Discount 13300 Sales returns and allowances 5455 Depreciation expense Amortization expense 25000 10000 Salarics cxpcnsc Utilities expense Advertising cxpensc Rent expense 80000 55000 35000 60000 Interest incomc 5440 Interest expense 5677 Gain on salc of PPE 5465 Bad debts expense ? Humility Company for the year ended December 31, 2019: Based on actual physical count, inventory balance are as follows: January 1, 2019 December31, 2019 P25455 P20765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: а. Net sales b. Net purchases I U A II B
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…