Direction: Complete the Balance Sheet. Write your answer in the box provided.Pazado PharmaBalance SheetAs of December 31.2020AssetsCurrent AssetsCashP 6,520.00* 2,300.00Accounts ReceivableSuppliesTotal Current AssetsP 23,820.00Non-current AssetsEquipment, NetBuilding, Net* 17,000.00P113,000.00Total Non-current AssetsP2.Total AssetsLiabilities and Owner's EquityCurrent LiabilitiesP 22,400.00P 3,500.00Accounts PayableUnearned IncomeTotal Current LiabilitiesNon-current LiabilitiesLoans Payable (Long Term)* 77,500.00P 77,500.00P 103,400.00Total Non-current LiabilitiesTotal LiabilitiesOwner's EquityFernandez, CapitalP5.Total Liabilities and Owner's EquityP 153,820.00 Direction: The following list of accounts for Pazado, Inc is available at the end of December 2020. Make asummary of Income Statement from the given information below with the following required data.1. Calculate the turnover/ROI2. Calculate the consumption of goods for sale3. Prepare the Income Statement of Pazado, Inc for year 2020.SalesRent ExpenseDepreciation ExpenseUtilities ExpenseTaxes and LicensesGoods Available for SaleMerchandise, Inventory, January 31Salaries ExpenseFreight, outUncollectible AccountsSales DiscountSales Returns and Allowance902,00030,00011,25018,00015,000714,900102,00050,0003.92019,1005,00013,000

According to the rule, we will only answer the first three subparts, for the remaining subparts,…

Direction: Complete the Balance Sheet. Write your answer in the box provided. Bazado Pharma Balance Sheet As of December 31,2020 Assets Current Assets Cash * 6,520.00 P 2,300.00 Accounts Receivable Supplies Total Current Assets P 23,820.00 Non-current Assets Equipment, Net P 17,000.00 Building, Net P113,000.00 Total Non-current Assets 2. Total Assets Liabilities and Owner's Equity

Direction: Complete the Balance Sheet. Write your answer in the box provided. Bazado Pharma Balance Sheet As of December 31,2020 Assets Current Assets Cash * 6,520.00 P 2,300.00 Accounts Receivable Supplies Total Current Assets P 23,820.00 Non-current Assets Equipment, Net P 17,000.00 Building, Net P113,000.00 Total Non-current Assets 2. Total Assets Liabilities and Owner's Equity

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...

See similar textbooks

Similar questions

The following select account data is taken from the records of Carnival Express for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
Use a spreadsheet and the following excerpts from Hileah Companys financial information to build a template that automatically calculates (A) inventory turnover and (B) number of days sales in inventory, for the year 2018.
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.
The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.
Prepare an income statement using the following information for CK Company for the month of February 2019.
Following is the adjusted trial balance data for Garage Parts Unlimited as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin or 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.