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- question O C. Work in Progress Finished Product 48 Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000 What will be the average debtors? ut of O a. OMR 15000 uestion O b. OMR 7500 O c. OMR 30000 O d. OMR 10000 pe here to search Pa lenovoQuestion 12 The following data pertain to Gliezel company on December 31, 20B: Trade accounts payable, including cost of goods received on consignment of P180,000 is 1,620,000; Accrued taxes payable, 150,000; Customers' deposit, 120,000; Cherry company as guarantor, 240,000; Bank overdraft, 66,000; Accrued electric and power bills, 72,000; Reserve for contingencies, 180,000. How much should be shown as total current liabilities? CHOICES 2,208,000 2,088,000 1,980,000 1,848,000Required information Exercise 7-21B Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) [The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 59,200 Accounts Receivable 26,000 Allowance for Uncollectible Accounts $ 2,700 Inventory Notes Receivable (5%, due in 2 years) 36,800 18,000 Land 160,000 Accounts Payable 15,300 Common Stock 225,000 57,000 $ 300,000 Retained Earnings Totals $ 300,000 During January Year 1, the following transactions occur: January 1 Purchase equipment for $20,000. The company estimates a residual value of $2,000 and a four-year service life. 4 Pay cash on accounts payable, $10,000. 8 Purchase additional inventory on account, $87,900. January January January 15 Receive cash on accounts receivable, $22,500. January 19 Pay cash for salaries, $30,300. January 28 Pay cash for January utilities, $17,000.…
- OUR COMPANY Statement of Financial Position As of December 31 2ΟΥ2 20Υ1 Cash and Cash Equivalents P 470,310 P 519,860 Accounts Receivable, net 660,110 565,170 Inventory 653,060 555,480 228,810 Prepaid Expenses 173,740 Total Current Assets 1,957,220 1,869,320 Property, Plant and Equipment, net Intangible Assets 5,910,530 745,200 5,501,660 721,910 Total Assets P8,612,950 P8,092,890 Current Liabilities P1,273,050 P1,123,700 Long-Term Liabilities 577,580 541,540 Total Liabilities 1,850,630 1,665,240 OUR, Capital 6,762,320 6,427,650 Total Liabilities and Owner's Equity P8,612,950 P8,092,890 OUR COMPANY Statement of Comprehensive Income For the Year Ended 20Υ2 20Υ1 Sales Revenue P5,385,860 P4,921,850 1,374,790 Cost of Goods Sold 1,254,860 Gross Profit 4,011,070 3,666,990 3,127,150 3,406,460 604,610 Selling and Administrative Expenses Operating Income Interest Expense 539,840 23,040 11,820 Net Income P 592,790 P 516,800 Required: 1. Compute for the 20Y2 profitability ratios. 2. Compute for…13 S ch The Beneke Corporation reported the following data: Cash Accounts Receivable Inventory Equipment Accounts Payable Notes Payable Revenue Year 3 $6,000 900 8,900 40,000 2,800 12,400 39,500 Year 2 $4,200 700 8,200 36,000 3,100 11.500 36,000 Year 1 $3,800 600 7,800 34,000 3,000 10,300 32,400 What is the company's debt to assets ratio for Year 3? Convert your final answer to a percentage. round to one decimal place and enter without the "%" sign (e.g. a final answer of 0.105678 would be entered as 10.6).10:10 O all 59% FINANCIAL%20ACCOUNTING%20I - Saved АССТ1201 Question 3 You were recently employed as the Financial Controller at Covid Free Ltd. You were provided with the following information on April 1, 2018: Balance on April 1, 2020 Debtors control Dr. $65, 145 Debtors control Cr. 600 Creditors control Dr. 950 Creditors control Cr. 75, 500 Totals for the month of April 2020 Cash purchases 35, 600 Credit purchases 62, 600 Cash Sales 47, 000 Credit Sales 75, 000 Contra entry: Set off 1, 800 Refund to cash customers 2, 800 Bad debt written off 3, 300 Discount Allowed 3, 750 Total payments to suppliers 87, 000 Total receipt from customers 98, 800 Discount received 5, 500 Dishonoured cheques: customers 2, 900 Increase in the allowance for bad debts 2, 100 Return Inwards 2, 400 Return Outwards 15, 200 Balances at 30 April 2020 Debtors control: Dr. ? Cr: $8 300 АССТ1201 Creditors control: Dr. $7 500 Cr: ? Required: А. Prepare the Sales ledger control account В. Prepare the Purchases…
- Question 5 Zombie Berhad has the following trial balance at 31 December 2021: Revenue Purchases Returns inwards Plant at cost Machinery at cost Office equipment at cost Accumulated depreciation-- Plant Accounts payable Long-term borrowing Accounts receivable Inventory -- Machinery - Office equipment Cash and bank Administration expenses Long term borrowing interests Salaries and wages Marketing expenses Discount allowed Share capital Retained profits as at 1 Jan 2021 General Reserve Total RM 730,600 208,000 10,712,000 4,940,000 4,680,000 2,191,072 218,400 358,904 520,000 26,000 252,720 208,000 72,800 25,118,496 RM 7,602,504 936,000 988,000 520,000 629,200 1,040,000 • Ordinary share dividend proposed to be 6%. Long term borrowing interest where half year interest still owing. 8,320,000 4,602,208 480,584 25,118,496 ..5/- Additional information: • Inventory as at 31 December 2021 was RM447,200. • Provision for company tax was RM429,520. • Depreciation 20% on cost per annum based on…Company A Company B Current Asset Cash 10,000 200,000 Account receivables 90,000 150,000 Inventory 300,000 50,000 Total 400,000 400,000 Current liabilities 150,000 Accounts payable Notes payable 50,000 50,000 250,000 Total 200,000 300,000 The quick ratio is 2 and 1.33 for company A and B, respectively. 1. Do you think that company A has a better financial condition than company B? Explain your answer in details.QOLUTION TANT & T0 mana The general ledger of the Culinary Plate's Food Company provides the following information: Accounts Receivable Inventory Accounts Payable End of Beginning of Year Year $ 65,000 $ 84,000 350,000 200,000 40,000 65,000 The company's net sales for the year were $2,200,000 and cost of goods sold amounted to $1,750,000. REQUIRED: Calculate the following (Show calculations): (a) Cash receipts from customers (b) Cash payments to suppliers
- ll TM 16:18 O 1 29% 4 cdn.fbsbx.com Done E9-4B: (Statement of Financial Position – Missing Elements) The following calendar year-end information is available for GRAPES Corporation: .Cash and cash equivalents · Accounts receivable (net) · Inventories · Property, plant, and equipment (net) ·Accounts payable . Wages payable . Contributed capital асcount balance P 5,000 20,000 60,000 120,000 44,000 15,000 100,000 The only asset not listed is trading securities. The only liabilities not listed are a P30,000 note payable due in two years and related accrued interest of P1,000 due in four months. The current ratio (equal to Current Assets : Current Liabilities) at year-end is 1.5:1. Instruction: Determine the following balances at year end. A. Total current assets (Cash and cash equivalent 500 Accounts receivable {net} 20,000 inventories {60,000} – 85000) Trading Securities В. (5000+20000+60000+120000)=20 5,000 c. Total Assets Accounts payable 44,000 + wages payable 15,000 59,00 D.…CP 13–5The following data are taken from the records of Cronkite Corp.:2019$2,5201,890630510$ 1202018$1,440960480430$ 50SalesCost of goods soldGross profitOther expensesNet incomeRequired: Perform horizontal analysis on the above date and interpretyour resultsQuestion 16 of 20 Select the best answer for the question. The accounts of the Eppers Company reflect the following balances. Balance Merchandise inventory $31.255 20,000 2,240 46.000 30.100 750 Item Land Salaries payable Bonds payable Cash Prepaid insurance Mortgage payable Machinery Accounts payable Accounts receivable Owner's equity 1 OA. $42.520. L 16. The company's current assets amount to B. $186 925. C. $73,775 OD. $74,525. 20,000 92,400 18.190 12.420 Previou Qu (?) Mark for review (Will be highlighted on the review page) Type here to search Next Question? O