Martinez Corp. experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances.     December 31, 2020   December 31, 2019 Cash   $ 38,100   $ 11,100 Accounts receivable (net)   74,000   128,400 Inventory   204,600   183,400 Accounts payable   50,200   90,600 Notes payable   36,500   64,900 Common stock, $100 par   406,600   406,600 Retained earnings   120,000   106,300 Additional information: 1.   The inventory turnover is 3.7 times. 2.   The return on common stockholders’ equity is 19%. The company had no additional paid-in capital. 3.   The receivables turnover is 11.8 times. 4.   The return on assets is 19%. 5.   Total assets at December 31, 2019, were $607,100. Compute the following for Martinez Corp.. (Round all answers to 0 decimal places, e.g. 2,150.) (a)   Cost of goods sold for 2020.   $  (b)   Net credit sales for 2020.   $  (c)   Net income for 2020.   $  (d)   Total assets at December 31, 2020.   $

8) ABC Company revealed the following information on December 31, 2019: Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts (200,000) Inventory 2,000,000 Prepaid insurance 300,000 Total current assets 7,400,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank (300,000) Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 Total cash 3,700,000 The accounts receivable included a past due account in the amount of P100,000. The account is deemed uncollectible and should be written off. The inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on December 31, 2019. Neither of these items have been recorded as a purchase. The prepaid insurance included a cash surrender value insurance of P50,000. What is the adjusted cash balance? What is the adjusted inventory? What is the adjusted net realizable value of accounts…

At December 31 2019, according to the records of Graser Company, the balance of Cash account was $21,783. The October 31 bank statement showed a balance of $26,394. You are to prepare the bank reconciliation of Graser Company at December 31, using the following supplementary information: (iii) Service charge of $150 was charged wrongly to Graser's account by the bank. (iv) A note receivable for $15,000 left by Graser Company with bank for collection that had been collected and credited to company's account. Along with the note collection, interest of $150 was also collected. Interest was accrued and recorded in the month-end adjusting entries by Graser Company previously. (v) A check for $420 drawn by a customer, Stuart Sands, but deducted from Graser's account (i) The December 31 bank statement showed the following checks and deposits. Bank Statement by the bank and returned with the notation "NSF." (vi) Graser's account had a check issued in payment of Building, correctly written in…

The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.