please take below trial balance information for january 2020, conver it into financial statements. questions 1- make an income statement for this month 2- make a statement of equity for this month 3- make a balance sheet for this month
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please take below
conver it into financial statements.
questions
1- make an income statement for this month
2- make a statement of equity for this month
3- make a
4- how many units and at what cost are in inventory to start the next month (february)?
Step by step
Solved in 4 steps with 5 images
- 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…Data needed: SFP Asset section 1. Cash 16.3% 2. AR 6.3% 3. Short term investment 0.2% 4. Inventory 2.2% 5. Prepaid expenses 0.4% 6. PPE 74.7% Data needed: SFP Liabilities and OE section. 1. Current liab 16% 2. Non-current liab 34.2% 3. OE 49.9% Data needed: SCI 1. COGS 38.6% 2. Selling and admin exp 6.8% 3. Interest exp 0.1% 4. Income tax exp 0.5% 5. Net income 54%Adjusted Trial Balouce Particulars Cash Accoouts seceivoble Dr $ 6700Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.Calculate working capital Alist of XYZ Company accounits is presented belov in alphabetical order: Aco. Dep.-Buildings Acc. Dep-Equipment Acc. Other Comprehensive Inoiome Accounts Payable Accounts Receivable 10 Additional Paidin Capital-obmmion Addtional Paidin Capital-preferredS 12 Allov ance for Doubtful Adcounts 42,400,00 28.080.00 880.00 17,920 00 17.200 00 19,200.00 9,200 00 640.00 61600 00 13 Bond: Payable idue 20271 14 Buldng: 15 Cash 16 Common Stock, $10 par 17 Curren Tan Payable 18 Discount on Bonds Pavable 19 Equipment 20 nventory 21 Land 22 Marketable Seourities (shoit term) 23 Patents (net) 24 Pieferned stook, $100 par 25 Retained Earnings 26 Revenues Salaries expense 28 Salalies Payable 29 Trademarks 115,200.00 2,320.00 24,000.00 8,320.00 5,520.00 57.920.00 29,760 00 24,000,00 4.880.00 7,840.00 16,800 00 36.960.00 85,600.00 %24 27 31.200.00 1,600.00 2.960.00 24 30Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000Problem 84 (LAA) Summa Company revealed the following account balances on December 31, 2020 Accota payable Accounta receivable, net of allowance for doubtful accounts PS0.000 Accrued taxes Aecrued interest receivable Autherined sbare capital, 60,000 aharea. P100 par Building, net ofaccumulated depreciation of P500,000 3,000.000 Cash on hand Cash in bank Bond sinking fund Furniture and equipment, net ofaccumulated depreciation of P900,000 Iaventory Investment property Land Deferred tax liability Bonds payable due June 30, 2021 Notes payable Notes reoeivable Patent Ocher accrued liabilities Prepaid expenses Share premium Retained earninge appropristed for contingencies Retained eantings Share ubecription receivable Subscribed share capital E000 shares Unianoed share capital 1000,000 50.000 30,000 5,000.000 50.000 650.000 2000.000 1,500,000 1,200,000 700.000 1,000,000 650.000 2.000.000 850.000 200,000 370,000 150,000 100,000 300,000 200,000 2.700,000 500,000 L000,000 2.000,000 Required:…! Required information Problem 12-6A (Algo) Use ratios to analyze risk and profitability (LO12-3, 12-4) [The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below. Net sales Cost of goods sold Gross profit Expenses: VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 2025 $3,495,000 2,477,000 1,018,000 Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income 952,000 27,000 16,500 7,700 1,003, 200 14,800 2024 $3,021,000 1,947,000 1,074,000 855,000 25,500 7,700 13,500 46,500 948, 200 125,800perience p....pptm ^ Type here to search w X # 3 E Coronado Company's condensed financial statements provide the following information. C Cash Accounts receivable (net) Short-term investments Inventory Prepaid expenses Total current assets Property, plant, and equipment (net) Total assets Current liabilities ACC341-2022-Ho....xlsx $ 4 Bonds payable R F % 5 O CORONADO COMPANY BALANCE SHEET T At O+ 6 V B ▶ music 2.jpeg n H & 7 Dec. 31, 2020 $52,100 197,700 80,800 442,700 3,000 $776,300 849,900 $1,626,200 237,700 401,800 U 20 8 J Dec. 31, 2019 $60,200 O 80,800 39,600 N M 360,200 $547,700 849,900 $1,397,600 6,900 155,700 ( 401,800 9 W K F11 ) O 0 888 P Home End C Rair InseVanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $14. At the start of January 2018, VGC's Income statement accounts had zero balances and Its balance sheet account balances were as follows: Cash $1,730, e00 188, e00 15, 200 921, e00 508, e00 1,798,e00 153,e00 163,e00 124,e00 2, 900, e00 1,812, 200 Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Conmon Stock Retained Earnings In addition to the above accounts, VGC's chart of accounts Includes the following: Service Revenue, Salarles and Wages Expense, Advertising Expense, and Utilities Expense. The following transactions occurred during the January month: a. Recelved $66,750 cash from customers on 1/1 for subscriptions that had already been earned in 2017. b. Purchased 10 new computer servers for $36,400 on 1/2: pald $15,700 cash and signed a three-year note for the remalnder owed. c. Pald $11.700…Transaction asset liability capital (f) Bought goods on credit $2200SEE MORE QUESTIONS
