Q4) Following is the Trial Balance of Ali Trading Company as on 31-12-2021. You are required toprepare Income Statement and Balance Sheet.Name of AccountMachineryAccount receivableBank accountBuildingPurchasesOpening stockDrawingsCarriage inWagesSalaries expensesSale returnsPostal expensesTrade expensesTotalSR12,00010,690.3,1507,9283,7003842506001,9101,30011913370042,864Name of AccountSalesAccount payableInterest receivedCapitalTotalEnd period adjustments are as follow:The merchandise inventory as on 31-12-2021 was valued at SR 1,500.Trade expense paid in advance SR 200.•••Depreciation on machinery SR 3000 and Building SR 928.Outstanding wages SR 120.Unearned interest SR 27.Salaries paid in advance SR 120.SR10,00012,40862719,82942,864

Financial statements are those statements which are prepared at the end of accounting period. The…

Answered: Q4) Following is the Trial Balance of…

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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Required information Skip to question [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable $ 54,000 Accounts Receivable 31,800 Cash (balance on January 1, 2021) 102,400 Cash (balance on December 31, 2021) 86,000 Common Stock 138,500 Dividends 0 Equipment 145,700 Income Tax Expense 11,000 Interest Expense 30,400 Inventory 18,100 Notes Payable 32,600 Office Expense 15,200 Prepaid Rent 7,900 Retained Earnings (beginning) 10,800 Salaries and Wages Expense 36,600 Service Revenue 155,800 Utilities Expense 26,000 Salaries and Wages Payable 17,000 Other cash flow information: Cash from issuing common stock $ 30,000 Cash paid to reacquire common stock 34,100 Cash paid for income taxes 11,900 Cash paid to purchase long-term assets 61,400 Cash paid to suppliers and employees 94,000 Cash received…
Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Debits Credits $25,500 16,300 13,800 157,000 $7,600 6,700 Deferred Revenue Common Stock Retained Earnings Totals 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year. storage services for cash, $143,100, and on account, $56,700. on accounts receivable, 1. January 9 2. February 12 Provide Collect $52,400. 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,409. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of Common stock in dividends to exchange for $36,000 cash. 9. December 30 Pay $3,700 cash stockholders. 8-a. Prepare the income…
Q1. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31" December, 2020 and Balance Sheet as on that date: Dr. (Rs.) Cr. (Rs.) Drawings 10,000 46,000 1,50,200 3,400 22,660 38,600 840 Stock on 01/01/2019 Purchases and Purchases Returns Cash in Hand 600 Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising 1,640 280 Professional Charges Commission Received Investments as on I" Jan. @ 10% 3,300 4,000 Interest on above 200 Sundry Debtors and Creditors Wages Salaries 36,000 25,000 14,000 29,000 Capital Income Tax 1,14,000 1,600 6,300 Discount allowed and received 4,600 Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 550 3,200 3,050 4,000 2,08,950 10,000 670 3,71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5% depreciation on frechold premises and 10% on office furmiture. (e) Insurance to the extent of Rs. 200…
45) Based on the following information from a business's financial statements, what amount of accounts receivable change was attributed to sales Sales Ending account receivable a. $37.00 b. $40.00 c. $44.40 d. $48.00 Year 1 ($) 4,440 500 Year 2 ($) 4,795 600
Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet Cash on hand P150,000 20,000 20,000 Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank 12,000 38,000 15,000 100,000 42,000 Advance to employees Land 120,000 220,000 65,000 Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue 120,000 50,000 30,000 20,000 11,000 Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill Trademark 35,000 200,000 150,000 25,000 10,000 The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture…
(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
From the accounts of DELTACOR Company, you are required to properly arrange the following accounts according to their group of accounts then: 1. Prepare the statement of financial position using the report form. 2. Prepare the supporting notes 3. Compute the ending capital of DELTA Office supplies Accounts Receivable Notes Receivable 30, 000 59,400 39,600 172,600 5,000 5, 000 247,500 6, 000 180, 000 225, 000 67, 500 72, 000 Cash Interest Receivable Allowance for bad debts Merchandise inventory Prepaid insurance Furniture and Fixtures Delivery equipment Accumulated depreciation- Fur. & Fixtures Accumulated Depreciation – Delivery Eqpt. Accrued expenses Accounts payable Notes payable (due in 2 yrs) DELTA, capital DELTA, drawing 8, 000 45, 000 105, 000 ? 50, 000 During the year, the owner made an additional investment of P20, 000 and withdrawals amounting of 50, 000. DELTA capital, beginning is 617, 600. Net income for the year is 75, 000.
23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
Can you help prepare the 2 attached journal entries for this example The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below. December 31, 20X1 20X0 Assets Cash $ 174,000 $ 223,200 Accounts receivable 306,000 327,600 Allowance for uncollectible accounts (19,200 ) (20,400 ) Inventories 579,600 645,600 Machinery and equipment 1,112,400 776,400 Accumulated depreciation on machinery and equipment (499,200 ) (446,400 ) Leasehold improvements 104,400 104,400 Accumulated amortization on leasehold improvements (69,600 ) (58,800 ) Securities held for plant expansion 180,000 0 Patents 33,360 36,000 Totals $ 1,901,760 $ 1,587,600 Liabilities and stockholders’ equity Accounts payable $ 279,360 $ 126,000 Dividend payable 48,000 0 Current portion of 6% serial bonds…
Study the information in the ledger accounts given below and answer the questions that ACTIVITY 2.14 year INSTRUCTIONS: follow: a) Show all workings b) The accounting period ends on 28 February. NOTE: 1. INFORMATION: Dit, GENERAL LEDGER OF DANKER TRADERS 1.1 BALANCE SHEET ACCOUNTS SECTION H/W EQUIPMENT DR. 20.6 Sept CR. 1 Bank Creditors Control 20.7 200 000 Feb 60 000 260 000 28 Balance c/d 260 000 CR. 260 000 20.7 20.7 1 Balance b/d March 20.7 260 000 Sept ? 20.8 1 Bank 100 000 360 000 Sept Feb 28 Balance c/d 300 000 360 000 CR. 20.8 Mar 1 Balance b/d 300 000 DR. ACCUMULATED DEPRECIATION ON EQUIPMENT CR. 20.7 28 Depreciation 20.7 Sept 20.8 Feb 28 20.7 Sept R. 1 Assets Disposal ? Feb ? NOMINAL ACCOUNTS SECTION LOSS ON SALE OF ASSETS CR. DR. 20.7 Sept 1 600 1 Assets Disposal 1.2 Additional Information: Depreciation is provided for annually at 20 % on the diminishing balance method. Grade 11 Learners book New Generation Accounting Grade 11
! Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $25,400 Credits 16,200 13,600 156,000 $7,500 6,600 151,000 46,100 Totals $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $142,100, and on account, $56,200. Collect on accounts receivable, $52,300. Receive cash in advance from customers, $13,700. Purchase supplies on account, $10,800. Pay property taxes, $9,300. Pay on accounts payable, $12,200. Pay salaries, $131,600. Issue shares of common stock in exchange for $35,000 cash. Pay $3,600 cash dividends to stockholders. 1. 3. 6. & 10. Post the…
The manufacturing costs of Mocha Industries for three months of the year are as follows: Total Cost $71,260 73,735 77,585 April May June Production 1,120 units 1,570 units 2,270 units a. Using the high-low method, determine the variable cost per unit. Round your answer to two decimal places. per unit LA b. Using the high-low method, determine the total fixed costs.

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