![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
thumb_up100%
Basic Accounting
Using the transactions given in the picture, prepare the Statement of Comprehensive Income, Statement of Changes in Owner's Equity and Statement of Financial Position. Kindly do it in good form. Thank you!
![The following are the transactions of Kookie Company for the year ended December 31, 2019:
Dec 1
Owner invested cash of 530,000 and land of 1,200,000 and equipment amounting
to 200,000
Dec 3
Paid for advertising expense worth 45,000
Purchased office supplies by cash, 20,000
Purchased machineries costing 100,000. Paid 50% and promised to pay the
Dec 6
Dec 8
balance after 20 days
Dec 11 Purchased some machinery worth 115,000 on account
Dec 15 Rendered services to clients worth 200,000 on account
Dec 18 Make 50% payment on the balance owed on Dec 8
Dec 19 Rendered 510,000 worth of services and collected cash
Dec 20 Rendered 85,000 worth of services on account
301
OCM
601
Dec 21 Borrowed a loan amounting to 5,000,000 with 12% interest annually TER
Dec 26 Withdraw cash for personal use 20,000
Dec 31 Paid for the salaries of staff 170,000
hot eonowollA
Dec 31 Rendered services and collected cash 105,000](https://content.bartleby.com/qna-images/question/b0da8e36-d614-4669-8dfd-04fdabac898b/3660b190-fd70-42a6-86c6-8fd54e85d357/zax0vgn_thumbnail.jpeg)
Transcribed Image Text:The following are the transactions of Kookie Company for the year ended December 31, 2019:
Dec 1
Owner invested cash of 530,000 and land of 1,200,000 and equipment amounting
to 200,000
Dec 3
Paid for advertising expense worth 45,000
Purchased office supplies by cash, 20,000
Purchased machineries costing 100,000. Paid 50% and promised to pay the
Dec 6
Dec 8
balance after 20 days
Dec 11 Purchased some machinery worth 115,000 on account
Dec 15 Rendered services to clients worth 200,000 on account
Dec 18 Make 50% payment on the balance owed on Dec 8
Dec 19 Rendered 510,000 worth of services and collected cash
Dec 20 Rendered 85,000 worth of services on account
301
OCM
601
Dec 21 Borrowed a loan amounting to 5,000,000 with 12% interest annually TER
Dec 26 Withdraw cash for personal use 20,000
Dec 31 Paid for the salaries of staff 170,000
hot eonowollA
Dec 31 Rendered services and collected cash 105,000
![Assuming the following additional information:
Doubtful acCounts are estimated to be 3% of the total accounts receivable
All furniture, equipment and machinery have a useful life of 10 years with no
salvage value
Interest on the loan should be accrued
Only 2,500 worth of supplies is left at the end of the accounting period](https://content.bartleby.com/qna-images/question/b0da8e36-d614-4669-8dfd-04fdabac898b/3660b190-fd70-42a6-86c6-8fd54e85d357/d9cwjpd_thumbnail.jpeg)
Transcribed Image Text:Assuming the following additional information:
Doubtful acCounts are estimated to be 3% of the total accounts receivable
All furniture, equipment and machinery have a useful life of 10 years with no
salvage value
Interest on the loan should be accrued
Only 2,500 worth of supplies is left at the end of the accounting period
Expert Solution
![Check Mark](/static/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps with 7 images
![Blurred answer](/static/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Draft a recommendation directed to the CEO explaining the findings, recommendations, and benefits of installing an accounting information system. Make sure you are specific in your recommendations.arrow_forwardWhen using the Spreadsheet (work sheet) method to analyze noncash accounts, it is best to start with Group of answer choices cash net income retained earnings revenuearrow_forwardHow does the data flow from the transaction (e.g. MRI scan) to financial statements? Use the following key terms in your response: transaction, journal entry, general ledger, financial statement.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
![Text book image](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education