FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 2, Problem 1PSB
1.
To determine
Financial statement analysis:
Company and its users use financial analysis as a way to analyse the company’s financial statements to take investment and business decisions. There are four financial statements that any company should produce to its users for analysis. These are income statement, balance sheet, cash flow statement and
To prepare:The income statement of the company.
2.
To determine
Financial statement analysis:
Company and its users use financial analysis as a way to analyse the company’s financial statements to take investment and business decisions. There are four financial statements that any company should produce to its users for analysis. These are income statement, balance sheet, cash flow statement and stockholders’ equity statement.
To prepare:The ledger accounts.
3.
To determine
Financial statement analysis:
Company and its users use financial analysis as a way to analyse the company’s financial statements to take investment and business decisions. There are four financial statements that any company should produce to its users for analysis. These are income statement, balance sheet, cash flow statement and stockholders’ equity statement.
To prepare:The
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Students have asked these similar questions
Tasks 8-9. Application. Prepare the journal entries of the transaction below and
post them to the necessary ledger books. Write your answer on a separate sheet of
paper.
Olson Sala Company completed the following sales transactions during the month of
June 2015. All credit sales have terms of 3/10, n/30 and all invoices are dated as at
the transaction date.
June 1 Olson Sala invested Php 52,000 of his funds in the business.
1
Sold merchandise on account to R. Bituin, Php 32,000. Invoice no. 377
Sold merchandise on account to A. Perdales, Php 54,000. Invoice no.
378
3
4
Sold merchandise for cash, Php 46,000.
7.
Received payment from R. Bltuin less discounts.
Received payment from A. Perdales less discounts.
9.
Required:
1. Record the transactions in the general journal.
2. Post to the accounts receivable ledger.
3. Prepare a schedule of accounts receivable.
You are required to prepare a written report for the following tasks:
Transactions for the month of January of Joy Delights Café are given as the following.
2021
Started in business with RM105,000 cash
Put RM90,000 of the cash into a bank account
Bought goods for cash RM5,500
Bought goods on credit from: Eddy RM800; Franky RM930; Smith
RM160, Liew RM510
Bought stationery on credit from Buttons Ltd RM89
Sold goods on credit to: Tomy RM170; Eric RM240; Malcom
RM326; Tim RM204.
Paid rent by cheque RM220
Bought fixtures on credit from Chiefs Bhd RM610.
Paid salaries in cash RM790.
Jan
4
6.
10
11
Returned goods to Franky RM30; Smith RM42.
Bought van by cheque RM6,500.
Received loan from Barclay by cheque RM2,000.
18
14
15
16
Purchases retum: Temy RM5; Malcom RM20.
21
Cash sales RM145
Sold goods on credit to Eric RM130, Tim RM410, Paul RM15S.
Ravilink paid the following by cheque Franky RM900 Smith RM118.
Received cheques from Paul RM158; Eric RM370.
24
26
29
Received a further loan from…
Prepare ledger in T format.
month. During the month of June entered into the following transactions:
June 1 Owner deposited $ 150000 cash in a bank account .
June 2 Purchased $ 240000 equipment, paid $ 100000 cash and issued a 9 percent note for the
balance.
June 3 Paid $ 10,000 four months advance rent.
June 4 Received $12000 cash as advance payment on equipment from xyz company.
June 5 Purchased office supplies on account from ABC $ 1850 payment due in 30 days.
June 9 Purchased on account from F.P. distributor $ 290 parts needed to repair a rental tractor.
Payment is due in ten days.( HINT: USE MAINTENANCE EXPENSE)
June 10 Paid salaries for $ 3200.
June 15 Equipment rental fees earned amount $ 8900 ,of which $ 7200 was received in cash.
June 18 Paid the accounts payable to F.P. distributor.
June 19 Collected $ 800 of the accounts receivable.
June 23 Rented an equipment to M.L. company at a price $ 110…
Chapter 2 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected $2,500...Ch. 2 - Liang Shue contributed $250,000 cash and land...Ch. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Bonaventure Company has total assets of...Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQ
Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Analyzing account entries and balances A1 Use the...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Using transactions from the following assignments,...Ch. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - Prob. 3AACh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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