Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 4, Problem 2MCQ
The following information is available for the R. Kandamil Company before closing the accounts. After all of the closing entries are made, what will be the balance in the R. Kandarnil, Capital account?
- a. $360,000
- b. $250,000
- c. $160,000
- d. $150,000
- e. $60,000
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Students have asked these similar questions
Below are the accounts of Jayden Services for the year ended December
31, 2019.
Accounts Payable
Accounts Receivable
Capital
Cash
Inventories
100,000
Long-term Debt
Notes Payable
Notes Receivable
Property and Equipment
Supplics and other payments
140,000
1,840,000
1,000,000
450,000
300,000
100,000
100,000
550,000
100,000
Compute and answer the following questions.
1. How much is the total current asset of the entity?
2. How much is the total non-current assets of the entity?
3. How much is the total current liability of the entity?
4. How much is the total non-current liability of the entity?
5. How much is the total assets of the entity?
2.
You are required to prepare a trial balance for Alina, a sole proprietorship as at 31st
December 2021 and assess the source and structure of the trial Balance of Alina .
The following information should be used to prepare the trial balance.
£000
Capital 200 - Source - General ledger
Stocks 40 - Source - General ledger
Sales 100 - Source - Sales ledger or accounts receivable
Cash and cash equivalent 110 - Source - Cash book
Bank loan 70 - Source - General ledger
Furniture and Fittings 180 - Source - General ledger or nominal ledger
Trade Receivables 30 - Source - Sales ledger or receivables ledger
Trade Payables 40 - Source - Payable ledger or purchase ledger
Wages 50 - Source - General ledger or nominal ledger
TASK 2
From the data below please complete a P&L Account
Opening Stock - £800,000
Depreciation - £80,000
Advertising expenses - £60,000
Rent - £15,000
Salaries - £56,000
Commission - £5,000
Other expenses - £7,000
Closing…
First using cash accounting, and then accrual accounting, discuss what the balances of each account will be on May 31, 2019 at Hippie Hospital for the financial period below, taking into consideration the transactions listed. Then, discuss why/how you arrived at your answer for each ending account balance.
Beginning account balances for May 2019:
Assets = $1,400,000
Liabilities = $500,000
Net Assets = $890,900
Revenue = $25,000
Expenses = $15,900
Transaction #1 (May 4, 2019) - the hospital signed a purchase order for a $2,500 supply purchase, which will be delivered/completed in mid-June.
Transaction #2 (May 15, 2019) - the hospital provided $15,000 in patient care services and billed patients' insurance plans.
Transaction #3 (May 25, 2019) - the hospital took out a loan for $4,000 to meet future, unexpected payroll obligations.
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - The ledger of Claudell Company includes the...Ch. 4 - Choose from the following list of terms/phrases to...Ch. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - The following data are taken from the unadjusted...Ch. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Following are Nintendos revenue and expense...Ch. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - The following two events occurred for Trey Co. on...Ch. 4 - On April 1, Jiro Nozomi created a new travel...Ch. 4 - The following unadjusted trial balance is for Ace...Ch. 4 - Prob. 3APCh. 4 - The adjusted trial balance for Tybalt Construction...Ch. 4 - The adjusted trial balance of Karise Repairs on...Ch. 4 - The following six-column table for Hawkeye Ranges...Ch. 4 - On July 1, Lula Plume created a new self-storage...Ch. 4 - Prob. 2BPCh. 4 - Prob. 3BPCh. 4 - The adjusted trial balance for Anara Co. as of...Ch. 4 - Santo Companys adjusted trial balance on December...Ch. 4 - The following six-column table for Solutions Co....Ch. 4 - This serial problem began in Chapter 1 and...Ch. 4 - Accounting Analysis Refer to Apples financial...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Review this chapters opening feature involving...
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