2. the provision for doubtful debt is to equal 2% of trade receivables 3. Inventory at 31st December 2018 was valued at £5,758.50 4. Vehicle expenses owing £27.50 and rent prepaid £137.50 Required: Prepare an income statement of M.M. Bibsy for the year ending 31st December 2018 and a Statement of Financial Position.
Q: (a) Preparethebankreconciliationstatementasat31August2022. (b)…
A: We are given the cash balance of Isofac company and bank balance as on 31st August 2022 which are…
Q: If Ayayai Corp. has net sales of $523000 and cost of goods sold of $350000, Ayayai gross profit rate…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Chris's House of Music wants to purchase Transposelt, a system that transposes any song in its…
A: The accounting rate of return is a ratio of net income earned on an investment. Net income is net…
Q: Project Alpha requires an immediate investment of $16,000 and an additional investment of $12,000…
A: Net Present Value = Present Value of Cash Inflows - Present Value of Cash Outflows
Q: On January 2, 2022, the Peace Company issued P2,000,000 of 9% convertible bonds at par. The bonds…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Solve the following equations:- r'=1/y+x+1 2:30 PM
A:
Q: ned to Polk by: J W ner van on credit f g paid Polk their a son; F Syme. ned by Polk to R F- nt on…
A: Every business transactions is recorded in the journal book and then posting into ledgers are done…
Q: O'Brien Company manufactures and sells one product. The following information pertains to each o the…
A: Solution: Under variable costing, unit product cost includes variable production costs such as…
Q: Perform a horizontal analysis and put the correct answer in the appropriate blocks for only these…
A: Horizontal analysis is used in the financial statement analysis. it is used for identifying the…
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…
A: Under FIFO Method, using perpetual inventory system, cost of goods sold and value of ending…
Q: Supplies $ 32,000 Service Revenue $ 110,000 Supplies Expense 9,000 Salaries and Wages Expense 38,000…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Reema Furniture factors $200,000 of receivables to Kroton Factors. Kroton charges a service…
A: Service Commission charged by Kroton :- 2% of Account Receivables Amount of Receivables for…
Q: The following transactions occurred during the month of April for Nelson Company:a. Purchased…
A: Normally, a journal entry is recorded in the main ledger, but it can alternatively be entered in a…
Q: 15 A balance sheet has total assets of $1,588, fixed assets of $1,106, long-term, debt of $588, and…
A: Net Working Capital- Working capital, also recognized as net working capital, is the distinction…
Q: Alex and Bess have been in partnership for many years. The partners, who share profits and losses on…
A: Solution A journal is a book which is used to record a business transaction in chronological order.…
Q: An entity reported the following information on December 31, 2019: Ordinary share capital 110,000…
A: The potential ordinary shares are the number of ordinary shares that may arise due to convertible…
Q: Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April 2021 with…
A: Cash discount: Cash discount is an incentive provided by the selling party to the purchaser for a…
Q: A Seller accepts her offer on her home for 60,000. At the time of the offer, a 2,000 earnest money…
A: total money he will be received 60000
Q: Denna Company's working capital accounts at the beginning of the year follow: Cash Marketable…
A: Working capital is the capital or amount for day to day use in the business. Current ratio is the…
Q: ?Which one of the following is an organization sustaining activity Packaging of units a O None of…
A: Introduction:- Organization sustaining activities are those activities which maintains the operation…
Q: On March 23, 2020 United Bank enters into an agreement to sell Treasury Notes to State Bank for…
A: In this question, we will prepare journal entries on March 23 and July 15.
Q: A company currently in the 3rd month of a 2 year project. The financial committee would like to have…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: A condensed income statement by product line for Crown Beverage Inc. indicated the following for…
A: GIVEN A condensed income statement by product line for Crown Beverage Inc. indicated the…
Q: Grouper Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a…
A: The flexible budget is prepared to estimate the costs at different level of production on the basis…
Q: ariable costs per unit: Manufacturing: irect materials $ 26 mirect labor $ 15 ariable manufacturing…
A: Solution: Under variable costing, unit product cost includes Variable manufacturing costs such as…
Q: Security Technology Incorporated (STI) is a manufacturer of an electronic control system used in the…
A: Under a full costing system, fixed and variable costs are simultaneously deducted from sales, and…
Q: 1. Ms. Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients.…
A: Answer:- Tax Liability:- Tax liability can be defined as the payment owing to a union, state, or…
Q: Beginning of year operating assets $3,220,000 End of year operating assets 3,020,000…
A: GIVEN Wildhorse Corp. reported the following: Beginning of year operating assets…
Q: The following balances were taken from a sole trader’s accounts for the year ended 30 June 2021:…
A: Solution: Capital account balance on 30.06.2021 = Beginning capita balance + Profit for the year =…
Q: Tax law contains a two-pronged system for taxing the US source income of foreign persons. Briefly…
A: under the domestic law of USA if the non-descident in the united state is for 90 days or less than…
Q: Cynthia Reynolds deposited $22,000 in an account paying interest of 4% compounded annually. Click…
A: Lets understand the basics. Compounding interest is a interest calculated on the principle as well…
Q: Donna Willis is the advertising manager for Bargain Shoe Store. She is currently working on a major…
A: The contribution margin is calculated as difference between sales and contribution margin. The net…
Q: Unit viii question 13
A: In flexible budgeting, budgeted expenses will be adjusted as per the actual production. This is to…
Q: Pacifico Company, a U.S.-based importer of beer and wine, purchased 1,900 cases of Oktoberfest style…
A: Given: It is purchased 1,900 cases of Oktoberfest-style beer from a German supplier for 570,000…
Q: Franco converted a building from personal to business use in May 2018 when the fair market value was…
A: Solution:- Given, Franco converted a building from personal to business use in May 2018 The fair…
Q: Mr. John Wick operates books stores and renders services as a professional broker. In 2018, his…
A: Answer:- Income tax definition:- Income tax can be defined as a tax which is levied on person or…
Q: ure-Bilt Construction Company is considering selling excess machinery with a book value of $280,600…
A: The question is based on the concept of Financial Accounting.
Q: Beta Ltd manufactures laptops. Cellar Ltd routinely buys laptops from Beta Ltd. On 1 June 2021, Beta…
A: journal entry is the first step that is considered by the business when they sell they are good…
Q: During 2021, Bycomb Company generated revenues of £300,000 for services rendered of which £70,000…
A: As per accrual syst of accounting, revenue. and expense will be recognised as and when they are…
Q: orth Company ,000 for P1,000,00 00 and signed a r :eh is
A: Accounts Payable: Accounts payable is recognized in the accounting books of a company to indicate…
Q: thiy, how much should Marvin deposit on December 31, 2022 in order to achieve h
A: Given PMT=4000 RATE =2%/12 N=25*12=300
Q: your sister bought a condominuim unit for 9,300,000 peso through a condominium loan which she avaied…
A: The monthly amortization is the payment that has to be paid or received at the end of every month.
Q: Why is it 100,000 (.75)?
A: In process costing, equivalent units are computed considering total units completed in the current…
Q: create 2 problems (required must vary) for each type of depreciation. 1. Straight Line Method 2.…
A: You have posted multiple-part questions, so as per Bartleby policy only the first three parts are…
Q: Use the table beolow to answer the following questions. a. Calculate the growth rate of real GDP for…
A: Average annual growth rate of GDP is the average increase in the value of GDP over a period of time.…
Q: Example (4): Find the value of sales from the following information 1- Ordinary shares 600 dinars 2-…
A: Sales revenue: The value obtained by a company after disposing their products or rendering of their…
Q: LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017…
A: The acid-test ratio is calculated by dividing the liquid assets of the company by its current…
Q: Mr Adam wants to sell his car, which he purchased at RM 85,000 after using it for three years. The…
A: Sum of the year digits method: Under this method of depreciation, the depreciation rate percentage…
Q: Calculate the proprietary ratio from the following information: Fixed Assets 12,80,000 Current…
A: Calculation of Proprietary Ratio Proprietary Ratio = Shareholders' Funds/ Total Assets Proprietary…
Step by step
Solved in 3 steps
- Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000Make accounting entries for following perpetual inventory transaction Nov8,2019 received a debit memo from kcg inc. For an error that overstated the total invoice by $65A. Assuming that the company had the following beginning balances in its allowance for inventory write down accounts: FG – P60,000; WIP – P0; RM – P60,000, what is the total loss on inventory write-down to be recognized for the year?B.
- The following information was obtained from the accor February 2020, the end of the financial year: Opening inventory Closing inventory Purchases Import duties Carriage on sales The cost of sales for the year ended 29 February 2020 amounted to Select one: a. R1 030 000 b. R1 080 000 c. R1 115 000 d. R1 065 000Chapter : Inventory San Corp. conducts an assessment of the inventory held at the end of 2022. The person in charge of the San Corp. warehouse reports some information from inventory, namely from inventory Q, R, and S The cost used to sell each inventory is $30,000 Instructions: Prepare the journal entries necessary to recognize an impairment loss on inventories, if the company uses: a. cost methodQuestion 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…
- REQUIRED:(a) Calculate the LCNRV using the “individual-item” approach.(b) Prepare the journal entries as at 31 December 2020 assuming that a loss method and the Allowance to Reduce Inventory to NRV Account is used to record the write down of the inventory.(c) Assume that as at 31 December 2020, the account of Allowance to Reduce Inventory to NRV had a credit balance of RM14,500. Determine the amount of the gain or loss that would be recorded due to the change in the Allowance to Reduce Inventory to NRV Account as in (b). Show the related journal entries.Prepare the entries for transaction below and indicate what journal it is 3 august paid $200 for freight charges on the purchase of august1, 2020Chapter : Inventory San Corp. conducts an assessment of the inventory held at the end of 2022. The person in charge of the San Corp. warehouse reports some information from inventory, namely from inventory Q, R, and S The cost used to sell each inventory is $30,000 Instructions: Prepare the journal entries necessary to recognize an impairment loss on inventories, if the company uses: a. Loss method with allowance (allowance balance at the beginning of the period is $10,000)!
- (a) Calculate the LCNRV using the “individual-item” approach.(b) Prepare the journal entries as at 31 December 2020 assuming that a loss method and the Allowance to Reduce Inventory to NRV Account is used to record the write down of the inventory.(c) Assume that as at 31 December 2020, the account of Allowance to Reduce Inventory to NRV had a credit balance of RM14,500. Determine the amount of the gain or loss that would be recorded due to the change in the Allowance to Reduce Inventory to NRV Account as in (b). Show the related journal entries.provide the cost of good sold statement of jan 2022 from the beginning balances and journal entries givenPlease help in editing the Income Statement for the period ended 31st October 2021 for the question attached to include the entry for The closing inventory = £ 320