Bleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet "Debit Credit Debit Credit Cash 12,300 Accounts Receivable 25,000 Merchandise Inventory 16,000 Store Supplies 1,100 Office Supplies 600 Prepaid Insurance 1,500 Store Equipment 66,000 Accumulated Depreciation-Store Equipment 38,000 Office Equipment 18,000 Accumulated Depreciation-Office Equipment 10,000 Accounts Payable 22,300 Salaries Payable 400 Long-Term Notes Payable 36,000 Carlo Perez, Capital 50,600 Carlo Perez, Drawing 32,000 Income Summary 17,000 16,000 Sales 61,500 Sales Returns and Allowances 500 Purchases 23,000 700 Purchases Returns and Allowances
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- ! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Debit $ 11,300 34,200 Credit $ 1,900 152,100 Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 68,300 121,000 9,700 18,800 201,000 155,500 $ 386,900 $ 386,900 During January 2024, the following transactions occur: January 1 Borrow $101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $12,000. Receive $31,100 from customers on accounts receivable. January 15 Pay cash for salaries, $29,000.…Question 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…Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s Equity
- Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.company A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?
- Bloom Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, the entity recognizes the unearned revenue as realized. Information for the current year:Unearned gift certificates revenue, January 1 ₱ 250,000Gift certificates sold 1,745,000Gift certificates redeemed 1,483,250Gift certificates which expired 80,000Gross profit rate based on cost 25% Requirements: What amount should be reported for the year ended December 31 as Gross Profit? Unearned gift certificates revenue?Account payable OMR 200; Bank loan OMR 1,200; Warranty liability of OMR 500; Creditors OMR 100 and Unearned revenue OMR 200. Calculate the value of record liabilities: Inventory count of a company Alpha is 24,000 units. This inventory includes goods held on consignment of company Beta costing OMR 8,000. Company Alpha did not include the cost of OMR 1,400 for the goods sold which are still in transit (FOB shipping point). Calculate the cost of inventory: ull lis isI O 直 0 TOSHIBAThe following data pertain to ABC Corporation on December 31, 2022Payroll account - 500,000Treasury bills, due 1/31/23 (purchased 11/2/22) - 300,000Credit memo from a vendor for a purchase return - 20,000Treasury bills, due 3/31/23 (purchased 12/1/22) - 200,000Money order - 30,000Treasury bills, due 1/30/23 (purchased 10/31/22) - 400,000Customer’s check outstanding for 18 months - 50,000Time deposit – 30 days - 200,000Certificate of deposit (due June 30, 2023 acquired December 31, 2022) - 500,000360-day Treasury bills, due 1/31/23 (purchased 11/2/22) - 600,000 Compute the total amount to be included as cash equivalents as of December 31, 2022.
- A VAT-registered business makes a sale of P12,000, inclusive of VAT. The VAT on the sale can be computed as* a. P12,000 x 12%b. P12,000 / 12% c. P12,000 x 12% / 112%d. P12,000 / 12% / 112%Bloom Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, the entity recognizes the unearned revenue as realized. Information for the current year:Unearned gift certificates revenue, January 1 ₱ 250,000Gift certificates sold 1,745,000Gift certificates redeemed 1,483,250Gift certificates which expired 80,000Gross profit rate based on cost 25% Requirements:8. What amount should be reported for the year ended December 31 as:A. SalesB. Cost of SalesRequired information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Debit $13,000 Credit Accounts Receivable 37,600 Allowance for Uncollectible Accounts $ 3,600 Inventory Land Buildings 153,800 85,300 138,000 Accumulated Depreciation 11,400 Accounts Payable 37,500 Common Stock 218,000 Retained Earnings 157,200 Totals $ 427,700 $ 427,700 During January 2024, the following transactions occur: January 1 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $29,000. Receive $32,800 from customers on accounts receivable. January 15 Pay cash for salaries, $30,700.…