The following are taken from the records of San Agustin Lumber and Supplies forthe year ended December 2019. The business owneremployed you as its bookkeeperin its first year of operations. You are now to prepare the Statement of Comprehensive Income. Accordingly, 30% of the rent, salaries, depreciation, and utilities expenses pertain to the sales office while the rest to the corporate office. Advertising Expense Depreciation Expenses Freight-In Freight-out Insurance Expense Inventory, January 1, 2019 Inventory, December 31, 2019 Purchases Purchases Discount Purchases Returns and Allowance Rent Expense Salaries Expense Sales Sales discount Sales Returns and Allowances Utilities Expense 25,000.00 2,500.00 5,000.00 3,500.00 5,000.00 235,600.00 125,000.00 275,000.00 3,500.00 4,550.00 35,000.00 50,000.00 725,000.00 15,250.00 10,250.00 7,500.00

The following are taken from the records of San Agustin Lumber and Supplies forthe year ended December 2019. The business owneremployed you as its bookkeeperin its first year of operations. You are now to prepare the Statement of Comprehensive Income. Accordingly, 30% of the rent, salaries, depreciation, and utilities expenses pertain to the sales office while the rest to the corporate office. Advertising Expense Depreciation Expenses Freight-In Freight-out Insurance Expense Inventory, January 1, 2019 Inventory, December 31, 2019 Purchases Purchases Discount Purchases Returns and Allowance Rent Expense Salaries Expense Sales Sales discount Sales Returns and Allowances Utilities Expense 25,000.00 2,500.00 5,000.00 3,500.00 5,000.00 235,600.00 125,000.00 275,000.00 3,500.00 4,550.00 35,000.00 50,000.00 725,000.00 15,250.00 10,250.00 7,500.00

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

See similar textbooks

Similar questions

The accounts of RIX Itd for the year ended December 2019 shows the following: Particulars Rs. Particulars Rs. Factory office salary 6,500 Material Purchased 1,85,000 12,600 Travelling expenses 2,100 General office salary Carriage outward 4,300 Traveller's salary and 7,700 commission 7,150 Productive wages 1,26,000 Carriage on purchase Repairs of plant 4,450 Depreciation:- Rent, Rent & Taxes:- Factory 8,500 Office 2,000 Directors' fees Sales Gas and Water: Stock of materials: Managers' salary (3/4th Factory and 1/4th Office) Plant & Machinery 6,500 Furniture 300 6,000 Factory 1,200 Office 400 4,61,100 31st December 2018 62,800 31st December 2019 48,000 General expenses 3,400 Prepare a cost sheet from the above information. 10,000
On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.
table belom shows the financial statements of a fan components supplier company that started it's operation in 1st January 2021.Calculate the profit and loss statement for the year ended December 2021.
7) Evergreen traders had the gross profit of RO 78,200, advertising of RO 1,700, salesperson salary of RO 1,500, office rent of RO 7,400, office insurance of RO 1,200, interest expense of RO 500, loss on sale of machinery RO 700, dividend revenue RO 2,500 and repairs and maintenance of RO 450 for the year 2019. Calculate and show the Net income of the business transferred to the balance sheet for the year ended 2019? a. RO 68,650 b. RO 78,200 c. RO 69,550 d. RO 67,250
The following items were reported on Kevin Company's statement of comprehensive income for the year ended December 31, 2021: Legal and audit fees-P170,000; Rent expense-P240,000; Interest expense-P210,000; Loss on sale of equipment-P35,000. The office space is used equally by Kevin's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses? A P325,000 B) P500,000 P290,000 D) P410,000
The following information are extracted from the books and records ofthe Company and its branch. The balances are at December 31,2021, the third year ofthe corporation's existence. (see image below). The branch acquires all of its merchandise from the home office. The inventories of the branch at billed prices on January 1, 2021 is P 90,000 and on December 31, 2021 is P100,800. Determine a. The percentage of profit on cost that the home office uses to bill merchandise shipped to branch and b. The balance of the Shipments to Branch account before the books are closed Home Office Books Sales Expenses Shipments from home office Allowance for overvaluation of branch inventory Branch Books P 720,000 240,000 432,000 P 87,000
The following items were among those reported on Flint's Ltd.'s income statement for the year ended December 31, 2023: Legal Expense Rent Expense Interest Expense Loss on Disposal of Equipment оо $202500 $674000 $934750 $438250 $235750 471500 496500 The office space is used equally by Flint's sales and accounting departments. What amount should be classified as general and administrative expenses in Flint's multiple-step income statement for 2023? 85000
On December 31, 2019, Pack N-Deliver Company completed its first year of operations. The following informati on has been provided for the year: a. Sold packing supplies for $30,000 and provided $280,000 of delivery services. b. All packing supplies sales were for cash. c. Collected $212,000 of delivery service revenue. d. Paid S15,000 cash to rent packing equipment, with S10,000 for rental in 2019 and the remaining amount for rental in 2020. e. Spent $4,000 cash to repair delivery equipment during the year. f. Bought packing supplies at a total cost of $46,000 and paid for $25,000 of these supplies. There were $20,000 of these supplies that have not yet been sold or used. g. Paid employees $80,000 cash during the year. h. Paid $16,000 cash for advertising for the year. i. Used $14,000 in fuel for the delivery equipment. j. Sold investments for $8,000 that had been purchased earlier in the year for $7,000. k. Ordered $500 in spare parts and supplies. 1. Income tax expense for the year…
You were hired as a junior accountant at Byron Manufacturing Company. The followingtransactions relate to the company’s operations for the year 2020. A. On February 8, the company purchased raw materials from Cetal Company for $80,000 with related terms 2/10, n/30. Byron paid for this purchase on February 15. Purchases and accounts payable are recorded at net amounts. B. On March 1, the company purchased equipment for $500,000 from Machines and More Company. It paid $100,000 in cash and used a one-year, 7% note for the balance. C. On June 30, the company borrowed $200,000, by signing a one-year zero-interestbearing $240,000 note at FSC Bank. D. The company sells smart speakers at an average price of $15000. Each customer is offered a separate 5-year service type warranty contract of $1500. With this contract, the company would carry out periodic services and replace defective parts. During 2020, the company sold 40 smart speakers and 30 warranty contracts for cash. It estimates the…
Hello, Please assist with below accounting question, requesting note for financial statements???? Prepare the following note to the financial statements as at 28 February 2020: Property, plant and equipment Information as per belowThe following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year: Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information 1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019. 2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019. 3) Depreciation is calculated on equipment at 10% per annum on cost. 4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance.
Answer both subparts i,ii.if answered within 40mins,it would be great You were hired as a junior accountant at Byron Manufacturing Company. The following transactions relate to the company’s operations for the year 2020. A. On February 8, the company purchased raw materials from Cetal Company for $80,000 with related terms 2/10, n/30. Byron paid for this purchase on February 15. Purchases and accounts payable are recorded at net amounts. B. On March 1, the company purchased equipment for$500,000 from Machines and More Company. It paid$100,000 in cash and used a one-year, 7% note for the balance. C. On June30, the company borrowed $200,000 by signing a one-year zero-interest-bearing $240,000 note at FSC Bank. D. The company sells smart speakers at an average price of $15,000. Each customer is offered a separate 5-year service type warranty contract of $1500. With this contract, the company would carry out periodic services and replace defective parts. During 2020, the company sold 40…
Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books