The following items are taken from the financial statements of the Freight Service for the ye ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 $19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000
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- Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…Company presents the following selected general ledger accountsshowing balances at October 1, 2017: CashFinished GoodsWork in ProcessRaw materialsPrepaid Insurance Accumulated Depreciation Accounts PayableBalances at October 31, 2017 include: Accrued payrollFinished goodsWork in ProcessRaw MaterialsP 40,000 592,000 164,000 128,0004,000 280,000 108,000P 12,000 608,000 188,000 120,000 A summary of transactions for the month of October follows: a. Cash salesb. Raw materials purchased on account c. Direct materials usedd. Direct Labore. Factory insurance expiredf. Depreciation for factory equipment g. Factory utility service on accounth. Accounts payable paidi. Factory payroll paidP420,000 168,000 156,00064,000 1,200 6,80012,000 196,000 88,000Required: Indirect materials used.Indirect laborTotal factory overhead Cost of goods manufa
- Required Information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following sccount balances: Accounts Debit Credit $ 27,100 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipnent Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) 5e, 200 $ 6,200 22, B00 66, 800 25, e00 3,5ee 30,5ee 70, e00 55,e00 25,100 Common Stock Retained Earnings Totals $190,300 $198,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,e0e. The cards are redeenable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,88e. January 15 Firework sales for the first half of the month total $155,e0e. All of these sales are on account. The cost of the units sold is $83,88e. January 23 Receive $127,480 from custoners on accounts receivable. January 25 Pay $11e,eee to…On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…The following items are taken from the financial tatements of the Freight Service for the year ending December 31, 2016: Accounts ayable 19,000 ccounts eceivable 3,000 ccumulated depreciation - quipment dvertising expense Cash 15,000 Owner's capital (1/1/16) 104,000 Owner's drawings 21,200 11,000 Depreciation expense nsurance expense 3,800 ote payable, due 6/30/17 72,000 Cent expense repaid insurance (12-month policy) 7,200 12,000 Service revenue Supplies Salaries and wages expense 32,000 quipment 16,000 135,000 Supplies expense 5,000 6,000 210,000 26,000 What are total current liabilities at December 31, 016? Gelect one: O a. $91,000 O b. $72,000 c. $19,000
- The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…The trial balance of DSY Enterprise as at 31 December 2020 is as follows: Debit RM Cash Account receivable Inventory (1 January 2020) Land Building Accumulated depreciation - building Equipment Accumulated depreciation equipment Bank loan Account payable Capital Drawings Sales Account Purchases Carriage inwards Discount received Salary Utility Repairs and maintenance Petrol Insurance 12,700 18,800 45,000 46,000 98,500 41,750 5,000 354,400 550 3,050 34,900 9,700 2,950 3,600 1,750 678,650 Credit RM 6. Accrued utility expenses as at 31 December is RM 2,700. 7. Five per cent of the debt is assumed uncollectible. Required: a. The Statement of Profit or Loss for the year ended 31st December 2020. b. The Statement of Financial Position as at 31st December 2020. 27,000 21,200 10,000 34,500 133,900 452,050 678,650 Additional information: 1. Depreciation for the building and equipment are RM 5,000 and RM 4,500 respectively. 2. Inventory as at 31 December 2020 is RM 44,450. 3. Interest on bank…
- The general ledger of Zippers-Are-Us at January 1, 2021 includes the following account balances: Cash Accounts Receivable Inventory Prepaid Insurance Prepaid Rent Furniture and Fixtures Accounts Payable Deferred Revenue Accumulated Depreciation Common Stock Retained Earnings Totals 1. 2. 3. 4. 5. 6. 7. Accounts 8. 9. 30,000 14,750 $58,800 The following is a summary of the transactions for the month of January: Sold inventory that had a cost of $1,800 for cash Collect on accounts receivable January 22 January 22 January 25 10. January 28 January 4 January 6. January 9 January 11 January 18 January 21 11. January 30 12. January 31 ● • Debits $28,400 8,400 12,200 800 1,000 8,000 $58,800 Credits $7,200 6,050 800 Paid accounts payable Paid salaries Purchased inventory on account Sold inventory with a cost of $3,600 for $2,000 cash and $6,000 on account Purchased supplies on account Purchased copy machine on account Issue common stock in exchange for cash Signed a note payable in the amount…please prepare a classified balance sheet of Freight company for the year ended december 31,2022The following information was obtained from the accounts of Philippine Airlines dated December 31, 2020. It is presented in alphabetical order. Accounts payable Accounts receivable Accrued expenses Accumulated depreciation Allowance for doubtful accounts Cash P 77,916 67,551 23,952 220,541 248 28,837 36,875 42,070 16,643 11,901 393,808 10,042 7,152 Current portion of long-term debt Deferred income tax liability (long term) Inventory Investments and special funds Long-term debt, less current portion Marketable securities Ordinary Shares (par PO.50, authorized 20,000 shares, issued 14,304 shares) Other assets Prepaid expenses Property, plant, and equipment at cost Retained earnings Share Premium Unearned transportation revenue (airline tickets expiring within one year) 727 3,963 809,980 67,361 72,913 6,808 Required: Prepare a classified statement of financial position in report form.