I need help from 4/1 to 12/31. first on making transactions and second with the balance sheet. some necessary info:Lao Che Industries $15,000(current), temple of doom co $5,500(90 days past due), Asp Co $10,000(current), ark of covenant inc $11,500(current). company common stock $2.50 par value. 100,000 shares authorized.
Step 1:- Prepare Journal Entries
For Journal entries please go to below link and download: https://bit.ly/35mUiyh
Step 2:- Prepare Income Statement
Income Statement | |
Particulars | Amount |
Income | |
Revenue | 415,250 |
COGS | 112,050 |
Gross profit | 303,200 |
Expenses | |
Advertising Expenses | 12,000 |
Bad Debts | 5,500 |
Damaged Goods | 300 |
Dividend Expenses | 10,000 |
Interest Expense | 5,000 |
Misc. Expenses | 2,000 |
Office Supplies | 3,500 |
Postage and Shipping Expenses | 1,000 |
Total expenses | 39,300 |
PBT | 263,900 |
Step 3:- Prepare Inventory Schedule:
Inventory | ||||
Date | Accounts | Particulars | Units | Amount |
24-Mar | Inventory | 350 units - $85/ unit (Net 60) | 350 | 29,750 |
15-May | Inventory | 275 units - $87/ unit (Net 60) | 275 | 23,925 |
27-Jun | Inventory | 150 units - $90/ unit (Net 60) | 150 | 13,500 |
01-Sep | Inventory | 300 units - $93/ unit (Net 60) | 300 | 27,900 |
27-Nov | Inventory | 175 units - $97/ unit (Net 60) | 175 | 16,975 |
01-Apr | Sales | 280 units - $300 / unit - Elsa Schneider | -280 | (23,800) |
03-Jul | Sales | 220 units - $305 / unit - Brody Curators | -70 | (5,950) |
-150 | (13,050) | |||
24-Aug | Sales | 130 units - $305 / unit - Katanga Shipping | -125 | (10,875) |
-5 | (450) | |||
21-Sep | Sales | 250 units - $310/ unit - Sallah Excavating Inc | -145 | (13,050) |
-105 | (9,765) | |||
04-Oct | Sales | 50 units - $310/ unit - Ravenwood LLC in cash | -50 | (4,650) |
04-Dec | Sales | 100 units - $315/ unit - Jock Lindsay | -100 | (9,300) |
Total | 21,160 |
Step 4:- Prepare Balance Sheet
Assets | Amount | Amount |
Current Assets | ||
Cash | 138,225 | |
Short Term Investment | 20,000 | |
Trade receivables | 61,650 | |
Interest receivable | - | |
Office Supplies | - | |
Inventory | 21,160 | |
Prepaid Insurance | - | |
Total Current Assets | 241,035 | |
Total Assets | 241,035 | |
Liabilities | ||
Current Liabilities | ||
Accounts Payables | (14,025) | |
Dividend Payable | 10,000 | |
Advance from Customer | 42,000 | |
Total Current Liabilities | 37,975 | |
Retained Earnings | 263,900 | |
Total Liabilities | 301,875 | |
I need help from 4/1 to 12/31. first on making transactions and second with the balance...
need help making transactions.
terms for assets: cash, short term investments, A/R, allowance for
doubtful Acc, interest receivable, merchandise inventory, office
supplies, prepaid insurance, land, building, Accumulated building,
intangible asset.
terms for liabilities: A/P, salaries payable, income tax payable,
interest payable, unearned revenue, dividends payable, notes
payable
terms for equity: common stock, additional paid in capital,
retained earnings
terms for revenues: sales revenue, sales discount, sales allowance,
service revenue, interest income
terms for expenses: COGS, salaries expense, advertising expense,
office...
need help finding the remaining cogs and ending
inventory .
Date Description 217 Indiana buys $3,000 of office supplies in cash. 2/15 Indiana pays off $30,000 of accounts payable. 2/18 Indiana collects the amount owed from Bellog, Inc from the 1/19 sale outside the discount period 2/27 Indiana provides the services owed to a client. The client paid $50,000 in advance last year. 3/4 Indiana pays off the 1/12 purchase. 3/8 Indiana writes of the Temple of Doom A/R balance...
Please read the bottom before starting. Debit and credit each transaction: 1/1 beginning balances ⅛ Indiana pays off the beginning salaries payable balance 1/12 Indiana buys 1,000 units of inventory at a per-unit cost of $16 on account, terms net/60 1/19 inian pays off the beginning income taxes payable balance 1/21 indian sells 1,100 units to Sallah co. for $85 each on credit, terms 2/15, net/45 1/31 indiana pays off $30,000 of the beginning accounts payable balance 2/7 indiana pays...
Please put the following transactions into the General
Journal.
Dec 1: Purchased equipment costing $15,608 by taking out a 4-month installment note with First Bank. The note will be paid back in four equal installments of $4,000 at the end of each month for four months. The interest rate on the note is 12% compounded monthly, and the first installment payment is due on December 31, 20X5. Interest calculations are rounded to the nearest whole month and whole dollar. The...
I need help with this please. My professor wants journal entries
for every one of these dates.
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and pay- able; for example, record the purchase on July 1 in Accounts Payable-Boden. Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1...
the first part of the question i got correct but i cant get
the second part. i tried to fill in the same things from the first
part but it was incorrect except for some of the numbers
Required information [The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the...
Help with this please. It says the July 12 Dr. Cash should be
$882, July 16 Cr. Cash should be $5940, July 24 Cr. Cash should be
$1960, July 30 Dr. Cash should be $1078
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and pay- able; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1...
Please
help me answer those questions. Thank you!
July 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $558. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,000 for $2,400 cash. 9...
PLEASE HELP
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden.) July 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60,...
Need help preparing journal entries. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $550. 3 Paid $140 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,900 for $2,300 cash. 9 Purchased merchandise from Leight Co. for $2,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Returned $400 of merchandise purchased...