The following information relates to Paris Cosmetics. Ltd. for the year 2017 (1/1/2017).
Cash……………………………………. €1,686
Short term investments………………... 1,277
Accounts Payable………………………. 7,840
Accounts Receivable…………………… 2,670
Inventory………………………………. 5,638
Intangible Assets………………………. 2,694
Current borrowings…………………….. 500
Non-current borrowings………………... 1,683
Property Plant and Equipment………… 23,316
Share Capital-Ordinary………………… 24,594
Retained Earnings……………………… ?
Instructions: Prepare the journal entries for each of the transactions.
Paid mortgages of €686, €252 of which was interest and the remainder of which was repayment of principal.(Hint: think about what kind of borrowing you are paying off. Next year, Paris Cosmetics expects to pay off another €356 in mortgage principal (you need to transfer this amount from Non-current borrowings to current borrowings).
Adjust the accounts using the beginning balances.
Accounts used: Cash, Short term Investments, Accounts Payable, Accounts Receivable, Inventory, Current Borrowings, Non-current borrowings, Property plant and Equipment, Share Capital- Ordinary, Retained Earnings, Interest expense, Advertising expense, Insurance expense, Sales Revenue, Wages expense, Utilities expense, Ingredient expense
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Paris Cosmetics
Income Statement
for the year 2017
Revenues
Cost of Goods sold (includes 6 types of expenses)
Gross Profit
Net income
Paris Cosmetics
Statement of Financial Position
At December 31, 2017
Assets (list both current and non-current)
Equity
Liabilities (list both current and non-current)
Expenses as % of sales
Current Ratio
Quick ratio
Net Working Capital
ROE
Debt- to- Equity
The following information relates to Paris Cosmetics. Ltd. for the year 2017 (1/1/2017). Cash……………………………………. €1,686 Short...
The following information relates to Paris Cosmetics. Ltd. for the year 2017 (1/1/2017). Cash……………………………………. €1,686 Short term investments………………... 1,277 Accounts Payable………………………. 7,840 Accounts Receivable…………………… 2,670 Inventory………………………………. 5,638 Intangible Assets………………………. 2,694 Current borrowings…………………….. 500 Non-current borrowings………………... 1,683 Property Plant and Equipment………… 23,316 Share Capital-Ordinary………………… 24,594 Retained Earnings……………………… ? Instructions: Prepare the journal entries for each of the transactions. (4 points each) Paid mortgages of €686, €252 of which was interest and the remainder of which was repayment of principal.(Hint: think about...
The following information relates to Paris Cosmetics. Ltd. for the year 2017 (1/1/2017). Cash……………………………………. €1,686 Short term investments………………... 1,277 Accounts Payable………………………. 7,840 Accounts Receivable…………………… 2,670 Inventory………………………………. 5,638 Intangible Assets………………………. 2,694 Current borrowings…………………….. 500 Non-current borrowings………………... 1,683 Property Plant and Equipment………… 23,316 Share Capital-Ordinary………………… 24,594 Retained Earnings……………………… ? Instructions: Prepare the journal entries for each of the transactions. Paid mortgages of €686, €252 of which was interest and the remainder of which was repayment of principal.(Hint: think about what kind of...
The following information relates to Paris Cosmetics. Ltd. for the year 2017 (1/1/2017). Cash……………………………………. €1,686 Short term investments………………... 1,277 Accounts Payable………………………. 7,840 Accounts Receivable…………………… 2,670 Inventory………………………………. 5,638 Intangible Assets………………………. 2,694 Current borrowings…………………….. 500 Non-current borrowings………………... 1,683 Property Plant and Equipment………… 23,316 Share Capital-Ordinary………………… 24,594 Retained Earnings……………………… ? Instructions: Prepare the journal entries for each of the transactions. Paid mortgages of €686, €252 of which was interest and the remainder of which was repayment of principal.(Hint: think about what kind of...
The following information relates to Paris Cosmetics. Ltd. for the year 2017 (1/1/2017). Cash……………………………………. €1,686 Short term investments………………... 1,277 Accounts Payable………………………. 7,840 Accounts Receivable…………………… 2,670 Inventory………………………………. 5,638 Intangible Assets………………………. 2,694 Current borrowings…………………….. 500 Non-current borrowings………………... 1,683 Property Plant and Equipment………… 23,316 Share Capital-Ordinary………………… 24,594 Retained Earnings……………………… ? Instructions: Prepare the journal entries for each of the transactions. Paid mortgages of €686, €252 of which was interest and the remainder of which was repayment of principal.(Hint: think about what kind of...
The following information relates to Paris Cosmetics. Ltd. for the year 2017 (1/1/2017). Cash……………………………………. €1,686 Short term investments………………... 1,277 Accounts Payable………………………. 7,840 Accounts Receivable…………………… 2,670 Inventory………………………………. 5,638 Intangible Assets………………………. 2,694 Current borrowings…………………….. 500 Non-current borrowings………………... 1,683 Property Plant and Equipment………… 23,316 Share Capital-Ordinary………………… 24,594 Retained Earnings……………………… ? Instructions: Prepare the journal entries for each of the transactions. Paid mortgages of €686, €252 of which was interest and the remainder of which was repayment of principal.(Hint: think about what kind of...
The following information relates to Paris Cosmetics. Ltd. for the year 2017 (1/1/2017). Cash……………………………………. €1,686 Short term investments………………... 1,277 Accounts Payable………………………. 7,840 Accounts Receivable…………………… 2,670 Inventory………………………………. 5,638 Intangible Assets………………………. 2,694 Current borrowings…………………….. 500 Non-current borrowings………………... 1,683 Property Plant and Equipment………… 23,316 Share Capital-Ordinary………………… 24,594 Retained Earnings……………………… ? Instructions: Prepare the journal entries for each of the transactions. Paid mortgages of €686, €252 of which was interest and the remainder of which was repayment of principal.(Hint: think about what kind of...
The following information relates to Paris Cosmetics. Ltd. for the year 2017 (1/1/2017). Cash……………………………………. €1,686 Short term investments………………... 1,277 Accounts Payable………………………. 7,840 Accounts Receivable…………………… 2,670 Inventory………………………………. 5,638 Intangible Assets………………………. 2,694 Current borrowings…………………….. 500 Non-current borrowings………………... 1,683 Property Plant and Equipment………… 23,316 Share Capital-Ordinary………………… 24,594 Retained Earnings……………………… ? Instructions: Prepare the journal entries for each of the transactions. (4 points each) Paid mortgages of €686, €252 of which was interest and the remainder of which was repayment of principal.(Hint: think about...
Additional Information on Year 2017 Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46.875, with accumulated depreciation of $30.125, for $11.625 cash. c. Purchased equipment costing S96.375 by paying S30.000 cash and signing a long-term note payable for the balance. d. Borrowed $4,000 cash by signing a short-term note payable .Paid $50.125 cash to reduce the long-term notes payable f. Issued 2,500 shares of common stock for $20 cash...
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company’s income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017...
1. How much cash is paid to acquire inventory during year 2017? Cash paid for inventory 2. How much cash is paid for other expenses during year 2017? (Hint Examine prepaid expenses and wages payable.) Cash paid for other expenses INL. CRUZ Comparative Balance Sheets December 31, 2017 2017 2016 $ 94,888 41,000 85,888 5,480 227,000 199,000 (17, eee) $319, eee $ 24, 51, eee 95,888 4, 2ee 175, eee 119, eee (9, eee) $285,200 Assets Cash Accounts receivable, net...