I am having a hard time with this assignment, can you solve it from start to finish including the journal entries and t accounts? Thank you!
Journal Entries :
Date | Account | Debit | Credit |
Account Recievables A/c….Dr | $ 1,264,000.00 | ||
To Sales A/c | $ 1,264,000.00 | ||
Cash A/c……Dr | $ 980,000.00 | ||
To Account Recievables A/c | $ 980,000.00 | ||
Allowance for Doubtful Debts…Dr | $ 18,700.00 | ||
To Bad Debts Expenses | $ 18,700.00 | ||
Bad Debts Expense….Dr | $ 21,550.00 | ||
To Accounts Recievables A/c | $ 21,550.00 | ||
1/15/2017 | Purchases A/c….Dr | $ 182,750.00 | |
To Accounts Payables A/c | $ 182,750.00 | ||
3/22/2017 | Purchases A/c….Dr | $ 130,500.00 | |
To Accounts Payables A/c | $ 130,500.00 | ||
08-05-17 | Purchases A/c….Dr | $ 160,740.00 | |
To Accounts Payables A/c | $ 160,740.00 | ||
10/26/2017 | Purchases A/c….Dr | $ 301,000.00 | |
To Accounts Payables A/c | $ 301,000.00 | ||
01/29/2017 | Accounts Payables A/c …Dr | $ 146,200.00 | |
To Cash A/c | $ 146,200.00 | ||
04/16/2017 | Accounts Payables A/c …Dr | $ 156,600.00 | |
To Cash A/c | $ 156,600.00 | ||
10-02-17 | Accounts Payables A/c …Dr | $ 160,740.00 | |
To Cash A/c | $ 160,740.00 | ||
11/30/2017 | Accounts Payables A/c …Dr | $ 270,900.00 | |
To Cash A/c | $ 270,900.00 | ||
04-01-17 | Furniture and Fixtures….Dr | $ 42,000.00 | |
To Cash A/c | $ 42,000.00 | ||
10-01-17 | Depreciation A/c….Dr | $ 6,375.00 | |
To Accumulated Depreciation A/c | $ 6,375.00 | ||
10-01-17 | Cash A/c…..Dr | $ 16,825.00 | |
To Equipment # 1876 A/c | $ 16,825.00 | ||
10-01-17 | Loss on Sale of Equipment A/c…Dr | $ 300.00 | |
To Equipment # 1876 A/c | $ 300.00 | ||
12/31/17 | Depreciation A/c…..Dr | $ 13,650.00 | |
To Accumulated Depreciation A/c | $ 13,650.00 | ||
Rent A/c…..Dr | $ 25,200.00 | ||
To Prepaid Rent A/c | $ 25,200.00 | ||
Prepaid Rent A/c….Dr | $ 51,000.00 | ||
To Cash A/c | $ 51,000.00 | ||
Rent A/c…..Dr | $ 21,250.00 | ||
To Prepaid Rent A/c | $ 21,250.00 | ||
Wages Payable A/c….Dr | $ 18,000.00 | ||
Wages A/c………………..Dr | $ 124,000.00 | ||
To Cash A/c | $ 142,000.00 | ||
12/31/2017 | Wages A/c….. Dr | $ 25,000.00 | |
To Wages Payable A/c | $ 25,000.00 | ||
Other Expenses A/c…. Dr | $ 38,000.00 | ||
To Cash A/c | $ 38,000.00 | ||
12-01-17 | Dividend A/c…..Dr | $ 35,000.00 | |
To Cash A/c | $ 35,000.00 | ||
01-01-17 | Cash A/c…..Dr | $ 100,000.00 | |
To Common Stock A/c | $ 100,000.00 | ||
01/31/2017 | Interest Payable A/c… Dr | $ 3,750.00 | |
To Cash A/c | $ 3,750.00 | ||
07/31/2017 | Interest Expense…..Dr | $ 5,250.00 | |
To Cash A/c | $ 5,250.00 | ||
Notes Payable……Dr | $ 90,000.00 | ||
To Cash A/c | $ 90,000.00 | ||
Cash A/c……Dr | $ 120,000.00 | ||
To Notes Payable A/c | $ 120,000.00 | ||
Interest Expense…..Dr | $ 1,800.00 | ||
To Interest Payable A/c | $ 1,800.00 | ||
3/15/2017 | Income Taxes Payable….Dr | $ 32,500.00 | |
To Cash A/c | $ 32,500.00 | ||
12/31/17 | Income Tax Expense…Dr | $ 79,012.00 | |
To Income Tax Payable | $ 79,012.00 |
Income Statement :
Harrier Hats | |
Income Statement | |
For Year Ended 31 December 2017 | |
Particulars | Amount |
Sales | $ 1,264,000.00 |
Less: Cost of Goods Sold | $ 741,020.00 |
Gross Profit | $ 522,980.00 |
Operating Expenses | |
Rent Expense | $ 46,450.00 |
Interest Expense | $ 7,050.00 |
Bad Debts Expense | $ 64,625.00 |
Depreciation Expense | $ 20,025.00 |
Wages Expense | $ 149,000.00 |
Other Operating Expenses | $ 38,000.00 |
Total Operating Expenses | $ 325,150.00 |
Other Gians / Losses | |
Gain / Loss on sale of equipment | $ (300.00) |
Income before Income Taxes | $ 197,530.00 |
Less: Income Taxes | $ 79,012.00 |
Net Income | $ 118,518.00 |
Basic Earnings per Share | $ 7.90 |
Statement of Retained Earnings :
Harrier Hats | |
Statement of Retained Earnings | |
For Year Ended 31 December 2017 | |
Particulars | Amount |
Beginning Retained Earnings | $ 194,350.00 |
Add : Net Income | $ 118,518.00 |
Less : Dividend | $ 35,000.00 |
Ending Retained Earnings | $ 277,868.00 |
Balance Sheet :
Harrier Hats | |
Balance Sheet | |
As of 31 December 2017 | |
Assets | |
Cash | $ 74,760.00 |
Accounts Recievables | $ 430,750.00 |
Less : Allowance for doubtful debts | $ 43,075.00 |
Net Accounts Recievables | $ 387,675.00 |
Prepaid Rent | $ 29,750.00 |
Inventory | $ 109,970.00 |
Total Current Asstes | $ 602,155.00 |
Property , Plant and Equipment | $ 294,000.00 |
Less: Accumulated Depreciation | $ 192,925.00 |
Net Property ,Plant and Equipment | $ 101,075.00 |
Total Assets | $ 703,230.00 |
Liabilities and Owners Equity | |
Accounts Payable | $ 94,550.00 |
Wages Payable | $ 25,000.00 |
Interest Payable | $ 1,800.00 |
Income Tax Payable | $ 79,012.00 |
Notes Payable | $ 120,000.00 |
Total Current Liability | $ 320,362.00 |
Common Stock ( 10,000 shares O/s $10 Par) | $ 100,000.00 |
(5000 Shares o/s $1 Par) | $ 5,000.00 |
Retained Earnings | $ 277,868.00 |
Total Liabilities and Owners Equity | $ 703,230.00 |
I am having a hard time with this assignment, can you solve it from start to...
I need assistance in entering these into Journal entries. Especially part 3 Property Plant and Equipment. I am confused on how to depreciate the items properly (please show work on how to do it) 1. Using the Journal, record the transactions that occurred during 2017. If no specific date is provided for a transaction, leave the date column blank. Since there are several transactions for which no date is given, the journal entries, do NOT need to be in chronological...
I need assistance in entering these into Journal entries. Especially part 3 Property Plant and Equipment. I am confused on how to depreciate the items properly (please show work on how to do it) 1. Using the Journal, record the transactions that occurred during 2017. If no specific date is provided for a transaction, leave the date column blank. Since there are several transactions for which no date is given, the journal entries, do NOT need to be in chronological...
Could someone answer number 5(A) and 3(B) and 3(C) with the equations and how they would look in a general ledger? What should I debit and what should I credit? $18,000 4,600 1,400 2,000 Harriet's Hats Incorporated Balance Sheet As of December 31, 20Y8 ASSETS Cash Accounts Receivable 5,000 Less: Allowance for Doubtful Accounts (400) Net Accounts Receivable Prepaid Rent Inventory Property, Plant, and Equipment 52,100 Less: Accumulated Depreciation (22,600) Net Property, Plant, and Equipment Total Assets LIABILITIES + OWNER'S...
*Specifically looking for help with t-accounts and question 4, thank you!!* As a recently hired accountant for a small business, SMC, Inc., you are provided with last year’s balance sheet, income statement, and post-closing trial balance to familiarize yourself with the business. You are also given the following information that summarizes the business activity for the current year,2018 a. Issued 10,000 additional shares of common stock for $25,000 cash on January 1st. b. Borrowed $10,000 on March 1, 2018, from...
Requirement: P42: P43: P44: Complete practice M4-8 from the handout (slides 43-44) by filling out the balance sheet and income statement templates below. Read slide # 42 from the handout before you start. ROMNEY'S MARKETING COMPANY Balance Sheet December 31, 2017 ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current Assets: Cash Accounts receivable Interest receivable Prepaid insurance Total Current Assets Notes receivable Current Liabilities: Accounts payable Accrued expenses payable Income taxes payable Unearned rent revenue Total Current Liabilities Total Liabilities Stockholders' Equity:...
This is an assignment that I am having a lot of trouble on. Comprehensive Problem Taylors Delivery Service had the following transactions during December 2019: Dec 1 Taylors Delivery Service began operations by receiving $15,000 cash and with a fair value of $30,000 from the owner, Rue Taylor. The business ga Taylors capital in exchange for this contribution. Dec 1 Paid $2,000 cash for a 6-month insurance policy. The policy will begin on December 1. Dec 7 Paid Office Rent...
The unadjusted trial balance of Peace Hill Inc. at December 31, 2017, is as follows: Additional information: 1. Actual advertising costs amounted to $1,350 per month. The company has already paid for advertisements in Crizza MMagazine for the first quarter of 2018. 2. The building was purchased and occupied on January 1, 2015, with an estimated useful life of 20 years, and residual value of $31,800. (The company uses straight-line depreciation.) 3. Prepaid insurance contains the premium costs of several...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings: Accounts receivable $72,920 Cash 13,240 Common stock (10,000 shares) 65,000 Income taxes expense 13,000 Income taxes payable 4,150 Interest expense 16,500 Notes payable (due in 10 years) 25,000 Prepaid rent (building) 31,500 Property, plant, and equipment 90,000 Rent expense 135,000 Retained earnings ? Salaries expense 235,200 Salaries payable 15,710 Service revenue 464,000...
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to Ashton Appliances for 2019. Accounts payable $16,800 Accounts receivable 70,300 Accumulated depreciation (building) 106,200 Accumulated depreciation (furniture) 27,600 Bonds payable (due in 7 years) 192,000 Building 300,000 Cash 41,450 Common stock 115,620 Cost of goods sold 511,350 Depreciation expense (building) 11,050 Depreciation expense (furniture) 12,000 Furniture 130,000 Income taxes expense 16,650 Income taxes payable 11,400 Insurance expense 36,610 Interest expense 15,500 Inventory 59,850 Other...
can you please check if i am correct please thank you Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Current Assets: Cash Accounts Receivable, Net Inventory (sunglasses) Prepaid Insurance Prepaid Rent Total Current Assets S $ $ $ $ $ 90,000 130,000 135,000 25,000 $ $ $ $ $ S 70,000 90,000 80,000 20,000 12,000 272,000 380,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, Plant, and Equipment Total Assets $ S $...