Homework Answers
|
Income Statement for the year 2019 |
|
|
Revenue |
|
|
Translation Revenue |
185,200 |
|
Interest Revenue |
10,000 |
|
Total (A) |
195,200 |
|
Expenses |
|
|
Office Expenses (note-1) |
13,000 |
|
Showroom Expenses (note -2) |
20,000 |
|
Selling & advertisement expenses (note-3) |
32,000 |
|
Stores supplies expenses |
25,000 |
|
Total (B) |
90,000 |
|
Net Income |
105,200 |
|
Statement of owners equity |
|
|
Particulars |
Amount |
|
Farah Capital- Opening |
68,200 |
|
(+) Net income for the year |
105,200 |
|
(-) Withdrawals |
(2,800) |
|
Farah Capital- Closing |
170,600 |
|
Balance Sheet as on 2019 |
|||
|
Liabilities |
Amount |
Assets |
Amount |
|
Farah Capital |
170,600 |
Non Current Asset |
|
|
Furniture |
23,600 |
||
|
Non Current Liabilities |
- |
||
|
Current Asset |
|||
|
Current liabilities |
Accounts Receivable |
16,000 |
|
|
Accounts Payable |
14,400 |
Store Equipment |
53,400 |
|
Unearned Translation Revenue |
5,000 |
Prepaid rent |
54,000 |
|
Cash |
43,000 |
||
|
Total |
190,000 |
Total |
190,000 |
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Financial Statements 2019 for Farah The following adjusted trial balance is prepared at fiscal year-end Company:...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 22,150 Merchandise inventory 13,000 Store supplies 5,100 Prepaid insurance 2,800 Store equipment 42,800 Accumulated depreciation—Store equipment $...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 13,500 14,000 5,900 2,200 42,800 $ 17,000 13,000 3,000 31,000 2,000 115,850 Cash Merchandise inventory Store supplies Prepaid...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 23,950 Merchandise inventory 12,500 Store supplies 5,500 Prepaid insurance 2,500 Store equipment 42,800 Accumulated depreciation—Store equipment $...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 22,050 Merchandise inventory 15,000 Store supplies 5,300 Prepaid insurance 2,700 Store equipment 42,600 Accumulated depreciation—Store equipment $...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 20,650 Merchandise inventory 14,000 Store supplies 5,300 Prepaid insurance 2,500 Store equipment 42,900 Accumulated depreciation—Store equipment $...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 13,500 14,000 5,900 2,200 42,800 $ 17,000 13,000 3,000 31,000 2,000 115,850 Cash Merchandise inventory Store supplies Prepaid...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 27,900 Merchandise inventory 13,000 Store supplies 5,800 Prepaid insurance 2,700 Store equipment 42,700 Accumulated depreciation—Store equipment $...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense–Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 22,300 13,500 5,900 2,500 42,900 $ 16,100 17,000 4,000 28,000 2,050 115,900 Cash Merchandise inventory Store supplies Prepaid...
LIHry Tropri pium The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company....
LIHry Tropri pium The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 22,150 12,500 5,500 2,600 42,600 $ 17,050 14,000 5,000 34,000 2,150 116,600 Cash Merchandise inventory...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative, Credit Debit $41,000 130,400 $ 25,000 104,550 8.000 225,600 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense Selling...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 13,500 14,000 5,900 2,200 42,800 $ 17,000 13,000 3,000 31,000 2,000 115,850 Cash Merchandise inventory Store supplies Prepaid...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 13,500 14,000 5,900 2,200 42,800 $ 17,000 13,000 3,000 31,000 2,000 115,850 Cash Merchandise inventory Store supplies Prepaid...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense–Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 22,300 13,500 5,900 2,500 42,900 $ 16,100 17,000 4,000 28,000 2,050 115,900 Cash Merchandise inventory Store supplies Prepaid...
LIHry Tropri pium The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 22,150 12,500 5,500 2,600 42,600 $ 17,050 14,000 5,000 34,000 2,150 116,600 Cash Merchandise inventory...
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