a) | ||
Thomas Smith | ||
Corrected Trial Balance as at 31 March 2015 | Debit | Credit |
Inventory in trade 1.4.2014 | £10,700.00 | |
Discount allowed | £310.00 | |
Discount Received | £450.00 | |
Allowance for doubtful debt | £960.00 | |
Purchases | £94,000.00 | |
Purchases Return | £1,400.00 | |
Sales | £1,32,100.00 | |
Sales returns | £1,100.00 | |
Freehold property: at cost | £70,000.00 | |
provision for depreciation | £3,500.00 | |
Motor vehicle: at cost | £15,000.00 | |
provision for depreciation | £4,500.00 | |
Capital | £84,600.00 | |
Bank | £7,100.00 | |
Trade accounts receivables | £11,300.00 | |
Trade accounts payables | £7,600.00 | |
Establishment and administrative expenditure | £16,600.00 | |
Drawing | £9,000.00 | |
Total | £2,35,110.00 | £2,35,110.00 |
b) | ||
Journal entries | ||
Account Titles | Debit | Credit |
Inventory (12000-10700) | £1,300.00 | |
Capital | £1,300.00 | |
(Being adjustment for items on mislaid inventory lists.) | ||
Trade Accounts Payable | £210.00 | |
Purchase Returns | £210.00 | |
(Being goods returned to J Hardwell Ltd. | ||
Sales | £1,000.00 | |
Trade accounts receivables | £1,000.00 | |
(Being reversal of trade sample sent to John Grey wrongly treated as a sale.) | ||
Trade sample | £1,000.00 | |
Purchases | £1,000.00 | |
(Being correction of treatment of trade sample.) | ||
Repairs and Renewals | £150.00 | |
Purchases | £150.00 | |
(Being correction of treatment of paint used to paint stockroom wrongly charged to purchases.) |
Part 5 Adustments for financial statements Inventory-in-trade at 1 April 2014 Inventory-in-trade at 31 March 2015...
Hunter Company is developing its annual financial statements at December 31, 2015. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: 2015 2014 Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Equipment $ 52,030 33,300 36,300 118,700 (40,200) $ 21,500 36,000 43,000 109,000 (33,500) $200,130 $176,000 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings $ 29,200 730 44,000 90,500...
PRACTICE PROBLEM - PERIODIC Adjustment Data: For the Year Ended December 31, 2014 1) A physical merchandise inventory taken on December 31 amounted to $8,000 2) Accrued Salesman Salary, $7,000 3) The store machinery purchased has an estimated useful life of 5 years 4) Unusued office supplies at year end $3,000. Required a) Prepare Worksheet as of December 31, 2014 - Place accounts in Financial Statement Order d) Prepare All Financial Statements (Income Statement, Capital Statement, Balance Sheet) e) Prepare...
Miscellaneous Accruals-Other accruals not separately classified amount to $75,000 as of March 31, 2015. Dividends-On March 15, 2015, Balzac's board of directors declared a cash dividend of $.40 per common share and a 10% common stock dividend. Both dividends were to be distributed on April 12, 2015, to the common stockholders of record at the close of business on March 31, 2015. Data regarding Balzac common stock are as follows: 4. 5. Par Value Number of shares issued and outstanding...
Clancy Co's March 31 inventory of raw materials is $190 000 Raw materials purchases in April are $740,000, and factory payroll cost in April is $649.000 Overhead costs incurred in April are indirect materials. $118.000 indirect labor, $89.000 factory rent, $112.000 factory Utilities. $63.000, and factory equipment depreciation $73.000. The predetermined overhead rate is 80% of direct labor cost. Job 306 is sold for $1.230,000 cash in April Costs of the three jobs worked on in April follow Job 386...
HW chapter 22 Question 1 Ruler's March 31, 2014, balance sheet follows: Ruler Office Supply Balance Sheet March 31, 2014 Assets Current Assets Cash Accounts Receivable 20.000 Merchandise Inventory 17.500 Prepaid Insurance 1.700 Total Current Assets 71,200 Property. Plant, and Equipment Equipment and Futures 55.000 Less: Accumulated Depreciation (26,000) 29 000 Total Assets $ 100.200 Liabilities Current Liabilities: Accounts Payable $ 10.000 Salaries and Commissions Payable 3,600 Total Liabilities $ 13,600 Stockholders' Equity Common Stock 13,000 Retained Earmings 73.600 Total...
HW chapter 22 Question 1 Ruler's March 31, 2014, balance sheet follows: Ruler Office Supply Balance Sheet March 31, 2014 Assets Current Assets Cash 32.000 Accounts Receivable 20,000 Merchandise Inventory 17.500 Prepaid Insurance 1.700 Total Current Assets 71.200 Property. Plant, and Equipment Equipment and Fixtures 55.000 Less: Accumulated Depreciation (26,000) 29,000 Total Assets $ 100.200 Liabilities Current Liabilities: Accounts Payable $ 10,000 Salaries and Commissions Payable 3,600 Total Liabilities $ 13.600 Stockholders' Equity Common Stock 13.000 Retained Eamings 73,600 Total...
Problem 13-4A Calculation of financial statement ratios LO P3 Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit: selected balance sheet amounts at December 31, 2016, were inventory, $50,900; total assets, $249,400; common stock. $90,000; and retained earnings, $43,304.) OK CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 451,600 Cost of goods sold 298,050 Gross profit 153,550 Operating expenses 99,000 Interest expense 3.900 Income before taxes 50,650 Income taxes 20,404 Net income...
Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases April are $500,000, and factory payroll cost in April is $363.000 Overhead costs incurred in April are: indirect materials, $50,000, indirect labor, $23,000; factory rent. $32,000, factory utilities, $19,000, and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. Job 386 Job 307...
Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Question 1 The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Product Units on Hand Cost NRV Audio equipment: Wireless audio receivers 338 $ 188 $ 199 Touchscreen MP3 players 253 223 203 Audio mixers 319 177 193 Audio stands 197 103 85 Video equipment: Televisions 473 298 253 5GB video cards 284 183 171 Satellite video recorders 205 618 647 Car equipment: GPS navigators 178 145 171 Double-DIN Car Deck with...