Prepare a general ledger and Statement of Financial Position in vertical format for the June 2019...
Prepare a general ledger and Statement of Financial Position in vertical format for the June 2019 year.
Evergreen LTD is a new business which started trading on 1 January 2019. The following is
a summary of transactions which occurred during the first period of trading:
a.
The owners contributed $50,000 of capital
b.
A delivery vehicle, bought on 1 January for $12,000 is expected to be used in the
business for four years and then sold for $2,000.
c.
Wages totalling $30,000 were paid during the year. At the end of the year, the
business owed $1,000 of wages for the last week of the year.
d.
Inventory totalling $200,000 was bought on credit.
f.
Inventory totalling $40,000 was bought for cash.
g.
Sales on credit totalled $300,000 (cost $150,000).
h.
Cash sales totalled $70,000 (cost $2,000).
i.
Receipts from accounts receivable totalled $24,000.
j.
Payments to accounts payable totalled $22,000.
k.
Vehicle running expenses paid totalled $8,000.
l.
The company tax rate is 33%.
m.
The Statement of Financial Position should be in Vertical Format. The Statement of
Financial Performance should be unclassified and all expenses listed.
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Prepare a general ledger and Statement of Financial Position in
vertical format for the June 2019...
Prepare journal entries and trial balance for: Evergreen LTD is a new business which started trading...
Prepare journal entries and trial balance for: Evergreen LTD is a new business which started trading on 1 January 2019. The following is a summary of transactions which occurred during the first period of trading: a. The owners contributed $50,000 of capital b. A delivery vehicle, bought on 1 January for $12,000 is expected to be used in the business for four years and then sold for $2,000. c. Wages totalling $30,000 were paid during the year. At the end...
ACR10 Morgan Fashions' statement of financial position at December 31, 2019, is presented below. Morgan Fashions...
ACR10 Morgan Fashions' statement of financial position at December 31, 2019, is presented below. Morgan Fashions Statement of Financial Position December 31, 2019 40,750 13.750 Equipment Share Capital Ordinary 38,000 30,750 Accounts Payable 6,000 Interest Payable 30,000 Notes Payable (long-term) 50.000 Inventory 250 Prepaid Insurance Cash 104.750 104.750 During January 2020, the following transactions occurred. (Morgan uses the perpetual inveory system.) 1. Morgan paid 250 interest on the note payable on January 1, 2020. The note is due December 31,...
AP3-1 (Juni posting preparing statement of Woumalizia, posting, preparing statemente income and statement of financial position,...
AP3-1 (Juni posting preparing statement of Woumalizia, posting, preparing statemente income and statement of financial position, and preparing closing entries) Perfect Pizza had the following count balances December 31, 2019 Cash 533,000 Vies 80,000 Accounts Receivable 15,000 Accumulated Depreciation Vehicles 36,000 Inventory 10,000 Accounts Payable 7.000 Prepad Rest 3,000 Wages Payable 2,000 Equipment 60,000 Common Shares 110,000 Accumulated Depreciation Equipement 30,000 Retained Earnings 16,000 During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies inventory) were $230,000, all...
AP3-14A Journaliing, posting, preparing statement of me and statement of financial position, and preparing closing entries)...
AP3-14A Journaliing, posting, preparing statement of me and statement of financial position, and preparing closing entries) Perfect Pizza had the following account balances at December 31, 2019: Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation, Equipment $33,000 15,000 10,000 3,000 60,000 30,000 Vehicles Accumulated Depreciation, Vehicles Accounts Payable Wages Payable Common Shares Retained Earnings 80,000 36,000 7.000 2.000 110,000 16,000 During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies (inventory) were $230,000, all on account 2....
Prepare a Classfied Statement of Financial Position for Lava Pizza at January 31, 2019. Jan The...
Prepare a Classfied Statement of Financial Position for Lava
Pizza at January 31, 2019.
Jan The owners, Brad & Jennifer, each put up $250,000 cash as an initial investment into the company. 2 Purchased a pizza oven for $22,000. 3 Purchased inventory from Sysco Company on account for $21,000. 4 Hired five employees to begin work on Feb 15; the salaries for each employee will be set at $12/hour and they are each expected to work 20 hours per week....
The income statement and unclassified statement of financial position for Sandhill, Inc. follow: SANDHILL, INC. Statement...
The income statement and unclassified statement of financial position for Sandhill, Inc. follow: SANDHILL, INC. Statement of Financial Position December 31 Assets 2018 2017 Cash $99,400 $48,800 Held for trading investments 123,000 112,500 Accounts receivable 79,500 41,900 Inventory 122,100 94,500 Prepaid expenses 18,500 28,200 Property, plant, and equipment 314,000 284,500 Accumulated depreciation (45,500 ) (53,800 ) Total assets $711,000 $556,600 Liabilities and Shareholders’ Equity Accounts payable $97,000 $73,900 Accrued liabilities 11,600 7,700 Bank loan payable 127,400 180,500 Common shares 230,000...
End of Chapter Exercise 18.10 The following comparative statements of financial position and income statement are...
End of Chapter Exercise 18.10 The following comparative statements of financial position and income statement are for the business of Bargains Galore Pty Ltd: Bargains Galore Pty Ltd Comparative statements of financial position as at 30 June 2019 2020 Assets Cash at bank $21,000 $30,000 Accounts receivable 77,000 63,000 Inventory 56,000 71,350 Prepaid expenses 40,000 32,000 Plant and equipment 700,000 749,000 Accumulated depreciation - plant and equipment (150,000) (190,000) $744,000 $755,350 Liabilities and equity Accounts payable $236,000 $207,000 Expenses payable...
The statement of financial position of a business at the start of the week is as...
The statement of financial position of a business at the start of the week is as follows: £ ASSETS Property 145,000 Furniture and fittings 63,000 Inventories 28,000 Trade receivables 33,000 Total assets 269,000 EQUITY AND LIABILITIES Equity 203,000 Short-term borrowing (bank overdraft) 43,000 Trade payables 23,000 Total equity and liabilities 269,000 During the week the following transactions take place: Sold inventories for £11,000 cash; these inventories had cost £8,000. Sold inventories for £23,000 on credit; these inventories had cost £17,000....
P13-12A The income statement and unclassified statement of financial position for E-Perform, Inc. follow: E-PERFORM, INC....
P13-12A The income statement and unclassified statement of financial position for E-Perform, Inc. follow: E-PERFORM, INC. Statement of Financial Position December 31 2017 2018 Assets Cash $ 97,800 Held for tradinginvestments 128,000 Accounts receivable 75,800 Inventory 122.500 Prepaid expenses 18,400 Equipment 270,000 Accumulated depreciation (50.000) Total assets $662,500 Liabilities and Shareholders' Equity Accounts payable $ 93,000 Accrued liabilities 11,500 Bank loan payable 110,000 Common shares 200,000 Retained earnings 248.000 Total liabilities and shareholders' equity $662,500 E-PERFORM, INC. Income Statement Year...
The income statement and unclassified statement of financial position for Wildhorse, Inc. follow: WILDHORSE, INC. Statement...
The income statement and unclassified statement of financial position for Wildhorse, Inc. follow: WILDHORSE, INC. Statement of Financial Position December 31 Assets 2018 Cash $100,000 Held for trading investments 120,000 Accounts receivable 76,000 Inventory 122,700 Prepaid expenses 19,000 Property, plant, and equipment 316,000 Accumulated depreciation (47,000) Total assets $706,700 Liabilities and Shareholders' Equity Accounts payable $93,500 Accrued liabilities 12,000 Bank loan payable 131,200 Common shares 220,000 Retained earnings 250,000 Total liabilities and shareholders' equity $706,700 2017 $48,500 114,500 42,700 94,550...
ACR10 Morgan Fashions' statement of financial position at December 31, 2019, is presented below. Morgan Fashions Statement of Financial Position December 31, 2019 40,750 13.750 Equipment Share Capital Ordinary 38,000 30,750 Accounts Payable 6,000 Interest Payable 30,000 Notes Payable (long-term) 50.000 Inventory 250 Prepaid Insurance Cash 104.750 104.750 During January 2020, the following transactions occurred. (Morgan uses the perpetual inveory system.) 1. Morgan paid 250 interest on the note payable on January 1, 2020. The note is due December 31,...
AP3-1 (Juni posting preparing statement of Woumalizia, posting, preparing statemente income and statement of financial position, and preparing closing entries) Perfect Pizza had the following count balances December 31, 2019 Cash 533,000 Vies 80,000 Accounts Receivable 15,000 Accumulated Depreciation Vehicles 36,000 Inventory 10,000 Accounts Payable 7.000 Prepad Rest 3,000 Wages Payable 2,000 Equipment 60,000 Common Shares 110,000 Accumulated Depreciation Equipement 30,000 Retained Earnings 16,000 During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies inventory) were $230,000, all...
AP3-14A Journaliing, posting, preparing statement of me and statement of financial position, and preparing closing entries) Perfect Pizza had the following account balances at December 31, 2019: Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation, Equipment $33,000 15,000 10,000 3,000 60,000 30,000 Vehicles Accumulated Depreciation, Vehicles Accounts Payable Wages Payable Common Shares Retained Earnings 80,000 36,000 7.000 2.000 110,000 16,000 During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies (inventory) were $230,000, all on account 2....
Prepare a Classfied Statement of Financial Position for Lava
Pizza at January 31, 2019.
Jan The owners, Brad & Jennifer, each put up $250,000 cash as an initial investment into the company. 2 Purchased a pizza oven for $22,000. 3 Purchased inventory from Sysco Company on account for $21,000. 4 Hired five employees to begin work on Feb 15; the salaries for each employee will be set at $12/hour and they are each expected to work 20 hours per week....
End of Chapter Exercise 18.10 The following comparative statements of financial position and income statement are for the business of Bargains Galore Pty Ltd: Bargains Galore Pty Ltd Comparative statements of financial position as at 30 June 2019 2020 Assets Cash at bank $21,000 $30,000 Accounts receivable 77,000 63,000 Inventory 56,000 71,350 Prepaid expenses 40,000 32,000 Plant and equipment 700,000 749,000 Accumulated depreciation - plant and equipment (150,000) (190,000) $744,000 $755,350 Liabilities and equity Accounts payable $236,000 $207,000 Expenses payable...
P13-12A The income statement and unclassified statement of financial position for E-Perform, Inc. follow: E-PERFORM, INC. Statement of Financial Position December 31 2017 2018 Assets Cash $ 97,800 Held for tradinginvestments 128,000 Accounts receivable 75,800 Inventory 122.500 Prepaid expenses 18,400 Equipment 270,000 Accumulated depreciation (50.000) Total assets $662,500 Liabilities and Shareholders' Equity Accounts payable $ 93,000 Accrued liabilities 11,500 Bank loan payable 110,000 Common shares 200,000 Retained earnings 248.000 Total liabilities and shareholders' equity $662,500 E-PERFORM, INC. Income Statement Year...
The income statement and unclassified statement of financial position for Wildhorse, Inc. follow: WILDHORSE, INC. Statement of Financial Position December 31 Assets 2018 Cash $100,000 Held for trading investments 120,000 Accounts receivable 76,000 Inventory 122,700 Prepaid expenses 19,000 Property, plant, and equipment 316,000 Accumulated depreciation (47,000) Total assets $706,700 Liabilities and Shareholders' Equity Accounts payable $93,500 Accrued liabilities 12,000 Bank loan payable 131,200 Common shares 220,000 Retained earnings 250,000 Total liabilities and shareholders' equity $706,700 2017 $48,500 114,500 42,700 94,550...
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