1. journal entries:
Purchases A/c Dr. $103978
To supplier $103978
Debtors A/c Dr. $36805
To Sales $36805
No entry for recording closing stock.
Depreciation A/c Dr. 6700
To Profit and Loss A/c 6700
Advance Insurance premium A/C Dr. 6500
To cash 6500
Profit and Loss A/c Dr. 4500
To Income Tax 4500
Outstanding Payroll taxes A/c Dr. 1975
TO payroll taxes 1975
outstanding rent a/c dr. 4975
to rent payable 4975
outstanding salary A/c Dr. 5000
to salary payble 5000
Yes the performance of DD is acceptable in the first year since the sales was more than she expected. Moreover she needs to establish her business first and then need to look for profits.
Dottic Digs, Ine (B) DD-Case Dottie inherits $25,000 from an uncle. She decides to start a...
Prepare the corporation's cash Tu Problem 90 d on its income statement t asset and liability accounts at the During 20X6, Brymer Hotel earned net income of $258,000. Included on its income for 20X6 was depreciation expense of $150,000. Its current asset and liabilit beginning and end of 20X6 had balances as follows: Cash 142,000 counts receivable Food inventory Prepaid insurance Accounts payable Accrued payroll Taxes payable The Statement of Cash Flows 211 March 31 20X5 $ 25,000 20X6 $...
Mary Goodman had always wanted to open an advertising firm. Finally, at the beginning of 2019, she decided to leave the firm of Light, Dry and Cool and open her own firm. In 2019, Mary invested her life savings of $300,000 cash in the firm in exchange for 5,000 shares of stock. Several of Mary’s close associates lent the firm an additional $100,000 and took a notes payable in exchange. The firm used cash to purchase a small building for $200,000, office equipment...
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20--. Narrative of Transactions: Apr. 1. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March. 15. Payroll: $6,105. All wages and...
SIGN, SU She has asked you to record the following adjusting entries, so she can issue her year-end financial statements. Alice's vear end is July 31, 2017 for all transactions. Her chart of accounts is listed below. Chart of accounts 101 102 103 106 107 200 201 202 203 300 400 Cash Accounts receivable Supplies equipment Accumulated depreciation, equipment Prepaid rent Prepaid insurance Unearned revenue Salaries payable wages payable Accounts payable Capital Sales Depreciation expense Rent expense Insurance expense Supplies...
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20--. Narrative of Transactions: Apr. 1. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March. 15. Payroll: $6,105. All wages and...
Practice Case 1: Rachana Boutique Rachana runs a boutique in the town. She started her business on January 1, 2013 with capital of Rs. 3, 00,000 totally financed from her own savings. She hired a showroom at a monthly rent of Rs. 8,000 and paid a security deposit of Rs. 50,000; which is refundable at time of the termination of the tenancy without interest. The rent will increase by 10% every year. Rent for a month is paid in the...
Can you help me in part 2 Please. Oxford, Inc., is preparing its master budget for the quarter ended June 30. It sells a single product for $40 each. Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. At March 31, the balance in accounts receivable is $12,000, which represents the uncollected balance on March sales, Budgeted sales for the next four months follow: Aon May June July Sales in...
4. Use the following financial statements for the Death Valley Nursing Home, Inc. and additional Information to prepare a statement of cash flows for the year ended (current year) Current Balance Sheet Last Year Assets Year Cash 37.500 AR 65,000 51,000 Inventory 53,000 36,500 Prepaid assets 4400 5.400 Equipment 124.000 115,000 Accum. Depr.- Equip 127.000) 19.000) Total Assets 317.700 292.900 44.000 Liabilities and Equity NP Wages Payable Income Tax Payable LT Notes Payable Com. Stock Spor Retained Earnings Total Lab....
Unadjusted Trial Balance For the year ended 31st Dec 2014 Credit Debit Cash 40,000 60,000 Accounts Receivab le Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Interest Payable Salaries & Wages Payable Owner's Capital Retained earnings Service Revenue Unearned service revenue 5,000 30,000 10,000 150,000 50,000 15,000 50,000 60,000 230,000 20,000 Cost of Goods Sold 100,000 30,000 Selling Expenses Interest Expense Admin Expenses 15,000 Interest revenues 10,000 Loss on sale of fixed assets 5,000 Total 440,000...
Please prepare the master budget, but please use template i provided. The template is the last 3 pages i attached and the steps are numbered.The first page is the actual question. Thank you ...) Oxford, Inc., is preparing its master budget for the quarter ended June 30. It sells a single product for $40 each. Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. At March 31. the balance in...