Question

(I have updated after reviewing them)

Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The companys balance sheet accounts as of Ja$ 92,000 Direct labor (actors and directors) Indirect labor (carpenters to build sets, costume designers, and so forth) Admin

Prepare a T-account for each account on the companys balance sheet and enter the beginning balances. Record the transactionsInsurance Expense Advertising Expense Bog. Bal. Bog. Bal. Miscellaneous Expense Administrative Salaries Expense Beg. Bal. Beg

Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Req 4 Req 5 Reg 6 Is the Studio (manufactComplete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Req 4 Reg 5 Reg 6 Prepare a schedule of cComplete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Req 4 Reg 5 Reg 6 Prepare a schedule of cComplete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Req 4 Reg 5 Reg 6 Prepare an income state

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Prepare a T-account for each account on the company’s balance sheet and enter the beginning balances.

ACCUMULATED DEPRICIATION

OPENING BALANCE £22,000.00
£94,000.00
CLOSING £116,000.00

STUDIO AND EQUIPMENT

OPENING BALANCE £750,000.00
CLOSING £7,500,000.00

VIDEOS IN PROCESS

PARTICULARS CREDIT DEBIT
OPENING BALANCE £32,000.00
£178,500.00
£92,000.00
£350,000.00
£560,000.00
CLOSING £92,500.00

FINISHED GOODS

OPENING BALANCE £91,000.00
£560,000.00
-£610,000.00
CLOSING BALANCE £41,000.00

PREPAID INSURANCE

PARTICULARS CREDIT DEBIT
OPENING BALANCE £11,000.00
8000
CLOSING BALANCE £3,000.00

RAW MATERIAL

PARTICULARS CREDIT DEBIT
OPENING BALANCE £40,000.00
COLLECTION FROM CUSTOMERS £1,950,000.00

PAYMENT TO SUPPLIERS

£210,000.00
CLOSING BALANCE £1,780,000.00

ACCOUNT RECEIVABLES

PARTICULARS CREDIT DEBIT
OPENING BALANCE £112,000.00
COLLECTION FROM CUSTOMERS £945,000.00

PAYMENT TO SUPPLIERS

£860,000.00
CLOSING BALANCE £197,000.00
CASH
PARTICULARS CREDIT DEBIT
OPENING BALANCE £73,000.00
COLLECTION FROM CUSTOMERS £860,000.00

PAYMENT TO SUPPLIERS

£811,000.00
CLOSING BALANCE £122,000.00

  

Add a comment
Know the answer?
Add Answer to:
(I have updated after reviewing them) Supreme Videos, Inc., produces short musical videos for sale to...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company’s balance sheet...

    Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company’s balance sheet accounts as of January 1, are given below. Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash $ 81,000 Accounts receivable 120,000 Inventories: Raw materials (film, costumes) $ 48,000 Videos in process 21,000 Finished videos awaiting sale 99,000 168,000 Prepaid insurance 12,600 Total current assets 381,600 Studio and equipment 766,000 Less accumulated depreciation 228,000 538,000 Total assets $ 919,600 Liabilities and Stockholders'...

  • Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet...

    Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. $ 79,000 118,000 $ 46,000 24,000 97,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings Total...

  • Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company’s balance sheet...

    Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company’s balance sheet accounts as of January 1, are given below. Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash $ 79,000 Accounts receivable 118,000 Inventories: Raw materials (film, costumes) $ 46,000 Videos in process 24,000 Finished videos awaiting sale 97,000 167,000 Prepaid insurance 12,200 Total current assets 376,200 Studio and equipment 762,000 Less accumulated depreciation 226,000 536,000 Total assets $ 912,200 Liabilities and Stockholders'...

  • Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet...

    Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. $ 64,000 103,000 $ 31,000 46,000 82,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings Total...

  • Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet...

    Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. $ 64,000 103,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings Total liabilities and stockholders' equity...

  • Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet...

    Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. $ 82,000 121,000 $ 49,000 22,000 100,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings Total...

  • Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet...

    Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below Supreme Videos, Inc. Balance Sheet January 1 Assets points Current assets: eBook Cash Accounts receivable Inventories: $71,000 110,000 Print Raw materials (film, costumes) 38,000 30,000 89,000 Videos in process Finished videos awaiting sale 157,000 10,600 348,600 Prepaid insurance Total current assets Studio and equipment 746,000 Less accumulated depreciation Total assets 218,000528,000 $876, 600 Liabilities and Stockholders'Equity...

  • Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company’s balance sheet...

    Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company’s balance sheet accounts as of January 1, are given below. Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash $ 80,000 Accounts receivable 119,000 Inventories: Raw materials (film, costumes) $ 47,000 Videos in process 20,000 Finished videos awaiting sale 98,000 165,000 Prepaid insurance 12,400 Total current assets 376,400 Studio and equipment 764,000 Less accumulated depreciation 227,000 537,000 Total assets $ 913,400 Liabilities and Stockholders'...

  • Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet...

    Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. $ 64,000 103,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings Total liabilities and stockholders' equity...

  • Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet...

    Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1 are given below. $ 63,000 102.000 Supreme Videos, Ine. Balance Sheet January 1 Assets Current assets! Cash Accounts receivable Inventories: Raw materials (film, costumes) $ 30,000 Videos in process 45.000 Finished videos awaiting sale 81,000 Prepaid insurance Total current assets Studio and equipment 730.000 Less accumulated depreciation 210.000 Total assets Liabilities and Stockholders' Equity Mccounts payable Capital stock $420,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT