Wages due but not paid $1800 Electricity bill due but not paid amounting to $450 Insurance...
- Wages due but not paid $1800
- Electricity bill due but not paid amounting to $450
- Insurance had been paid for the period 1 April 2017 to 31 March 2018 for an amount of $3,600.
- Interest earned but not yet received of $750
- Depreciation – Van $1,400
- Rent received in advance $3,000
- Bad Debts to be written off for $1,320.00 including GST.
- Doubtful debts totalling $1200
- Create Provision for Long Service Leave $5,000
- Long Service Leave taken $1,500
- Obsolete stock during stocktake amounting $550 which needs to be written off.
- Th Credit sales occurring during the current period amounting to $440 (inclusive GST) were not recorded. e cost of sales was $250.
write general jounrnal each
Homework Answers
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Wages due but not paid $1800
Electricity bill due but not paid amounting to $450
Insurance...
How to we determine the future deductible amount for machinery? ($100,000) Victory Ltd commences operations on...
How to we determine the future deductible amount for machinery?
($100,000)
Victory Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of comprehensive income for the year ended 30 June 2021 Gross profit Wages expense Long service leave expense Bad debts expense Rent expense Depreciation expense...
How do I get the answer to note (b)? This is for question 5: Faraway Retailers...
How
do I get the answer to note (b)?
This is for question 5: Faraway Retailers
Adjustments a Non-current assets are to be depreciated at the rate of 20 per cent per annum on a reducing balance basis. b Closing inventory amounted to £18,900. c Business expenses of £2,735 have been incurred but not yet recorded. d A provision for bad debts amounting to 10 per cent of receivables is to be created. Prepare an income statement and an appropriation...
Additional information a) Quarterly income tax instalments paid during the year were: 28 October 2013 28...
Additional information
a) Quarterly income tax instalments paid during the year were:
28 October 2013
28 January 2014
28 April 2014
Note: Final instalment due on July 28
b) The following items are exempt from tax rules:
Royalties are non-assessable
Entertainment expenses are non-deductible
$18,000 18,000 17,000
c) The tax depreciation rate for plant (purchased 3 years ago
for $150,000) is 20%.
d) Tax depreciation on buildings is equal to accounting
depreciation on buildings.
e) During the year, the following...
I don't understand how they got 17,330 in balance sheet for the year 2000. I completely...
I don't understand how they got 17,330 in balance
sheet for the year 2000. I completely cant get how they got every
figure in balance sheet and income statement for 2001. I would be
really grateful if someone would take their time and explain in
details how they got these figures, I know it will be quite time
consuming to go through every figure, but please help me.
Bank Account: year to 31 December 20X1 Sales ledger receipts Cash Sales...
Medicare had not yet paid Ms. Rivera’s hospital bill but the hospital was confident that Medicare...
Medicare had not yet paid Ms. Rivera’s hospital bill but the
hospital was confident that Medicare would do so soon at the DRG
amount noted in the information.
Mr. Long’s situation as a charity patient was identified by
the hospital and they expected no payment for his services.
Attempts to collect Mr. Gonzalez’s bills had ended and the
hospital did not believe that they would receive any payment.
Where, if anywhere, would you find these on the Balance Sheet
the...
Refrence Deegan. (2016). Financial Accounting . McGraw-Hill Education, Australia Milk Park Ltd is retailing company which...
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
Milk Park Ltd is retailing company which commenced operations on the 1st of July 2018. At the financial year end 30th June 2019, the firm furnished its statement of comprehensive income and the statement of financial position as follows: Statement of Comprehensive Income for the year ended 30 June 2019 2$ 2$ 1,144,000 (475,500) 668,500 85,000 753,500 Sales Revenue Cost of sales Gross profit Other income: interest income Less operating expenses:...
Adjusted trial balance
Can someone please let me know if I have done these adjustments right and if you can explain the last adjustment with the disposal of the vehicleAdjustments:Interest owing on loan $4000Wages owing to employees $10000Additional bad debts to be written off (inclusive of GST) $5500Provision for doubtful debts to be equal to 4% of debtorsCommission revenue yet to be received $5100The provision for long service leave is to be increased by 3% of all salaries and wagesProvision for annual leave...
1. At the start of the current year, Dave Company had a credit balance in the...
1. At the start of the current year, Dave Company had a credit balance in the Allowance for Doubtful Accounts of $6,000. At the end of the year, a provision of 2% of sales was made for estimated bad debts. Sales for the year were $2,000,000 and $37,000 of accounts receivable were written off as worthless. No recoveries of accounts previously written off were made dring the year. After the year-end bad debts adjustment, The year-end financial statements should show:...
11. A brewing company operating in an Ontario city experiencing water shortages received its water bill...
11. A brewing company operating in an Ontario city experiencing water shortages received its water bill for December 2018, on December 31, 2018. The bill ($8,000) represents the cost of water used in December to make its product. The company will not publish the 2018 financial statements until February 2019. Therefore, the adjusting entry as of December 31, 2018 includes which of the following? A. cr. utilities payable $8,000 B. cr. cash $8,000 C. cr. utilities expense $8,000 D. no...
how to do journal entries for these Vision Audio Visual Products, Inc. Transactions- March 2019 Date...
how to do journal entries for these
Vision Audio Visual Products, Inc. Transactions- March 2019 Date Description 3/3/2019 Paid employees for the pay period ending Feb 28, 2019. 3/3/2019 Traded in the company's fleet of service vans which were originally purchased for $150,000 Amt. $ 95,504 for new vans with a market price of $180,000. Paid $18,000 in cash and $150,000 in a note payable. The company has depreciated the old vans using the straight line method of depreciation and...
How to we determine the future deductible amount for machinery?
($100,000)
Victory Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of comprehensive income for the year ended 30 June 2021 Gross profit Wages expense Long service leave expense Bad debts expense Rent expense Depreciation expense...
How
do I get the answer to note (b)?
This is for question 5: Faraway Retailers
Adjustments a Non-current assets are to be depreciated at the rate of 20 per cent per annum on a reducing balance basis. b Closing inventory amounted to £18,900. c Business expenses of £2,735 have been incurred but not yet recorded. d A provision for bad debts amounting to 10 per cent of receivables is to be created. Prepare an income statement and an appropriation...
Additional information
a) Quarterly income tax instalments paid during the year were:
28 October 2013
28 January 2014
28 April 2014
Note: Final instalment due on July 28
b) The following items are exempt from tax rules:
Royalties are non-assessable
Entertainment expenses are non-deductible
$18,000 18,000 17,000
c) The tax depreciation rate for plant (purchased 3 years ago
for $150,000) is 20%.
d) Tax depreciation on buildings is equal to accounting
depreciation on buildings.
e) During the year, the following...
I don't understand how they got 17,330 in balance
sheet for the year 2000. I completely cant get how they got every
figure in balance sheet and income statement for 2001. I would be
really grateful if someone would take their time and explain in
details how they got these figures, I know it will be quite time
consuming to go through every figure, but please help me.
Bank Account: year to 31 December 20X1 Sales ledger receipts Cash Sales...
Medicare had not yet paid Ms. Rivera’s hospital bill but the
hospital was confident that Medicare would do so soon at the DRG
amount noted in the information.
Mr. Long’s situation as a charity patient was identified by
the hospital and they expected no payment for his services.
Attempts to collect Mr. Gonzalez’s bills had ended and the
hospital did not believe that they would receive any payment.
Where, if anywhere, would you find these on the Balance Sheet
the...
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
Milk Park Ltd is retailing company which commenced operations on the 1st of July 2018. At the financial year end 30th June 2019, the firm furnished its statement of comprehensive income and the statement of financial position as follows: Statement of Comprehensive Income for the year ended 30 June 2019 2$ 2$ 1,144,000 (475,500) 668,500 85,000 753,500 Sales Revenue Cost of sales Gross profit Other income: interest income Less operating expenses:...
how to do journal entries for these
Vision Audio Visual Products, Inc. Transactions- March 2019 Date Description 3/3/2019 Paid employees for the pay period ending Feb 28, 2019. 3/3/2019 Traded in the company's fleet of service vans which were originally purchased for $150,000 Amt. $ 95,504 for new vans with a market price of $180,000. Paid $18,000 in cash and $150,000 in a note payable. The company has depreciated the old vans using the straight line method of depreciation and...
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