Question 3 On 31 Dec 2017, the accounting records of Holland V Ltd showed the following...
Question 3 On 31 Dec 2017, the accounting records of Holland V Ltd showed the following accounts and their balances: Debit $ Credit $ Share capital ? Retained earnings, 31 Dec 2016 ? Machinery at cost 637,500 Motor vehicles at cost 250,000 Accumulated depreciation machinery 125,000 motor vehicles 62,500 Purchase 1,409,250 Sales 2,313,250 General expenses 52,000 Wages and salaries 448,500 Rental expense 15,250 Allowance for doubtful debts 3,000 Accounts receivable 185,500 Accounts payable 170,750 Bank 40,500 Inventory, 31 Dec 2016 204,750 You are given the following additional information: (i) The authorized and issued share capital compromise 500,000 shares at $1.00 each. (ii) Inventory at 31 Dec 2017 is $194,750. (iii) Wages and salaries due at 31 Dec 2017 is $18,688. (iv) Rental paid in advance at 31 Dec 2017 is $3,810. This amount has been included in the rental expense of $15,250. (v) The company estimated that 2% of accounts receivable will be uncollectible. ACC202 Copyright © 2018 Singapore University of Social Sciences (SUSS) Page 6 of 10 Examination – July Semester 2018 (vi) No depreciation has been charged for the year ended 31 Dec 2017. The company depreciates non-current assets as follows: Machinery: straight line over 5 years. Motor vehicles: 25% per annum using the double declining balance method. Required: (a) Analyse the information above and prepare the necessary 31 Dec 2017 adjusting journal entries. No narrations required. (11 marks) (b) Identify the relevant accounts and compute the following after incorporating the adjustments to the trial balance: (i) Total Non-current assets. (ii) Total Current assets. (iii) Total Liabilities. (iv) Total Equity. (16 marks)
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Question 3 On 31 Dec 2017, the accounting records of Holland V
Ltd showed the following...
As of December 31, 2017, Armani Company’s financial records show the following items and amounts. As...
As of December 31, 2017, Armani Company’s financial records show
the following items and amounts.
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,200 10,200 7,200 6,200 9,100 18,500 5,200 7,200 14,200 35,400 24,400 21,200 13,200 9,200 Required: Prepare a year-end...
Vaughn Manufacturing's accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials...
Vaughn Manufacturing's accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials inventory $110000 $ 103000 Work in process inventory 136000 154000 Finished goods inventory 130000 118000 During 2017, Vaughn purchased $960000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000. How much is total manufacturing costs incurred during 2017 for Vaughn?
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash...
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,800 9, 8ΘΘ 6,800 5, 800 24, 600 4, 800 8,600 13,800 34, 600 23,600 20, 800 12, 800 8,800 Note: Early in 2017, the owner invested $1,000 cash in the...
Concord Corporation's accounting records reflect the following inventories: Dec. 31. 2017 Dec. 31 2016 $380000 $330000...
Concord Corporation's accounting records reflect the following inventories: Dec. 31. 2017 Dec. 31 2016 $380000 $330000 Raw materials inventory Work in process inventory Finished goods inventory 300000 160000 190000 150000 During 2017, $880000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Concord Corporation's total manufacturing costs incurred in 2017 amounted to $2190000 $2000000 $2140000 $2100000 Sweater Attempts of lused Submit Answer 3
Pacific Company's accounting records reflect the following inventories: 2. Dec. 31 2017 $310,000 300,000 190,000 Dec....
Pacific Company's accounting records reflect the following inventories: 2. Dec. 31 2017 $310,000 300,000 190,000 Dec. 31, 2016 $260,000 160,000 150,000 Raw materials inventory Work in process inventory Finished goods inventory During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. The total raw materials available for use during 2017 for Pacific Company is
As of December 31, 2017, Armani Company's financial records show the following items and amounts. Cash...
As of December 31, 2017, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11; 800 10, 800 7, 8ee 6,800 15,900 13,5ee 5,800 7,80e 14,800 36,600 25,600 21, see 13, see 9. see Required: Prepare a year-end balance sheet for Armani Company ARMANI COMPANY Balance Sheet...
Cash Accounts receivable Equipment Accounts payable Conmon stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec....
Cash Accounts receivable Equipment Accounts payable Conmon stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,800 10,880 7,809 6,800 15,909 13,500 5,800 7,800 14,800 36,600 25,680 21,800 13,800 9,800 Required: Prepare a year-end balance sheet for Armani Company Balance Sheet December 31, 2017 Assets Liabilities Cash $ 11,800 Accounts payable $ 15,900 Accounts receivable 10,800 7,800 Total labilities 15,900 Equity stock 13,500 7,800 etained...
Problem 1-5A Preparing a balance sheet LO P2 As of December 31, 2017, Armani Company's financial records show the...
Problem 1-5A Preparing a balance sheet LO P2 As of December 31, 2017, Armani Company's financial records show the following items and amounts. Cash Accounts receivable $10,400 9,400 Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses 6,400 5,400 10,700 14,500 4,400 6,400 13,400 33,800 22,800 20,400 12,400 8,400 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries...
Required: loss for 2016 and a statement of financial position as at 31 45.9A The following...
Required: loss for 2016 and a statement of financial position as at 31 45.9A The following is the trial balance of Tully Ltd as as on 31 December 2017: Share capital issued: ordinary shares 20p Accounts receivable and accounts payable Inventory 31 December 2016 Bank Premises at cost Machinery at cost Dr ns for depreciat 81,300 17,900 265,000 109,100 34,700 bors' remuneratic Motor vehicles at cost Depreciation provisions at 31.12.2016: Inventory £317 Business rates Dividend of 1 Transfers to r...
As of December 31, 2017, Armani Company’s financial records show the following items and amounts. As...
As of December 31, 2017, Armani Company’s financial records show
the following items and amounts.
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,100 10,100 7,100 6,100 9,300 18,000 5,100 7,100 14,100 35,200 24,200 21,100 13,100 9,100 Required: Prepare the 2017...
As of December 31, 2017, Armani Company’s financial records show
the following items and amounts.
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,200 10,200 7,200 6,200 9,100 18,500 5,200 7,200 14,200 35,400 24,400 21,200 13,200 9,200 Required: Prepare a year-end...
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,800 9, 8ΘΘ 6,800 5, 800 24, 600 4, 800 8,600 13,800 34, 600 23,600 20, 800 12, 800 8,800 Note: Early in 2017, the owner invested $1,000 cash in the...
Concord Corporation's accounting records reflect the following inventories: Dec. 31. 2017 Dec. 31 2016 $380000 $330000 Raw materials inventory Work in process inventory Finished goods inventory 300000 160000 190000 150000 During 2017, $880000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Concord Corporation's total manufacturing costs incurred in 2017 amounted to $2190000 $2000000 $2140000 $2100000 Sweater Attempts of lused Submit Answer 3
Pacific Company's accounting records reflect the following inventories: 2. Dec. 31 2017 $310,000 300,000 190,000 Dec. 31, 2016 $260,000 160,000 150,000 Raw materials inventory Work in process inventory Finished goods inventory During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. The total raw materials available for use during 2017 for Pacific Company is
As of December 31, 2017, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11; 800 10, 800 7, 8ee 6,800 15,900 13,5ee 5,800 7,80e 14,800 36,600 25,600 21, see 13, see 9. see Required: Prepare a year-end balance sheet for Armani Company ARMANI COMPANY Balance Sheet...
Cash Accounts receivable Equipment Accounts payable Conmon stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,800 10,880 7,809 6,800 15,909 13,500 5,800 7,800 14,800 36,600 25,680 21,800 13,800 9,800 Required: Prepare a year-end balance sheet for Armani Company Balance Sheet December 31, 2017 Assets Liabilities Cash $ 11,800 Accounts payable $ 15,900 Accounts receivable 10,800 7,800 Total labilities 15,900 Equity stock 13,500 7,800 etained...
Problem 1-5A Preparing a balance sheet LO P2 As of December 31, 2017, Armani Company's financial records show the following items and amounts. Cash Accounts receivable $10,400 9,400 Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses 6,400 5,400 10,700 14,500 4,400 6,400 13,400 33,800 22,800 20,400 12,400 8,400 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries...
Required: loss for 2016 and a statement of financial position as at 31 45.9A The following is the trial balance of Tully Ltd as as on 31 December 2017: Share capital issued: ordinary shares 20p Accounts receivable and accounts payable Inventory 31 December 2016 Bank Premises at cost Machinery at cost Dr ns for depreciat 81,300 17,900 265,000 109,100 34,700 bors' remuneratic Motor vehicles at cost Depreciation provisions at 31.12.2016: Inventory £317 Business rates Dividend of 1 Transfers to r...
As of December 31, 2017, Armani Company’s financial records show
the following items and amounts.
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,100 10,100 7,100 6,100 9,300 18,000 5,100 7,100 14,100 35,200 24,200 21,100 13,100 9,100 Required: Prepare the 2017...
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