Homework Answers
| a) Journal entries: | ||||
| Date | Accounts Title | Debit $ | Credit $ | |
| 12/31/2020 | Depreciation | 217 | ||
| Acc. Dep. - Building | 217 | |||
| (depreciation on buildiing on DDB recorded | ||||
| (4800-468)*(100*2/40)%=4332*5%=217 | ||||
| 12/31/2020 | New Machine | 1623 | (balancing figure) | |
| Acc. Dep.-Machine | 1295 | |||
| Cash | 511 | |||
| Old machine | 3429 | |||
| (Income on exchange of machine lacking commercial | ||||
| substance, so value of New M/c is Balancing figure) | ||||
| 12/31/2020 | Bad Debt expense | 442 | ||
| Allowance for Doubtful accts | 442 | |||
| (bad debts booked, 12540*4%-60=442) | ||||
| Ending Inventory : | ||||
| Opening balance | 925 | |||
| add:Net purchases | 9000 | |||
| less:COGS | 9405 | |||
| 12540*(100-25)% | ||||
| Ending Inventory : | 520 | |||
| b) Income Statement for year ended 12/31/20: | ||||
| Amount $ | ||||
| Net Sales | 12540 | |||
| Less: COGS | 9405 | |||
| Gross Profit | 3135 | |||
| Less: Expenses: | ||||
| Selling expenses | 424 | |||
| Depreciation (217+1077) | 1294 | |||
| Bad Debts expense | 442 | |||
| Total expenses | 2160 | |||
| Net Income | 975 | |||
| Add:Opening Ret. Earnings | 4182 | |||
| Closing Ret. Earnings | 5157 | |||
| Balance Sheet as on 12/31/20: | ||||
| Assets: | Amount $ | |||
| Cash | 998 | |||
| Accounts Receivable | 2877 | |||
| Less: Allow. For Doubtful Accts. | 502 | |||
| Inventory | 520 | |||
| Current Assets | 3893 | |||
| PPE: | ||||
| Building | 4800 | |||
| Less:Acc. Dep. - building | 685 | |||
| Machine (6019-3429+1623) | 4213 | |||
| Less:Acc. Dep. - M/c (2154-1295) | 859 | |||
| Total Assets | 11362 | |||
| Liabilities & SH. Eq.: | Amount $ | |||
| Acc Payable | 1445 | |||
| current liabilities | 1445 | |||
| SH Eq. : | ||||
| Common Stock | 4760 | |||
| Retained Earnings | 5157 | |||
| Total Liabilities & SH. Eq. | 11362 | |||
Add Answer to:
The unadjusted pre-closing 12/31/20 account balances for the Maloney Company are listed below: Net Sales $12,540 Ne...
answear all The unadjusted pre-closing 12/31/20 account balances for the Maloney Company are listed below: Net...
answear all
The unadjusted pre-closing 12/31/20 account balances for the Maloney Company are listed below: Net Sales Net Purchases Selling Expenses Cash Machines Accumulated Depreciation, Machines Accounts Payable Retained Earnings Allowance for Doubtful Accounts Building Accumulated Depreciation, Building Common Stock Accounts Receivable Depreciation Expense, Machines Inventory @ 1/1/20 (periodic method used) $12,540 9,000 424 487 6,019 2,154 1,445 4,182 60 4,800 468 4.760 2.877 1,077 925 During your audit, you discover the following four items that have yet to be...
The unadjusted pre-closing 12/31/15 account balances for the Mahoney Company are listed below: Net Sales Net...
The unadjusted pre-closing 12/31/15 account balances for the Mahoney Company are listed below: Net Sales Net Purchases Selling Expenses Cash Machines Accumulated Depreciation, Machines Accounts Payable Retained Earnings Allowance for Doubtful Accounts Building Accumulated Depreciation, Building Common Stock Accounts Receivable Depreciation Expense, Machines Inventory @ 1/1/15 (periodic method used) $11,450,000 9,800,000 430,000 500,000 6,130,000 2,390,000 2,460,000 4,186,000 54,000 5,200,000 260,000 5,000,000 1,645,000 1,195,000 900,000 During your audit, you discover the following five items that have yet to be recorded: 1....
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020,...
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020, is as follows: Credit Cash Debit $17,690 109,600 $3,380 61,300 Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land 4,692 48,000 30,000 150,100 11,890 32,400 5,400 16,600 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Goodwill Accounts payable Bonds payable (20-year, 7%) Common shares Retained earnings Sales revenue Rent revenue Rent expense Supplies expense Purchases 101,900 180,000 120,600 48,847 180,000...
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020,...
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020, is as follows: Credit Cash Debit $17,690 109,600 $3,380 61,300 Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land 4,692 48,000 30,000 150,100 11,890 32,400 5,400 16,600 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Goodwill Accounts payable Bonds payable (20-year, 7%) Common shares Retained earnings Sales revenue Rent revenue Rent expense Supplies expense Purchases 101,900 180,000 120,600 48,847 180,000...
The unadjusted trial balance of Teal Mountain Inc., a private company following ASPE, at December 31,...
The unadjusted trial balance of Teal Mountain Inc., a private company following ASPE, at December 31, 2020, is as follows: Debit Credit $17,390 104,100 $3,370 61,600 4,720 58,800 28,900 151,600 12,010 Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Goodwill Accounts payable Bonds payable (20-year, 8%) Common shares Retained earnings Sales revenue Rent revenue 34,200 5,700 16,750 100,600 162,000 116,300 73,440 190,500 11,250 Rent expense...
FCompany’s is presented below. F Company uses a PIS
Flash Company's trial balance at November 30,2020, is presented below. Flash Company uses a periodic inventory system (With FIFO cost flow method).Additional information:1. A record stated that beginning inventory on December 1 should be 602 units.2. Interest expense on the bank note on December 1 has not yet been accrued.3. Depreciation expense for the month is $ 4,500 for building and $ 3,500 for equipment.4. Prepaid insurance of $ 600 expired in December.5. Unearned revenue of $ 15,000 was earned...
On 1/1/2018, Sam's Sporting Goods has the following account balances 62,000 23,000 2,100 35,200 100,000 Cash Accounts R...
On 1/1/2018, Sam's Sporting Goods has the following account balances 62,000 23,000 2,100 35,200 100,000 Cash Accounts Receivable Allowance for Doubtful Accts Inventory Consists of #3520 urtits @ $10 cost per unit Building A/D Building Accounts Payable Notes Payable (Syr, 6%, interest due every 12/31) Common Stock Retained Earnings 25,000 12,200 50,000 110,000 20,900 220,200 220,200 During the month of January 2018, the following transactions occur: Jan 1: Sell Building for $60,000 cash. Jan 1:Purchase warehouse Equipment with cash $20,000....
The unadjusted trial balance of Skysong, Inc., a private company following ASPE, at December 31, 2020,...
The unadjusted trial balance of Skysong, Inc., a private company following ASPE, at December 31, 2020, is as follows: Debit Credit Cash $17,330 Accounts receivable 102,600 Allowance for doubtful accounts $3,430 Inventory 59,600 Prepaid insurance 4,708 Bond investment at amortized cost 56,400 Land 31,900 Buildings 151,205 Accumulated depreciation—buildings 15,934 Equipment 34,200 Accumulated depreciation—equipment 5,700 Goodwill 16,550 Accounts payable 100,900 Bonds payable (20-year, 8%) 180,000 Common shares 115,300 Retained earnings 45,329 Sales revenue 192,500 Rent revenue 11,250 Rent expense 19,800 Supplies...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
Question 4 The following balances were extracted from the books of Pat Pet Shop on 31...
Question 4 The following balances were extracted from the books of Pat Pet Shop on 31 December 2019: Accounts Amount (RM) Building 200,000 Motor vehicles 120,000 Plant and machinery 70,000 Profit as at 01.01.2019 10,850 Capital 100,000 Acc depreciation as at 31.12.2019 : Building 60,000 Acc depreciation as at 31.12.2019 : Motor vehicles 69,250 Acc depreciation as at 31.12.2019 : Plant & machinery 40,000 Sales 612,000 Commission revenue 100,000 Purchases 348,000 Sales discounts 5,000 Purchase discounts 3,500 Opening inventory 12,000...
answear all
The unadjusted pre-closing 12/31/20 account balances for the Maloney Company are listed below: Net Sales Net Purchases Selling Expenses Cash Machines Accumulated Depreciation, Machines Accounts Payable Retained Earnings Allowance for Doubtful Accounts Building Accumulated Depreciation, Building Common Stock Accounts Receivable Depreciation Expense, Machines Inventory @ 1/1/20 (periodic method used) $12,540 9,000 424 487 6,019 2,154 1,445 4,182 60 4,800 468 4.760 2.877 1,077 925 During your audit, you discover the following four items that have yet to be...
The unadjusted pre-closing 12/31/15 account balances for the Mahoney Company are listed below: Net Sales Net Purchases Selling Expenses Cash Machines Accumulated Depreciation, Machines Accounts Payable Retained Earnings Allowance for Doubtful Accounts Building Accumulated Depreciation, Building Common Stock Accounts Receivable Depreciation Expense, Machines Inventory @ 1/1/15 (periodic method used) $11,450,000 9,800,000 430,000 500,000 6,130,000 2,390,000 2,460,000 4,186,000 54,000 5,200,000 260,000 5,000,000 1,645,000 1,195,000 900,000 During your audit, you discover the following five items that have yet to be recorded: 1....
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020, is as follows: Credit Cash Debit $17,690 109,600 $3,380 61,300 Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land 4,692 48,000 30,000 150,100 11,890 32,400 5,400 16,600 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Goodwill Accounts payable Bonds payable (20-year, 7%) Common shares Retained earnings Sales revenue Rent revenue Rent expense Supplies expense Purchases 101,900 180,000 120,600 48,847 180,000...
The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020, is as follows: Credit Cash Debit $17,690 109,600 $3,380 61,300 Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land 4,692 48,000 30,000 150,100 11,890 32,400 5,400 16,600 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Goodwill Accounts payable Bonds payable (20-year, 7%) Common shares Retained earnings Sales revenue Rent revenue Rent expense Supplies expense Purchases 101,900 180,000 120,600 48,847 180,000...
The unadjusted trial balance of Teal Mountain Inc., a private company following ASPE, at December 31, 2020, is as follows: Debit Credit $17,390 104,100 $3,370 61,600 4,720 58,800 28,900 151,600 12,010 Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Goodwill Accounts payable Bonds payable (20-year, 8%) Common shares Retained earnings Sales revenue Rent revenue 34,200 5,700 16,750 100,600 162,000 116,300 73,440 190,500 11,250 Rent expense...
On 1/1/2018, Sam's Sporting Goods has the following account balances 62,000 23,000 2,100 35,200 100,000 Cash Accounts Receivable Allowance for Doubtful Accts Inventory Consists of #3520 urtits @ $10 cost per unit Building A/D Building Accounts Payable Notes Payable (Syr, 6%, interest due every 12/31) Common Stock Retained Earnings 25,000 12,200 50,000 110,000 20,900 220,200 220,200 During the month of January 2018, the following transactions occur: Jan 1: Sell Building for $60,000 cash. Jan 1:Purchase warehouse Equipment with cash $20,000....
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
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