Having trouble figuring out A, B, C, D. Thank you!!
Date | Accounts Title | Dr | Cr | |
a | Loss on Inventory/Inventory write off | 2040 | ||
Inventory | 2040 | |||
Units | Cost | Total cost | ||
Beg bal | 440 | $100 | $44,000 | |
1250 | 107 | $133,750 | ||
1350 | 112 | $151,200 | ||
1280 | 117 | $149,760 | ||
Less: Cost of good sold | -4200 | -464670 | ||
(440*100)+(1250*107)+(1350*112)+(1160*117) | ||||
Total | 120 | 14040 | ||
Loss on inventory 14040-(12*100) | 2040 | |||
b | Bad debt expenses | 3800 | ||
Allowance for Uncollectible accounts | 3800 | |||
(being bad debt expenses recorded) | ||||
Account receivable balance | ||||
43500+630000-617000-2300 | 54200 | |||
5400*40% | 2160 | |||
(54200-5400)*5% | 2440 | |||
Ending balance | 4600 | |||
Bad debt expenses | 4600-(3100-2300) | 3800 | ||
c | Interest expenses | 330 | ||
Interest payable (44000*9%*1/12) | 330 | |||
(being interest expenses accured) | ||||
d | Income Tax expenses | 13700 | ||
Income tax payable | 13700 | |||
Allowance for Uncollectible accounts | ||||
No | Date | Dr | Cr | Bal |
2700 | ||||
9 | 27-Jan | 2300 | 800 | |
c | 31-Jan | 3800 | 4600 | |
Bad debt expenses | ||||
c | 31-Jan | 2300 | 2300 | |
Income tax payable | ||||
No | Date | Dr | Cr | Bal |
Beg bal | 0 | |||
d | 31-Jan | 13700 | 13700 | |
Income Tax expenses | ||||
No | Date | Dr | Cr | Bal |
Beg bal | 0 | |||
d | 31-Jan | 13700 | 13700 | |
Interest payable | ||||
No | Date | Dr | Cr | Bal |
Beg bal | 0 | |||
c | 31-Jan | 330 | 330 | |
Interest expenses | ||||
No | Date | Dr | Cr | Bal |
Beg bal | 0 | |||
d | 31-Jan | 330 | 330 | |
Loss on interest payable | ||||
No | Date | Dr | Cr | Bal |
Beg bal | 0 | |||
a | 31-Jan | 2040 | 2040 | |
Inventory | ||||
19-Jan | 14040 | |||
a | 31-Jan | 2040 | 12000 | |
If a ny doubt please comment |
Having trouble figuring out A, B, C, D. Thank you!! On January 1, 2021, the general ledger of Big Blast Fireworks incl...
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,700 Accounts Receivable 43,500 Inventory 44,000 Land 82,600 Allowance for Uncollectible Accounts 3,100 Accounts Payable 28,200 Notes Payable (9%, due in 3 years) 44,000 Common Stock 70,000 Retained Earnings 49,500 Totals $ 194,800 $ 194,800 The $44,000 beginning balance of inventory consists of 440 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions: ...
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 24,900 44,000 $ 3,300 45,000 84,100 27,700 45,000 71,000 51,000 $198,000 $198,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January...
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $ 22,300 Accounts Receivable 37,500 Allowance for Uncollectible Accounts $ 3,500 Inventory 32,000 Land 64,600 Accounts Payable 31,400 Notes Payable (9%, due in 3 years) 32,000 Common Stock 58,000 Retained Earnings 31,500 Totals $ 156,400 $ 156,400 The $32,000 beginning balance of inventory consists of 320 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory...
Un January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,500 38,000 $ 3,700 33,000 66,100 30,900 33,000 59,000 33,000 $159,600 $159, 600 The $33,000 beginning balance of inventory consists of 330 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions:...
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: AccountsDebitCredit Cash$ 21,900 Accounts Receivable36,500 Inventory30,000 Land61,600 Allowance for Uncollectible Accounts$ 3,100 Accounts Payable32,400 Notes Payable (8%, due in 3 years)30,000 Common Stock56,000 Retained Earnings28,500 Totals$150,000 $150,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions: January 3Purchase 1,200 units for $126,000 on account ($105 each).January 8Purchase 1,300 units for $143,000 on account ($110...
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