On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows: $ 530,000 Accumulated Depr.-Building Administrative Expenses Peter Bronsky, Capital $365,000 Peter Bronsky, Drawing 15,000 440,000 Building 810,000 Sales 1,437,000 Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expense 4,500 Cash 78,000 Cost of Merchandise Sold 775,000 160,000 Interest Expense Merchandise Inventory 16,000 6,000 115,000 21,500 Notes Payable 100,000 Prepare the July 31, 2019, closing entries for Serbian Interiors Company.
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- The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2019 and December 31, 2022: Accounts receivable Inventory Sales revenue Cost of goods sold January 1 $126,000 $163,000 The following information was taken from Buckeye Company's 2022 income statement: Salaries expense Income tax expense Net income December 31 $139,000 131,000 $967,250 $429, 240 $211,390 $ 97,986 $228,634 Calculate the average number of days that elapse between Buckeye Company buying their inventory from suppliers and then selling the inventory to customers.Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
- Good Truck Berhad Income Statement for The Year ending 31 Dec 2019 (RM in millions) Net sales 8,450 Less: Cost of goods sold 7,240 Less: Depreciation 400 Earnings before interest and taxes 810 Less: Interest paid 70 Taxable Income 740 Less: Taxes 259 Net income 481 Good Truck Berhad Balance Sheets as at 31 December 2019 (RM in millions) Assets Liabilities and Equities Cash 140 Accounts payable 1,120 Accounts rec. 780 Long-term debt 1,210 Inventory 1,520 Common stock 3,000 Total 2,440 Retained earnings 710 Net fixed assets 3,600 Total assets 6,040 Total liabilities & equity 6,040 You are required to calculate: f. Debt ratio g. Time Interest Earned h. Net profit margin…5) Pertinent accounts gathered from the records of Heart Company for the year 2021 are given below: Purchases P 5,250,000.00 Sales P 8,000,000.00 Purchase returns and allowances 150,000.00 Sales returns and allowances 140,000.00 Freight-In 500,000.00 Sales discounts 10,000.00 Salesmen's commissions 650,000.00 Officer's salaries 200,000.00 Depreciation-Office equipment Depreciation-Warehouse Depreciation-Store equipment 125,000.00 15,000.00 Inventory, January 1 1,000,000.00 35,000.00 Inventory, December 31 Rental expense-Store 1,500,000.00 Utilities 55,000.00 35,000.00 Delivery expense 20,000.00 Prepare the Statement of Comprehensive Income (Multi-Step Format) of Heart Company for the year ended December 31, 2021.Good Truck Berhad Income Statement for The Year ending 31 Dec 2019 (RM in millions) Net sales 8,450 Less: Cost of goods sold 7,240 Less: Depreciation 400 Earnings before interest and taxes 810 Less: Interest paid 70 Taxable Income 740 Less: Taxes 259 Net income 481 Good Truck Berhad Balance Sheets as at 31 December 2019 (RM in millions) Assets Liabilities and Equities Cash 140 Accounts payable 1,120 Accounts rec. 780 Long-term debt 1,210 Inventory 1,520 Common stock 3,000 Total 2,440 Net fixed assets 3,600 Retained earnings 710 Total assets 6,040 Total liabilities & equity 6,040…
- Bed Enterprise is engaged in the business of selling beds. During the current year 2019, the total purchases recorded amounted to P1,500,000 on account 3/10, n/30. All purchase return and allowance was made within 7 days of purchase and prior to any payment of account. Particulars Amount Purchase of beds - 1,500,000 Purchase return and allowance - 150,000 Purchase discount lost - 12,150 How much is the purchase discount taken during the year 2019? A. P 12,150. B. P 28,350. C.P 30,000. D. P 40,500.These are some information for the balance sheet as of December 31, 2019 of MUST Corp.Accounts payable, consisting of purchase of goods, P278,000 and cost of goods received on consignment of P22,000,total P300,000Income tax due for 2019, (due and paid in the three (3) quarters of 2019, P87,500) 122,500Stock dividends payable 60,000Accrued expenses 7,800Reserve for contingencies 20,000Overdraft in Security Bank checking account 6,200Based on the above information, how much is the total liabilities to be reported in the balance sheet as of December 31,2019 of MUST Corp.?On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…
- Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.Data for item nos. 16 and 17 The following accounts and their balances in an unadjusted trial balance of Record of Youth Company as of December 31, 2020: Cash and cash equivalents- P400,000; Trade and other receivable P2,000,000; Subscription receivable- P375,000; Inventory- P500,000; Trade and other payables- P670,000; Income tax payable- P196,500. Additional information are as follows: • Trade and other receivables include long term advances to company officers amounting to P430,000. • The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. • Inventory of P500,000 was determined by physical count. At December 31, 2020, goods costing P125,000 are in transit from a supplier. Terms of purchase of said goods is FOB shipping point. The goods and the related invoice have not been received as of year-end. • Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable…Inko Inc. reported the following balances at the end of each year: 2020 2019Inventory P2,600,000 P2,900,000Accounts Payable 750,000 500,000The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should be the amount to be reported for cost of goods sold in 2020?