Prepare Statement of Financial Position as of December 31, 2019.
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- The following information pertains to Christine Sousa Bags for the year ended December 31, 2019. Cash 45,000.00 Sales Returns and Allowances 187,000.00 Accounts Receivable 95,000.00 Sales Discounts 161,000.00 Merchandise Inventory, end 723,000.00 Purchases 3,000,500.00 Prepaid Advertising Office Supplies 50,000.00 Purchases Returns and Allowances 233,000.00 25,000.00 Purchases Discounts 142,000.00 Office Equipment Accumulated Depreciation-Off Equipt Office Building Accumulated Depreciation-Off Bldg 570,000.00 Transportation In 72,000.00 170,000.00 Salaries Expense 883,000.00 1,600,000.00 Travel Expense 188,000.00 115,000.00 Insurance Expense 25,000.00 Land 400,000.00 Interest Expense 208,000.00 Accounts Payable 74,000.00 Office Supplies Expense 17,000.00 Mortgage Payable 1,100,000.00 Advertising Expense 25,000.00 Notes Payable Sousa, Capital 200,000.00 Salaries Payable 21,000.00 Depreciation Expense - Bldg Depreciation Expense - Office Eqt 1,729,500.00 15,000.00 Sousa, Withdrawals…The following information is available from Carron Company's 2019 accounting records: Purchases ..$530,000 Purchase discounts .10,000 Freight-out ..40,000 Beginning inventory .160,000 Ending inventory .215,000 Freight- in .7,000 Purchases returns and allowances...7,000 Requirement: Calculate the cost of goods sold for the year 2019. (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500) Answer:The following information pertains to the Leopoldo Valdez School Chairs: Transportation In Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Purchases Purchases Returns and Allowances Purchases Discounts P 172,000 1,200,000 1,900,000 4,300,000 129,000 215,000 Required: Prepare the cost of goods sold section of the income statement for the year ended Dec. 31, 2020.
- Record the following through the use of special journals The following are selected transactions for KnK Enterprises on September 2020. All transactions involving sale and purchase of goods and services are VAT-inclusive, except sale and purchase transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price. 03-Sep Bought merchandise from Min Ho Trading, P48,160, term: 2/10, 1/20, n/30 03-Sep FOB Shipping point, Freight prepaid: P2,240 04-Sep Received a credit memorandum from Min Ho Trading for defective merchandise returned, P3,360. 06-Sep Sold merchandise to Bee Hun, P16,800; term: 2/10, n/30 09-Sep Purchased a cash register from Jun Song for P23,520; terms: P6,720 downpayment, balance in 2 equal monthly installments. 10-Sep Received a 20-day, 15% note from Seo Park, in exchange for loan of P15,000 extended to him 11-Sep Bought additional store supplies on credit from Bo Goom, P4,200. 13-Sep Paid Min Ho…Rela taps and tubes uses periodic method and it has reported the following in the year 2020: Sales revenue:P116,000 Purchases:P78,000 Purchase returns and allowances:P3,800 Ending Inventory:P60,000 Opening Inventory:P51,500 Purchase discount:P7,000 With above information find the Cost of sales for the year.The Income Statement section of the Johnson Company worksheet for the year ended December 31, 2019, has $185,000 recorded in the Debit column and $208,744 in the Credit column on the line for the Income Summary account. What were the beginning and ending balances for Merchandise Inventory? Beginning merchandise inventory Ending merchandise inventory
- The following information pertains to the Leopoldo Valdez School Chairs: Transportation In Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 P 172,000 1,200,000 1,900,000 Purchases 4,300,000 Purchases Returns and Allowances 129,000 215,000 Purchases Discounts Required: Prepare the cost of goods sold section of the income statement for the year ended Dec. 31, 2020.A. Read and analyze the adjusted trial balance of AVETOR Hardware for the year ending 31 December 2019. (Attach your answer on this page) Cash P130,115| Freight-in 30,000 Purchase Returns and Allowances P30,875 2,585 20,000 115,600 18,000 12,260 1,200 17,650 65,900 48,000 9,000 Notes Receivable Accounts Receivable Allowance for Impairment LoS Merchandise Inventory, 1/1 Prepaid Insurance Unused Supplies Accounts Payable Notes Payable Avetor, Capital Avetor, Drawing 98,750 Purchase Discount 4,835| Sales Salaries 785,345 | Advertising Expense 6,000 | Freight-out 3,750 Interest Income 371,535 | Miscellaneous Selling Expenses 50,000 | Office Salaries 527,030 | Rent Expense 48,000 | Insurance Expense 1,950,345 | Supplies Expense 4,020 | Impairment Loss 20,800 | Miscellaneous General Expenses 1,320,500| Interest Expense 120,000 | Office Equipment 12,000 Depreciation – Office Equipment 36,000 Accumulated Depreciation - 8,650 2,515 Sales Sales Returns Sales Discount 1,800 Purchases Store…The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020
- 17) Magnum mart purchased goods on 4th January, 2019 for RO 86,000 on credit under the payment terms 2/10, n/30 and paid cash on 12th January 2019. How would you record this in the books of buyer under Perpetual inventory system? a. Account payable RO 86,000 Dr / Cash RO 86,000 Cr b. Cash RO 84,280 Dr / Merchandise inventory RO 1,720 Dr /Account payable RO 86,000 Cr c. Cash RO 86,000 Dr / Account payable RO 86,000 Cr d. Account payable RO 86,000 Dr / Merchandise inventory RO 1,720 Cr / Cash RO 84,280 Cr Clear my choiceLisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the following information: Total merchandise purchases for the year 7,000,000 Merchandise inventory at December 31 1,400,000 Collection from customers 4,000,000 All merchandise was marked to sell at 40% above cost. All sales are on a credit basis and all receivables are collectible. What is the balance of accounts receivable on December 31, 2018?On September 14, 2022, Carla Vista Company sells merchandise valued at $42500 on account to Pacifica Inc. with terms 5/10, n/30. Both Carla Vista and Pacifica use the periodic inventory system. Pacifica remits payment to Sampson on September 23. Carla Vista's entry on that date is: Cash Sales Discounts Accounts Payable Cash Sales Discounts Accounts Receivable Accounts Receivable Cash Purchase Discounts Cash 40375 2125 40375 2125 42500 40375 42500 42500 40775 1725