Debit Balances Rs. Credit Balances Rs. Accumulated Depreciation: Cash 60000 Accounts Receivable Unexpired Insurance Prepaid Rent Office Supplies Building Insurance Expense Office Rent Expense Supplies Expense Cost of goods sold 25220 Building 9000 | Accounts Payable 12000 | Notes Payable 4000 Salaries Payable 1300 Tax payable 175000 Unearned Services Revenue 2250 Capital Stock 35000 Retained Earning 7000 Services Revenue 12000 30000 16050 7100 24000 90000 16000 81720 19000 Long term loan 20000
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- Companies that manufacture goods and hold onto them for a while before selling them and companies that buy goods and hold them temporarily for resale have created ______. Question 17 options: receivable assets accrual assets receivable storage inventoriesBalance sheet Assets Non-current assets Property, plant and equipment Long-term receivables Total non-current assets Current Assets Goods Customers Cheques receivable Cash Total current assets Total assets Equity and Liabilities Equity Equity Reserves Total Equity Obligations Long-term liabilities Current Liabilities Suppliers Other current liabilities Taxes Payable Total Current Liabilities Total Liabilities Total Equity and Liabilities Sales Cogs Mixed result Staff remuneration Profit and loss statement Miscellaneous costs Depreciation Profit before tax Income Tax Net profit for the financial year The following data are given: • ● 2020 240.000,00 | 180.000,00 25.000,00 14.000,00 265.000,00 194.000,00 2021 55.000,00 40.000,00 125.000,00 135.000,00 62.000,00 71.000,00 183.000,00 160.000,00 425.000,00 406.000,00 690.000,00 600.000,00 200.000,00 170.000,00 92.000,00 60.000,00 292.000,00 230.000,00 55.000,00 30.000,00 730.000,00 -240.000,00 490.000,00 -114.000,00 -255.000,00 -60.000,00…please qucikly, thanks! 30 Which of the following is not a contra account? A, Purchase returns and allowances B. Sales returns and allowances C. Accumulated depletion D, Accumulated depreciation
- (Preparation of a Classified Balance Sheet, Periodic Inventory) Presented below is a list of accounts in alphabetical order. Accounts ReceivableBuildingsAccumulated Depreciation—BuildingsCash (in bank)Accumulated Depreciation—EquipmentCash (on hand)Accumulated Other Comprehensive IncomeCash Surrender Value of Life InsuranceAdvances to EmployeesCommission ExpenseAdvertising ExpenseCommon StockAllowance for Doubtful AccountsInterest ReceivableBond Sinking FundInventory—BeginningBonds PayableInventory—EndingLandPrepaid RentLand for Future Plant SitePurchase Returns and AllowancesLoss from FloodPurchasesNotes Payable (due next year)Retained EarningsPaid-in Capital in Excess of Par—Preferred StockSalaries and Wages Expense (sales)PatentsSalaries and Wages PayablePayroll Taxes PayableSales DiscountsPension LiabilitySales RevenuePetty CashTreasury Stock (at cost)Preferred StockUnearned Subscriptions RevenuePremium on Bonds Payable InstructionsPrepare a classified balance sheet in good form.…C. As the auditor of STUVWXYZ Partnership Ltd., you discovered the following transaction entries made in 2022 to the Cost and Expense Account control ledger. The respective contra accounts used by the accountant are indicated respectively. The company uses periodic method of recording inventories. Cost and Expense Account Purchase of raw materials P357,657 Purchase discount on purchase of raw Payment of utility bills Salaries of administrative personnel Salaries of sales personnel Commission paid to personnel Payment of machine maintenance Depreciation of building Wages of factory workers Loss incurred on sale of inventories (value of impaired inventories P70,0000 20,000 Sales discount granted to customers 27,300 materials P2,750 29,430 Gain on sale of raw materials, on account 5,000 35,785 22,570 10,530 85,200 Purchase return for defective items 22,470 77,800 15,320 Notes: 1. For debit transactions, the accountant used cash or accounts payable as the credit or contra account 2. For…Which of the following costs are reported on a company’s income statement andbalance sheet?Income statement Balance sheeta. Cost of goods sold Accumulated depreciationb. Accumulated deprecation Landc. Gain on sale of land Cost of goods soldd. Goodwill Accounts payable
- choose the right answer The debts which are to be repaid within a short period (a year or less) are referred to as, Contingent liabilities All the above Fixed liabilities Current Liabilities O choose the right answer Gross profit is Sales - Purchases O Cost of goods sold + Opening stock Sales - cost of goods sold Net profit - expensesFor your convenience, the summary of transactions from the previous question is duplicated below. Sample Cafe Transactions Item 8,100 medium cups of coffee sold at $3.00 each 4,400 large cups of coffee sold at $4.00 each Espresso maker purchased last year for $12,000 $480 premium for business insurance $3,700 for rent $2,200 for coffee beans $1,600 for coffee cups $15,700 to employees for payroll $100 of interest on loan $1,000 for electricity and water $11,600 in advertising Includes 500 medium cups medium cups sold to the college and delivered to a reception that has been invoiced, but not yet paid. 5-year life Premium for full year Includes $2,100 in rent deposits. Includes coffee discarded valued at $100 Notes 0 cups in inventory at the beginning of January. $800 worth of cups still in inventory at the end of month. $2,500 owed in payroll taxes Paid mid-month Includes $600 in utility deposits $2,900 per week billed monthly Now use the transaction information to create a…income the contra -asset of accounts 1 p receivable is O accumulatated depreciation O allowance for uncollectible accounts O prepayments unearned revenue
- 46. Recognition of depreciation Debit Credit a. Depreciation expense b. Depreciation expense c. Depreciation expense d. Accumulated depreciation Cash Equipment Accumulated depreciation Depreciation expense 47. Recognition of bad debts Debit Credit Bad debts expense b. Bad debts expense Bad debts expense d. Allowance for bad debts a. Cash Accounts receivable С. Allowance for bad debts Bad debts expenseThe current assets are? ending raw materials inventory. account receivable. notes receivable bank. cash. all of themUse the following information from separate companies a through d: Net Income (Loss) Interest Expense Income Taxes a. $ 111, 000 $ 59, 940 $ 27, 750 b. 105, 600 25, 344 38,016 c. 94, 350 25, 475 39, 627 d . 114, 100 4,564 54,768 Compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due?