A) ARTEK CO. is a merchandising company selling OFFICE SUPPLIES, Company's 01.01.2019 Balance Sheet Accounts are; Cash 45.000 TL, Account Payable 25.000 TL, Machinary 85.000TL, Bank Credit 65.000TL, Bank 90.000TL, Note Payable 60.000TL , Merchandise 130.000TL Account Receivable 75.000TL, Capital ?TL. B) in January 2019 ARTEK CO. Made The following business trancactions.
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- 18. The following information pertains to Q Company:Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000Notes receivable, P30,000 due in 12 months, P210,000Advances to officers, due in 2 years, P20,000Advances to suppliers, P10,000Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000Security deposit paid on a one-year lease contract, P6,000Dividends receivable, P30,000Determine the total current receivables.6. 131 3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges 2%. a. What is the entry for this transaction on the horizontal equation? b. What is the impact of collecting the payment from the credit card company? (Show the individual accounts impacted in the asset section) Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Cash %3D Flow a. b. 4) Here are the inventory purchases and sales for Fraser Company: Inventory Layers Available for Sale: October 1 Beginning Inventory 14 @ $16 $224 9. Study guide - Chapter 5 (with solutions).docx 19 f12 Oly prt sc 114ABM Co. is a merchandising business, registered as a sole proprietorship. The account balances of ABM Co. as of June 1, 2021 are as follows: 001 Cash P 35,750.00 002 Accounts receivable 15,000.00 003 Merchandise inventory 15,000.00 * 050 Accounts payable 060 Maharlika, Capital 20,000.00 30,000.00 100 Sales 30,000.00 101 Sales returns and allowances 5,000.00 102 Sales discounts 2,000.00 200 Cost of merchandise sold 5,000.00 301 Advertising expense 302 Utilities expense 1,500.00 750.00 303 Salaries expense 304 Transportation expense 400 Income summary During June, the following transactions were completed: June 1 Ms. Maharlika, the business owner, invested cash in the business, P100,000. Bought merchandise on account from XYZ Co., P55,000, terms 2/10, n/30, FOB Shipping Point. Paid freight, P2,000. 5 10 Sold merchandise on account to LMN Co., P22,000, terms 2/10, n/30, FOB Destination. Paid transportation expense, P500. The cost of merchandise sold was P20,000. 15 Paid cash for purchase…
- Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?xamus - cdn.student.uae.examus.net/?rldbqn=1&sessi... ACCT101_FEX_2021_2_Male A company purchased merchandise on credit with terms Ac Payable if the company pays SR485 cash on this account within ten days? e18 3/15, n/3O. How much will be debited to 33 - 34 abe18ce33 b. Accounts Payable should be credited in а. 485 113:22 9 కోల С. 470.45 95abe18ce 33 d. 500 95abe18ce 95abe18ce33 95aber8ce33 95abe18ce33 95abe18ce33 95abe18ce33 MacBook Pro F3 888 F4 FS E 5 F7 67 7 V T. 8 A 9 Y 6. U 11 9.
- LOL Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5%loan with a bank. The entity was also assessed by the bank a finance charge of 6% on thetransaction and is paid up front. What amount should be recorded as a gain or loss on thetransfer of accounts receivables? A. PO B. P240,000 loss C. P100.000 gain D. P150,000 gainOn Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange rate is 1,25 TL/$. Which entry is made on Dec 31? a.7.500 debit to 100-Cash($) and credit to 646-Forex Gain b.7.500 debit to 100-Cash($) and credit to 656-Forex Loss c.37.500 debit to 100-Cash($) and credit to 646-Forex Gain d.7.500 debit to 656-Forex Loss and credit to 100-Cash($)You are given the following information. Revenue Current liabilities Days sales in receivable Inventory turnover ratio Current ratio RM1,200,000 RM 375,000 40 4.8 1.2 The current account consists of cash, inventories and accounts receivable. Calculate the cash amount.
- 1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?pe Sistema TAL Saved TB MC Qu. 5-177 A company reports the following Informartion... A company reports the following Information for the year. Net credit sales $110,000 12,000 98,000 Average accounts Heceivable Cash collections on credit sales What Is the company's receivables turnover ratio? (Round your answer to 1 decimal place.) Multiple Cholce 01.On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 40.000 TL and exchange rate is 1,25 TL/$. Which entry is made on Dec 31? a. 2.500 debit to 100-Cash($) and credit to 646-Forex Gain b. 2.500 debit to 656-Forex Loss and credit to 100-Cash($) C. 2.500 debit to 100-Cash($) and credit to 656-Forex Loss d. 37.500 debit to 100-Cash($) and credit to 646-Forex Gain