Bank + Other assets = Equity + Liabilities
Q: Penny's direct material cost is $3 per unit. The direct labor rate is $11 per hour and each units…
A: The cost of goods sold includes the cost of goods that are sold including variable and fixed…
Q: Treasury Shares On October 10, the capital of the shareholders (stockholders' equity) of Sherman…
A: Lets understand the basics. Journal entry is required to make to record event and transaction that…
Q: Kate's Kale Chips produces a healthy snack made primarily of kale. Each bag of the product sells for…
A: Product cost is the cost which is incurred on the manufacture of the goods. It includes the cost of…
Q: Evaluate each of the following transactions in terms of their effect on assets, liabilities, and…
A: Accounting equation is the basic equation which is followed in the financial accounting system. The…
Q: RGW Industries purchased the net assets of SP Company for P1,300,000. A schedule of the net assets…
A: In the case of the acquisition of companies, the value of the cost of control (goodwill or capital…
Q: anu has forecast sales to be $129900 in February, $159900 in March, $163400 in April, and $177000kn…
A: Cash receipts refer to the amount that is received in against of sale of goods or services. It is…
Q: What do you understand by Goodwill?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Describe how total fixed costs and unit fixed costs behave as the level of activity increases?
A: Fixed cost: It is a cost that does not change with an increase or decrease in output i.e it remains…
Q: This year, Sigma Incorporated generated $686,250 income from its routine business operations. In…
A: Section 1231 Gain/losses: Real estate or depreciable business equipment held for more than a year is…
Q: Mr. Lion, who is in the 37 percent tax bracket, is the sole shareholder of Toto Inc., which…
A: Note: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: [The following information applies to the questions displayed below.] Astro Company sold 22,500…
A: The break even point is the point at which the total cost and total revenue are equal, which means…
Q: Cullumber Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 8% mortgage note…
A: Introduction: Liabilities are legally binding promises that must be paid to some other person or…
Q: Required information [The following information applies to the questions displayed below.] Manuel…
A: Standard overhead rate is = Budgeted overhead at expected level of capacity/ hours at budgeted level…
Q: When budgeting, how do we go about figuring out what our costs are for the coming year?
A: A budget is a schedule that shows estimated revenues and expenses for a specific future period.…
Q: The Harris Company is the lessee on a four-year lease with the following payments at the end of each…
A: Leasing is an agreement which is usually written between the lessor and the lessee which allows for…
Q: Acquisition Cost On January 1, 2017, Ruby Company purchased a piece of equipment with a list price…
A: Acquisition cost of equipment:— It is the purchase cost of equipment less discount plus any capital…
Q: Mark the correct statements [ ]Lead time is the interval between when an order is placed and when…
A: Inventory Management: Businesses may decide which goods to order when and in what amounts by using…
Q: 2. A retailer purchased repair equipment for RM 36,000. If the estimated life of the equipment is 12…
A: Depreciation is the outlay which is reported in the books to report the regular wear and tear on an…
Q: 4. Mahogany Company had the following information relating to its accounts receivable at December…
A: Mahogany company uses allowance method for recording the expected estimated credit loss. Allowance…
Q: Instructions: 1. Prepare the journal entry (if any) to record the impairment of the asset at…
A:
Q: on 1 enny's direct material cost is $5 per unit. The direct labor rate is $19 per hour and each…
A: The cost of goods sold is, essentially, the cost that is incurred to produce the goods sold. These…
Q: on 4 Obinson Corp., which operates on a calendar year, expects to sell 1380 units in October, and…
A: In the given question, sales are increases in the number units, by 130 units every month and the…
Q: BAK Corp is considering purchasing one of two new diagnostic machines. Either machine would make it…
A: Solution: Net present value is computed as = Present value of cash inflows - Initial Investment…
Q: Superior Micro Products uses the weighted-average method in its process costing system. Data for the…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Say the Fed wants to increase the money supply in the country. Which of the following open market…
A: The Fed can influence the money supply by modifying reserves requirement which generally refers to…
Q: se the following information for the Exercises below. (Algo) Skip to question [The following…
A: Introduction: A tangible item's cost can be spread out over the period of its useful life using the…
Q: SuperCare Pty Ltd pays total taxable wages for the entire financial year beginning 1 July 2019,…
A: To determine your organization's state tax liability in each Australian state and territory, you…
Q: ABC Corp. issued 8-year bonds a year ago. The bonds make semiannual payments. The YTM (yield to…
A: Face value of bond :— It is the price that is paid to the investor when the term of bond expires or…
Q: Answer only b and c
A: Depreciation - Depreciation is the term used to describe the gradual decline in asset value caused…
Q: QS 8-15 (Algo) Intangible assets and amortization LO P4 On January 1 of this year, Diaz Boutique…
A: Introduction: The act of logging any transaction, whether or not it is an economic one, is known as…
Q: Morganton Company makes one product and it provided the following information to help prepare the…
A: A master budget is a financial plan that outlines an organization's projected income and expenses…
Q: Question 5 Emma Co manufactures electric motors. The company expects to sell 440 units in June and…
A: Manufacturing Overheads are indirectly incurred cost which could not be directly traced to…
Q: On April 1, 2020, Aeroplus Corporation purchased Johnson Company by paying $200,000 cash and issuing…
A: Introduction Amortization is like a depreciation which is used to reduce or lower the loan and book…
Q: The general ledger of Grumpy Corporation as of December 31, 2021, includes the following accounts:…
A: The balance sheet is one of the financial statements of a company, that determines its net worth at…
Q: TufStuff, Incorporated, sells a wide range of drums, bins, boxes, and other containers that are used…
A: In order to determine the contribution margin per unit, the variable cost per unit are required to…
Q: Morganton Company makes one product and it provided the following information to help prepare the…
A: The budgets are prepared to estimate the requirements during the period. The sales budget is the…
Q: Exercise 7-4 (Algo) Direct write-off method LO P1 Dexter Company uses the direct write-off method.…
A: Introduction: A journal entry is used to document a commercial transaction in the accounting records…
Q: . Calculate the depreciation deduction and the unrecovered investment during each year of the
A: Depreciation is the expenses charged to profit and loss statement over the life of asset. it…
Q: five year promissory note with a face value of $5000, bearing interest at 6% compounded…
A: To calculate amount to be paid for promissory note first of all we will calculate future price after…
Q: Question 4 Use the information provided below to prepare the following for January and February…
A: Debtors Collection Scheduled :— It is a scheduled that provides net Cash collection from the…
Q: DO IT! 13.1a (LO 1), C Indicate whether each of the following statements is true or false. If false,…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: consider the following summary interim cost reports of a project, say in week 10. Assume that A, B,…
A: In the context of the given question, we need to compute the EV, CV, SV, CPI, SPI, and CR for the…
Q: Based on last year’s Statement of Comprehensive Income, the company’s marginal tax rate was 35%.…
A: Lease refers to the contractual agreement among two parties named as lessor and lessee where lessor…
Q: Checkbook balance:$1,792.50 Bank statement balance: $972.00 Checks outstanding (checks written…
A: Ideally cash balance as per cashbook must reconcile with bank balance as per bank statement. If…
Q: b. 15800 is not correct - what is the correct answer?
A: Materials inventory refers to the aggregate cost of all the component parts that are presently in…
Q: Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the…
A: Predetermined overhead rate is based on the estimated overhead charges incurred and is determined on…
Q: Discuss five different defensive tactics that the target company can use to thwart this takeover…
A: The shielding techniques a business enterprise employs to thwart a antagonistic takeover will have a…
Q: What outside basis do Lance and Francesca have in their partnership interests at the end of the…
A: Given in the question: Lance Limited Partner Francesca General Partner Profits and…
Q: What is the budgeted overhead rate for the assembly department? OA $0.80 per direct labor-hour OB…
A: Direct Costs are directly attributable to the specific product or department but indirect costs are…
Q: A company's master budget for October is to manufacture and sell 31,600 units, for a total sales…
A: The variance is the difference between the actual data and standard output of the production. The…
Ben started a new business called Easy Deliveries on 1 May 2022. The company is
situated in Manaung and delivers pakcages on behalf of clients.
On May 1st, he deposits R16 500 in the bank account to commence the business. The
following transactions took place during May 2022
2. Pays rental for the premises for May of R2 000.
3. Purchases a delivery vehicle of R75 000 on credit from ABC Ltd. An
immiate deposit of R7 500 was paid per EFT.
10. Receives R18 000 for delivery services rendered.
12. Borrows R85 000 from Ocean Bank.
14. Issues an invoice to Blue (Pty) Ltd for delivery services rendered for
R12 300.
15. Buys stationary for R8 500 and pay via EFT.
17. Received an account from XZZZ Motors for fuel purchased on account
during the month of R5 500.
18. Withdraws R5 000 from an ATM for personal use.
26. Pays salaries of R9 500.
Required
Use the information provided above and indicate the effect the transactions
would have on the
answer:
20
Bank + Other assets = Equity + Liabilities
Step by step
Solved in 2 steps
- S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…Darlings Limited opened a store in March 2020. Darling sold discounted holiday packages to customers. All money is deposited at the end of the day. The packages are marked up at cost plus 20%. The business is a registered VAT vendor and trades only with other registered vendors. The following transactions took place for the month of March: 1. The store was started with a capital contribution of R50 000 from the owner, Hello Darling. The amount was deposited directly into the bank account. 3.5 customers bought packages for R15 000 cash each. Issued receipts R2-6. 7. Kitchen equipment was purchased for the staff from IC. Corp for R20 000 and they were paid via EFT. 12. 2 customers bought packages priced at R20 000 cash each. Issued receipts R7-8 15. R30 000 cash was withdrawn to pay wages. 4 27. Bank statement showed interest earned by the business of R250 for the month. Complete the cash receipts and cash payments journal for the month of March 2020. Totals not Required. Include columns…
- Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% factoring fee. What entry should Jervis make to record the transaction?On 1 October 2020, Nduundune had 750,000 in the bank and Sh. 126,000 in hand. During the month he had the following receipts and payments: 1 October Cash sale – receipt Sh.80,000 4 October Payment to supplier Mondo Sh.120,000 Payment of rent Sh.300,000 6 October Payment from credit customer Kapondi Sh.450,000 and Payment from credit customer Bokelo Sh.250,000 10 October Cash sale – receipt Sh. 100,000 Payment to supplier Waswa Sh.500,000 6.October Payment of hire-purchase installment Sh.150,000 17 October Purchase of new machine Sh.1,200,000 19 October Cash sale – receipt Sh.370,000 Cash withdrawn from bank for office use 75,000 20.October Payment from credit customer Moseti Sh.600,000 24 October Payment of fuel bill Sh.175,000 26 October Interest received Sh. 25,000 29 Cash taken from cash till to pay fees for daughter Sh. 25,000 Required: Prepare a two column cashbook and determine bank and cash balances at the end of the monthMr. Irfan opened a gold shop. This store started operating on 1st Jan 2020. He kept all the transactions as follows: 1-Jan-20 Starting a business with cash of RM180,0003-Jan-20 Deposit RM150,000 into the current account of Malayan Banking Bhd9-Jan-20 Buy a van priced at RM58,200 on credit from Syarikat Auto Sdn Bhd and the monthly payment is RM693.00 paid on the 30th of each month in cash.10-Jan-20 Buying goods for supplies from the Gold Bird Company worth RM9,000 in cash.10-Jan-20 Buy furniture worth RM7,000 in cash.11-Jan-20 Buy a personal computer priced at RM3,000 for store use in cash.11-Jan-20 Buying goods for supplies from Han Seng Company worth RM 50,000 on credit12-Jan-20 Renovation of a shop worth RM46,000 and has paid RM20,000 to Syk Kayu Kayan using a check and the rest will be paid next month12-Jan-20 Purchased supplies from Padi Emas Enterprise for RM 30,000 in cash and paid by check13-Jan-20 Bought from Unggul Sdn Bhd for RM30,000 in cash using a check and the rest will…
- The Dimitros Company records the following transactions during September 2018: Cash sales to customers totaling $6,800. Credit card sales to customers totaling $21,500. The credit card fee to the merchant is 3.0%. The credit card companies have paid all amounts due for September. A $3,000 sale on account to a long-time customer with terms of 2/10, n/30. The sale is made on September 5. The customer pays the invoice on September 14. A customer returns product they had purchased last month for $450. Dimitros accepts the return and gives the customer a cash refund. Calculate the following amounts: Service charge expense for credit card sales Sales discount (contra-revenue) for sales on account Sales returns (contra-revenue) Gross sales revenue Net sales revenue Net cash collected from salesMr Hamed having furniture manufacturing business in Ibri. Always he purchases wood (Raw materials) from Al Buraimi wood suppliers.On 1st May 2021 Mr Hamed purchased wood for OMR3000 on credit and paid OMR 1000 immediately. For the remaining amount Mr Hamed gave written promise to the supplier to pay that amount on 31st December 2021. The written promise given by Mr Hamed to the supplier is known as: O a. Short-term notes receivables O b. Short term notes payables Oc. Receipt Od. InvoiceArcher allows customers to use bank credit cards to charge purchases. The bank used by Archer processes all bank credit cards in exchange for a 3% processing fee. All credit card receipts deposited are credited to the company account on the day of deposit. Assume that on August 10, Archer sold and deposited $5,200 worth of bank credit card receipts. The cost of sales is $2,800. Record this transaction in the general journal.
- If a company accepts credit cards, they must record the expense on their books. Please prepare the journal entries for the following scenario: Company A sells $480,000 on credit card sales. The credit card charges a 4.5% fee for the use of the card. The card company also deposits the cash into the company’s bank account the same night as the credit cards are accepted.ABC company are involved with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug 3 Aug 5 Aug 7 Aug 10 Aug 10 Aug 11 Aug 12 Aug Started business with $150, 000 in the bank Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe 24 Boxes Disc Pads Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (full service) 8 medium size motorbike engines (full service) Paid Rent by cheque Paid Wages by cheque Bought Fixtures from CT Limited paying by cash Provided services on credit to Auto Care. 24 small motorbike engines 8 large motor bike engines (partial service) 12 medium size motorbike engine (partial service)…The following details relates to a second hand bookshop at Mariakani. 2019 Nov: 1st: Balance brought forward from the previous month: cash sh 105; Bank sh2164. 2nd: Cash sales sh 605. 3rd: Took sh 500 from the cash till and paid it into the bank 4th: J Mathews paid us sh 217 by a cheque 5th: We paid for postage stamps sh 60 cash. 6th: Bought office equipment by cheque sh 189. 7th: We paid J.Lucas by cheque sh 50 9th:We received rates refund by cheque sh 72. 11th: Withdrew sh 250 from the bank for business use. 12th: Paid wages in cash sh 239. 14th: Paid motor expenses by cheque sh 57. 16th: L Levy lent us sh 200 in cash Required: From the above transactions write up a two column cash book.