receivable 44,516 Fixtures 4,600 Shop 174,000 Cash at bank 11,346 Drawings 44,000 Capital 194,272 TOTAL 600,100 600,100
Q: Prepare Income statement? Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.…
A: Requirement 1: Complete the worksheet.
Q: The worksheet of the Ford Motor service Company LLC as follows. Ford Motor service Company LLC…
A: 1) Journal entries at December 31 , 2019. Income summary = 160400 - 40000 = 120400.
Q: Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: The following balances were extracted from the ledger of CTSha Trading as at 31 October DEBIT…
A: Financial Statements are prepared by the management for reporting purposes. These are the essential…
Q: Prepare adjusting journal entries for transactions (a)-(g). Prepare the adjusted trial balance as at…
A: fffffccc
Q: The Colby group has the following unadjusted trial balance as of August 31st 2019. Debit balances…
A: A trial balance lists the total of the debit balance and credit balances of the accounts in the…
Q: The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.…
A: Definition: Financial statements: Financial statements are condensed summary of transactions…
Q: Wildhorse Company had the following adjusted trial balance. Wildhorse Company Adjusted Trial Balance…
A: Please see explanations-
Q: 1.Prepare Nyarkoa Enterprise’s Income Statement (Profit or loss account) for the year ended 31…
A:
Q: The following is the trial balance of J. Jamieson as on 31 October 2021. You are to draw up a…
A: Statement of Financial Position The purpose of preparing the financial position to know the actual…
Q: The following unadjuted trial balance is taken from the ledger of Tim's Top in Servicen on 30 June…
A: Question is based on the concept on the concept of Final accounts
Q: The ledger of Vaughn Lake Lumber Supply on July 31, 2022, includes the selected accounts below…
A: Depreciation- Depreciation refers to a accounting method used to allocate the cost of a touchable or…
Q: The adjusted trial balance for Dillan's Tailoring Services on December 31, 2020, appears as follows:…
A: Trial balance: It is a statement where ending balances of all debit and credit items get recorded.…
Q: April 2020. Horace accumulated all the ledger balances per Pulsar's records and found the following.…
A: Since we only answer upto 3 sub-parts, we will answer the first three. Please resubmit the question…
Q: The following account balances were taking from the adjusted trial balance for laser messenger…
A: Income statement is one of the important statements prepared in financial statements. It provides…
Q: The trial balance for Amy Enterprise for the year ended 31 December 2019 is as follows:…
A: Hey, since there are multiple requirements posted, we will answer the first three requirements. If…
Q: 1. At 31 January 2020 the following trial balance was extracted from the books of Yus Particulars…
A: The trial balance is given with adjustments. We have to prepare the statement of profit or loss and…
Q: The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.…
A: a) Complete the worksheet as follows:
Q: Presented below is the Unadjusted Trial Balance of Loisa Talent Agency for year ended December…
A: Adjusting entries are those journal entries that are passed at the end of the accounting period to…
Q: The following is the trial balance of J. Jamieson as on 31 October 2020. You are to draw up an…
A: Income statement is a financial statement which shows all income and expenses of the business for…
Q: The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the…
A: As per Accrual Concept of Accounting Expense and Income are to recorded when they are incurred and…
Q: KICM consultant service 's trial balance on December 31, 2019, is follow: KICM consultant service 's…
A: Trial balance means the statement that describes the debit or credit balances of all the accounts.…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Financial statements are the essential part of financial statements. These are prepared by the…
Q: The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.…
A: A ) Worksheet: Elliot Capital closing balance = 101500 + 76260 ( Profit ) = 177760.
Q: Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment rental Insurance Lighting and…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: The following transactions occurred in ABC Company: The accrued salaries at December 31,2020…
A: Journal entry recording is the first step in accounting process. For every transaction, atleast one…
Q: The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.…
A: Income Statement: It is used to report a company financial statement during the accounting period…
Q: The following is extracted trial balance of Brahim Labi Sdn Bhd, after his first year’s trading,…
A: Introduction: Statement of Profit or loss: All revenues and expenses are recorded in profit and loss…
Q: The following is the adjusted trial balance for Nadia Company. Nadia Company Adjusted Trial…
A: Step 1 Income statement is the statement is the state expenses over revenue for a specific period.
Q: Blossom Company ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of…
A: The trial balance is prepared with posting of accounting transactions to particular accounts and…
Q: The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the…
A: Ledgers are the records prepared in books of accounts showing the accounts which gets affected with…
Q: Prepare Income statement? Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment…
A: Income statement is one of the important financial statement of the business. This shows all incomes…
Q: The following data from the adjusted trial balance of Al Muna Market LLC Al Muna Market LLC – Trial…
A: Statement of Retained Earnings is the part of Equity Section which shows the undistributed profit of…
Q: The ledger of Rashid Travel Agency includes the following accounts with normal balances on December…
A: Closing entry means the entries passed at the end of specified period where all the balances of…
Q: The trial balance columns of the worksheet for Sheridan Company at June 30, 2020, are as follows.…
A: The solution as per the given template is provided below: Adjustments: Supplies are $1,800 and at…
Q: On August 1, 2021, Vixen Ltd. received $54,000 cash from a tenant for one year of rent in advance,…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.…
A: The worksheet is completed below as follows : The trial balance represents the sum of all debit and…
Q: Tech Support Services has the following unadjusted trial balance as of January 31, 2019 Tech Support…
A: Corrected unadjusted trial balance: The corrected unadjusted trial balance is the summary of all the…
Q: The following data from the adjusted trial balance of Al Muna Market LLC Al Muna Market LLC - Trial…
A: The income statement contains revenue earned and expenses incurred by the company in the particular…
Q: The following balances were extracted from the ledger of CTSha Trading as at 31 October DEBIT…
A: Financial Statements are prepared by the management for reporting purposes. These are the essential…
Q: The Colby Group has the following unadjusted trial balance as of August 31, 2019: The Colby Group…
A: The following journals will be posted : ( please see attached )
Q: The following account balances were taken from the adjusted trial balance for Laser Mes- senger…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: The worksheet of the Ford Motor service Company LLC as follows. Ford Motor service Company LLC…
A: Revenues are credited to income summary account. Expenses are debited income summary account. Profit…
Q: What are the income statement, balance sheet, and closing entries for revenue and expense for…
A: Financial statement: Financial statements are organized summaries of detailed information about the…
Q: The following unadjusted trial balance was extracted from the books of KT Supplies at June 30th,…
A: Classified Balance sheet: A financial statement is said to be classified if it contains categories…
Q: The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.…
A: a) Complete the worksheet as follows:
The following is extracted
Grey Grig Ltd Trial Balance as at 30 June 2019 |
||
Particulars |
Debit (RM) |
Credit (RM) |
Equipment rental |
940 |
|
Insurance |
1,804 |
|
Lighting and heating expenses |
1,990 |
|
Motor expenses |
2,350 |
|
Salaries and wages |
48,580 |
|
Sales |
382,420 |
|
Purchase |
245,950 |
|
Sundry expenses |
624 |
|
Lorry |
19,400 |
|
Account payable |
23,408 |
|
Account receivable |
44,516 |
|
Fixtures |
4,600 |
|
Shop |
174,000 |
|
Cash at bank |
11,346 |
|
Drawings |
44,000 |
|
Capital |
194,272 |
|
TOTAL |
600,100 |
600,100 |
Inventory at 30 June 2019 was RM29,304.
Required:
Statement of Financial Position as 30 June 2019
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
- 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 ?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.The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM) Credit (RM) Capital 48,400 Drawings 3,500 Trade receivables 9,000 Trade payables 12,500 Sales 40,400 Purchases 31,000 Sales returns 300 Purchases returns 250 Wages and salaries 5,600 Discounts allowed 120 Discounts received 200 Provision for doubtful debts 300 Insurance 700 Inventory as at 1 September 2018 2,400 Utilities 950 Rates 350 Premises 10,000 Fixtures and fittings 3,000 Motor van 20,000 Cash in hand 330 Cash at bank 14,800 TOTAL 102,050 102,050 Additional information as at 31 August 2019: Inventory as at 31 August 2019 amounted RM3,300 An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to…
- The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM) Credit (RM) Capital 48,400 Drawings 3,500 Trade receivables 9,000 Trade payables 12,500 Sales 40,400 Purchases 31,000 Sales returns 300 Purchases returns 250 Wages and salaries 5,600 Discounts allowed 120 Discounts received 200 Provision for doubtful debts 300 Insurance 700 Inventory as at 1 September 2018 2,400 Utilities 950 Rates 350 Premises 10,000 Fixtures and fittings 3,000 Motor van 20,000 Cash in hand 330 Cash at bank 14,800 TOTAL 102,050 102,050 Additional information as at 31 August 2019: Inventory as at 31 August 2019 amounted RM3,300 An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as…The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM) Credit (RM) Capital 48,400 Drawings 3,500 Trade receivables 9,000 Trade payables 12,500 Sales 40,400 Purchases 31,000 Sales returns 300 Purchases returns 250 Wages and salaries 5,600 Discounts allowed 120 Discounts received 200 Provision for doubtful debts 300 Insurance 700 Inventory as at 1 September 2018 2,400 Utilities 950 Rates 350 Premises 10,000 Fixtures and fittings 3,000 Motor van 20,000 Cash in hand 330 Cash at bank 14,800 TOTAL 102,050 102,050 Additional information as at 31 August 2019: Inventory as at 31 August 2019 amounted RM3,300 An entity from whom there is accounts receivables of RM200 was unable to settle…On 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which of the following is the correct journal entry for the transaction? Select one: A. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 37800 Sales (Revenue) 37800 B. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 73800 Sales (Revenue) 73800 C. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Sales (Revenue) 37800 Receivable 37800 D. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Cash 37800 Sales (Revenue) 37800
- The following information relates to Winger Company's obligations as of December 31, 2021. You are assigned to determine the amount that should be reported as part of the "Accounts payable and accrued expenses" line item in the December 31, 2021 statement of financial position. Accounts payable Accounts payable per general ledger control amounted to P5,440,000, net of P240,000 debit balances in suppliers' accounts. The unpaid voucher file included the following items that had not been recorded as of December 31, 2021: a) Bo Company -P224,000 merchandise shipped on December 31, 2021, FOB destination; received on January 10, 2022. b) Dean Co. – P192,000 merchandise shipped on December 26, 2021, FOB shipping point; received on January 16, 2022. c) Craig Super Services - P144,000 janitorial services for the three-month period ending January 31, 2022. d) Manila Electric Company - P67,200 electric bill covering period December 16, 2021 to January 15, 2022. On December 28, 2021, a supplier…Assume that Zandile's Boutique registered as a VAT vendor effective 1 March 2019. Zandile's Boutique had a VAT input total amount of R24 760 and a VAT output total amount of R37 860 at 31 March 2019. Which one of the following represents the balance of the VAT control account at 31 March 2019? A) R13 100 debit. B) R13 100 credit. C) R62 620 debit. D) R62 620 credit.. The following was the trial balance extract from ABC Trading as at 31 March 2019. Particulars DEBIT (RM) 22,860 5,100 CREDIT (RM) 41,000 Purchases and Sales Inventory on 1 April 2018 Capital Bank overdraft Cash Discount allowed and received Returns inwards and outwards Carriage outwards Office expenses Fixtures and fittings Delivery van Accounts receivables and account payables Rent and insurance Drawings Wages and salaries 8,170 4,300 140 1,440 790 930 570 2,180 450 1,210 2,000 11,900 1,790 2,850 6,720 8,980 61,690 TOTAL 61,690 Additional information as at 31 March 2019: a. Inventory on 31 March 2019 was RM4,250 b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30 c. Rent and insurance prepaid was RM150 Required: i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019 ii. Prepare Statement of Financial Position as at 31 March 2019
- 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 67,000 Sales 942, eee Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense Office salaries expense 719,000 79, 200 56, 500 33,000 Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 3,00e 1,620 735 Depreciation expense, store equipment Depreciation expense, office equipment 8,910 2,768 Insurance expense 3,39e Totals $1,502, 695 $1,502,695 Requlred: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31 , 2020E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.