A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash
$80,000
$60,000
Accounts Receivable
$65,000
$90,000
Inventories
$58,000
$62,000
Prepayments
$10,000
$12,000
Land
$90,000
$90,000
Plant
$380,000
$300,000
Accumulated Depreciation
($70,000)
($57,000)
$621,000
$557,000
Accounts Payable
$45,000
$52,000
Long-term Borrowings
$170,000
$200,000
Share Capital
$280,000
$230,000
Retained Earnings
$126,000
$75,000
$621,000
$557,000
Additional information
There were no disposals of land or plant during the year.
A $30 ,000 borrowing was settled through the issue...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash
$80,000
$60,000
Accounts Receivable
$65,000
$90,000
Inventories
$58,000
$62,000
Prepayments
$10,000
$12,000
Land
$90,000
$90,000
Plant
$380,000
$300,000
Accumulated Depreciation
($70,000)
($57,000)
$621,000
$557,000
Accounts Payable
$45,000
$52,000
Long-term Borrowings
$170,000
$200,000
Share Capital
$280,000
$230,000
Retained Earnings
$126,000
$75,000
$621,000
$557,000
Additional information
There were no disposals of land or plant during the year.
A $30 ,000 borrowing was settled through the issue...
Given the following information:
Accounts Receivable at 1 July 2017
30,000
Accounts Receivable at 30...
Given the following information:
Accounts Receivable at 1 July 2017
30,000
Accounts Receivable at 30 June 2018
27,000
Receipts on account for the year to 30 June 2018
98,000
Calculate Credit Sales for the year to 30 June 2018:
Do not use any punctuation or symbols in the answer.
Answer:
Part B
Select the most appropriate account to be debited for the
following transactions.
Note that an account may be used more than once or not at
all.
Paid...
Mulan Manila Ltd uses accrual basis accounting to
prepare its financial statement. The following information can...
Mulan Manila Ltd uses accrual basis accounting to
prepare its financial statement. The following information can be
found from the general ledger accounts.
Mulan Manila Ltd
30-Jun
2021
2020
Account receivable
$23,200
$27,800
Inventory
$5,220
$4,830
Prepaid rent
$1,250
$1,750
Account payables
$25,100
$28,300
Salaries payables
$2,800
$3,000
Sales revenue
$33,750
Cost of Goods sold
$17,500
Expenses (including 23000 depreciation)
$125,000
Required
Use the T-account to calculate the amount of cash
collected from customers during 2021.
Use the T-account to...
Balance Sheet
2016
2015
2014
Cash
50,000
45000
40,000
Accounts receivable
80,000
70000
60,000
Inventories
180,000...
Balance Sheet
2016
2015
2014
Cash
50,000
45000
40,000
Accounts receivable
80,000
70000
60,000
Inventories
180,000
145000
110,000
Plant & equipment
300,000
280000
260,000
Less accumulated depreciation
-40,000
-30000
-20,000
Total assets
570,000
510000
450,000
Accounts payable
100,000
125000
150,000
Accrued liabilities
70,000
60000
50,000
Mortgage payable
80,000
40000
60,000
Common stock
130,000
110000
90,000
Retained earnings
190,000
175000
160,000
Total liabilities and equity
570,000
510000
450,000
Income Statement
2014
2015
2016
Net Sales
680,000
600,000
640000
Cost of goods...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts Receivable
80,000
70,000
Merchandise Inventory
60,000
65,000
Property And Equipment
110,000
60,000
Less: Accumulated Depreciation
(30,000)
(15,000)
Total Assets
$270,000
$252,000
Liabilities:
Accounts Payable
$10,000
$12,000
Salaries and Wages Payable
2,000
1,000
Bonds Payable, Long-Term
50,000
60,000
Stockholders’ Equity:
Common Stock
100,000
80,000
Retained Earnings
108,000
99,000
Total Liabilities and Stockholders’ Equity
$270,000
$252,000
Income Statement
Sales
$200,000
Cost of Goods Sold
110,000
Depreciation...
Mandich Co. had the following amounts for its assets,
liabilities, and stockholders' equity accounts just before...
Mandich Co. had the following amounts for its assets,
liabilities, and stockholders' equity accounts just before filing a
bankruptcy petition and requesting liquidation: Book Value Net
Realizable Value Cash $ 10,000 $ 10,000 Accounts receivable 100,000
60,000 Inventory 350,000 350,000 Land 110,000 75,000 Building and
equipment 700,000 300,000 Accounts payable 100,000 Salaries payable
70,000 Notes payable (secured by inventory) 300,000 Employees’
claims for contributions to pension plans 10,000 Taxes payable
80,000 Liability for accrued expenses 25,000 Bonds payable 500,000
Common...
The following reflects Ace Inc.’s adjusted accounts at their
normal balances for the year ended December...
The following reflects Ace Inc.’s adjusted accounts at their
normal balances for the year ended December 31, 2019.
Cash
80,000
Accounts Receivable
15,000
Supplies
3,000
Inventory
150,000
Prepaid Insurance (represents 2 years)
50,000
Equipment
300,000
Accumulated Depreciation - Equipment
40,000
Land
75,000
Patent
5,000
Accounts Payable
145,000
Note Payable (due in 3 equal annual installments)
36,000
Deferred Revenue (represents 8 months)
16,000
Common Stock (50,000 shares authorized, $5 par, 20,000 shares
issued and outstanding
100,000
Additional Paid in Capital
30,000...
Prepare Income Statement from following information:
Date
Account Titles
Debit
Credit
2016
$
$
Jan 1...
Prepare Income Statement from following information:
Date
Account Titles
Debit
Credit
2016
$
$
Jan 1
Cash
4,000,000
Common Stock
50,000
Paid-in Capital in Excess of Par: Common Stock
3,950,000
Jan 1
Cash
104,000
Premium on Bonds Payable
4,000
Bonds Payable
100,000
Jan 1
Equipment 1
50,000
Cash
50,000
Jan 1
Equipment 2
550,000
Cash
550,000
Jan 3
Inventory
22,000
Cash
22,000
Apr 1
Building
900,000
Cash
900,000
June 1
Equipment 3
100,000
Cash
100,000
June 1
Inventory
23,000
Cash...
The following shows the ending balances of accounts for A
Company as of December 31, 2018....
The following shows the ending balances of accounts for A
Company as of December 31, 2018.
Account
Debits
Credits
Taxes payable
30,000
Inventory
285,000
Investments
140,000
Retained earnings
202,000
Prepaid expenses
148,000
Accumulated depreciation - equipment
110,000
Deferred revenue
80,000
Cash
65,000
Common stock
400,000
Equipment
320,000
Accounts payable
60,000
Accounts receivable
160,000
Notes payable
200,000
Allowance for uncollectible accounts
16,000
Interest payable
20,000
Total
1,118,000
1,118,000
Additional information:
1. Prepaid expenses include $120,000 paid on December 31, 2018
for...