1. Ruth is planning for her son’s university education
to begin 17 years from now. She...
1. Ruth is planning for her son’s university education
to begin 17 years from now. She estimates the yearly tuition,
textbooks and living allowances to be approximately GHC25,000 per
year for a four year degree.
(a) How much would she have to deposit today at an
interest rate of 8 percent for her son to be able to withdraw
GHC25,000 per year for four years?
(b) If Ruth decided to put an equal amount in a fixed
deposit account at...
Cash
$
21,020
Unearned Revenue (35 units)
$
5,150
Accounts Receivable
$
12,050
Accounts Payable...
Cash
$
21,020
Unearned Revenue (35 units)
$
5,150
Accounts Receivable
$
12,050
Accounts Payable
(Jan Rent)
$
2,900
Allowance for Doubtful Accounts
$
(1,700)
Notes Payable
$
14,000
Inventory (40 units)
$
3,400
Contributed
Capital
$
6,600
Retained
Earnings – Feb 1, 2012
$
6,120
•
WWC
establishes a policy that it will sell inventory at $150 per
unit.
•
In
January, WWC received a $5,150 advance for 35 units, as reflected
in Unearned...
Category
Prior Year
Current Year
Accounts payable
3,119.00
5,956.00
Accounts receivable
6,975.00
8,909.00
Accruals
5,779.00
6,033.00...
Category
Prior Year
Current Year
Accounts payable
3,119.00
5,956.00
Accounts receivable
6,975.00
8,909.00
Accruals
5,779.00
6,033.00
Additional paid in capital
19,546.00
13,016.00
Cash
???
???
Common Stock
2,850
2,850
COGS
22,805.00
18,431.00
Current portion long-term debt
500
500
Depreciation expense
1,049.00
1,025.00
Interest expense
1,262.00
1,122.00
Inventories
3,074.00
6,738.00
Long-term debt
16,942.00
22,407.00
Net fixed assets
75,935.00
73,976.00
Notes payable
4,021.00
6,509.00
Operating expenses (excl. depr.)
19,950
20,000
Retained earnings
35,600.00
34,487.00
Sales
46,360
45,961.00
Taxes
350
920
What is...
The following post-closing trial balance was drawn from the
accounts of Little Grocery Supplier (LGS) as...
The following post-closing trial balance was drawn from the
accounts of Little Grocery Supplier (LGS) as of December 31,
2017:
Cash
$
9,000
Accounts
receivable
41,000
Allowance for doubtful
accounts
$
2,500
Inventory
78,000
Accounts payable
21,000
Common stock
50,000
Retained earnings
54,500
Transactions for 2018
1 Acquired an additional $20,000 cash from the issue of common
stock.
2 Purchased $85,000 of inventory on account.
3 Sold inventory that cost $91,000 for $160,000. Sales were made
on account.
4 The...