Find Discount Bed In A Bag Sets, Bed Linens, Sheet Sets And Comforters.
Subscribe via RSS
Mr.X invested Rs.100000 and became the share holder
Mr.X purchased inventory on account for Rs.200000
Mr.X sold inventory for Rs.200000. Rs.75000 of the sales were for cash and Rs.125,000 were on account. The inventory sold had cost Mr.X Rs.120000.
Please do the above operations in balance sheet
Peak sales for Midwest Productions, a wholesale distributor of leaf rakes, occur in August. These peak sales are shown in the company’s budget for the third quarter given below:
Budgeted sales (all on account)
July 0,000
August 0,000
September 0,000
Total ,000,000
From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. May sales totaled 0,000 and June sales totaled 0,000.
1. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter.
2. Assume that the company will prepare a budgeted balance sheet as of September 30. Compute the accounts receivable as of that date.
I would greatly appreciate it if someone would be able to help. For some reason, I just can’t seem to be able to figure it out. Thank you so much!
I have a trial balance and i have to make a balance sheet.
im having trouble with the stock part.
i know that stock and stock on hand are assets.
stock, 1 jan 2009 is 00
stock on hand, 30 june 2009 is 5.
what do i do with these? do i add them together? and what do i write in the balance sheet?
thanks, also is credit sales a revenue or asset?
I’m confused about this question:
Which of the following is not classified as paid-in capital on the balance sheet?
1. donated capital
2. common stock
3. treasury stock
4. common stock distributable
I think it’s treasury stock, but on a balance sheet you can have paid in capital from sale of treasury stock…..
I know it isn’t common stock for sure, but I’m iffy on the rest, and the textbook is a smidgen confusing.
For each situation, select the assumption, principle, or constraint that has been violated, if any.
(a) Flanner Company recognizes revenue at the end of the production cycle but before the sale. The price of the product, as well as the amount that can be sold, is not certain.
(b) Falk Company is in its fifth year of operation and has yet to issue financial statements. (Do not use the full disclosure principle.)
(c) Forgetta Hospital Supply Corporation reports only current assets and current liabilities on its balance sheet. Property, plant, and equipment and bonds payable are reported as current assets and current liabilities, respectively. Liquidation of the company is unlikely.
Matching principle
Monetary unit assumption
MaterialityCost principle or conservatism
Full disclosure principle
No violation
Time period assumption
Economic entity assumption
Going concern assumption
Revenue recognition principle
I tried them, however, was wrong, please help! =)
See, I said full disclosure principle for C, but was told I was wrong.
For A, I said time period assumption.
For B, I said going concern assumption.
cost of goods sold
merchandise available for sale
ending inventory
sales
shown on the balance sheet
at december 31 2009 longbine company reported this inofrmation its balance sheet
accounts receivable
1. sales account 3,600,000
2. sales returns allowances 50,000
3. collections of accounts receivable 3,000,000
4. write offs of accounts receivable deemed uncollectable 92,000
5. recover of bad debts previously written off as uncollectable 30,000
a) prepare the journal enteries to record each of these 5 transactions assume that no cash discounts were taken on the collection of AR
b) enter the january 1 balance in ar and allowance for doubtful accounts post teh entries to the two accounts and deteremine the balances
c) prepare the jouranl entry to record bad debts expense for 2010 asuming that aging the accounts receivalbe indicates that expected bad debts are 113,000
d) compute the receivables turnover ratio and avcerage collection period
ok so, im really confused, i dnt exactly know how to get the following. any help will be appreciated! thanks!:)
for the following company, calculate the net income, rate of return on sales, and gross margin as a percentage of sales.
BALANCE SHEET – COMPARATIVE DATA
Company A
cash 000
accounts receivable 51000
inventory 54000
equipment 290000
total ?
current liabilities 70000
long-term loan 110000
capital 234000
total liabilities & capital ?
INCOME STATEMENT – COMPARATIVE DATA
Sales 545000
cost of goods sold 299000
gross margin ?
expenses 205000
net income ?
THANKS:)
Asset accounts on the balance sheet are listed in the order of:
. A) liquidity.
B) profitability.
C) size.
D) importance.
The statement of cash flows does not include which of the following sections?
A) cash flows from operating activities
B) cash flows from sales activities
C) cash flows from investing activities
D) cash flows from financing activities
The problem I’m working on states that the company is operating at full capacity and to bump up everything by a sales growth number. So deprecation on the income statement goes up to k. Now when I’m doing the balance sheet under accumulated deprecation do I add the 35k to it or do I bump it up by the 15%? My professor in class said to do it by the % but it doesn’t make sense to me. Thanks.
When making an entry for A/R on the balance sheet, you debit A/R and credit ‘Sales’.
Can someone please explain how the balance sheet balances now? Assets increase by say 0…that leaves it out of balance? How does the credit to revenue balance the balance sheet?
Thanks
But what you are left with is an increase of cash in 0. The A/R debit is cancelled by the A/R credit. So you have a debit of cash of 0 and sales of 0. The asset section is now plus 0 — how does the balance sheet correct itself?
Here are some of the questions:
Which of the following methods generally is used to determine the loss when inventory is destroyed or stolen?
A) LIFO
B) FIFO
C) Gross Profit Margin
D) Retail Inventory Method
Next question:
Which of the following statements is FALSE regarding promissory notes?
A) They must be held by the maker until maturity.
B) They are sometimes used to extend past-due accounts.
C) They are often received upon sale of machinery and automobiles.
D) They can be resold to banks.
And last:
Under the direct-charge method of dealing with uncollectible accounts,
A) Uncollectible Accounts Expense is recorded in the period of the sale
B) revenues and expenses are properly matched
C) Accounts Recievable is shown on the balance sheet at net realizable value
D) no Allowance for Uncollectible Accounts exists
Thanks so much to whomever helps me, its a take home final and if i do good on it, i have a chance of passing the class 
i did not think of sales because it is a public entity(or because i don’t know what i’m doing:) but while it has a normal credit balance, is it an asset and is it on the balance sheet.
On November 1, 2005, Richer Corporation purchases 1,000 shares of common stock in Poorer Corporation for ,000. Richer Corporation classifies the securities as “Available-for-Sale” on its balance sheet. On December 31 (Richer’s fiscal year-end), the 1,000 shares of common stock has a market value of ,500. What will be the effect of the December 31 market value?
a. An increase in the Investment account of ,500 and an increase in the Unrealized Gain account in the Owners’ Equity section of the balance sheet of ,500
b. No effect on Assets, Liabilities, or Owners’ Equity
c. An increase in Assets, Net Income, and Owners’ Equity of ,500
d. An increase in assets and Net Income of ,500 and a decrease in Owners’ Equity of ,500
HELP! I just don’t get how to solve this homework problem. Any guidance you can give would really be appreciated.
The Following merchandise transactions occurred in December, Both companies use a perpetual inventory system.
Dec 3. Kirk Ltd. Sold 0,000 of merchandise to Spok Corp, terms 2/10, n/30, fob shipping point. The cost of the merchandise sold was 0,000
Dec 5. Shipping Costs of ,000 are paid.
Dec 8 Spok was granted a sales allowance of ,000 for defective merchandise purchased on December 3
Dec 13. Kirk received the balance due from Spok
For each of the above transactions indicate which accounts and the amount of increase or decrease to the assets, liabilities and/or shareholders equity on the balance sheet equation FOR KIRK LTD. If there is no effect indicate by saying no effect.