Accounting Answers

Accounting

A company is making plans for next year, using cost volume profit analysis as its planning tool next year sales data about its product are as follow

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Question #250141

Accounting

A customer has paid the firm, in advance, for merchandise the firm will deliver next month. Why
is the firm not permitted to recognize revenue when it receives the cash?

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Question #249828

Accounting

A. Prepare single-step Income Statement of Quaranteen Comapany for the month ended, September 30, 2021.

Account Balances: Gross Sales - 1,771,800; Sales discount - 10,440; Sales returns and allowances - 9,000; Purchases - 1,000,000; Purchase discounts - 3,000; purchase returns and allowances - 9,000; Freight-in - 5,000. Merchandise inventory on september 1 is 500,000 and merchandise inventory end on september 30 is 380,000. General and administrative expenses include: Office supplies expense - 9,400; salaries expense - 30,000; utilities expense - 11,600; commission expense - 10,000; store supplies expense - 12,400; delivery expense - 18,600; Interest expense - 2,400.

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Question #249825

Accounting

A. Prepare the Multi-step income statement of Quaranteen Comapany for the month ended, September 30, 2021.

Account Balances: Gross Sales - 1,771,800; Sales discount - 10,440; Sales returns and allowances - 9,000; Purchases - 1,000,000; Purchase discounts - 3,000; purchase returns and allowances - 9,000; Freight-in - 5,000. Merchandise inventory on september 1 is 500,000 and merchandise inventory end on september 30 is 380,000. General and administrative expenses include: Office supplies expense - 9,400; salaries expense - 30,000; utilities expense - 11,600; commission expense - 10,000; store supplies expense - 12,400; delivery expense - 18,600; Interest expense - 2,400.

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Question #249791

Accounting

A. Prepare the Multi-step income statement of Quaranteen Comapany for the month ended, September 30, 2021.
-Account Balances:
a. Gross sales - 1,771,800
b. Sales discount - 10,440
c. Sales returns and allowances - 9,000
d. Freight-in - 5,000
e. Merchandise Inventory on september 1 is 500,000 and merchandise inventory end on september 30 is 380,000
-General and administrative expenses include:
a. Office supplies expense - 9,400
b. Salaries expense - 30,000
c. Utilities expense - 6,000
d. Comission expense - 10,000
e. Store supplies expense - 12, 400
f. Delivery expense - 18,600
g. Interest expense - 2,400

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Question #249776

Accounting

A. Evaluate the financial statement drawn by answering the questions below:
BloomsCompany
Statement of FinancialPerformance
As of December 31,2020
a. Revenues - 5,400,000
b. Cost of Sales - 3,000,000
c. OperatingExpenses(excluding depreciation)-900,000
d. DepreciationExpense - 200,000, 4,100,000
e. Net Income - 1,300,000
-Thefollowing balances are reported on December31:
a. Cash in 2019 is 450,000; in 2020 is 1,170,000
b. AccountsRecievable in 2019 is 1,010,000; in 2020 is 1,170,000
c. Inventories in 2019 is 250,000; in 2020 is 320,000
d. AccountsPayable in 2019 is 720,000; in 2020 700,000
-Additional cash transactions are as follows:
1. The company bought a delivery truck for 2,000,000 cash.
2. A long term loan for 1,800,000 was obtained from the bank .
3. The proprietress Fleur Elise withdrew 200,000.
(Did the company prepare the correct heading for its income statement? How should you write the heading of this financial report?)

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Question #249766

Accounting

A. Julia is the owner of BEAuty Finds Onlime Shop. She started selling in January 1, 2020 and would like to know her claims in the business for the year ended, December 31, 2020. She hired and provided you with information that she had 50,000 initial investment. During the year, she made an additional 25,000 to fund her shop. The store also had 60,000 cash and credit sales and spent 25,000 for all its expenses. She also had 1,500 and 2,000 withdrawals in May and October respectively.
1. What financial statement(s) will you prepare to answer Julia's claims in the business for 2020.? How will you present these statement(s) to the owner? How much then shall be BEAuty Finds Online Shop capital balance on January 1, 2021?

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Question #249760

Accounting

A. Fill-Health Merchandising is engaged in selling pharmaceutical drugs including personal protective equipment face shields and facemasks. In 2020, it bought 3 million worth of items to be sold to Gramago Enterprises. Fill-Health paid its supplier 2.3 million in cash and the rest was placed on account. For the year ended, 2020, it made cash and credit sales of 800,000 and 400,000 respectively. However, it provided 20,000 discount bulk buyers and there was a 350,000 customers' return of defective facemasks and expired faceshields.
1. How will you compute for Fill-Health's total and net sales? How much then is its net sales?

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Question #249650

Accounting

STATEMENT OF CHANGES IN EQUITY

The Retrieval Company has the following changes in equity items in year-end 2020.

prepare a Statement of Changes in Owners Equity

The Retrieval Company has the following changes in equity items in year-end 2020.
Prepare a statement of changes in Owner's Equity.

Balance on January 1, 2020= ₱ 550,000

March 31: The entity earned a total of ₱ 250,000 for its first quarter of operations

June 30: The owner withdraws money worth ₱ 300,000

July 28: Ms. Charlott, the owner, invests a total of ₱ 920,000 worth of equipment in the entity.

September 22: The entity earned a total of ₱ 450,000

December 31: Total expenses paid at year-end amounts to ₱ 380,000

The owner withdraws 500,000 from the business

Balance on December 31, 2020= ?

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Question #249645

Accounting

STATEMENT OF CHANGES IN EQUITY

The Retrieval Company has the following changes in equity items in year-end 2020.
prepare a Statement of Changes in Owners Equity

Balance on January 1, 2020= ₱ 550,000

March 31: The entity earned a total of ₱ 250,000 for its first quarter of operations

June 30: The owner withdraws money worth ₱ 300,000

July 28: Ms. Charlott, the owner, invests a total of ₱ 920,000 worth of equipment in the entity.

September 22: The entity earned a total of ₱ 450,000

December 31: Total expenses paid at year-end amounts to ₱ 380,000

The owner withdraws 500,000 from the business

Balance on December 31, 2020= ?

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