The comparative balance sheets for Pharoah Company as of December 31 are presented below.
Pharoah Company Comparative Balance Sheets December 31
Assets 2022 2021
Cash $55,760 $36,900
Accounts receivable 41,000 47,560
Inventory 124,189 116,440
Prepaid expenses 12,530 17,220
Land 118,900 106,600
Buildings 164,000 164,000
Accumulated depreciation—buildings (49,200 ) (32,800 )
Equipment 184,500 127,100
Accumulated depreciation—equipment (36,900 ) (28,700 )
Total $614,779 $554,320
Liabilities and Stockholders’
Equity Accounts payable $36,679 $29,520
Bonds payable 246,000 246,000
Common stock, $1 par 164,000 131,200
Retained earnings 168,100 147,600
Total $614,779 $554,320
Additional information for 2022:
Net income was $29,500.
Sales on account were $392,000. Sales returns and allowances amounted to $29,300.
Cost of goods sold was $201,900.
Net cash provided by operating activities was $56,200.
Capital expenditures were $30,000, and cash dividends were $15,100.
Required:
Compute the following ratios at December 31, 2022.
a. Current ratio.
b. Accounts receivable turnover.
c. Average collection period.
d. Inventory turnover.
e. Days in inventory.
f. Free cash flow.
Answers
Answer:
a. Current ratio for 2022 = 6.37
b. Accounts receivable turnover for 2022 = 8.19 times
c. Average collection period = 365 / 8.19 = 44.57 days
d. Inventory turnover for 2022 = 1.68 times
e. Days in inventory = 224.51 days
f. Free cash flow = $26,200
Explanation:
a. Current ratio for 2022.
Current ratio = Current assets / Current liabilities .......... (1)
Where:
Current assets for 2022 = Cash for 2022 + Accounts receivable for 2022 + Inventory for 2022 + Prepaid expenses for 2022 = $55,760 + $41,000 + $124,189 + $12,530 = $233,479
Current liabilities for 2022 = Accounts payable for 2022 = $36,679
Substituting the values into equation (1), we have:
Current ratio for 2022 = $233,479 / $36,679 = 6.37
b. Accounts receivable turnover.
Accounts receivable turnover = Net sales / Average accounts receivable ....... (2)
Where:
Net sale for 2022 = Sales on account for 2022 - Sales returns and allowances for 2022 = $392,000 - $29,300 = $362,700
Average accounts receivable = (Accounts receivable for 2022 + Accounts receivable for 2021) / 2 = ($41,000 + $47,560) / 2 = $44,280
Substituting the values into equation (2), we have:
Accounts receivable turnover for 2022 = $362,700 / $44,280 = 8.19 times
c. Average collection period.
Average collection period = 365 days / Accounts receivable turnover ....... (3)
Where;
Accounts receivable turnover = 8.19
Substituting the values into equation (3), we have:
Average collection period = 365 / 8.19 = 44.57 days
d. Inventory turnover.
Inventory turnover = Cost of goods sold / Average inventory ............. (4)
Where;
Cost of goods sold = $201,900
Average inventory = (Inventory for 2022 + Inventory 2021) / 2 = ($124,189 + $116,440) / 2 = $120,314.50
Substituting the values into equation (4), we have:
Inventory turnover for 2022 = $201,900 / $120,314.50 = 1.68 times
e. Days in inventory.
Days in inventory = (Ending inventory / Cost of goods sold) * 365 ................ (5)
Where;
Ending inventory for 2022 = Inventory for 2022 = $124,189
Cost of goods sold for 2022 = $201,900
Substituting the values into equation (5), we have:
Days in inventory = ($124,189 / $201,900) * 365 = 224.51 days
f. Free cash flow.
Free cash flow = Net cash provided by operating activities - Capital expenditure ........... (6)
Where;
Net cash provided by operating activities = $56,200
Capital expenditures = $30,000
Free cash flow = $56,200 - $30,000 = $26,200
Related Questions
how does opportunity cost affect decision making
Answers
Opportunity costs apply to many aspects of life decisions. Often, money becomes the root cause of decision-making. If you decide to spend money on a vacation and you delay your home's remodel, then your opportunity cost is the benefit of living in a renovated home.
Journalize the following transactions of Upton Drugs:
Transactions:
July 8 Received a $180,000, 90-day, 8% note dated July 8 from Miracle Chemical on account.
Oct. 6 The note is dishonored by Miracle Chemical.
Nov. 5 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Miracle Chemical on Oct. 6.
Required:
Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest.
Answers
Journalizing the transactions of Upton Drugs for the period is as follows:
Journal Entries:July 8 Debit Note Receivable $180,000
Credit Accounts Receivable $180,000
To record the receipt of the 90-day 8% note from Miracle Chemical.Oct. 6 Debit Accounts Receivable (Miracle Chemical) $182,250
Credit Note Receivable $180,000
Credit Interest Revenue $2,250
To record the dishonor of the note at the due date and the accrued interest.Nov. 5 Debit Cash $183,768.75
Credit Interest Revenue $1,518.75
Credit Accounts Receivable (Miracle Chemical) $182,250
To record the receipt on the note with due interest.What are Journal Entries?Journal Entries are made to record business transactions.
Journal Entries identify the accounts involved in each transaction and differentiates the account to be debited from the account to be credited.
Transaction Analysis:July 8 Note Receivable $180,000 Accounts Receivable $180,000
90-day, 8%.
Oct. 6 Accounts Receivable (Miracle Chemical) $182,250 Note Receivable $180,000 Interest Revenue $2,250
Nov. 5 Cash $183,768.75 Interest Revenue $1,518.75 Accounts Receivable (Miracle Chemical) $182,250
Interest Revenue:Oct. 6: Interest Revenue = $2,250 ($180,000 x 8% x 90/360)
Nov. 5: Interest Revenue = $1,518.75 ($182,250 x 10% x 30/360)
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1. Some businesspeople believe that elimination agents and wholesalers reduce their operating expenses. Discuss the opportunity costs associated with eliminating intermediaries.
Answers
1. While eliminating intermediaries may result in reduced operating expenses, businesses need to weigh these savings against the associated opportunity costs. These costs may include the loss of expertise and value-added services, additional responsibilities and expenses, and reduced customer access to products.
Eliminating intermediaries such as elimination agents and wholesalers reduce operating expenses, but it also has associated opportunity costs that businesses need to consider. One of the primary costs is the loss of the expertise and value-added services that intermediaries offer to businesses and customers. Eliminating intermediaries may result in businesses taking on additional responsibilities and expenses such as marketing, distribution, and logistics.
This may result in the need for additional staff and resources to ensure that products reach customers on time. Furthermore, eliminating intermediaries may also result in reduced customer access to products, as intermediaries are often responsible for finding new markets and customer segments. In this case, businesses may need to invest additional resources to market and promote their products to reach new customers.
In conclusion, while eliminating intermediaries may result in reduced operating expenses, businesses need to weigh these savings against the associated opportunity costs. These costs may include the loss of expertise and value-added services, additional responsibilities and expenses, and reduced customer access to products.
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a store at the mall having a minimum age requirment for workers is an example of which catagory of employee rights
Answers
Answer:
wages and hours
Explanation:
A store at the mall having a minimum age requirement for workers is a wages and hours is the example of category of employee rights.
What is employee rights?Because of your race, color, religion, sexual orientation, gender identity, national origin, handicap, age, or genetic information, you won't encounter bullying or unfair treatment. For equivalent work, equal compensation is given.
Three rights for employees are established and made explicit by the Act: the "right to know" information about the risks related to their employment, the right to report workplace hazards to OSHA, and the right to be shielded from retribution for exercising OSHA-protected rights.
Elimination of all forms of forced or compulsory labor, effective outlawment of child labor, the elimination of employment and occupation-based discrimination, the right to associational freedom, and.
Thus, it is wages and hours.
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Subtracting a decrease in Unearned Revenue from net income eliminates the effect of recording revenue that:
decreased net income and decreased cash flow this period
increased net income and increased cash flow this period
increased net income, but did not impact cash this period
decreased net income, but did not impact cash this period
Answers
Subtracting a decrease in Unearned Revenue from net income eliminates the effect of recording revenue that: decreased net income and decreased cash flow this period
Unearned revenue is money received from an individual or business for a service or product that has not yet been provided or delivered. It is a "prepayment" for services or products that an individual or company is expected to provide to the buyer at a later date. As a result of this prepayment, the seller owes the revenue earned until the good or service is delivered. This liability is classified as current because it is anticipated to be resolved within a year. Deferred revenue and advance payments are other terms for unearned revenue.
When unearned revenue is received, it is included in the cash flow statement and is recorded as a liability on the balance sheet. It is then included in the income statement after the service is performed in exchange for payment.
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Following is information from Eagle Inc. for Year 7, ($ in thousands).
Total revenue
Total revenue growth rate
Net operating profit margin (NOPM)
Net operating profit after tax (NOPAT)
Net operating asset turnover (NOAT)
$3,248,879
Select one:
O
O
O
O
O
Projected net operating assets (NOA) for Year 8 is:
4%
5.7%
$207,262
4.37
a. $773,189 thousand
b. $785,827 thousand
c. $723,863 thousand
d. $743,451 thousand
e. None of these are correct
Answers
-5/12 - (-9/3) how do i do this
Answers
Explanation:
\(-5/12 - (-9/3)\)
Which is the best description of authorized shares?
Answers
The best description of authorized shares is he total amount of shares that can be publicly traded.
What are shares?Shares are refers as common equity interest in a firm. Dividends from any earnings the business may make are payable to shareholders.
Authorised shares is refers as number of shares legally permitted to offer to investors. It also helps to decide how many of shares are available to issue to investors.
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Solich Sandwich Shop had the following long-term asset balances as of January 1, 2024:
Cost Accumulated Depreciation Book Value
Land $95,000 0 $95,000
Building 460,000 $(165,600) 294,400
Equipment 235,000 (50,000) 185,000
Patent 250,000 (100,000) 150,000
Solich purchased all the assets at the beginning of 2022.
The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual value.
The equipment is depreciated over a nine-year service life using the straight-line method with an estimated residual value of $10,000.
The patent is estimated to have a five-year useful life with no residual value and is amortized using the straight-line method.
Depreciation and amortization have been recorded for 2022 and 2023 (first two years).
Required:
1. For the year ended December 31, 2024 (third year), record depreciation expense for buildings and equipment. Land is not depreciated. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Journal Entry Worksheet:
1. Record depreciation of the building.
2. Record depreciation of the equipment.
Answers
Record depreciation of the building. Hence, option 1 is appropriate.
What is the Depreciation?
Depreciation is a phrase used in accounting to describe two different elements of the same idea: first, the real decline in an asset's fair value over time, such as the annual loss in value of industrial machinery.
A tangible item's cost can be spread throughout its useful life using the accounting concept of depreciation. How much more of an asset's value has already been used is shown through depreciation. It makes it possible for companies to buy assets for longer than a predetermined period and profit from those assets.
Hence, option 1 is correct.
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Beatrice Markets is expecting a period of intense growth and has decided to retain more of its earnings to help finance that growth. As a result, it is going to reduce its annual dividend by 30 percent a year for the next 2 years. After that, it will maintain a constant dividend of $2.50 a share. Last year, the company paid $3.60 as the annual dividend per share. What is the market value of this stock if the required rate of return is 14.5 percent?
Answers
Answer: $16.69
Explanation:
Using the Dividend growth model, the value is:
= [Dividend 1/ (1 + required return)] + [Dividend 2/ (1 + required return)²] + [Terminal value / (1 + required return)²]
Terminal value = Dividend after 2 years / (required return - growth)
= 2.50/ (14.5% + 0%)
= $17.24
Dividend 1 = 3.60 * ( 1 -30%) Dividend 2 = 2.52 * ( 1 -30%)
= $2.52 = $1.76
Market value = (2.52 / 1.145) + (1.76 / 1.145²) + (17.24/1.145²)
= $16.69
For each statement about Direct Competition and Indirect Competition,
choose True or False.
Indirect Competition is a
business whose services are
different from yours but
satisfy the same need.
All Companies that sell
goods and services are
Indirect Competitors.
When your target audience
buys products from a
competitor instead from
you, that is Indirect
Competition.
Direct Competition is a
company that offers
the same thing you
offer.
1. True
2. False
Answers
Answer:
Explanation:
1) Indirect Competition is a business whose services are different from yours but satisfy the same need.
True
2) All Companies that sell goods and services are Indirect Competitors.
False
3) When your target audience buys products from a competitor instead from you, that is Indirect Competition.
False
4) Direct Competition is a company that offers the same thing you offer.
True
in your community on the negative impact of strikes as a socio economic issue on businesses
Answers
Explanation:
hooliganism
increase in poverty
insufficient revenue
decrease in productivity
Zapper has beginning equity of $279,000, net income of $62,000, dividends paid of $51,000 and stockholder investments of $17,000. Its ending equity is:
Answers
Answer:
$307,000
Explanation:
Equity is the remaining value of the owner;s interest in a company after all liabilities have been settled.
It can also be defined as the capital contributed by the owners and the attributable profit or losses after a trading period that is retained in the entity.
The net income and the stockholder investment , being an inflow ,will be added to the beginning equity while the dividends paid being an outflow is deducted.
Workings
Ending equity = Beginning equity + net income +Stockholder investment - Dividends paid
=279,000+62,000+17,000-51,000
307,000
________ look at each budget as if it were brand new and require managers to justify each of the budgeted items. This process ensures that budgets are closely tied to the latest organizational goals.
Answers
Mark takes his son Jimmy to a Stockton Kings basketball game. Jimmy is 11 years old, but he looks 18. The game starts at 5pm. While they are at the game, Mark sends Jimmy to get them some food and drinks. He also gives him money, which Jimmy stuffs in his wallet with his own money. Dad wants him to buy two basketball jerseys (one each) and a game program. Jimmy buys all the items and returns to their seats. He has purchased a burger and a soda for each of them for their dinner. They each put a shirt on and then while they eat, they look through the program. At this point, a shooter for the Kings dives into the crowd chasing a ball. The player lands on Jimmy. He suffers a cut and bleeds on his new jersey. He also spills his dinner and drink on the ground. In a rush to help, Mark knocks his dinner and soda over, soaking their program with Coke.
The Kings send a medical person to attend to Jimmy, who is fine, except for the cut and a small bump on his head. Jimmy is upset about his food, the shirt and the program. He and his dad go back to the vendors and ask for refunds for each of the items. Mark wants a refund for food and his Coke. Jimmy wants a refund for the program, his jersey and his burger and drink. The vendors all refuse, since they have already eaten most of their food and ruined the other items.
Later, Mark sues in small claims court for breach of contract relating to all of the items mentioned above. DO NOT discuss the potential tort liability of the Kings for the injuries to Jimmy. This is a CONTRACTS question.
Please discuss the issues relating to contracts, i.e., whether and to what extent, the vendors at the Kings game must give refunds for the items and any other issues you feel are relevant. What are the grounds for the suits and the potential damages available? What defenses may be raised? Who will win? Identify the issues and explain all sides.
Answers
The issues relating to contracts include:
If the vendors at the Kings game must give refunds for the items. Mark sues for breach of contract, but the vendors refuse since the food is eaten and the other items are ruined. The potential damages are the cost of the items. The defense may be that the vendors fulfilled their obligations and that the items were damaged due to the actions of the Kings player or Mark. The presented evidence in court would determine who'll win.What's contract?A contract is an agreement between two or more parties that's legally binding and mentions the terms and conditions of their collective obligations.
When a contract is breached, it means that one of the parties fails to fulfill Its duty under the agreement. And the non-breaching party may be entitled to damages.
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how is the aggregate supply curve for the economy related to the supply curves of individual producers?
Answers
Answer:
The aggregate supply curve depicts the quantity of real GDP that is supplied by the economy at different price levels. Increases in the price level will increase the price that producers can get for their products and thus induce more output. ...
Which of the following is a policy controlled by the federal reserve in the US or the central bank in any other country
Answers
Answer:
determining the discount rate
Explanation:
when you do this it helps to read the textbook and the answers are right there and it tells you . 120-345 would help
Which of the following is NOT an example of how the technological environment might affect marketing management?
A. A manufacturer uses a computer to send orders directly to a supplier's computer.
B. A retailer installs a computerized checkout scanner to replace a manual cash register system.
C. A firm develops a substitute for saturated fat in manufactured foods.
D. All of the above are examples
E. None of the above is an example.
Answers
Answer:
I think c
Explanation:
please tell me (yes or no)
An example of how the technological environment might affect marketing management "None of the above is an example". The correct option is E.
Technology plays a significant role in shaping marketing practices, efficiency, and innovation. Option A demonstrates the use of technology for streamlined communication and supply chain management.
Option B showcases the adoption of technology for improved point-of-sale processes.
Option C highlights the development of a new product ingredient through technology. The example shows how the technological environment influences marketing strategies and operations.
Therefore, the correct option is E.
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2. Start by creating a list of 5-10 local and remote businesses currently operating that you think would hire project
managers?
Answers
Amazon, Coinbase, HubSpot, IQVIA, PRA Health Sciences, Robert Half International, Thermo Fisher Scientific, and UnitedHealth Group are among the organizations that allow project managers to work remotely.
By decreasing risk and giving precise timings and decision points that assist guarantee projects are delivered on-time and within budget, project planning helps avoid the disappointment of failed and delayed projects. Project managers work with teams to divide a project into smaller, more manageable chunks. Project managers can better manage their teams and respond to problems by dividing the project down into a defined procedure with assigned tasks, dates, and milestones.
A local business could be a small shop, a food truck, or an office building. Because the local business owner owns the building where it is located, it differs from a chain store in another way. The majority of local businesses are often modest, family-run enterprises. Even though your business or client's office is in the same location as yours, working remotely can simply mean doing so. Working from home is hardly a glamourous lifestyle option. It's a decision to increase effectiveness and balance.
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I
The constant growth formula is a good tool to use to value companies in the
industry.
O technology
2000
о
pharmaceutical
utility
I DON'T KNOW YET
Answers
The constant growth formula is typically applied more commonly in the utility industry.
The constant growth formula, also known as the Gordon Growth Model, is commonly used to value companies in industries with stable and predictable dividend growth rates. It assumes that the company's dividends or earnings will grow at a constant rate indefinitely. However, it may not be the most suitable tool for valuing companies in every industry.
The constant growth formula can be a useful tool for valuing companies in certain industries like utilities, but it may not be the most appropriate choice for valuing companies in the technology or pharmaceutical sectors.
Utility companies often exhibit stable and predictable cash flows, making them suitable candidates for valuation using the constant growth model.
Therefore, the correct option is utility.
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Which examples best demonstrate likely tasks for Support Services workers? Check all that apply.
ОООООО
Britta examines a patient's teeth to assess whether they are healthy or need a procedure.
Darius gives medicine to a patient in a rehabilitation center.
Evelyn helps a patient understand the options on ways to treat his heart condition so he can make a decision.
Minh creates a plan for nutritious meals for a hospital cafeteria to make for the next month.
Keith prepares and serves food in a nursing home.
Shanita organizes the medical records in a medical clinic's back office.
Answers
Answer:
cde
Explanation:
The examples that best demonstrate likely tasks for Support Services workers is third, four and fifth statement.
The following information should be considered related to the support service workers :
Evelyn helps a patient understand the options on ways to treat his heart condition so he can make a decision.Minh creates a plan for nutritious meals for a hospital cafeteria to make for the next month.Keith prepares and serves food in a nursing home.Learn more: https://brainly.com/question/10283285?referrer=searchResults
Analyse 3 ways a school or college might help teachers achieve a better work life balance[12]
Answers
Answer: The 3 ways a school or college might help teachers achieve a better work life balance are: (1) By conducting co-curricular activities. (2) To provide maternity/menstrual/emergency leaves. (3) Restrictions on working hours.
Explanation: The 3 ways a school or college might help teachers achieve a better work life balance are as follows :
(1) To reduce the stress of the entire week schools can conduct co-curricular activities for teachers such as yoga, dance, singing, games among students and teachers. It strengthen the bond between students and teachers.
(2) They should provide maternity leave or menstrual leave to female faculties and emergency leave for faculties. These balances their personal and professional life.
(3) There should be work as well as time restrictions for teachers so that they do not work for extra hours. They should also have ample number of faculties for all subjects and enough non-teaching staffs, so that teaching staffs do not have to do extra hours of work.
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In the context of marketing management philosophies, a sales orientation aims at
Answers
Answer:
In the context of marketing management philosophies, a sales orientation aims at: Pushing manufacturers' products more aggressively to achieve high profits. A production orientation philosophy focuses on: Assessing the resources of a firm.
Which of the following are pre-award considerations that impact post-award subcontracting compliance management?
Answers
The options that are pre-award considerations that impact post-award subcontracting compliance management are:
1)Will advance notification and consent to subcontract be required?
3)Will the contract be set aside for one of the small business socioeconomic categories?
4)Will the contract include government property?
Why is subcontract management important?Subcontract management, when correctly implemented, encourages uniformity in the administration of subcontracts across functions, reduces risk to the business and contract, and can boost profitability.
The process of hiring and supervising subcontractors on behalf of a customer is known as subcontractor management. General contractors are accountable for this in construction.
Respect for the standards and guidelines established in a contract is referred to as contract compliance. This frequently entails periodic inspections of an existing contract to look for deviations and assess compliance with compliance rules and standards.
Therefore, The process of making sure people and operations at all levels of the business abide by rules, regulations, and specifications is known as compliance management. Governments, industry groups, regulatory agencies, and employee unions are just a few of the many organizations that set requirements.
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See full question below
Which the following are pre-award considerations that impact post-award subcontracting compliance management?) (Select three that apply)
1)Will advance notification and consent to subcontract be required?
2) Will the prime contractor be required to attend the post-award orientation conference?
3)Will the contract be set aside for one of the small business socioeconomic categories?
4)Will the contract include government property?
When buying a home, it is important to factor in future costs, like ___________.
a.
Realtor fees
b.
Down payment
c.
Utility costs
d.
Closing fees
Answers
Answer: Almost positive it’s C. Utility costs
When buying a home, it is important to factor in future costs, like utility costs. Thus, option (c) is correct.
What is the cost?The term cost refers to the actual money are spent on the manufacturing of the product. The product are manufacture to spend on money are raw material, transportation, wages, salary, and other expenses add. The all expenses are added to identify the cost.
Utility costs refer to the disbursals subjected by using utilities such as physical phenomenon, water, waste material disposal, heating, and sewerage. These costs are associated with ongoing telephone and internet services as well. The future cost also like the utility cost.
As a result, the significance of the important to factor in future costs, are the aforementioned. Therefore, option (c) is correct.
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Which of the following most accurately describes the difference between
common stock and preferred stock?
A. Preferred stock can only be bought and sold by a stockbroker
B. Preferred stock has a higher value at the initial public offering
C. Preferred stock pays a higher percentage of profits as dividends
D. Preferred stock pays out earnings at fixed, regular dividends
Answers
Answer: Preferred stock pays out earnings at fixed, regular dividends.
Explanation: I got it right on the test :)
Preferred stock pays out earnings at fixed, regular dividends is the most accurately describes the difference between common stock and preferred stock. Thus, option (d) is correct.
What is stock?The term stock refers to the product are the ready to the sale for the bulk in the production. The stock are always in the bulk in items. The stock are the measure according to the quantity. The stock was ready to deliver to the wholesaler. There are the company stock as the common stock and preferred stock.
There are the difference between common stock and preferred stock are:
Common stock
The term common stock refers to the ownership in a company. The common stock of the company are the right to vote decision.Preferred stock
The term preferred stock refers to distributes assets to shareholders. Preferred stock are the no voting right decision.As a result, the significance of the difference between common stock and preferred stock are the aforementioned. Therefore, option (d) is correct.
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Which of the following is NOT a step in the basic selling process?
make a connection
recite product features
personalize service
assess needs
Answers
From the options given recite product features is not a step in the basic selling process
What is the basic selling process about?The series of steps a salesperson takes to find and approach prospects, give a sales presentation, address objections, and close a sale is known as the selling process
Prospecting, planning, approaching, presenting, addressing objections, closing, and following up are often involved in the process .The technique may be applied to the majority of selling scenarios, including non-product selling.
The objective is to persuade the consumer that the product or service can satisfy their demand and to establish long-term customer relationships.
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908 25. द्वितीय लेखाविधि तथा विश्लेषण Nuwakot Consultancy was organized on June 2, 2019, by a group of accountants to provide accounting and tax services to small businesses in Kathmandu. The following transactions occurred during the first month of business. June 2 June 5 June 8 June 15 June 17 June 23 June 28 June 29 Received contributions of Rs. 10,000 from each of the three owners of the business is exchange for shares of stock. Purchased a computer system for Rs. 12,000. The agreement with the vendor requires a down payment of Rs. 2,500 with the balance in 60 days. Signed a two-year promissory note at the bank and received cash of Rs. 20,000. Billed Rs. 12,350 to clients for the first-half of June. Paid a Rs. 900 bill from the local newspaper for advertising for the month of June. Received the amounts billed to clients for services performed during the first half of the month. Received and paid gas, electric, and water bills. The amount is Rs. 2,700. Received the landlord's bill for Rs. 2,200 for rent on the office space that Nano Consultancy leases. The bill is payable by the 10th of the following month. Paid salaries and wages for June. The total amount is Rs. 5,670. Billed Rs. 18,400 to clients for the second half. Declared and paid dividends in the amount of Rs. 6,000. June 30 June 30 June 30 Required: (a) Journal entries on the books of Nuwakot Consultancy. (For the transactions entered into during the month. Ignore depreciation and interest expenses). (b) Post the transactions into T-accounts. (c) A trial balance at June 30, 2019.
Answers
1. The Journal Entries on the books of Nuwakot Consultancy for the June Transactions are as follows:
Journal Entries:Date Transactions Debit Credit
June 2 Cash Rs. 30,000
Common Stock Rs. 30,000
June 5 Computer Rs. 12,000
Cash Rs. 2,500
Accounts Payable Rs. 9,500
June 8 Cash Rs. 20,000
Notes Payable Rs. 20,000
June 15 Accounts Receivable Rs. 12,350
Service Revenue Rs. 12,350
June 17 Advertising Expense Rs. 900
Cash Rs. 900
June 23 Cash Rs. 12,350
Accounts Receivable Rs. 12,350
June 28 Utility Expense Rs. 2,700
Cash Rs. 2,700
June 29 Rent Expense Rs. 2,200
Rent Payable Rs. 2,200
June 30 Salaries &
Wages Expense Rs. 5,670
Cash Rs. 5,670
June 30 Accounts Receivable Rs. 18,400
Service Revenue Rs. 18,400
June 30 Dividends Rs. 6,000
Cash Rs. 6,000
2. The Posting of the transactions into T-accounts is as follows:
Cash AccountDate Transactions Debit Credit
June 2 Common Stock Rs. 30,000
June 5 Computer Rs. 2,500
June 8 Notes Payable Rs. 20,000
June 17 Advertising Expense Rs. 900
June 23 Accounts Receivable Rs. 12,350
June 28 Utility Expense Rs. 2,700
June 30 Salaries and Wages Expense Rs. 5,670
June 30 Dividends Rs. 6,000
June 30 Balance Rs. 44,580
Rs. 62,350 Rs. 62,350
Common StockDate Transactions Debit Credit
June 2 Cash Rs. 30,000
ComputerDate Transactions Debit Credit
June 5 Cash Rs. 2,500
June 5 Accounts Payable Rs. 9,500
June 30 Balance Rs. 12,000
Accounts PayableDate Transactions Debit Credit
June 5 Computer Rs. 9,500
Notes PayableDate Transactions Debit Credit
June 8 Cash Rs. 20,000
Rent PayableDate Transactions Debit Credit
June 29 Rent Expense Rs. 2,200
Accounts ReceivableDate Transactions Debit Credit
June 15 Service Revenue Rs. 12,350
June 23 Cash Rs. 12,350
June 30 Service Revenue Rs. 18,400
Service RevenueDate Transactions Debit Credit
June 15 Accounts Receivable Rs. 12,350
June 30 Accounts Receivable Rs. 18,400
June 30 Balance Rs. 30,750
Advertising ExpenseDate Transactions Debit Credit
June 17 Cash Rs. 900
Utility ExpenseDate Transactions Debit Credit
June 28 Cash Rs. 2,700
Rent ExpenseDate Transactions Debit Credit
June 29 Rent Payable Rs. 2,200
Salaries and Wages ExpenseDate Transactions Debit Credit
June 30 Cash Rs. 5,670
DividendsDate Transactions Debit Credit
June 30 Cash Rs. 6,000
3. The preparation of the trial balance at June 30, 2019, is as follows:
Date Transactions Debit Credit
Cash Rs. 44,580
Common Stock Rs. 30,000
Computer Rs. 12,000
Accounts Payable Rs. 9,500
Notes Payable Rs. 20,000
Rent Payable Rs. 2,200
Accounts Receivable Rs. 18,400
Service Revenue Rs. 30,750
Advertising Expense Rs. 900
Utility Expense Rs. 2,700
Rent Expense Rs. 2,200
Salaries and Wages Expense Rs. 5,670
Dividends Rs. 6,000
Totals Rs. 92,450 Rs. 92,450
What are the journal entries?Journal entries are made to record the transactions of a business as they occur daily.
Journal entries help post transactions to the general ledger (T-accounts).
With a trial balance, the balances in the general ledger are summarized to prepare financial statements.
Transaction Analysis:June 2 Cash Rs. 30,000 Common Stock Rs. 30,000
June 5 Computer Rs. 12,000 Cash Rs. 2,500 Accounts Payable Rs. 9,500
June 8 Cash Rs. 20,000 Notes Payable Rs. 20,000
June 15 Accounts Receivable Rs. 12,350 Service Revenue Rs. 12,350
June 17 Advertising Expense Rs. 900 Cash Rs. 900
June 23 Cash Rs. 12,350 Accounts Receivable Rs. 12,350
June 28 Utilities Expense Rs. 2,700 Cash Rs. 2,700
June 29 Rent Expense Rs. 2,200 Rent Payable Rs. 2,200
June 30 Salaries and Wages Expense Rs. 5,670 Cash Rs. 5,670
June 30 Accounts Receivable Rs. 18,400 Service Revenue Rs. 18,400
June 30 Dividends Rs. 6,000 Cash Rs. 6,000
Learn more about journal entries at https://brainly.com/question/28390337
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Answers
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Answers
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