The end of the period #2: Cash=250, Account Receivable=20, Allowance=0, Inventor

Question

The end of the period #2: Cash=250, Account Receivable=20, Allowance=0, Inventory=70, Pre Paids=0, Supplies=0, Long-lived Assets=160, Accum D&A=(86), Advanced/Deferred Revenue=0, Payable=0, Accruals=10, Other C.L.=0, I.B.D=100, Paid-in-Capital=200, Treasury Stock=0, and Retained earnings=104.

These follow events were happened in the next #3 period.

1)At the beggining, sold the supply for $50 cash.

2)Sell 10 t-shirts at $10 each.

3)Collect the $20 in receivable, and $20 in cash.

4)Buy 10 t-shirts at $5 each

5) Bring puppy for the party performance
6) Collect all receivables in cash
7) Sold 10 t-shirts at $10 each
8) Buy 10 t-shirts at $5 each
9) Sell puppy at end of quarter for $50

I need solutions for the follow answers at the end of the period #3.

Cash=?, Account Receivable=?, Allowance=?, Inventory=?, Pre Paids=?, Supplies=?, Long-lived Assets=?, Accum D&A=?, Advanced/Deferred Revenue=?, Payable=?, Accruals=?, Other C.L.=?, I.B.D=?, Paid-in-Capital=?, Treasury Stock=?, and Retained earnings=?.

Also,

Revenue=?, COGS=?, Gross Profit=?, SGA=?, EBIDA=?, D&A Expense=?, EBIT=?, Interest=?, Pre-tax Income=?, Other Gains (Losses) net=?, Income from Continuing Ops Extraordinary Items=?, and Net Income=?.

Please help me. Thank you!

Explanation / Answer

Opening Statement of Affairs/ Balance Sheet Accruals 10 Cash 250 IBD 100 Receivables 20 Capital 200 Inventory 70 Retained Earnings 104 Long lived assets 160 Acc. Depn -86 414 414 Entries: Dr Cr a Cash 50 Inventory 50 b Cash 100 Inventory 100 c cash 20 receivables 20 d inventory 50 cash 50 e cash 100 inventory 100 f inventory 50 cash 50 Closing Balance Sheet Accruals 10 Cash 420 IBD 100 Receivables 0 Capital 200 Inventory -80 Retained Earnings 104 Long lived assets 160 Acc. Depn -86 414 414 Please consider the time devoted to make this reply by rating this as 5 star. Thank u in advance. God bless u :)

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.