Here is The Transactions: I will provide the Questions down: 10/1/2015 Inventory
ID: 2711046 • Letter: H
Question
Here is The Transactions: I will provide the Questions down:
10/1/2015
Inventory
306,000
Accounts Payable
306,000
10/10/2015
Accounts Receivable
322,000
Sales
322,000
Cost of Goods Sold
177,100
Inventory
177,100
10/11/2015
Repair Expense
16,300
Cash
16,300
10/18/2015
Utility Expense
19,000
Cash
19,000
10/29/2015
Cash
381,000
Accounts Receivable
381,000
10/30/2015
Treasury Stock
26,000
Cash
26,000
11/15/2015
Operating Expense
36,000
Cash
36,000
11/24/2015
Accounts Payable
290,000
Cash
290,000
11/26/2015
Operating Expense
46,000
Cash
46,000
11/28/2015
12/2/215
Cash
118,000
Sales
118,000
Cost of Goods Sold
68,000
Inventory
68,000
12/3/2015
Bad debts Expense
1,610
Allowance for doubtful account
1,610
12/29/2015
Wages Expense
18,000
Cash
18,000
12/30/2015
Depreciation Expense
accumulated depreciation
12/31/2015
Utility Expense
47,000
Utility Payable
47,000
12/31/2015
Cash
50,000
Preference share capital
30,000
preference shares
20,000
FOURTH QUARTER CHECK
1,922,010
1,922,010
Answer the Trial Balance :
Trial Balance
Beg Debit Bal
Beg Credit Bal
Debit
Credit
End Debit Bal
End Credit Bal
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Inventory
Prepaid Rent
Land
Building
Accumulated Depreciation
Accounts Payable
Utilities Payable
Interest Payable
Line of Credit (short-term)
Note Payable (long-term)
Common Stock
Preferred Stock
Additional Paid in Capital - PS
Treasury Stock
Additional Paid in Capital - TS
Retained Earnings
Sales Revenue
Cost of Goods Sold
Operating Expense
Interest Expense
Dividends
FOURTH QUARTER CHECK
-
-
-
-
-
-
Answer The following:
Financial Statements
Income Statement
Income Statement
Qtr Ended 12/31/15
Year to Date 12/31/15
Net Sales
Cost of Goods Sold
Gross Margin
Operating Expenses
Operating Income
Interest Expense
Net Income
Statement of Changes
Statement of Changes
in Retained Earnings
in Retained Earnings
Qtr Ended 12/31/15
Year to Date 12/31/15
Beginning Retained Earnings
Plus: Net Income
Less: Dividends
Ending Retained Earnings
Balance Sheet
Balance Sheet
As of 12/31/15
As of 12/31/15
Cash
Accounts Receivable - NRV
Inventory
Prepaid Rent
Land
Building - Net of A/D
Total Assets
Accounts Payable
Utilities Payable
Interest Payable
Line of Credit (short-term)
Note Payable (long-term)
Total Liabilities
Common Stock - no par
Preferred Stock - $30 par
Additional Paid in Capital - PS
Retained Earnings
Less: Treasury Stock
Total Equity
Total Liabilities and Equity
CHECK:
-
-
Stmt of Cash Flows
Stmt of Cash Flows
Qtr Ended 12/31/15
Year Ended 12/31/15
Cash Flows from Operating Activities
Cash received from customers
499,000
1,125,000
Cash paid for operating expenses
Net cash flow from operating activities
Cash Flows from Investing Activities
Cash paid to purchase land/building
Cash Flows from Financing Activities
Cash received from issuing stock
Cash paid for repurchase of stock
Cash paid for dividends
Cash received from borrowings
Cash paid for debt service
Net cash flow from financing activities
Net change in cash
Plus: Beginning cash balance
Ending cash balance
CHECK:
-
-
10/1/2015
Inventory
306,000
Accounts Payable
306,000
10/10/2015
Accounts Receivable
322,000
Sales
322,000
Cost of Goods Sold
177,100
Inventory
177,100
10/11/2015
Repair Expense
16,300
Cash
16,300
10/18/2015
Utility Expense
19,000
Cash
19,000
10/29/2015
Cash
381,000
Accounts Receivable
381,000
10/30/2015
Treasury Stock
26,000
Cash
26,000
11/15/2015
Operating Expense
36,000
Cash
36,000
11/24/2015
Accounts Payable
290,000
Cash
290,000
11/26/2015
Operating Expense
46,000
Cash
46,000
11/28/2015
12/2/215
Cash
118,000
Sales
118,000
Cost of Goods Sold
68,000
Inventory
68,000
12/3/2015
Bad debts Expense
1,610
Allowance for doubtful account
1,610
12/29/2015
Wages Expense
18,000
Cash
18,000
12/30/2015
Depreciation Expense
accumulated depreciation
12/31/2015
Utility Expense
47,000
Utility Payable
47,000
12/31/2015
Cash
50,000
Preference share capital
30,000
preference shares
20,000
FOURTH QUARTER CHECK
1,922,010
1,922,010
Explanation / Answer
Since Opening balances are not given the other answers cannot be given. Kindly provide the opening balances
Trial Balance Beg Debit Bal Beg Credit Bal Debit Credit End Debit Bal End Credit Bal Cash 5,49,000.00 4,51,300.00 97,700.00 - Accounts Receivable 3,22,000.00 3,81,000.00 - (59,000.00) Allowance for Doubtful Accounts - 1,610.00 - (1,610.00) Inventory 3,06,000.00 2,45,100.00 60,900.00 - Prepaid Rent - - - - Land - - - - Building - - - - Accumulated Depreciation - - - - Accounts Payable 2,90,000.00 3,06,000.00 - (16,000.00) Utilities Payable - 47,000.00 - (47,000.00) Interest Payable - - - - Line of Credit (short-term) - - - - Note Payable (long-term) - - - - Common Stock - - - - Preferred Stock - 30,000.00 - (30,000.00) Additional Paid in Capital - PS - 20,000.00 - (20,000.00) Treasury Stock 26,000.00 - 26,000.00 - Additional Paid in Capital - TS - - - - Retained Earnings - - - - Sales Revenue - 4,40,000.00 - (4,40,000.00) Cost of Goods Sold 2,45,100.00 - 2,45,100.00 - Operating Expense 82,000.00 - 82,000.00 - Interest Expense - - - - Dividends - - - - FOURTH QUARTER CHECK - - 18,20,100.00 19,22,010.00 - - ADD: Repair Expense 16,300.00 Utility Expense 66,000.00 Bad debts Expense 1,610.00 Wages Expense 18,000.00 Total 19,22,010.00Related Questions
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