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Balances at 31 January 2009: Debtors control account.............................$32,400 Creditors control account...........................$25,200 Inventory...................................................$30,000
Q1: The three primary financial statements that we have seen so far are the Balance Sheet, Statement of Owner’s Equity, and the Income Statement. Please
Q: I bought a business warehouse. How do I classify this asset if I paid the full amount with a cashier's check? A: This is a pretty simple transaction
An explanation of what a bank reconciliation is as well as the typical process involved.
Q: I want to ask how do you calculate opening work in progress inventory and closing work in progress inventory... and whether this calculation should
Q: 1. How do I determine the effectiveness of the internal control system with regards to debtors? 2. What are the strategies that I can implement to
Q: How do you find the cost price if the sales are $216,000 and the mark-up is 50%? A: Mark-up literally means the amount you mark up the cost by (the
Q: Does accrued expenses and revenue need to be closed at the end of the accounting period? A: First let's make sure we understand what accrued expenses
Q: What entry will be passed in the general journal for goods taken as a free sample? A: The first thing to work out here is whether free samples would
Q: Depreciation charged during the year will come under which activities? A: Depreciation actually does not come under any of the categories of the cash
Q: How are the balance sheet, income statement, statement of owner's equity and statement of cash flow useful for investors? 1. Balance Sheet The balance
The trial balance of Palicio Security Services Inc. as of January 1, 2016 had the following normal balances: Cash 74,210 Accounts receivable 13,500
Q: Juan de la Cruz began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner
Q: Please prepare the debtors and creditors ledger control account for the following: Balances: Debtors (1/1/10) 150,000 Creditors
Q: I was solving an exercise of control accounts in which one of the transactions given was this: Credit balance in purchases ledger transferred from
Q: What is the double entry of recording recovery of bad debts in control accounts? A: First of all, bad debts are debts owed to the business that have
Q: Prepare the journal entry or entries for the following transaction: Issued a receipt for R105 to B. Baloyi in settlement of his account of R126. (R
Q: Please what is the main purpose of preparing a cash flow statement in an organization? A: Very good question. The purpose of the cash flow statement
Q: Cash flow statement shows negative from operating activities but shows positive on cash at the end of the period. Is that possible? A: Yes, this is
Q: Which accounts are affected in each of the following transactions? April 3 Purchased office supplies on account, $300. April 4 Received prepayment
Q: State with reasons whether the following expenditure items are capital or revenue in nature: Purchase of Land. Installation of Plant and Machinery
Here are a few great resources I found on cheap college books, including renting and selling back your textbooks.
Q: What are the journal entries for the following: 1) Received gift of Rs 51,000 from father-in-law by check, which is deposited into business bank account.
Q: I want to know how do you make the following journal entries (rs = Rupees = Indian currency): 1. Outstanding expense - rs 3,000 2. Accrued interest
Create journal entries and draw up the T-accounts for the following transactions (Rs. = Rupees = Indian currency): 1. Harish started business with cash
Question: What would be the entries in the journal if the problem is like this: made payments on account, 17,000.00 ? Solution: Here is the entry for
Q: What is the share of undistributed profits? Do we have distributed profits? A: Yes, there is something called undistributed profits and there is
Q: The summaries of balance sheet and income statement data follow. Beginning of year: Total assets $ 85,000 Total liabilities 62,000 Total
Q: Prepare the journal entries for the following credit card sales transactions (the company uses the perpetual inventory system): Sold $3,000 of merchandise
Q: Paid $12,500 for a car which cost $20,000 with the garage accepting $7,500 in part exchange. The old car cost $22,000 and had depreciated by $5,000.
Q: Write the journal entries for the following transactions: Jan 1 Shayam commenced with cash 15,000. Jan 10 Returned goods to Krishna 350. A: Entries
would be credit or debit? A: To answer this question you first have to work out what that interest is. Is it an asset, income, expense, liability? The
Q:Owner invested PHp (Philippine Pesos) 500,000 cash along with computer equipment that had a market value of php. 120,000 two years ago but was now worth
Q: LaBouche Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash payment of $600 received
Q: What is the meaning of capital structure? A: The term capital structure refers to the structure of capital (equity) for a business. Actually more often
Deciding on a college where you'll study accounting can be a bit scary. Use our search tools here to find accounting colleges and classes across the US.
Q: What is a folio? A: It's a cross-referencing code, usually a number or a few numbers and letters. It connects two separate records, such as connecting
Q: Is cash flow affected for a company when they have entered into a terms agreement with their customers and no longer receive cash upfront, but sales
Why would tax accountants prefer to use last-in-first-out method?
If the income statement covered a six month period ending on November 30, 2010, the third line of the income statement would read: A. Month ended November
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