Given: The following balances have been taken from the pre-closing Trial Balance prepared from the ledger of Mr. Bazil on Dec. 31,2003. DEBIT BALANCE Cash Rs. 48,000. Account Receivables (1,1,2003) Rs. 1,40,000. Merchandise Inventory (1,1,2003) Rs. 70,000. Office Supplies Rs. 5,000. Furniture Rs. 50,000. Purchases Rs. 2,00,000. Salaries Expanses Rs. 3,500. Prepaid Insurance Rs. 2,000. Rent Expenses Rs. 4,200. Total Rs. 5,22,700. CREDIT BALANCE Account Payable Rs. 22,700. Sales Rs. 3,40,000. Purchases return Rs. 10,000. Unearned fee Rs. 10,000. Bazil-Capital Rs. 1,40,000. Total Rs. 5,22,700. DATA FOR ADJUSTMENTS: 1) Insurance expired by Rs. 1,500. 2) Fee earned Rs. 7,000. 3) Depreciation expenses on furniture Rs. 5,000. 4) Salaries expanses for the year Rs. 4,200. 5) Rent expense for the year Rs. 3,500. 6) Office supplies on hand Rs. 7) Merchandise Inventory on Dec.31,2003 Rs. 80,000. REQUIRED: i) Prepare Income Statement for the year ended Dec. 31,2003. ii Prepare classified balance Sheet as of Dec. 31,2003.

Given: The following balances have been taken from the pre-closing Trial Balance prepared from the ledger of Mr. Bazil on Dec. 31,2003. DEBIT BALANCE Cash Rs. 48,000. Account Receivables (1,1,2003) Rs. 1,40,000. Merchandise Inventory (1,1,2003) Rs. 70,000. Office Supplies Rs. 5,000. Furniture Rs. 50,000. Purchases Rs. 2,00,000. Salaries Expanses Rs. 3,500. Prepaid Insurance Rs. 2,000. Rent Expenses Rs. 4,200. Total Rs. 5,22,700. CREDIT BALANCE Account Payable Rs. 22,700. Sales Rs. 3,40,000. Purchases return Rs. 10,000. Unearned fee Rs. 10,000. Bazil-Capital Rs. 1,40,000. Total Rs. 5,22,700. DATA FOR ADJUSTMENTS: 1) Insurance expired by Rs. 1,500. 2) Fee earned Rs. 7,000. 3) Depreciation expenses on furniture Rs. 5,000. 4) Salaries expanses for the year Rs. 4,200. 5) Rent expense for the year Rs. 3,500. 6) Office supplies on hand Rs. 7) Merchandise Inventory on Dec.31,2003 Rs. 80,000. REQUIRED: i) Prepare Income Statement for the year ended Dec. 31,2003. ii Prepare classified balance Sheet as of Dec. 31,2003.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

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Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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Based on the following data for the current year, what is the number of days' sales in receivable? Net sales on account during year $495,046 Cost of goods sold during year 202,912 Accounts receivable, beginning of year 45,637 Accounts receivable, end of year 52,238 Inventory, beginning of year 94,359 Inventory, end of year 104,951 Round your answer up to the nearest whole day.
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On December 31, 20X1, certain account balances at England Company were as follows before year-end adjustments: Accounts Receivable Allowance for Uncollectible Accounts (credit) Sales Sales Returns and Allowances $ 470,750 930 4,602,750 319,325 A further examination of the records showed that the "Sales" included $478,100 of cash sales during the year. Of the sales returns and allowances, $16,650 came from credit sales. Assume that England Company makes its estimate of uncollectible accounts on December 31 as 3.2 percent of total accounts receivable. Required: Compute the estimated amount of uncollectible accounts and prepare the general journal entry to record the provision for uncollectible accounts. Complete this question by entering your answers in the tabs below. Uncollect Accounts General Journal Compute the estimated amount of uncollectible accounts. Note: Round your "Estimated uncollectible rate" to 3 decimal places, I Accounts receivable Estimated uncollectible rate Estimated…