QUESTION 3 After correctly recording adjusting entries at the end of the 2022 fiscal year, Sinopec has a balance of 4.2 billion in revenues, *3.7 billion in expenses, 10 million in dividends, and 12 billion in retained earnings. Which of the following would be a part of Sinopec's closing entries? O Debit to Retained Earnings of 12 billion O Credit to Retained Earnings of *12 billion Credit to Retained Earnings of ¥4.2 billion O Credit to Retained Earnings of ¥3.7 billion O Credit to Retained Earnings of 10 million 4
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The closing entries are made to close the temporary account. The closing entries are made at the end of the accounting period. The company only keeps the permanent account and the rest temporary account like revenue expense is closed.
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- ACCT101 FALL 2020-2021 Collection of an R.O 1500 Accounts Receivable. The effect on the components of the basic accounting equation of the Company is: Select one: a. Decreases a liability R.O 1500; increases owner's equity R.O 1500. O b. Increases an asset R.O 1500; decreases an asset R.O 1500. c. Increases an asset R.O 1500; decreases a liability R.O 1500. O d. Decreases a liability R.O 1500; decreases a liability R.O 1500. e. Decreases an asset R.O 1500; decreases a liability R.O 1500. NextageQuestion 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit2020.12.30 15:27 accounts of here in form: The for Pascual has entries "a" through "e" to at Dec. 31, All the and equity Identifying Entries Completing the Accounting Cycle| 283 NAME: SCORE: SECTION: PROFESSOR: Problem #4 dentifying and Journalizing Closing Entries of %3D Accounts Receivable Pascual, Withdrawals 524,000 (a) Supplies Service Revenues 1,030,000 Accumulated Depreciation-Furniture Salaries Expense (q) Accumulated Depreciation-Building (p) Supplies Expense 330,000 (a) (c) Salaries Payable Depreciation Expense-Furniture 000, () (a) Depreciation Expense-Building (c) Pascual, Capital 494,000 Required:
- Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500 (b) Calculate the following ratios of Barry Sdn Bhd for the year ended 31December 2020.(i) Gross profit margin(ii) Net profit margin(iii) Current ratioQuestion 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500 (b) Calculate the following ratios of Barry Sdn Bhd for the year ended 31December 2020. (iv) Inventories turnover days(v) Trade receivables turnover daysPart One DaYs Sales Outstanding Data: 2018: 26.05 2019: 32.25 2020: 29.69 2021:36.43 2022: 35.05 Based on your analysis from Part One, which of the following transactions and events would result in an improvement in Days Sales Outstanding in year 2022? A) recognising the impairment of plant & equipment B) the recognition of income tax expense owing at the end of the period C) recognising the increase in market value of land D) A and B only E) A and C only F) B and C only G) All of the above H) None of the above
- counting-20202 adna Al Maskari Section 1 / Midterm 1 Resit Exam In the year 2020 LNG company had a net sale of RO19,800 million for the year of which RO17600 are credit sales. The company also had a beginning accounts receivable balance of RO 1213 million and an ending accounts receivable balance of RO 1177 million. What will be the average collection period in days: on Select one: О а. 14.72 days O b. 16.57 days O c. 22.03 days O d. 24.8 days Next pa page il lis iSThe stockholders' equity section of Cheyenne Corp. at December 31, 2019, included the following: 5% preferred stock, $100 par value, cumulative, 19,600 shares authorized, 14,300 shares issued and outstanding Common stock, $10 par value, 250,000 shares authorized, 240,000 shares issued and outstanding $1,430,000 $2,400,000 Dividends were not declared on the preferred stock in 2019 and are in arrears. On September 15, 2020, the board of directors of Cheyenne Corp. declared dividends on the preferred stock to stockholders of record on October 1, 2020, payable on October 15, 2020. On November 1, 2020, the board of directors declared a $1 per share dividend on the common stock, payable November 30, 2020, to stockholders of record on November 15, 2020. Prepare the journal entries that should be made by Cheyenne Corp. on the dates indicated below: September 15, 2020 November 1, 2020 October 1, 2020 November 15, 2020 October 15, 2020 November 30, 2020US Kiumel, finamclal Accounting, Se Hele I Syotem Aenouncements CALLAT Briel Exercise 8-11 he 20117 financial staternents of 3M Company report net sales of $25.3 billion. Accounts receivable (net) are $3.00 billion at the beginning of the year and $3.24 billion at the cde Compute 3M Company's receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Compute 3M Company's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period days Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 usec
- istructions alance sheet for Sandpiper Corporation as of December 31, 2020 using column 2 3 for nets, sub-totals, & totals on the 4-column accounting paper provided online. e the units, tens, hundreds, thousands, etc. in the proper mini column, and leave o commas are necessary when you use the accounting paper properly. Dollar signs f the column and after a total line. o present the following ratios to the nearest tenth: ratio, Debt to assets ratio, Ratio of fixed assets to long-term liabilities, Ratio of total ders' equity1. What is the adjustment of retained earnings on January 1, 2022? a. ₱ 230,000 credit b. ₱ 370,000 debit c. ₱ 230,000 debit d. ₱ 300,000 creditProblem 3-26 (Algo) Return on assets analysis [LO3-2] In January 2009, the Status Quo Company was formed. Total assets were $593,000, of which $351,000 consisted of depreciab assets. Status Quo uses straight-line depreciation of $35,100 per year, and in 2009 it estimated its fixed assets to have useful liv 10 years. Aftertax income has been $43,000 per year each of the last 10 years. Other assets have not changed since 2009. a. Compute return on assets at year-end for 2009, 2011, 2014, 2016 and 2018. Note: Input your answers as a percent rounded to 2 decimal places. Year 2009 2011 2014 2016 2019 Return on Assets 62.91 % % % % % b. To what do you attribute the phenomenon shown in part a? Annual depreciation charges O Increase in current assets O Increase in market share c. Now assume income increased by 10 percent each year. What effect would this have on your answers to part a?