Mary-Anne owns a shop that sells jewellery. She does not know how to keep full accounting records.
Question:
Mary-Anne owns a shop that sells jewellery. She does not know how to keep full accounting records. but is able to provide the folowing information for the year ended 31 December 2014.
Calculate the value of credit sales and credit purchases for the year.
Transcribed Image Text:
Amounts due from trade receivables at 16 200 1 January 2014 Amounts due from trade receivables at 15 900 31 December 2014 Cash received from credit customers during the year 81 400 Discounts allowed during the year 1600 Irecoverable debts 200 Returns inwards during the year 3 700 Amounts due to trade payables at 1 January 2014 Amounts due to trade payables at 28 100 23 500 31 December 2014 Cash paid to credit suppliers during the year 254 300 Discounts received during the year 13 400 Returns outwards during the year 42 200
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 52% (17 reviews)
To calculate the value of credit sales and credit purchases for the year we can u...View the full answer
Answered By
Chandrasekhar Karri
I have tutored students in accounting at the high school and college levels. I have developed strong teaching methods, which allow me to effectively explain complex accounting concepts to students. Additionally, I am committed to helping students reach their academic goals and providing them with the necessary tools to succeed.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
Question Posted:
Students also viewed these Business questions
-
The summarized statements for the year ended 31 December 2007 for Mat, Rug and P entities are as follows: Statements of comprehensive income for the year ended 31 December 2007 The following...
-
2. The accounting profit before tax for the year ended 31 December 2020 for Marmadey Sdn Bhd amounted to RM37,000. The draft statement of financial position at 31 December 2020 contained the...
-
The income statements for the year ended 31 December 2020 and the statements of financial position as at 31 December 2020 for Garden Plc, Leaf Ltd and Flower Ltd are given as follows: Statements of...
-
Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify at least one relevant financial statement assertion related to the restructuring reserve account. Why is it relevant?
-
Write and balance the chemical equation that represents nitrogen and hydrogen reacting to produce ammonia, NH3.
-
Kelley Company has completed Octobers sales and purchases journals (Shown below). a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable...
-
Do shares in Internet companies carry a greater or smaller risk than shares in large retail groups? Why?
-
1. Describe the nature of CPDWs problem. 2. What metrics would you recommend the CPDW use to enhance its pricing strategy? Provide a rationale for your recommendations.
-
Solve for Zz. Submit your answer in terms of degrees. > A 93 2 B
-
Two dentists A and B make a survey of the state of the teeth of 200 children in a village. Dr. A selects a simple random sample of 20 children and counts the number of decayed teeth for each child,...
-
Harry has extracted a trial balance from his books of account at 30 April 2014. The totals do not agree. He has posted the difference to a suspense account. Harry has found the following errors: a....
-
Bobby is in business as a market stallholder. He has not kept full accounting records. His statement of affairs at 1 April 2014 showed his capital was $86 000; his statement of affairs at 31 March...
-
Two similar surgeries, breast reconstruction and breast augmentation, have different prices. Breast augmentation is cosmetic surgery not covered by health insurance. Patients who want the surgery...
-
The objective is to describe the major regulations that govern the conduct of financial institutions and corporations. The start of the new millennium saw several corporate scandals, the largest and...
-
Do the following program BOTH in pseudocode and submit that as pseudocode.txt , AND regular Java code that can run. Use methods when appropriate!! The program first asks the user for the password. If...
-
calculate work-in-process inventory: Purchased direct materials = $125,000 Direct Labor costs = 75,000 indirect labor costs = 25,000 other manufacturing overhead (excluding indirect labor) = 115,000...
-
2. Write JAVA program as per class diagram and description given below: a. -id: int -name: String -salary: double -experience: int Employee Define the class and instance variable as per the class...
-
What will be the output of the algorithm given below? Algorithm: Step 1: Start Step 2: Initialize i = 2, j 3, c, m = 5 Step 3: Repeat step 4 to step 9 until i < 4 step by 1 Step 4: Compute c = m - 2...
-
In preparing their financial statements, U.S. firms with sales in foreign currencies have to engage in "foreign currency translations"; that is, they have to convert foreign currency values into U.S....
-
Suppose the government bond described in problem 1 above is held for five years and then the savings institution acquiring the bond decides to sell it at a price of $940. Can you figure out the...
-
Explain why a just-in-time delivery system would require a supplier to pay attention to quality control. Give an example to illustrate your points.
-
Discuss the problems a supplier might encounter in using a just-in-time delivery sy s tem with a customer in a foreign country.
-
Review the list of factors that affect PD service levels in Exhibit 11-3. Indicate which ones are most likely to be improved by EDI links between a supplier and its customers.
-
Lander Company has an opportunity to pursue a capital budgeting project with a five-year time horizon. After careful study, Lander estimated the following costs and revenues for the project: Cost of...
-
Summative Assessment [due Day 7) Saved The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31 a. On July 31, the...
-
ABC Holdings plans to sell 60,000 units, each unit consisting of a RM1,000 debenture and 15, 7-year warrants. Each warrant allows the holder to purchase one common-share at RM30. If the stock price...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App