Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

30 November, 2012 Account Payable 25,200. Acc. Depriaciation Equip. 22,000. Cash 400,000 Account Payable7,000 Acc. Depriaciation Equip. 9,000 Equipment 50,000 Cost of Goods Sold 510,000

30 November, 2012

Account Payable 25,200.

Acc. Depriaciation Equip. 22,000.

Cash 400,000

Account Payable7,000

Acc. Depriaciation Equip. 9,000

Equipment 50,000

Cost of Goods Sold 510,000

Dividends80,000

Freight-out 60,000

Interest Expense 78,000

Interest Revenue 6,000

Inventory 20,000

Miscellaneous Expense

Notes Payable 37,000

Notes Receiveable 31,300

Prepaid Insurance 17,000

Rent Expense 9,000

Salaries and Wages Exp. 10,000

Sales Commisions Exp. 20,000

Sales Returns and allowance 25,000

Sales Revenue 700,000

Share Capital-ordinary 45,000

Ultilities Expense 8,000

Other data:

1. Depreciation expense for the month, 20,000

2. Insurance expired for November: 8,000

3. Property tax payable not yet recorded: 4,500

4. Sales commission payable not yet recorded: 8,000

5. Cash balance per bank, November 30: 25,121

6. November bank service charge not recorded by the depositor: 28

7. Deposits in transit, November 30: 2,500

8.Bank collected 700 note for the company in November, plus interest 36, less fee 20.

The collection has not been recorded by the company and no interest has been

accrued.

9. Outstanding checks, November 30: 621

10. Inventory on December 1, 2018: 10,000

11. From an internal audit it is known that for the inventory, the same person perform

ordering items, receiving the items, and receiving the invoice.

How to make a classified statement of financial position. Notes payable are due in 2022?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Finance

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan

12th edition

1259918947, 1260091908, 978-1259918940

More Books

Students also viewed these Accounting questions

Question

1. Too understand personal motivation.

Answered: 1 week ago