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1. Preparing Balance Sheets it to start your own business as a reseller of "ACCA" books. You order every day 5 books from is $70. But you are able to sell each ordered books your supplier in "ACCA" publishing. Cost o f each book is $50, and your supplier agrees to sell it to you on account with terms n/11. The price you set for each book only after 15d that your parents want ou need. however the other hand, to attract clients you a re offering a sale with term n/s (A/R). The good polnt i you to become successful, thus they are always ready to help you with the cash whenever y need to pay back them their investment to you. you Required: a) Show the balance sheet on 11th, 15th, 16th. 20th, 21th days. b) Find the day when you can pay your all debts (With Balance Sheet) 2. On December 31 oflast yea r, the balance sheet of Korab Company had Accounts Receivable of $149,000 anda credit balance e in Allowance for Uncollectible Accounts of $10,150. During the current year, Korab Company's records included the following selected activities: (a) sales on account, $597,500 (c) collections from customers, $575,000, and (d) accounts written off as worthless, $8,000. Korab Company's net sales have been uncollectible. Required: Prepare T acco Uncollectible Accounts Expense and determine the ending balance of Allowance for Uncollectible Accounts under (a) the percentage of net sales method and (b) the accounts receivable aging method. Assume that an aging of the accounts receivable shows that $10,000 may be uncollectible ) (b) sales returns and allowances, $36,500; nts written off as worthless, $8,000. In the past, 1.6 percent of unts for Accounts Receivable and Allowance for Uncollectible Accounts and Compute 3. The following information is available for Unique Globe, as of May 31 , 2011. Cash on the books as of May 31 amounted to $43,784.16. Cash on the bank statement for the same date was $53,451.46. A deposit of $5,220.94, representing cash receipts of May 31, did not appear on the bank statement. Outstanding checks totaled $3,936.80.A for $1,920.00 paid by bank was recorded incorrectly in the check register as $1,380.00. The bank service charge 200.00 for Unique Globe, on a note. The face value of the note was $12,000.00. An NSF check for $178.56 from a customer, Eve Lay, was returned with the statement. The bank mistakenly charged to the company account a check for $750.00 drawn by another company. The bank reported that it had credited the account for $250.00 in interest on the average balance for May 4. Company purchased car at $22000 with a residual value $2000. Estimated life of car is 5 years. After 2 years and 6 months company decided to dispose car by exchanging it to a new car with cost $15000, trade-in for old car was $7000. Required: a) Draw depreciation table under double-declining method; b) Make journal entry for disposal of car 5. Benzinger Trailer Rental owns thirty small trailers that are rented by the day for local moving jobs. The adjusted trial balance for Benzinger Trailer Rental for the year ended December 31, 19x4 Cash Accounts Receivable Supplies Prepaid Insurance $1,384 944 Trailers 24,000 Accumulated Depreciation, Trailers Accounts Payable S 14,400 542 Frank Benzinger, Capital Frank Withdrawals Trailer Rentalst 11,388 Benzinger 14,400 91,092 Insurance Expense 1.440 Supplies Expense Depreciation Expense 4,800 1.564 Other Expensesw Required 1. Prepare an income stat investments by Frank Benzinger. 2. From the information given, record the closing entries tement, a statement of owner's equity, and a balance sheet. Assume no additional
