Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve Asap The following information shows the financial status and the transaction in December 2021 of a construction material company XYZ a Sold $35,000

please solve Asap
image text in transcribed
The following information shows the financial status and the transaction in December 2021 of a construction material company XYZ a Sold $35,000 of material in inventory for cash to customer. (Note: This is the selling price for the material. The value of the inventory is unknown at this time. At the end of the month, a physical count of the inventory will be made and the CGS entry can be made then) b. Paid $20,00 on account payable. c. Billed Simpson Co. $10,000 for installation services d. Pay employee wages, 540,000 e Received $35.000 from customer for account receivable. Received bill from supplier for tepaat of equipment, $30,000 8. Bought on credit for the material from the supplier, $20,000 h. Sold on credit, $35,000 in material to South Building, i. Paid Mortgage Co. $25,000 of which $15,000 was toward principal and $10,000 was interest J. Paid part of tax awed, $100,000 k Declared and paid dividends of $0. 1. Depreciation of equipment is S5,000 and the building is $4,000. m. Physical count of inventory at the end of the month is $50,000, Balance Sheet, November 30, 2021 Assets Liabilities and Owners Equity Cash 600000 Account payable 105,000 Account Receivable 97,000 400,000 Notes Payable Marketable Securities 35,000 100,000 Taxes payable Inventory Current 100,000 Liabilities 605.000 Mortgage on Current Assets 832,000 Bldg 325,000 Equipment 500,000 Total Liabilities 930,000 Building 668,000 Common Stock 600,000 Fixed Assets 1.168,000 Retaining Earnings 470,000 Total Owners 1.070.000 Equity 2,000,000 Total Assets Total Liabilities 2,000,000 and O.E. 1.1 Show the accounting equation of the double entry system to generate the income statement and the balance sheet. (10%) Ded XYZ company earn or lose money in December 2021? How much? (5%) 1.2

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

The Home Energy Audit Your Guide To Understanding And Reducing Your Home Energy Costs

Authors: Richard Montgomery

1st Edition

0471864668, 978-0471864660

More Books

Students also viewed these Accounting questions

Question

Discuss the history of human resource management (HRM).

Answered: 1 week ago