Question
PSPM 2010/2011 Sanguine Ent (SE) has a fiscal year ending on June 30. Selected data are presented below: Accounts Dr Cr Cash 13,550 Accounts receivables
PSPM 2010/2011
Sanguine Ent (SE) has a fiscal year ending on June 30. Selected data are presented below:
Accounts
Dr
Cr
Cash
13,550
Accounts receivables
37,500
Prepaid insurance
1,800
Investment, long term
20,000
Land
50,000
Building
137,500
Accumulated depreciation
-
building
51,000
Office equipment
90,100
Accumulated depreciation
-
Office equipment
35,300
Accounts payable
33,500
Liabilities, long term (6% annually)
25,000
Unearned rent revenue
3,000
Capital
222,500
Withdrawal
10,000
Sales
288,400
Purchases
90,000
Sales returns
8,000
Purchase returns
5,500
Sales discounts
3,050
Purchase discounts
2,250
Inventory, July 1, 2009
15,000
Salaries and wages expenses
101,200
Advertising expense
58,200
Utility expense
19,000
Maintenance expense
11,550
666,450
666,450
Information on June 30, 2010:
1.
Inventory on June 30 2010, RM23,550.
2.
Prepaid insurance expired during the year, RM800.
3.
Interest expenses should be paid on June 30 and December 31.
4.
Building depreciation, RM1,620 and Office equipment, RM3500 during the year.
5.
Accrued salaries and wages expenses, RM1,050.
6.
Unearned rent revenue, RM1,000.
7.
The company writes off En Ramli's
, RM10,000 as uncollectible on June 30, 2010. The
estimated percentage uncollectible is 1% of accounts receivable balance on June 30, 2010
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