Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Thnh Cng Trading - Manufacturing - Service Co., Ltd specializes in trading construction products, using the periodic inventory method for recording inventory, the first-in, first-out

Thnh Cng Trading - Manufacturing - Service Co., Ltd specializes in trading construction products, using the periodic inventory method for recording inventory, the first-in, first-out method for calculating the cost of goods sold, and the straight-line depreciation method for fixed assets. At the beginning of 2022, the opening balance is as follows:

targets

account number

amount of money (million)

(Cash in bank)

TK112

190,000

(Account Receivable)

TK131

240,000

(Salaries Payable)

TK334

20,000

(Notes payable)

TK341

10,000

(Account payable)

TK331

30,000

(Merchandise inventory)

TK156

30,000

Quantity 3000 pieces; unit price 10 million/1 piece

(Equipment)

TK211

160,000

(Accumulated Depreciation)

TK214

(5,000)

(Profit)

TK421

X?

(THANHCONGS capital)

TK411

500,000

(supplies)

TK153

50,000

(Cash)

TK111

60,000

TK3334

10,000

(Corporate Income Tax)

In 2022, the company had the following economic transactions:

1. The owner contributed capital to the company through a bank deposit of 104,000 million VND.

2. Received 30,000 million VND in cash and 10,000 million VND in bank deposit from customers paying debts.

3. Purchased equipment (tangible fixed assets) worth 30,000 million VND from a seller on credit.

4. Purchased inventory of 2,000 units at a unit price of 15 million VND, on credit from a supplier.

5. Sold 2,000 units of inventory at a unit price of 25 million VND, receiving payment in cash.

6. Paid 10,000 million VND to suppliers for credit purchases and purchased tools and equipment for inventory at a cost of 20,000 million VND.

7. Received payment from customers in the amount of 80,000 million VND via bank transfer and 20,000 million VND in cash.

8. Purchased 4,000 units of inventory at a unit price of 20 million VND, paying by bank transfer.

9. Sold 4,000 units of inventory at a unit price of 40 million VND, receiving payment via bank transfer.

10. Borrowed money from the bank to purchase inventory tools and equipment worth 2,000 million VND and tangible fixed assets worth 10,000 million VND.

11. Withdrew 90,000 million VND in cash from the bank account to the cash fund.

12. Contributed 50,000 million VND in cash to the subsidiary company.

13. Recorded depreciation expenses for sales department equipment of 1,000 million VND and for business management department equipment of 2,000 million VND.

14. Accrued salaries payable to sales staff of 2,000 million VND and business management staff of 1,000 million VND.

15. Calculated the profit or loss for the year, knowing the corporate income tax rate is 20%.

Requirements:

1. Calculate X ? (the opening profit) and record the financial transactions in the General Journal.

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

Cost Benefit Analysis Concepts And Practice

Authors: Anthony E. Boardman, David H. Greenberg, Aidan R. Vining, David L. Weimer

5th Edition

1108401295, 978-1108401296

More Books

Students also viewed these Accounting questions