Question

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• Required 1

Fill in the missing amounts in the following schedules.

	April May June Sales* $80,000 $60,000 Cash receipts: From cash sales $40,000 $30,000 $45,000 From sales on account† 40,000 34,000 Total cash receipts

Half of each month’s sales are on account. March sales amounted to $60,000.

†60% of credit sales is collected in the month of sale; 40% is collected in the following month.

‡Yen is the Japanese national currency.

2.

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• Required 2

Fill in the missing amounts in the following schedules.

	Accounts payable, 12/31/x0 €300,000 Purchase of goods and services on account during 20x1 1,200,000 Payments of accounts payable during 20x1 Accounts payable, 12/31/x1 €400,000

3.

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• Required 3

Fill in the missing amounts in the following schedules.

	Accounts receivable, 12/31/x0 ¥340,000 ‡ Sales on account during 20x1 900,000 Collections of accounts receivable during 20x1 (780,000) Accounts receivable, 12/31/x1

4.

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• Required 4

Fill in the missing amounts in the following schedules.

	Accumulated depreciation, 12/31/x0 $810,000 Depreciation expense during 20x1 150,000 Accumulated depreciation, 12/31/x1

5.

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• Required 1
• Required 2
• Required 3
• Required 4
• Required 5

Fill in the missing amounts in the following schedules.

	Retained earnings, 12/31/x0 $2,050,000 Net income for 20x1 400,000 Dividends paid in 20x1 0 Retained earnings, 12/31/x1

Answer 1

1.

	April May June Sales* $80,000 $60,000 90,000 Cash receipts: From cash sales $40,000 $30,000 $45,000 From sales on account† 40,000 34,000 39,000 Total cash receipts 80,000 64,000 84,000

2.

	Accounts payable, 12/31/x0 (i) €300,000 Purchase of goods and services on account during 20x1 (ii)   1,200,000 Payments of accounts payable during 20x1 (i) + (ii) - (iii) 1,100,000 Accounts payable, 12/31/x1 (iii) €400,000

3.

	Accounts receivable, 12/31/x0 (i) ¥340,000 ‡ Sales on account during 20x1 (ii) 900,000 Collections of accounts receivable during 20x1 (iii)   (780,000) Accounts receivable, 12/31/x1 (i) + (ii) - (iii) 460,000

4.

	Accumulated depreciation, 12/31/x0 (i) $810,000 Depreciation expense during 20x1 (ii) 150,000 Accumulated depreciation, 12/31/x1 (i) + (ii) 960,000

5.

	Retained earnings, 12/31/x0 (i) $2,050,000 Net income for 20x1 (ii) 400,000 Dividends paid in 20x1 (iii) 0 Retained earnings, 12/31/x1 (i) + (ii) - (iii) 2,450,000