Question

In: Finance

A ) You have entered the following opening balances for the start of the financial year....

A ) You have entered the following opening balances for the start of the financial year.

General Ledger:

Accounts Receivable $120,000

Accounts Payable $115,000

Subsidiary Ledger:

Customer Balances    Suppliers Balances
Ames Industries 30,000 Cantor & Son 28,000
Ballas Pty Ltd 40,000 Hays Inc 22,000
Gore Inc 25,000 Lawes Pty Ltd 50,000
Majam Pty Ltd ? Kahn Industries ?

Unfortunately you cannot read the amount for the last name in each list. You are, however, able to calculate them as:

Select one:

a. Majam Pty Ltd 15,000 and Kahn Industries 25,000

b. Majam Pty Ltd 25,000 and Kahn Industries 25,000

c. Majam Pty Ltd 25,000 and Kahn Industries 15,000

d. Majam Pty Ltd 15,000 and Kahn Industries 15,000

B)

Select the most appropriate definition of an account:

Select one:

a. Detailed record of changes that have occurred

b. Basic summary device

c. Unsold goods on hand

d. Both a and b

D)

Select the most appropriate order of a transaction:

1 Post to subsidiary ledger

2 Post to general ledger

3 Transaction recorded in journal

4 Source documents gathered

Select one:

a. 4, 1, 2, 3

b. 4, 3, 1, 2

c. 4, 2, 3, 1

d. 4, 3, 2, 1

Solutions

Expert Solution

Answer A
Majam Pty Ltd balance = Total accounts receivables - Total customer balances
Majam Pty Ltd balance = $120000 - $95000 = $25000
Kahn Industries balance = Total Accounts Payable - Total supplier balances
Kahn Industries balance = $115000 - $100000 = $15000
The answer is Option c.
Answer B
The answer is Option d.
The most appropriate definition of an account is Detailed record of changes that have occurred and Basic summary device.
Answer D
The answer is Option d.
The most appropriate order of a transaction: 4) Source documents gathered 3)Transaction recorded in journal, 2)Post to general ledger and 1) Post to subsidiary ledger

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

On July 1, the start of its fiscal year, Victoria County reported the following balances ($...
On July 1, the start of its fiscal year, Victoria County reported the following balances ($ in thousands): Fund balance: Committed for encumbrances $500 Unassigned              900 Total fund balance      $1,400 During the year, the county ($ in thousands): • Estimated that revenues for the year would be $13,500. • Appropriated $14,000 for operations. • Ordered supplies estimated to cost $13,000. Of these, the county received (and paid) supplies that it had estimated would cost $11,500. Actual cost, however, was $11,900....
On July 1, the start of its fiscal year, Lavaca County reported the following balances ($...
On July 1, the start of its fiscal year, Lavaca County reported the following balances ($ in thousands): Fund balance: Committed for encumbrances $400 Unassigned $800 Total fund balance $1,300 During the year, the county ($ in thousands): • Estimated that revenues for the year would be $13,400 • Appropriated $13,000 for operations. • Ordered supplies estimated to cost $12,000. Of these, the county received (and paid) supplies that it had estimated would cost $11,300. Actual cost, however, was $11,800....
A company’s financial records report the following accounts and balances at the end of the year:...
A company’s financial records report the following accounts and balances at the end of the year: Accounts payable $ 4,000 Accounts receivable    4,700 Cash 14,100 Common stock      5,600 Dividends      2,200 Interest expense 18,500 Notes payable     5,200 Prepaid insurance     2,700 Retained insurance     2,400 Service revenue 25,000 What would the company show as its total credits on its trial balance? a) $39,800 b) $43,400 c) $36,600 d) $42,200 e) $44,400
Financial start of Red river ltd at the end of financial year 2018-2019 has the following...
Financial start of Red river ltd at the end of financial year 2018-2019 has the following information. Sales of $855000, Cost of goods sold $542000, selling expenses of $12000, administration expenses of $6000, depreciation expenses of $35000, interest expenses of $12000 and corporate tax rate of 30%. The firm is planning a new investment project that requires a cost of $350000. The firms plans a capital structure of 40% equity and 60% debt to finance this project. Calculate the gross...
20.An examination of the capital cost allowance schedule for 2020 provided the following opening balances for...
20.An examination of the capital cost allowance schedule for 2020 provided the following opening balances for the undepreciated capital cost for each class of EASI's assets: Class 1 Bbuilding........................................................... $188,383 Class 8 Office furniture and equipment..................... 60,000 Class 10 Trucks for transportation of goods 80,000 Class 12 Ssmall tools....................................................... 5,000 Class 13 Lleasehold improvements............................... 187,500 Class 44 Patent and rights limited life.......................... 90,000 The following additional information was found in the 2020 fixed asset schedules working paper files. A. The...
. FOR THE GIVEN INFORMATION BELOW CREATE T-accounts, trial balances GIVEN ARE THE OPENING BALANCES FOR...
. FOR THE GIVEN INFORMATION BELOW CREATE T-accounts, trial balances GIVEN ARE THE OPENING BALANCES FOR MONTH February Cash24,650 Accounts Receivable11,950 Supplies (Asset)400 Computers2,000 Accumulated Amortization - Computer79 Vehicles5,000 Accumulated Amortization - Vehicles111 Furniture2,800 Accumulated Amortization - Furniture22 Land38,000 Accounts Payable750 J. Jones, Capital83,838 CLIENT #2 BALANCE- $1500 CLIENT #4 BALANCE- $11,350. THESE ARE THE February transactions: 1Purchased additional $250 in supplies. 1Signed an insurance policy costing $3,600 over 3 years. Paid for February, March and April. 2Client #4 paid...
1. You invested $100 at the start of the year. You now have $103. Inflation is...
1. You invested $100 at the start of the year. You now have $103. Inflation is 3% since the start of the year. Which of the following is a FALSE statement? A. The nominal interest rate you earned is 3%. B. The real rate of return on your investment is 3%. C. You can buy no more goods and services with your money than you could at the start of the year. D. The nominal interest rate you earned is...
As you can determine from the attached financial statements (balances are at year end), the return...
As you can determine from the attached financial statements (balances are at year end), the return on equity (ROE) declined significantly from 2013 to 2015. Decompose ROE into the five component ratios (for each year) and offer a thoughtful explanation for the decline. (When calculating ratios that use balance sheet items, please use the year-end numbers. Do not use averages. For example, when calculating a ratio that uses total assets, use the balance sheet number provided for that year. Do...
The XYZ manufacturing company shows the following account balances for the financial year 2013. Calculate the...
The XYZ manufacturing company shows the following account balances for the financial year 2013. Calculate the cost of goods manufactured and the cost of goods sold (in $ 000).                                                                                                 $‘000 Depreciation plant and equipment                           32 Direct materials inventory 1.1.13                                 9 Direct material purchases                                             57 Finished goods inventory 1.1.13                                 12 Indirect materials used                                                  14 Plant repairs and maintenance                                   18 Direct manufacturing labour                                        72 Plant utilities                                                                      31 Fire insurance plant                                                           8 General administrative costs                                       21 Marketing and advertising                                            18 Depreciation plant building                                         ...
The following balances have been extracted from the books of XYZ Company for the year to...
The following balances have been extracted from the books of XYZ Company for the year to 31/12/2019 Dr Cr US$ US$ Cash at bank and in hand 10,000 Plant and equipment: At cost 70,000 Accumulated depreciation (at 31.12.19) 25,000 Retained earnings (at 1.2.2020) 15,000 Profit for the financial year (to 31.12.19) 20,000 Share capital (issued and fully paid) 50,000 Inventory (at 31.12.19) 27,000 Trade payables 17,000 Trade receivables 20,000 127,000 127,000 Additional information: 1 Corporation tax owing at 31 December...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT