Question
In: Accounting
R. Sedeno had the following assets and liabilities on 31st December, 2019. Items
R. Sedeno had the following assets and liabilities on 31st December, 2019.
Items $ Items $
Cash 100 Bank 2,180
Stock 5,900 Petty Cash 120
Furniture and Fittings 6,800 Equipment 3,200
Motor Vehicle 17,500 Premises 40,000
Debtors: Creditors:
L. Robertson 1,900 T. Hosein 250
H. Henry 520 N. Akua 1,200
Transactions during the month of January 2020 were as follows:
1 Paid N. Akua’s account less 5% discount by cheque.
2 Bought $20 stamps and $40 in stationery from cash.
3 Withdrew $200 cash from bank for office use.
6 Cash sales $1,600 of which $1,600 was banked.
8 Paid wages $800 and advertising expense $300 by cheque.
14 Robertson paid his account in cash less 3% discount.
He bought a further $400 worth of goods on credit.
16 Received a month’s rent for a sub-let office $1,500 by cheque.
18 Cash purchase of $1,800.
20 Sedeno drew a $1,250 cheque for private use and made a down-payment of $1,000 to Ocean View Resort for a family vacation in August.
22 Bought a computer $5,000 on credit from T. Hosein.
23 Bought $860 worth of goods from T. Hosein on credit.
Paid for cleaning supplies $36 in cash.
25 Bought a computer desk $3,000 on credit from T. Hosein.
26 Paid wages $1,200 by cheque. Returned $160 of goods bought from T. Hosein on 23rd January. Paid Hosein’s account at the beginning of the month in cash.
28 Sold good to H. Henry invoiced at $600 less 10% trade discount.
Purchase goods $430 on credit from N. Akua.
30 Henry returned $40 of the goods bought the previous day and paid the balance in cash.
Sedeno borrowed $2,000 from his sister C. Sedeno.
31 Petty Cashier is reimbursed.
**********
Closing stock was counted and value at $4,800.
- Write-up the appropriate day books or Journals.
(All cash expenditure under $50 should be recorded as Petty Cash.)
- Write-up the proper accounting subsidiary books for all information.
Solutions
Expert Solution
| Date | Account Title | Debit | Credit |
| Jan 01, 2020 | N . Akua -Creditor | $ 1,200 | |
| Discount received | $ 60 | ||
| Bank | $ 1,140 | ||
| Jan 02, 2020 | Office Supplies- Stamp | $ 20 | |
| Office Supplies- Stationery | $ 40 | ||
| Cash | $ 60 | ||
| Jan 03, 2020 | Cash | $ 200 | |
| Bank | $ 200 | ||
| Jan 06, 2020 | Cash | $ 1,600 | |
| Sales | $ 1,600 | ||
| Jan 06, 2020 | Bank | $ 1,600 | |
| Cash | $ 1,600 | ||
| Jan 08, 2020 | Wages Expenses | $ 800 | |
| Advertising expenses | $ 300 | ||
| Bank | $ 1,100 | ||
| Jan 14, 2020 | Cash | $ 1,843 | |
| Discount given | $ 57 | ||
| L. Robertson- Debtor | $ 1,900 | ||
| Jan 14, 2020 | L. Robertson- Debtor | $ 400 | |
| Sales | $ 400 | ||
| Jan 16, 2020 | Bank | $ 1,500 | |
| Other income -rent | $ 1,500 | ||
| Jan 18, 2020 | Purchase | $ 1,800 | |
| Cash | $ 1,800 | ||
| Jan 20, 2020 | Ocean a/c | $ 1,000 | |
| R. Sedeno | $ 250 | ||
| Bank | $ 1,250 | ||
| Jan 22, 2020 | Fixed assets- Computer | $ 5,000 | |
| T. Hosein- Creditor | $ 5,000 | ||
| Jan 23, 2020 | Purchase | $ 860 | |
| T. Hosein- Creditor | $ 860 | ||
| Jan 23, 2020 | Cleaning supplies | $ 36 | |
| Petty Cashier | $ 36 | ||
| Jan 25, 2020 | Fixed assets- Computer desk | $ 3,000 | |
| T. Hosein- Creditor | $ 3,000 | ||
| Jan 26, 2020 | Wage expense | $ 1,200 | |
| Bank | $ 1,200 | ||
| Jan 26, 2020 | T. Hosein- Creditor | $ 160 | |
| Purchase Return | $ 160 | ||
| Jan 26, 2020 | T. Hosein- Creditor | $ 250 | |
| Cash | $ 250 | ||
| Jan 28, 2020 | H. Henry- Debtor | $ 540 | |
| Discount given | $ 60 | ||
| Sales | $ 600 | ||
| Jan 30, 2020 | Purchase | $ 430 | |
| N. Akua- Creditor | $ 430 | ||
| Jan 30, 2020 | Sales return | $ 40 | |
| H. Henry- Debtor | $ 40 | ||
| Jan 30, 2020 | Cash | $ 500 | |
| H. Henry- Debtor | $ 500 | ||
| Jan 30, 2020 | Cash | $ 2,000 | |
| C. Sedeno-loan | $ 2,000 | ||
 ekkarill92 answered 1 year agoRelated SolutionsR. Sedeno had the following assets and liabilities on 31st December, 2019. ItemsR. Sedeno had the following assets and liabilities on
31st December, 2019.
Items
$
Items
$
Cash
100
Bank
2,180
Stock
5,900
Petty
Cash
120
Furniture and
Fittings
6,800
Equipment
3,200
Motor
Vehicle
17,500
Premises
40,000
Debtors:
Creditors:
L.
Robertson
1,900
T. Hosein 250
H.
Henry
520
N. Akua
1,200
Transactions during the month of January 2020 were as
follows:
1 Paid N.
Akua’s account less 5% discount by cheque.
2 Bought
$20 stamps and $40...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...The amounts of the assets and liabilities of Nordic Travel
Agency at December 31, 2019, the end of the year, and its revenue
and expenses for the year follow. The capital of Ian Eisele, owner,
was $655,000 on January 1, 2019, the beginning of the year. During
the year, Ian withdrew $35,000.
Accounts payable $73,500
Accounts receivable 288,000
Cash 186,000
Fees earned 905,900
Land 542,000
Miscellaneous expense 6,600
Rent expense 30,000
Supplies 5,100
Supplies expense 4,200
Utilities expense 26,500
Wages...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...The amounts of the assets and liabilities of Nordic Travel
Agency at December 31, 2019, the end of the year, and its revenue
and expenses for the year follow. The capital of Ian Eisele, owner,
was $645,000 on January 1, 2019, the beginning of the year. During
the year, Ian withdrew $37,000.
Accounts
Amounts
Accounts payable
$73,000
Accounts receivable
277,000
Cash
191,500
Fees earned
918,700
Land
547,000
Miscellaneous expense
6,000
Rent expense
34,000
Supplies
6,000
Supplies expense
4,200
Utilities expense...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...The amounts of the assets and liabilities of Nordic Travel
Agency at December 31, 2019, the end of the year, and its revenue
and expenses for the year follow. The capital of Ian Eisele, owner,
was $650,000 on January 1, 2019, the beginning of the year. During
the year, Ian withdrew $36,000.
Accounts
Amounts
Accounts payable
$68,000
Accounts receivable
267,000
Cash
183,000
Fees earned
897,600
Land
544,000
Miscellaneous expense
6,200
Rent expense
35,000
Supplies
5,200
Supplies expense
4,200
Utilities expense...
On December 1, 2019, Geneva Jordan opened her new business with the following assets and liabilities....
On December 1, 2019, Geneva Jordan opened her new business with the
following assets and liabilities.
Accounts Payable
$
1,150
Prepaid Rent
$
6,100
Cash
4,050
Loans Payable
15,600
Equipment
26,300
Supplies
1,300
Complete the accounting equation for the firm
On December 31, 2019, Little Corporation's Assets and Liabilities were $66,000 and $15,000 respectively. On December...On December 31, 2019, Little Corporation's Assets and
Liabilities were $66,000 and $15,000 respectively. On December 31,
2020, the assets and liabilities were $94,000 and $28,000
respectively. During 2020, the company issued $7,000 of additional
stock, and paid $3,000 of dividends. Determine the company’s net
income for 2020.
Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:Gmeiner Co. had the following current assets and liabilities on
December 31 of two recent years:Current YearPrevious YearCurrent assets:Cash$746,000$985,000Accounts receivable661,000464,000Inventory408,000391,000Total current assets$1,815,000$1,840,000Current liabilities:Current portion of long-term debt$107,000$95,000Accounts payable214,000189,000Accrued and other current liabilities349,000346,000Total current liabilities$670,000$630,000a. Determine the quick ratio for December 31 of
both years. If required, round your answers to one decimal
place.Quick RatioPrevious year:Current year:b. How did the quick ratio change between the
two balance sheet dates?
C. Adidas Inc. had the following balance sheet on September 30, 2019 (in thousands): Assets Liabilities...C. Adidas Inc. had the following balance sheet on
September 30, 2019 (in thousands):
Assets
Liabilities and Stockholders’ Equity
Cash
445,421
Accounts Payable
687,121
Accounts Receivable
1,754,137
Notes Payable
553,153
Inventories
1,338,640
Other Liabilities
965,095
Equipment and
Total Liabilities
2,205,369
Other Assets
1,823,009
Stockholders’ Equity
3,155,838
Total Assets
5,361,207
Total Liabilities and Stockholders’ Equity
5,361,207
Consider the following transactions that occurred during
the first half of October 2019 (in thousands):
1. Inventories were acquired for cash,
P160.
2. Inventories were...
The following information relates to ABC Ltd., for the year ended 31st December, 2019.The following information
relates to ABC Ltd., for the year ended 31st December,
2019.
Sales……………………………………………………………….. Rs.2,000,000.
EBID ………………………………………………………………. 40% of sales.
Ordinary Shares capital of par value Rs.10/each………………
Rs.800,000.
8% Preference shares Capital of par value Rs.100/ each……….
Rs.500,000.
10% Bonds payable of par value Rs.1000/each………………….
Rs.400,000.
Reserves and surplus………………………………………………Rs.250,000.
Current liabilities…………………………………………………..Rs.250,000.
Tax rate is 30%.
Market price of share is Rs.20 each.
Dividend payout ratio is 60%.
Required; Compute and comments
on each of the following ratios
a)Earning per...
Allen Company had the following accounts and balances on December 31, 2019: Estimated Liabilities $51,250 Discount...Allen Company had the following accounts and balances on
December 31, 2019:
Estimated Liabilities $51,250 Discount on Notes Payable $150
Cash $20,000 Notes Receivable, maturity 2/1/22 $5,000
Notes Payable, due June 2, 2020 $1,000 Current Maturities of
Long-Term
Debt
$6,900
Accounts Receivable $267,500 Unearned Revenue $4,320
Equipment $950,000 Interest Payable $1,010
Accounts Payable $104,400 Wages Payable $6,000
Inventory $85,000 Marketable Equity Securities $40,000
Land $600,000 Common Stock $900,000
Allowance for Doubtful Accounts $12,000
What is Allen Company’s current ratio?
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
ADVERTISEMENT
|