Question
In: Accounting
Another task you need to complete, before you prepare the annual financial statements for the year...
Another task you need to complete, before you prepare the annual financial statements for the year ending 30 June 2019, is to determine the June insurance expense, and the wage expenses for GreenEarth shop employees. How do you do the journal entry?
You’ve collected the following information.
Insurance: Insurance is now $1,200 per calendar month and is paid in advance on the 21st day of each month. So, for example, GreenEarth pays $1,200 insurance on 21 March 2019 for the period from 22 March 2019 to 21 April 2019. The insurance increased from $1,000 per calendar month from 21 January 2019. Wages: Shop staff work Monday to Saturday and wages are usually $8,000 per fortnight and are paid in arrears. The last wages payment for the year was processed on Thursday 27 June 2019 and related to the fortnightly pay period which ended on Friday 21 June.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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Before you start analysing the firm's financial statements, you
will need to obtain industry averages for each of the standard
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2019
2020
2021
Industry Averages
Profitability Ratios
Return on equity
21.3%
21.2%
19.6%
22.0%
Return on Capital employed
12.9%
13.5%
13.5%
12.8%
Operating Profit Margin
14.7%
18.2%
23.0%
14.4%
Gross Profit Margin
54.7%
52.0%
49.3%
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Efficiency Ratios
Average Inventory Turnover period
79.8
83.3
93.0
78.8
Average settlement period for Accounts Receivable
28.0...
A company annual financial statements at December 31, 2017. The statements are complete except for the...
A company annual financial statements at December 31, 2017. The
statements are complete except for the statement of cash flows. The
completed comparative balance sheets and income statement are
summarized:
2017
2016
Balance Sheet at December 31
Cash
$
48,375
$
34,100
Accounts Receivable
38,150
30,200
Merchandise Inventory
46,300
42,000
Property and Equipment
136,750
114,000
Less: Accumulated
Depreciation
(37,550
)
(28,500
)
$
232,025
$
191,800
Accounts Payable
$
44,000
$
32,400
Wages Payable
3,625
3,950
Note Payable, Long−Term
41,500...
Bridgeport Company recently hired a new accountant whose first task was to prepare the financial statements...
Bridgeport Company recently hired a new accountant whose first
task was to prepare the financial statements for the year ended
December 31, 2021. The following is what he produced:
BRIDGEPORT COMPANY
Income Statement
December 31, 2021
Sales
$396,000
Less: Unearned revenue
$5,600
Purchase
discounts
3,400
9,000
Total revenue
387,000
Cost of goods sold
Purchases
231,500
Less: Purchase returns and
allowances
4,000
Net purchases
235,500
Add: Sales returns and allowances
7,400
Cost of goods available for sale
242,900
Add: Freight out...
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XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized: Current Year Previous Year
Balance Sheet at December 31 Cash $ 33,440 $ 28,400 Accounts
Receivable 34,200 27,600 Inventory 40,200 37,600 Equipment 115,000
96,000 Accumulated Depreciation—Equipment (29,200 ) (24,600 ) $
193,640 $ 165,000 Accounts Payable $ 35,200 $ 26,600 Salaries and
Wages Payable 1,440 1,600 Note...
Audio City, Inc. is developing its annual financial statements at December 31. The statements are complete...
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at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized below:
Current Year
Previous Year
Balance Sheet at December
31
Cash
$
82,500
$
84,800
Accounts Receivable
18,600
24,500
Inventory
27,400
24,500
Equipment
241,000
159,000
Accumulated
Depreciation–Equipment
(73,500
)
(54,000
)
$
296,000
$
238,800
Accounts Payable
$
8,900
$
20,800
Salaries and Wages...
XS Supply Company is developing its annual financial statements at December 31. The statements are complete...
XS Supply Company is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized: Current Year Previous Year
Balance Sheet at December 31 Cash $ 33,720 $ 28,700 Accounts
Receivable 34,600 27,800 Inventory 40,600 37,800 Equipment 118,000
98,000 Accumulated Depreciation—Equipment (29,600 ) (24,800 ) $
197,320 $ 167,500 Accounts Payable $ 35,600 $ 26,800 Salaries and
Wages Payable 1,320 1,500 Note...
BG Wholesalers is developing its annual financial statements at December 31, 2016. The statements are complete...
BG Wholesalers is developing its annual financial statements at
December 31, 2016. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
2016
2015
Balance sheet at December 31
Cash
$
39,400
$
31,600
Accounts receivable
36,300
31,600
Merchandise inventory
45,000
40,500
Property and equipment
125,600
102,700
Less: Accumulated depreciation
(34,000)
(27,100)
$
212,300
$
179,300
Accounts payable
$
40,300
$
31,600
Accrued wage expense
3,500
4,000...
Audio City, Inc. is developing its annual financial statements at December 31. The statements are complete...
Audio City, Inc. is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized below:
Current Year
Previous Year
Balance Sheet at December
31
Cash
$
65,200
$
69,400
Accounts Receivable
15,800
21,000
Inventory
23,200
21,000
Equipment
227,000
152,000
Accumulated
Depreciation–Equipment
(63,000
)
(47,000
)
$
268,200
$
216,400
Accounts Payable
$
8,200
$
19,400
Salaries and Wages...
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