Question
In: Accounting
Question one: 75 marks United Sports Company prepares monthly financial statements. Below are listed some selected...
Question one: 75 marks
United Sports Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September.
UNITED SPORTS COMPANY
Trial Balance (Selected Accounts)
September 30, 2019
—————————————————————————————————————————
|
Debit |
Credit |
|
|
Supplies ............................................................................................... |
$ 2,700 |
|
|
Prepaid Insurance ................................................................................ |
3,150 |
|
|
Office Equipment ................................................................................. |
16,200 |
|
|
Accumulated Depreciation—Equipment ............................................... |
$1,000 |
|
|
Unearned Rent Revenue ..................................................................... |
1,200 |
An analysis of the account balances by the company's accountant provided the following additional information:
- A physical count of office supplies revealed $1,200 on hand on September 30.
- A two-year life insurance policy was purchased on June 1 for $3,600.
- Office equipment depreciated $3,000 per year.
- The amount of rent received in advance that remains unearned at September 30 is $400.
Instructions
Complete the balances of the following accounts in a partial adjusted Trial balance for United Sports Company on September 30.
UNITED SPORTS COMPANY
Trial Balance (Selected Accounts)
September 30, 2019
|
Debit $ |
Credit $ |
|
|
Supplies |
||
|
Prepaid Insurance |
||
|
Office Equipment |
||
|
Accumulated Depreciation—Equipment |
||
|
Unearned Rent Revenue |
Solutions
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ekkarill92 answered 1 year agoRelated Solutions
5. Plover Corporation prepares monthly financial statements. Below are listed some selected accounts and their balances...
5. Plover Corporation prepares monthly financial statements.
Below are listed some selected accounts and their balances on the
September 30 trial balance before any adjustments have been made
for the month of September.
PLOVER CORPORATION
Trial Balance
September 30, 2018
——————————————————————————————————————————
Debit
Credit
Cash........................................................................................................
$12,300
Supplies...................................................................................................
2,700
Prepaid
insurance...................................................................................
5,775
Equipment...............................................................................................
16,200
Accumulated
depreciation—Equipment.................................................
$ 540
Accounts
payable....................................................................................
1,100
Unearned
revenue..................................................................................
1,200
Common
shares......................................................................................
10,000
Retained
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18,925
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Al-Hijrah Company prepares monthly financial statements. Below
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SCOTSMAN COMPANY
Trial Balance
December 31, 2016
Debit Credit
Supplies....................................................................................................
$ 3,200
Prepaid
Insurance....................................................................................
4,200
Equipment................................................................................................
16,200
Accumulated
Depreciation—Equipment.................................................
$6,000
Unearned Rent
Revenue..........................................................................
1,200
Accounts
Payable.....................................................................................
5,000
Owner’s
Equity........................................................................................
11,400
Totals...................................................................................................
23,600
23,600
An analysis of the...
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In May, the company received $282,000 from its April customers
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Which of the following amounts will appear on X Company's May
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Balance
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July
1
Assets
Equities
Cash
$51,224
Accounts Payable
$58,945
Accounts Receivable
32,564
Notes Payable
34,137
Inventory
79,249
Prepaid Rent
5,512
Paid-In Capital
222,746
Equipment
220,502
Retained Earnings
73,223
Total Assets
$389,051
Total Equities
$389,051
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How to ues their Financial Statements to make decisions and
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Question 8 (10 marks) The following information is extracted from the financial statements of XP Sports...
Question 8
The following information is extracted from the financial
statements of XP Sports Limited:
Cash
$677,423
Accounts Payable
$1,721,669
Accounts Receivable
$1,845,113
Notes Payable
$2,113,345
Inventories
$1,312,478
Total Current Assets
$3,835,014
Total Current
Liabilities
$3,835,014
Net Sales
$9,912,332
Cost
$5,947,399
Briefly explain what you understand by the term ‘operating
cycle’.
Click or tap here to enter text.
What is the operating cycle for XP Sports Limited?
Click or tap here to enter text.
What can you say...
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merchandise that it planned to sell, paying $3,416 and promising to
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