Reference no: EM132536515
Question - Vivarium Company commercializes plants and flowers for households. At the end of 2019, after recording all the transactions of the year, the company has the following accounts and balances in the unadjusted trial balance. The company uses the periodic system of inventory. It should make adjustments before producing the financial statements.
- Purchases of inventory € 120,000
- Account receivables € 15,000
- Land € 100,000
- Retained earnings € 25,000
- Common stock € 60,000
- Inventory € 35,000
- Computer € 15,000
- Accumulated depreciation € 5,000
- Accounts payable € 20,000
- Sale of inventory € 150,000
- A loan from Banco Bankinter, € 80,000, of which a half must be repaid in the next year
- Cash ?
Required -
1 - Calculate the final balance of Cash for Vivarium.
2 - Record the adjustment entries for depreciation and inventory. The physical checking shows that the value of the ending inventory is 20,000€. The company depreciates 20% of the cost of the fixed assets each period. After the adjustment, record the closing entries and calculate the net income.
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