Reference no: EM132556010
Question - Andrew Joel is a market trader, he opened a business named Joel Co. The company's Trial balance as at 1 December 20X8, appears below:
$
Inventory 5,000
Equipment 3,700
Payables 500
Receivables 300
Cash at Bank 1,200
Capital ?
During December, Andrew Joel:
1. Transferred $300 of his savings into a business bank account
2. Received loan from D. Watson, $100 cheque, repayable in 5 years
3. Bought goods for resale on time, $320 from S. Holmes
4. Bought a motor van by cheque, $500
5. Goods returned to S. Holmes, $20
6. Sold goods to AB Ltd valued $1,000, customer paid by cheque $400
7. A Joel took goods from inventory for his own use, cost $220
8. Sold motor van no longer required for $500 on credit to K. Lamb
9. Purchased goods from C. Swiff $500, less 10% trade discount, pays by cheque
10. Paid $120 to hire a van for December, using debit card
11. Paid staff wages for December, $210 cheque
Requires -
a. Calculating the balance of Capital account as at 1 December, 20X8.
b. Record all the transactions using double entries and ledger accounts (T-accounts).
c. Prepare Trial Balance as at 31 December 20X8.
d. Assuming that Inventory on 31 December 20X8 is $5,130. Prepare Income Statement for the period.
e. Prepare Balance Sheet as at 31 December 20X8.
|
Find what was the opening balance of the retained earnings
: Find what was the opening balance of the retained earnings at the beginning of the year? Statement of Changes in Shareholders Equity is 105.000 TL.
|
|
How much is the gain on sale of bonds
: On November 1, 2019, an individual taxpayer sold a 6-year term bonds investments for P1,200,000. How much is the gain on sale of bonds
|
|
Exaggerate in Market Analysis
: Should you exaggerate in the Market Analysis in order to make your investment more attractive?
|
|
What the depreciation expense in year five should be
: Straight-line depreciation, the estimated useful life was revised from 8 to 6 years, but with zero residual value. The depreciation expense in year 5 should be
|
|
Calculating the balance of capital account
: Sold goods to AB Ltd valued $1,000, customer paid by cheque $400. Calculating the balance of Capital account as at 1 December, 20X8
|
|
Healthcare industry
: Explain how the healthcare industry differs from other industries with operations and how payers impact the revenues
|
|
Transformation of inorganic compounds
: Bacteria have great versatility in utilizing different sources of energy. Explain the main processes utilized by these organisms
|
|
How the capital investments by firms should offer
: How the Capital investments by firms should offer rates of return? At least as high as those available in financial markets at the same level of risk.
|
|
Explain how viruses in the baltimore classes vi
: Explain how viruses in the Baltimore classes VI, V, VI and VII synthesize their mRNA and progeny nucleic acid.
|