Scribd
Upload
162 views5 pages

Ia Midterm

1. The document shows accounts receivable, sales, expenses, and cash payments for a business. Total sales were $800,000 and cash payments were $715,000, with accounts receivable increasing from $45,000 to $51,000. 2. It also provides information on purchases, cost of goods sold, and inventory amounts. Purchases for the period totaled $495,000. 3. A third section presents a basic income statement, showing sales of $495,500, cost of goods sold of $346,850, and gross profit of $148,650.

Uploaded by

Cindy Craus
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
162 views5 pages

Ia Midterm

1. The document shows accounts receivable, sales, expenses, and cash payments for a business. Total sales were $800,000 and cash payments were $715,000, with accounts receivable increasing from $45,000 to $51,000. 2. It also provides information on purchases, cost of goods sold, and inventory amounts. Purchases for the period totaled $495,000. 3. A third section presents a basic income statement, showing sales of $495,500, cost of goods sold of $346,850, and gross profit of $148,650.

Uploaded by

Cindy Craus
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 5

1 Accounts Receivable,end 51,000 3 Selling Expense

Collections 794,000 Administrative Expense


Accounts Receivable, beg. -45,000 Total Operating Expense
Total Sales 800,000

2 Total Cash Payments 715,000 4 Gross Profit (144,000/.45)


Less: Selling Expense 144,000 Operating Expenses
Administrative Expense (120,000*80%) 96,000
Payment for Accrued Wages, beg 7,000
Total Payments for Suppliers 468,000

Payments to suppliers 468,000


Add: Accounts Payable, end 60,000
Total 528,000
Less: Accounts Payable, beg 33,000
Purchases 495,000
144,000
120,000 15% of sales = 800,00*15% =120,000
264,000

320,000
264,000
56,000
1 Cash Collected on Accounts Receivable 440,000
Add: Accounts Receivable, end 95,000
Bad Debts Written-off 6,500
Total 541,500
Less: Accounts Receivable, beg 110,000
Sales on Account 431,500
Add: Cash Sales 64,000
Sales for 2019 495,500

2 Purchases 350,200
Inventory, beg. 80,650
Less: COGS 346,850
Inventory, end, 12/31/19 84,000

Sales 100% 495,500


COGS 70% 346,850
Gross Profit 30% 148650
1 Cash 1,500,000
Accounts Receivable,12/31/17 250,000
Less: Allowance for Doubtful Accounts 25,000 225,000 4
Merchandise Inventory 210,000
Advances to Suppliers 100,000
Total Current Assets 2,035,000

5
2 Equipment 200,000
Less: Accumulated Depreciation 30,000 170,000
Building 1,500,000
Less: Accumulated Depreciation 600,000 900,000
Land 800,000
Total Non Current Assets 1,870,000
Equipment: 200,000/10*1.5 years = 30,000
Building: 1,500,000/5*2 years = 600,000 6

3 Accounts Payable, 12/31/17 280,000


Accrued Expense, 12/31/17 100,000
Accrued Interest Expense, 12/31/17 36,000
Total Current Liabilities 416,000
Total Assets (2,035,000 + 1,870,000) 3,905,000
Total Liability (416,000 + 1,316,000
Total Equity 2,589,000

Sales 4,000,000
Add: Accounts Receivable, 12/31/17 250,000
Advances from Customer 40,000
Total 4,290,000
Accounts Receivable, 12/31/16 200,000
Sales for 2017 4,090,000

Merchandise Inventory, 12/31/16


Add: Purchases
Total Goods Available for

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy