From the following information, draw up the trading account of J Bell for the year ended 31
Question:
From the following information, draw up the trading account of J Bell for the year ended 31 December 20X7, which was his first year in business:
Transcribed Image Text:
Carriage inwards Returns outwards Returns inwards Sales Purchases Stocks of goods: 31 December 20X7 £ 980 840 1,290 162,918 121,437 11,320
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
The trading account summarizes the revenues from sales and the cost of goods sold COGS Heres ...View the full answer
Answered By
Faith Chebet
In the past two years many of my students have excell with the knowledge I taught them.
0.00
0 Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
Question Posted:
Students also viewed these Business questions
-
The Piano Warehouse Company Limited was established in the UK on 1 January 20X7 for the purpose of making pianos. Jeremy Holmes, the managing director, had 20 years experience in the manufacture of...
-
The following information (in m) relates to the defined benefit scheme of Basil plc for the year ended 31 December 20X7: Fair value of plan assets at 1 January 20X7 3,150 and at 31 December 20X7...
-
1. If assets are $40,000 and stockholders equity is $10,000, how much are liabilities? a. $30,000 b. $50,000 c. $20,000 d. $60,000 e. $10,000 2. To which account in the Balance Sheet is the net...
-
Selected data from a February payroll register for Halverson Company are presented below. Some amounts are intentionally omitted. FICA taxes are 7.65%. State income taxes are 4% of gross earnings....
-
Lewis Industries adopted a defined benefit pension plan on January 1, 2011. By making the provisions of the plan retroactive to prior years, Lewis incurred a prior service cost of $2 million. The...
-
The arrival time of an elevator in a 12- story dormitory is equally likely at any time range during the next 4 minutes. a. Calculate the expected arrival time. b. What is the probability that an...
-
An alpha particle \(\left(m=6.64 \times 10^{-27} \mathrm{~kg} ight)\), which has twice the charge and approximately four times the mass of a proton, is moving in a circle of radius \(0.75...
-
Shao Industries is considering a proposed project for its capital budget. The company estimates the project's NPV is $12 million. This estimate assumes that the economy and market conditions will be...
-
The Power of Trade and Comparative Advantage: Work It Out 3 ? Here's another specialization and exchange problem. This problem is wholly made-up, ? so that you won't be able to use your intuition...
-
The following information is available for the year ended 31 March 20X8. Draw up the trading account of P Frank for that year. Stocks: 31 March 20X8 Returns inwards Returns outwards Purchases...
-
From the following trial balance of G Still, draw up a trading and profit and loss account for the year ended 30 September 20X9, and a balance sheet as at that date. Stock at 30 September 20X9 was...
-
The following comparative income statement (in thousands of dollars) for the fiscal years 2005 and 2006 was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several...
-
Which chart is commonly used to present financial data and outcomes? Line chart Pie chart Bar chart
-
"It is probably better to have mediocre technical skills and excellent international business communication skills than to have excellent technical skills and poor international business...
-
Here are the questions I want you to discuss. There are two parts (and one optional part): 1. What do you think of diversity in the film industry, both on screen and behind the camera (directors,...
-
Re-location of a firm's headquarters to another country to gain the benefits of a lower tax is called Aforeign direct investment inversion C extroversion Dimmersion
-
1. Explain how you worked with stakeholders to develop the benefits management plan including: List the stakeholders (name and position title) that you have communicated with in developing the...
-
In a number of early computers, an interrupt caused the register values to be stored in fixed locations associated with the given interrupt signal. Under what circumstances is this practical...
-
Write each fraction as a percent. 7 50
-
In relation to the rental income, what rate of interest does the offer made in Question 27.9 represent? Having made this calculation should you change your decision taken in Question 27.9? Data From...
-
Should you accept an offer of 60,000 for your rights over the next 15 years to the 4,800 annual rent from shop premises you own and have leased to a local company? You could invest the 60,000 at 5%...
-
Shares bought on 1 January 2014 for 4,000 were sold on 31 December 2019 for 7,900. What was the rate of annual compound interest on the investment?
-
You purchase a Grande Latte from an unnamed coffee shop every day for $3.65. What is the future value of your coffee habit assuming the price remains constant in the future (unlikely) and that you...
-
Payton needs money today, so he decides to take out a loan for $511 with a payday lender. The lender expects the money back in 3 weeks with a fee of $61. What is the APR of this loan? Please assume...
-
1. List the suggested steps in the financial planning process identified in the video. State how far along you are in accomplishing each step...
Study smarter with the SolutionInn App