PRO IRFAN, a professional golf player, started to operate GREEN GOLF PRO SHOPPE in January 2019....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
PRO IRFAN, a professional golf player, started to operate GREEN GOLF PRO SHOPPE in January 2019. brought in his own vehicle worth RM180,000 for the business use and cash of RM50,000. The following transactions were completed in the very first month of operation: He January I Paid RM3,000 for three months rental starting from January 2019. Received ordered furniture for merchandise display and paid RM12,000 for the whole amount. 2 Purchased golf set and golf balls as merchandise inventory from TIGER SUPPLIER for RMS,700, FOB shipping point, terms 2/15,n/30. 5 Paid freight on purchases from TIGER SUPPLIER for RM100. 7 Purchased golf attires as merchandise inventory from WOOD SPORTSWEAR for RM3,500. FOB destination, terms 3/10,n/eom. 8 Cash sales RM1,900. The cost of the merchandise sold was RM855. 9 Returned 3 pairs of golf shoes to WOOD SPORTSWEAR costing RM300. 10 Sold merchandise totalled RM4,600 to UUM GOLF CLUB. Terms 5/10, n/30. The cost of the merchandise was RM1,840. 11 Paid TIGER SUPPLIER the full amount for purchases made on 2 January. PRO I'RFAN took a golf iron costing RM250 as a present for his son. 15 Obtained a loan from BIMB BANK BERHAD for RM25,000 cash payable in 2 years. 17 Sold merchandise costing RM2,200 to MRE EVENT MANAGEMENT for RM5,500. Terms 5/10, n/30. 20 Paid WOOD SPORTSWEAR in full. Received payment from UUM GOLF CLUB in full. 22 Sold merchandise to LITTLE PRO CLUB for RM2,010 and received cash. The cost of the merchandise was RM900. 25 Purchased golf sets from TIGER SUPPLIER for RM3,900, FOB shipping point, terms 2/10,n/30. Paid freight charges of RM70. 27 Paid RM300 to LITTLE PRO CLUB for merchandise returned that costs RM130. 30 Paid utility bills totalled RM510 and RM4,200 salary to employees. 31 Purchased a one-year insurance policy starting from February 2019 for RM4,200. g. Provide analyses for the month, on the followings: 1. Current Ratio 2. Acid Test Ratio 3. Total Assets Turnover 4. Profit Margin 5. Return on Assets 6. Return on Equity PRO IRFAN, a professional golf player, started to operate GREEN GOLF PRO SHOPPE in January 2019. brought in his own vehicle worth RM180,000 for the business use and cash of RM50,000. The following transactions were completed in the very first month of operation: He January I Paid RM3,000 for three months rental starting from January 2019. Received ordered furniture for merchandise display and paid RM12,000 for the whole amount. 2 Purchased golf set and golf balls as merchandise inventory from TIGER SUPPLIER for RMS,700, FOB shipping point, terms 2/15,n/30. 5 Paid freight on purchases from TIGER SUPPLIER for RM100. 7 Purchased golf attires as merchandise inventory from WOOD SPORTSWEAR for RM3,500. FOB destination, terms 3/10,n/eom. 8 Cash sales RM1,900. The cost of the merchandise sold was RM855. 9 Returned 3 pairs of golf shoes to WOOD SPORTSWEAR costing RM300. 10 Sold merchandise totalled RM4,600 to UUM GOLF CLUB. Terms 5/10, n/30. The cost of the merchandise was RM1,840. 11 Paid TIGER SUPPLIER the full amount for purchases made on 2 January. PRO I'RFAN took a golf iron costing RM250 as a present for his son. 15 Obtained a loan from BIMB BANK BERHAD for RM25,000 cash payable in 2 years. 17 Sold merchandise costing RM2,200 to MRE EVENT MANAGEMENT for RM5,500. Terms 5/10, n/30. 20 Paid WOOD SPORTSWEAR in full. Received payment from UUM GOLF CLUB in full. 22 Sold merchandise to LITTLE PRO CLUB for RM2,010 and received cash. The cost of the merchandise was RM900. 25 Purchased golf sets from TIGER SUPPLIER for RM3,900, FOB shipping point, terms 2/10,n/30. Paid freight charges of RM70. 27 Paid RM300 to LITTLE PRO CLUB for merchandise returned that costs RM130. 30 Paid utility bills totalled RM510 and RM4,200 salary to employees. 31 Purchased a one-year insurance policy starting from February 2019 for RM4,200. g. Provide analyses for the month, on the followings: 1. Current Ratio 2. Acid Test Ratio 3. Total Assets Turnover 4. Profit Margin 5. Return on Assets 6. Return on Equity
Expert Answer:
Related Book For
International Business Law and its Environment
ISBN: 9781305972599
10th edition
Authors: Richard Schaffer, Filiberto Agusti, Lucien J. Dhooge
Posted Date:
Students also viewed these accounting questions
-
a Prepare a hypothetical T2 tax return for the business Use 2016 for your rough copy Hand in the T2 S1 S125 and S8 On company letterhead write a letter to Peter outlining his tax situation and...
-
An increase in the wage will lead a worker to reduce hours work if, A. leisure is normal and the IE dominates the SE B. leisure is inferior and the SE dominates the IE C. leisure is normal and the SE...
-
Tiger Golf Inc. reported a net cash flow from operating activities of $105,700 on its statement of cash flows for the year ended December 31, 2006. The following information was reported in the cash...
-
What is step-down allocation? What are some criticisms of this allocation method?
-
Use the data in the case study in Section 16-2 to explain how the shares of the four components of gross private domestic investment (GPDI) in natural GDP (a), have changed since 1960 and (b), behave...
-
The performance data of a water pump follow the curve fit H available = H 0 aV 2 , where the pumps shutoff head H 0 = 7.46 m, coefficient a = 0.0453 m/(Lpm) 2 , the units of pump head H are meters,...
-
Which environmental management concept encourages managers to favour the combined development of internal ecological accounting and management accounting. Explain.
-
Complete the following chart by indicating whether each item is true or false. Explain your answers by referencing the overlap of rules appearing in Federal and most state income tax laws. True or...
-
Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Balance Sheet December 31 of current year Liabilities and Equity $...
-
Maria Jones has just earned a university degree in management. She has taken the position of assistant to the president at Roseville Engineering, which manufacturers tungsten carbide drill steels for...
-
Mark is working to create the "metaverse". He has already spent $4 billion on fixed costs. With 30% probability, the metaverse will be a big success, in which case he can choose whether to spend $4...
-
What is the real increase in value if \($1,500\) is invested for one year at 5% interest and the rate of inflation during that time is 1.79%?
-
Write requirements for the following products and services: a. Computer. b. Airplane. c. Food Processor. d. Online Banking e. Life Insurance. f. Party Planning.
-
What is the difference between aggregation and composition? Give an example for each.
-
What is delegation? What is its significance in structural modeling?
-
An attorney sees a plastic surgeon and is so happy with her face-lift that she begins to refer all her friends and family. At her 6-month follow-up, she says, So, Doc, Ive sent you all these...
-
a)Draw an arrow diagram representing the project. b)What is the critical path and associated time? c)What is the total slack time in the network? d)What is the expected time for 68, 95, and 99percent...
-
Determine the reactions in supports A and D and connections B and C. Sketch its shear and moment diagram and determine the magnitude ankoration of the maximum shear and moment for every member. 18 3...
-
A French cosmetic company with a business in the United States sold that business to a U.S. company, A. Bourjois & Co., along with its trademark for face powder. A. Bourjois reregistered the...
-
In March 1999, China North Chemical Industries Corporation and Beston Chemical Corporation entered into a contract under which Nocinco agreed to sell to Beston 718 pallets of explosive boosters...
-
The National Thermal Power Corporation of India (NTPC) entered into a contract with The Singer Company (Singer), a British concern, to supply equipment and erect certain projects in India. A dispute...
-
Derive an expression for the time at which the response of a critically damped system will attain its maximum value. Also find the expression for the maximum response.
-
A simple pendulum is found to vibrate at a frequency of \(0.5 \mathrm{~Hz}\) in a vacuum and \(0.45 \mathrm{~Hz}\) in a viscous fluid medium. Find the damping constant, assuming the mass of the bob...
-
A heavy disk of mass moment of inertia \(J\) is attached at the middle of a circular shaft of length \(l\) and diameter \(d\) as shown in Fig. 2.113. By modeling the system as a...
Study smarter with the SolutionInn App