Angelina has started a new business selling teddy bear and dolls. The following transactions took place...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Angelina has started a new business selling teddy bear and dolls. The following transactions took place during the month of December 2018. DEC DETAILS RM 1 Invested cash in business 50,000 3 Purchased goods on credit 5,450 Sold teddy bears on credit to Kamal at list 5,000 price 10 Cash sale 7,500 One of the trade debtors returned defective 11 dolls 350 12 Paid cash for commission 3,500 13 Received cash from one trade debtor 500 15 Paid cash for furniture 7,535 Purchased office equipment from Manju 17 12,500 Holdings on credit 18 Drawing of teddy bear and dolls by owner 35 22 Received cash for commission 3,875 23 Sold part of furniture to Raju on credit 950 Received cash from trade debtor for his 24 580 account 28 Paid trade creditor using cash 3,000 Raju paid by cash for the furniture he bought on 23rd December 30 500 Prepare: Income statement and balance sheet Angelina has started a new business selling teddy bear and dolls. The following transactions took place during the month of December 2018. DEC DETAILS RM 1 Invested cash in business 50,000 3 Purchased goods on credit 5,450 Sold teddy bears on credit to Kamal at list 5,000 price 10 Cash sale 7,500 One of the trade debtors returned defective 11 dolls 350 12 Paid cash for commission 3,500 13 Received cash from one trade debtor 500 15 Paid cash for furniture 7,535 Purchased office equipment from Manju 17 12,500 Holdings on credit 18 Drawing of teddy bear and dolls by owner 35 22 Received cash for commission 3,875 23 Sold part of furniture to Raju on credit 950 Received cash from trade debtor for his 24 580 account 28 Paid trade creditor using cash 3,000 Raju paid by cash for the furniture he bought on 23rd December 30 500 Prepare: Income statement and balance sheet
Expert Answer:
Answer rating: 100% (QA)
Trial Balance Income Statement Accounts Debit Credit Revenue Cash 48... View the full answer
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Posted Date:
Students also viewed these accounting questions
-
The following transactions took place during the month of February Feb 2 Performed services for $1,000 for a customer on account. Feb 3 Paid $800 in rent for the month of February. Feb 12 Received...
-
The following transactions took place during the year. (a) Recorded cash sales $8,000. (b) Purchased inventory for $1,500 cash. (c) Purchased new equipment $10,000; signed a short-term note payable...
-
The following transactions took place during the rst two weeks of operations of Not So Taxing, Inc., a walk-in tax preparation service. Mar.2 Issued common stock of the corporation in exchange for...
-
Being able to identify an industry to use for benchmarking yourfirm's results with similar companies is frequently not easy. Choose a type of business and go to www.naics.com. This Web site allows...
-
You take out a 25-year mortgage for $300,000 to buy a new house. What will your monthly payments be if the interest rate on your mortgage is 8 percent? Use a spreadsheet to calculate your answer....
-
Determine whether each of the following potentials satisfies Laplaces equation. (a) V 1 = 3xyz + y z 2 (b) V 2 = 10sin / (c) V 3 = 5sin / r
-
What is platform capitalism, and how has the gig economy impacted society?
-
Under U. S. GAAP, property, plant, and equipment are reported at historical cost net of accumulated depreciation. These assets are written down to fair value when it is determined that they have been...
-
Assume that you are the portfolio manager of the TTY Fund, a $5 million hedge fund that contains the following stocks. The required rate of return on the market is 12.00% and the risk-free rate is...
-
Greenville has provided the following information from its General Fund Revenues and Appropriations/ Expenditure/Encumbrances subsidiary ledgers for the fiscal year ended. Assume the beginning fund...
-
A major issue in many areas of business decision-making is the principal-agent problem. One example is the owner-manager separation common in many firms. (a) Briefly explain this issue and how owners...
-
Compute the net present value (NPV) of the project to manufacture and sell the new product. Round off your answer to the nearest dollar and show all relevant workings. Comment on whether Messina...
-
Use these option quotes to answer the following question: MPC: Current Price 42.61 Call Options Strike 42.50 45.00 47.50 50.00 52.50 Symbol MPC121020C00042500 MPC121020C00045000 MPC121020C00047500...
-
Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in th $16,500 Taxable Income = Amount Taxed $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001...
-
Required: Based on the information in the table below, prepare an income statement for Windswept Woodworks, Incorporated for year 2. Assume that the company pays a flat tax rate of 21% on its taxable...
-
Pearson is considering the development of a new online platform. The initial cost of the project is $39 million, including programming, testing and content development. The company has a weighted...
-
project for this semester is to simulate a search engine over a collection ("corpus") of documents. This project will be divided into three phases. The requirements described here are for Phase 1....
-
Use the information given about the angles and to find the exact value of: (a) sin( + ) (b) cos( + ) (c) sin( - ) (d) tan ( + ) (e) sin(2) (f) cos (2) (g) sin /2 (h) cos/2 cos = 4/5, 0 < < /2; cos =...
-
Neshki Corporation is a medium-sized manufacturing company with two divisions and three subsidiaries, all located in the United States. The Metals Division manufactures metal castings for the...
-
Why are held-to-maturity investments applicable only to debt securities?
-
What constitutes significant influence when an investors financial interest is below the 50% level?
-
True or False. The complex stiffness can be used to find the damping force in a system with hysteresis damping.
-
True or False. The logarithmic decrement can be used to find the damping ratio.
-
True or False. In the \(s\)-plane, the locus corresponding to constant natural frequency will be a circle.
Study smarter with the SolutionInn App