Color Fashion, Inc (CFI) is a well establish toys trading company which adopts the periodic system....

  

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Color Fashion, Inc ("CFI") is a well establish toys trading company which adopts the periodic system. CFI prepares its financial statements on a monthly basis. The balances of the adjusted trial balance items of CFI as at 30 September 20x1 are listed as follows Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Accumulated Depreciation - Motor vehicle Allowance for Doubtful Accounts Bad Debt Expense Building Cash Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Motor Vehicle Dividends Payable Equipment Freight-in Freight-out Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Long-term Investment Loss on Disposal Merchandise Inventory Motor Vehicle Notes Payable (due in 3 months) Notes Receivable (due in 3 months) Prepaid Insurance Purchase Discounts Purchase Returns and Allowances Purchases Retained Earnings Salaries Expense Salaries Payable Sales Returns and Allowances Sales Revenue Share Capital - Ordinary Share Capital - Preference To be continued..... $ 228,000 332,000 661,000 345,000 124,000 27,100 24,500 5,000,000 588,900 33,000 24,000 18,000 210,000 880,000 1200 1800 24,000 600 600 1,000 1,000 2,000,000 8,000 400,000 900,000 120,000 180,000 4,800 1000 3,000 500,000 1,578,100 120,000 13,000 11000 580,000 5,500,000 500,000 Share Premium - Ordinary Share Premium - Preference Supplies Supplies Expense Treasury Shares Unearned Rent Revenue Utilities Expense 6,000 The cost of closing inventory as at 30 September 20X1 is $600,000. Required: Apply the balances provided in the adjusted trial balance items table to calculate the following 16 items from A to P Followings are selected items from the income statement for the month ended 30 September 20x1 Net Sales Cost of Good Purchased Cost of Goods Available for Sale Cost of Goods Sold Gross Profit Total Operating Expense Operating Profit Net Income Following is a selected item from retained earnings statement for the month ended 30 September 20x1 Ending Retained Earnings 1,000,000 200,000 2,000 9,000 42,000 20,000 Following are selected items from the statement of financial position as at 30 September 20x1 Property Plant and Equipment (net book value) Long Term Investment Current Assets Total Assets Current Liabilities Equity Total Liabilities & Equity $ [A] [B [C] [D] [E] [F] [G] [H] $ U $ [J] [K] [L] [M] [N] [0] [P] Color Fashion, Inc ("CFI") is a well establish toys trading company which adopts the periodic system. CFI prepares its financial statements on a monthly basis. The balances of the adjusted trial balance items of CFI as at 30 September 20x1 are listed as follows Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Accumulated Depreciation - Motor vehicle Allowance for Doubtful Accounts Bad Debt Expense Building Cash Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Motor Vehicle Dividends Payable Equipment Freight-in Freight-out Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Long-term Investment Loss on Disposal Merchandise Inventory Motor Vehicle Notes Payable (due in 3 months) Notes Receivable (due in 3 months) Prepaid Insurance Purchase Discounts Purchase Returns and Allowances Purchases Retained Earnings Salaries Expense Salaries Payable Sales Returns and Allowances Sales Revenue Share Capital - Ordinary Share Capital - Preference To be continued..... $ 228,000 332,000 661,000 345,000 124,000 27,100 24,500 5,000,000 588,900 33,000 24,000 18,000 210,000 880,000 1200 1800 24,000 600 600 1,000 1,000 2,000,000 8,000 400,000 900,000 120,000 180,000 4,800 1000 3,000 500,000 1,578,100 120,000 13,000 11000 580,000 5,500,000 500,000 Share Premium - Ordinary Share Premium - Preference Supplies Supplies Expense Treasury Shares Unearned Rent Revenue Utilities Expense 6,000 The cost of closing inventory as at 30 September 20X1 is $600,000. Required: Apply the balances provided in the adjusted trial balance items table to calculate the following 16 items from A to P Followings are selected items from the income statement for the month ended 30 September 20x1 Net Sales Cost of Good Purchased Cost of Goods Available for Sale Cost of Goods Sold Gross Profit Total Operating Expense Operating Profit Net Income Following is a selected item from retained earnings statement for the month ended 30 September 20x1 Ending Retained Earnings 1,000,000 200,000 2,000 9,000 42,000 20,000 Following are selected items from the statement of financial position as at 30 September 20x1 Property Plant and Equipment (net book value) Long Term Investment Current Assets Total Assets Current Liabilities Equity Total Liabilities & Equity $ [A] [B [C] [D] [E] [F] [G] [H] $ U $ [J] [K] [L] [M] [N] [0] [P]

Answer rating: 100% (QA)

To calculate the requested financial items A to P you can use the information provided in the adjusted trial balance Lets calculate them step by step A Net Sales Net Sales Sales Revenue Sales Returns ... View the full answer