Financial Statement - Support A&W Trial Balance as at December 31, 2024 Account Description Debit Credit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Financial Statement - Support A&W Trial Balance as at December 31, 2024 Account Description Debit Credit Notes Cash Accounts receivable 543 0 0 500 0 (1) Prepaid - Power 80 0 (2) Investments 30 0 (3) PP&E - Computer equipment 4,000 0 0 Accumulated depreciation - PP&E - Computer equipment 0 3,200 0 Accounts payable 0 200 0 Salaries payable 0 80 (4) Bank loan 0 500 (5) Common shares 0 100 0 Retained earnings - Jan 1, 2024 0 1,350 0 Dividends paid 500 0 0 Sales 0 4,500 0 Interest income 0 10 0 Dividend income 0 5 0 Capital gain on the sale of an asset 0 8 0 Cost of goods sold - Food 1,700 0 0 Repairs and maintenance 140 0 0 Salaries and wages 1,350 0 0 Administrative and interest expenses 50 0 0 Depreciation expense 900 0 0 Travel expense 90 0 0 Income taxes 70 0 0 9,953 9,953 Notes (1) A&W does catering and allows those customers to pay on account. (2) A&W prepays for its power bills as they receive a discount when paying in advance. (3) The investments will be held till 2038. During 2024 the business sold some investments for $5 and received the proceeds in cash. The investments sold had a cost of ????? (4) A&W didn't pay its employees there Dec payrol till the first week of January 2025. (5) The loan will be paid back in full by the end of 2032, with $160 of the principle being paid back in 2025. (6) A&W carries no inventory. The food supplier that provides A&W with food owns the food, till it is sold by A&W to customers. A&W pays a higher price for the food they get from the supplier, but does not have to take on the risk of having inventory. Jan 1, 2024 balances relevant to the "Statement of Cash Flow": Cash Accounts receivable Prepaid - Power Investments Accounts payable Salaries payable Other 2024 events Dr. Cr. 43 0 600 0 110 0 35 0 0 300 0 110 (a) During 2024 the business sold some equipment for $30 and received the proceeds in cash. The equipment had a NBV of $22. (b) The business issued $10 of new shares during 2024. (c) During 2024 the business paid $160 to reduce its loan balance. Financial Statement - Support A&W Trial Balance as at December 31, 2024 Account Description Debit Credit Notes Cash Accounts receivable 543 0 0 500 0 (1) Prepaid - Power 80 0 (2) Investments 30 0 (3) PP&E - Computer equipment 4,000 0 0 Accumulated depreciation - PP&E - Computer equipment 0 3,200 0 Accounts payable 0 200 0 Salaries payable 0 80 (4) Bank loan 0 500 (5) Common shares 0 100 0 Retained earnings - Jan 1, 2024 0 1,350 0 Dividends paid 500 0 0 Sales 0 4,500 0 Interest income 0 10 0 Dividend income 0 5 0 Capital gain on the sale of an asset 0 8 0 Cost of goods sold - Food 1,700 0 0 Repairs and maintenance 140 0 0 Salaries and wages 1,350 0 0 Administrative and interest expenses 50 0 0 Depreciation expense 900 0 0 Travel expense 90 0 0 Income taxes 70 0 0 9,953 9,953 Notes (1) A&W does catering and allows those customers to pay on account. (2) A&W prepays for its power bills as they receive a discount when paying in advance. (3) The investments will be held till 2038. During 2024 the business sold some investments for $5 and received the proceeds in cash. The investments sold had a cost of ????? (4) A&W didn't pay its employees there Dec payrol till the first week of January 2025. (5) The loan will be paid back in full by the end of 2032, with $160 of the principle being paid back in 2025. (6) A&W carries no inventory. The food supplier that provides A&W with food owns the food, till it is sold by A&W to customers. A&W pays a higher price for the food they get from the supplier, but does not have to take on the risk of having inventory. Jan 1, 2024 balances relevant to the "Statement of Cash Flow": Cash Accounts receivable Prepaid - Power Investments Accounts payable Salaries payable Other 2024 events Dr. Cr. 43 0 600 0 110 0 35 0 0 300 0 110 (a) During 2024 the business sold some equipment for $30 and received the proceeds in cash. The equipment had a NBV of $22. (b) The business issued $10 of new shares during 2024. (c) During 2024 the business paid $160 to reduce its loan balance.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Financial statements for the ACTACTSTAT Company are given below: During 2021 the firm declared and paid cash dividends of P85,000. There were 50,000 shares of common stock outstanding throughout the...
-
W & O Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows:...
-
Gamma Company has six units of inventory, two purchased for $4 each and four purchased for $5 each. Thus, the weighted-average cost of the inventory is ($4 + $5), 2 = $4.50 per unit. Do you agree?...
-
George Edmonds, the new accountant for Zigler Company, has recommended the preparation of income statements reporting contribution margin rather than statements reporting gross profit. He states that...
-
Collins Company had a beginning inventory on January 1 of 100 units of Product 4-18-15 at a cost of $21 per unit. During the year, the following purchases were made. 700 units were sold. Collins...
-
10) The admissions office finds that only 29% of the 300 graduates in the SRS had full time employment within one month of graduation. Assuming the university's claim that 32% will have employment is...
-
Dr. Pepper Situation Analysis Instructions: Thoroughly read through the Dr. Pepper Case and begin to critically analyze the contents of the information from a marketing perspective. You will have to...
-
1.Build Stan's confidence in cooking at home 2.Enable Stand to meet new people and socialize while his family is at work. Taking into consideration Stan's Care Plan, his goals and preferences,...
-
Record the chart of account reference number underneath each column to be posted to the general ledger then post the journal totals to the general ledger. Please note predictive text is available for...
-
In your last meeting, Paul Gray mentioned he was concerned about the security of his clients and their own management of passwords and accounts. Improper password management can lead to cases of...
-
Your program should ask for a racers name, followed by their total score for the season. You should output this list on two separate lines. The first line will contain the names of the racers...
-
look at the content of the skeleton file Vertex.java. There you will find only 1 method you need to implement: Vertex (name): This constructor creates a new vertex by just assigning it the name...
-
Refer to Table 25.2 in the text to answer this question. Suppose today is November 22, 2011, and your firm produces breakfast cereal and needs 135,000 bushels of corn in March 2012 for an upcoming...
-
How do the principles of (a) Physical controls and (b) Documentation controls apply to cash disbursements?
-
For the graph of Figure 1.9, verify that \(A^{m}\) is not entirely non-zero for any \(m 3 2 Figure 1.9 - Paths of length 4 exist between each pair of vertices
-
Show that a connected directed graph is quasi-connected. Show that an undirected graph is quasi-connected if and only if it is connected.
-
Find all connected components of the graph below. 11 12 16
Study smarter with the SolutionInn App