Pinot Bubbles is a retailer of fine wines and champagne as a sole proprietor. The following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Pinot Bubbles is a retailer of fine wines and champagne as a sole proprietor. The following accounts at August 31, 2022 have been provided: Account Unearned revenue Bank loan (payable July 2026) Accounts payable Cash at bank Inventory Shop fittings & equipment Accounts receivable Accumulated depreciation - shop fittings and equipment Amount ($) 9,000 35,000 8,300 19,500 68,000 138,000 15,500 36,000 The following events happened in September 2022: 8 10 Received cash from customers who had outstanding accounts from last month of $8,000 14 The business ran a promotion to create awareness of a range of new French champagnes they have added to their product lines and started a free membership system where customers earn points on their purchases and are provided with exclusive offers when they reach 1,000 points. A forklift was purchased for $45,000 from ACE Equipment with a 25% cash 11 deposit and remainder was paid for with a short-term loan from the Bank of Singapore. Paid $450 for advertising in the local newspaper for the last two weeks of September. 16 A prepaid order by a customer for $3,500 arrived and has now been delivered to the customer. 18 Sold inventory to customers for cash of $55,000 with the inventory having a cost of 28,000. Paid annual insurance of $7,500. The insurance cover starts on October 15, 20 2022. 26 Sold inventory to a reception/function centre for $21,000 on credit. This inventory had cost $12,000 30 Paid 90% of the amount that was owed to suppliers from last month. REQUIRED: A. Calculate the value of Owners' Equity at September 1, 2022 before any events for September 2022 have been captured. Show your workings B. Prepare a Balance Sheet for Pinot Bubbles as at 30 September 2022 Pinot Bubbles is a retailer of fine wines and champagne as a sole proprietor. The following accounts at August 31, 2022 have been provided: Account Unearned revenue Bank loan (payable July 2026) Accounts payable Cash at bank Inventory Shop fittings & equipment Accounts receivable Accumulated depreciation - shop fittings and equipment Amount ($) 9,000 35,000 8,300 19,500 68,000 138,000 15,500 36,000 The following events happened in September 2022: 8 10 Received cash from customers who had outstanding accounts from last month of $8,000 14 The business ran a promotion to create awareness of a range of new French champagnes they have added to their product lines and started a free membership system where customers earn points on their purchases and are provided with exclusive offers when they reach 1,000 points. A forklift was purchased for $45,000 from ACE Equipment with a 25% cash 11 deposit and remainder was paid for with a short-term loan from the Bank of Singapore. Paid $450 for advertising in the local newspaper for the last two weeks of September. 16 A prepaid order by a customer for $3,500 arrived and has now been delivered to the customer. 18 Sold inventory to customers for cash of $55,000 with the inventory having a cost of 28,000. Paid annual insurance of $7,500. The insurance cover starts on October 15, 20 2022. 26 Sold inventory to a reception/function centre for $21,000 on credit. This inventory had cost $12,000 30 Paid 90% of the amount that was owed to suppliers from last month. REQUIRED: A. Calculate the value of Owners' Equity at September 1, 2022 before any events for September 2022 have been captured. Show your workings B. Prepare a Balance Sheet for Pinot Bubbles as at 30 September 2022
Expert Answer:
Answer rating: 100% (QA)
Given information Accounts Payable 8300 Accumulated Depreciation Shop fittings and equi... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these accounting questions
-
What is observed when: (i) Potassium iodide is added to aqueous lead nitrate? (ii) Identify the type of reaction. (iii) Give a balanced chemical equation for this.
-
The adjusted trial balance of Brigus Wholesale Ltd. contained the following accounts at November 30, the company's fiscal year end: Instructions (a) Prepare a single-step income statement. (b)...
-
DiTuri Designs Ltd. is an Ottawa-based importer of Italian furniture. The company's post-closing trial balance at December 31, 2017, the end of its fiscal year, is presented below: DiTuri had the...
-
discuss case study a bout remote analysis during covid 1 9 - 1 9 virus
-
Larkin State University is a medium-sized academic institution located in the Southeastern United States. The university employs about 250 full-time faculty and 300 staff personnel. There are 12,000...
-
In Exercises 123, solve each equation or inequality. Other than , use interval notation to express solution sets of inequalities and graph these solution sets on a number line. 2 x - 3 4 x + 3 || 8 x...
-
Match the measures of worth in the first column with one (or more) of the analysis approaches that is (are) appropriate for that measure. Measure of Worth (a) Annual Worth (b) External Rate of Return...
-
A 10.0-m3 tank contains steam at 275C and 15.0bar. The tank and its contents are cooled until the pressure drops to 1.2bar. Some of the steam condenses in the process. (a) How much heat was...
-
Development economics studies the transformation of emerging nations into more prosperous one and it seeks to understand and shape the country's macro and microeconomics policies in order to lift...
-
The Webber Company is an international conglomerate with a real estate division that owns the right to erect an office building on a parcel of land in downtown Sacramento over the next year. This...
-
Create 3 interfaces for a personnel, and in each one make an abstract method. First interface for his personal info having its abstract method to accept 3 parameters: name, age, location, and...
-
Bruce & Co. expects its EBIT to be 100,000 every year forever. The firm can borrow at 10 per cent. Bruce currently has no debt, and its cost of equity is 20 per cent. If the tax rate is 21 per cent,...
-
Taiyuan Coal Gasification Ltd is comparing two different capital structures. Plan I would result in 1.62 billion shares of equity and 798 million yuan in debt. Plan II would result in 1 billion...
-
Show the impact of personal taxes on the firm value in an MM universe. When would a firm be indifferent between issuing debt or equity? Illustrate your answer with a practical example.
-
You manage an Islamic financing division and have been approached by a company for funding of 6 billion Bahrain dinars. The company wish to pay the funding back in equal instalments over 10 years...
-
Good Time plc is a regional chain department store. It will remain in business for one more year. The probability of a boom year is 60 per cent and the probability of a recession is 40 per cent. It...
-
Question 2: (30 Marks) Two companies Holly and Eden manufacture two similar products. The following data for the two companies for the year 2021 are provided below: Company Sales Revenue ($) Total...
-
In a paragraph of approximately 150-200 words, analyze a film or TV/Streaming Show poster of your choosing by focusing on the ways in which representations in the poster are gendered. Include an...
-
Canadian Tire accepts credit cards and debit cards. (a) What are the advantages of accepting each type of card? (b) Explain how the accounting differs for each type of card.
-
The following expenditures relating to property, plant, and equipment were made by Bachinski Ltd.: 1. Paid $1.2 million for a plant site. 2. Paid $8,000 of legal fees on the purchase of the plant...
-
The comparative statement of financial position for Dagenais Retailers Ltd. follows: Additional information: 1. Net income was $32,000 in 2018. 2. Depreciation expense was $19,000 in 2018. 3. In...
-
Because many consumers choose between coffee and tea, the coffee and tea demand functions depend on both prices. Suppose the demand curves for coffee and tea are where \(Q_{c}\) is the quantity of...
-
Governments use wage subsidies to maintain employment in times of economic recession, to encourage firms to hire and train specific groups of workers such as low-income workers, women, and students...
-
People who qualify for affordable housing in Sydney, Australia, have their rent capped at \(30 \%\) of their gross annual income. People who live in private rental properties in the city are not...
Study smarter with the SolutionInn App