Statement of Financial Position of the company Limonada SpA as of 09/30/2020 in pesos Assets Cash...

 

 

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Statement of Financial Position of the company "Limonada SpA" as of 09/30/2020 in pesos Assets Cash Accounts receivable Provision x Uncollectible Stocks VAT credit Machines Accumulated depreciation Total assets 10,750,000 10,000,000 (300,000) 1,000,000 250,000 50,000,000 30,000,000 (11,250,000) 90,450,000 Liabilities and Equity Accounts payable suppliers Accounts payable others Interest x pay Debt L.P. Capitall Retained earnings Total Liabilities and Equity, 3,750,000 1,000,000 900,000 40,000,000 40,000,000) 4.800,000 90.450.000) The stock is made up of 100 units at $ 10,000 each. • The long-term debt matures on 12/31/2027 and is agreed with an annual interest of 3% that is pay every December 31st. ..The machine on the balance sheet has a useful life of 10 years and has no residual value. The company has a provision policy for bad debts of 3% on the balance of accounts receivable at the date of preparation of the financial statements. Fourth quarter 2020 transactions: 1) On October 1, 100 units of stock are purchased in cash at $10,000 + VAT each. 2) In December 80 units of stock were sold at $ 18,000 + VAT each. Half on credit, short-term and half in cash. 3) During the quarter, customers were charged a total of $ 5,856,800., 4) During the quarter, $ 1,750,000 was paid to suppliers. 5) The monthly salaries are $ 1,200,000 and are paid on the last day of each month.. 6) On December 31, the interest on the debt was paid. 7) On December 31, $ 500,000 were recognized as definitively uncollectible.. 8) On December 31, the machine is sold for cash at $ 20 million + VAT.. It asks: a) 20 points. Register the accounting entries of the transactions and the corresponding adjustments for the fourth quarter 2020. IT IS NOT NECESSARY TO PRESENT THE SEATS. It's not T-accounts are required, but their use is recommended.. NOTE: When a transaction occurs more than once in the period, you can submit an entry summary for the period. b) 5 points. Prepare the Income Statement for the fourth quarter 2020.. c) 5 points. Prepare the Cash Flow Statement (direct method) for the fourth quarter 2020.. Clearly state the beginning and ending balance, and the change in cash during the period.. NOTES: If you have any doubts with the statement or with any questions, make an assumption, leave it in writing and respond accordingly. Suppose that VAT is paid to Sll on the 15th of each month. There is no interest in supplier credits or in the credits of others.. No interest is charged for credit sales. The company, suppliers and customers fulfill their commitments as indicated in thei transactions. Make the adjustments considering the time elapsed during the quarter. Consider that the months have 30 days. There is no tax on company profits.. Statement of Financial Position of the company "Limonada SpA" as of 09/30/2020 in pesos Assets Cash Accounts receivable Provision x Uncollectible Stocks VAT credit Machines Accumulated depreciation Total assets 10,750,000 10,000,000 (300,000) 1,000,000 250,000 50,000,000 30,000,000 (11,250,000) 90,450,000 Liabilities and Equity Accounts payable suppliers Accounts payable others Interest x pay Debt L.P. Capitall Retained earnings Total Liabilities and Equity, 3,750,000 1,000,000 900,000 40,000,000 40,000,000) 4.800,000 90.450.000) The stock is made up of 100 units at $ 10,000 each. • The long-term debt matures on 12/31/2027 and is agreed with an annual interest of 3% that is pay every December 31st. ..The machine on the balance sheet has a useful life of 10 years and has no residual value. The company has a provision policy for bad debts of 3% on the balance of accounts receivable at the date of preparation of the financial statements. Fourth quarter 2020 transactions: 1) On October 1, 100 units of stock are purchased in cash at $10,000 + VAT each. 2) In December 80 units of stock were sold at $ 18,000 + VAT each. Half on credit, short-term and half in cash. 3) During the quarter, customers were charged a total of $ 5,856,800., 4) During the quarter, $ 1,750,000 was paid to suppliers. 5) The monthly salaries are $ 1,200,000 and are paid on the last day of each month.. 6) On December 31, the interest on the debt was paid. 7) On December 31, $ 500,000 were recognized as definitively uncollectible.. 8) On December 31, the machine is sold for cash at $ 20 million + VAT.. It asks: a) 20 points. Register the accounting entries of the transactions and the corresponding adjustments for the fourth quarter 2020. IT IS NOT NECESSARY TO PRESENT THE SEATS. It's not T-accounts are required, but their use is recommended.. NOTE: When a transaction occurs more than once in the period, you can submit an entry summary for the period. b) 5 points. Prepare the Income Statement for the fourth quarter 2020.. c) 5 points. Prepare the Cash Flow Statement (direct method) for the fourth quarter 2020.. Clearly state the beginning and ending balance, and the change in cash during the period.. NOTES: If you have any doubts with the statement or with any questions, make an assumption, leave it in writing and respond accordingly. Suppose that VAT is paid to Sll on the 15th of each month. There is no interest in supplier credits or in the credits of others.. No interest is charged for credit sales. The company, suppliers and customers fulfill their commitments as indicated in thei transactions. Make the adjustments considering the time elapsed during the quarter. Consider that the months have 30 days. There is no tax on company profits..

Answer rating: 100% (QA)

Answer X 1 Y 2 Z 2 A 6 A 1 B 2 C So 8 A per X so for 1000 X 8000 A 0 NEX Y Z 0 4000 ... View the full answer