The following is the post-closing trial balance of Grupo Kamuk S.A., as of December 31, 2018. 1.-
Question:
The following is the post-closing trial balance of Grupo Kamuk S.A., as of December 31, 2018.
1.- Inventory of merchandise was purchased on credit for 18,000,000
2.- Total sales increased to 35,000,000, 55 % of which were on credit.
3.- All goods ordered in advance and pending delivery as of 12/31/18 were delivered.
4.- The cost of goods sold for 2019 was 19,150,000, including the sales of item 3.
5.- 2,250,000 of accounts receivable was received.
6.- The notes receivable were signed on August 31, 2018. Interest for twelve months on ALL notes receivable was collected on August 31, 2019. The annual rate is 15%.
7.- Principal on the outstanding notes receivable was collected on July 31, 2019. Principal on all other notes will be due on July 30, 2020.
8.- 1,800,000 was paid on 08/31/2019 for a new insurance policy for fire, with a three-year term.
9.- 1,400,000 was paid in various expenses (water, electricity, telephones, etc.).
10.- Dividends of 1,250,000 were declared and will be paid in the fourth week of January 2020.
11.- 7,500,000 of accounts payable were paid.
12.- On December 20, 2019 new transportation equipment was purchased for 2,500,000, paying half in cash, it was agreed with the seller to pay the remaining balance in 30 days.
13.- 10,000,000 was paid in salaries, this amount includes the balance of salaries payable 12/31/18.
14.- 2,000,000 was received from customers who had paid in advance for merchandise not yet in inventory.
15.- A total of 950,000,000 in income tax was paid, including the balance as of Dec 31, 2018.
IT IS REQUIRED:
A.- Analyze and journalize all transactions.
B.- Transfer all journal entries to T-accounts.
C.- Prepare a trial balance, income statement, balance sheet and statement of changes in retained earnings, as of 12/31/2017.
Please send the Excel file to the email (amamartin508) or show the formulas to calculate each part.
Expert Answer:
Journal Entries for Grupo Kamuk SA Transactions in 2019 Transaction 1 Debit Merchandise Inventory 18000000 Credit Accounts Payable 18000000 Transaction 2 Debit Accounts Receivable 35000000 Credit Sale... View the full answer
