Do Question 2a) only Question 2Mr. Marvin is a merchandising company which has business operations in Ipoh, Perak. The followingtrial balance has been extracted from the books as at 31 July 2021.Marvin EnterpriseTrial Balance as at 31 July 2021DebitCreditDescriptionsRMRM365,0005,300820,0001,200Purchases and SalesReturnsCarriage inwardsCarriage outwards3,2007,200Rental4,200SalaryAdvertisingBuilding maintenanceRepair of motor vehicleOffice expensesInterest on loan110,000600150,60030,20043,6002,400Bad debt360230,000Building (Cost)Fixtures and fittingsAccumulated depreciation as at 1 August2020BuildingFixtures and fittingsInventory as at 1 August 2020Account receivables and Account payables85,20042,00013,20035,000136,8407,65060,200Bank80,000192,350Bank loan 10%Capital1,213,1501,213,150Other information:1) Closing inventories as at 31 July 2021 was estimated to be worth RM18,900.2) Included in building maintenance expenses is a building renovation cost RM65,000.3) Accrued Expenses: Rental RM800, Salary RM3,250.4) Prepaid Expenses: Advertising RM575. 5) Annual depreciation for the non-current assets as follow:-Fixtures and fittingsBuilding10% - Reducing balance method2%- Straight line method6) During the year, the proprietor has taken goods costing RM2,350 and give to his mother. He alsotook cash of RM800 per month from the business for his personal consumption. Cash drawingshad been recorded in a Salary Account.7) It has been agreed that further debts amounting to RM440 are to be written off against specificcustomers, and the closing provision for doubtful debts is to be adjusted to 2% of the revisedaccount receivables figure.8) The bank loan carries an interest rate of 10% per annum. It is the company policy to pay interestcharges at the end of every year.Required:a) Prepare Marvin Enterprise's Statement of Profit or Loss (post adjustments) for the year ended 31July 2021.b) Prepare Marvin Enterprise's Statement of Financial Position (post adjustments) as at 31 July2021.

An income statement is a financial report that indicates the revenue and expenses of a business. It…

Answered: Fixtures and fittings Building 10% -…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 48E

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PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
Financial information is presented below: Operating Expenses 91400 Sales Returns and 18400 Allowances Sales Discounts 12700 Sales Revenue 320900 Cost of Goods Sold 173100 The amount of net sales on the income statement would be O $ 302500. O $ 308200. O $ 320900. O $ 289800.
! Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement 0 $ 165,000 17,600 240,000 42,000 19,000 7,000 40,200
YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon
Al Shifa trading co. reported the following figures in their books of accounts. Sales of OMR 20000, Carriage inwards of OMR 1500, Sales Discount of OMR 2500 and sales return of OMR 2000. Calculate net sales? a. OMR 14000 b. OMR 17500 c. OMR 15,500 d. OMR 18000
Zion Ltd. has reported the following figures in their books of accounts. Sales of OMR 10000, Carriage inwards of OMR 750, Sales Discount of OMR 1250 and sales return of OMR 1000. Calculate net sales? a. OMR 7750 O b. OMR 11250 O c. OMR 11000 O d. OMR 12250
35-Assuming that the business received an invoice from Supplier for OMR 10,000. Which of the following books of prime entry will record the above transaction? a. Purchase ledger b. Purchase journal c. Sales journal d. Sales ledger
Sales-Related Transactions Merchandise is sold on account to a customer for $16,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $630. Determine the following: a. Amount of the sale $ b. Amount debited to Accounts Receivable $ c. Amount received within the discount period $
the sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june 2020 $19,420sales ledger balance as 1 june 2020 $28,227purchase journal $210,416sales journal $305,824returns outwards $1,452returns inwards $3,618cheques paid to suppliers $205,751cash paid to supplier $62cheques ans cash received from customers $287,317discount allowed $4,102discount received $1,721contras against purchase ledger $640 1) Sales ledger control2)Puchase ledger control
Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: $ 175,000 20,700 260,000 46,000 20,000 7,650 44, Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes.
ABM Co. is a merchandising business, registered as a sole proprietorship. The account balances of ABM Co. as of June 1, 2021 are as follows: 001 Cash P 35,750.00 002 Accounts receivable 15,000.00 003 Merchandise inventory 15,000.00 * 050 Accounts payable 060 Maharlika, Capital 20,000.00 30,000.00 100 Sales 30,000.00 101 Sales returns and allowances 5,000.00 102 Sales discounts 2,000.00 200 Cost of merchandise sold 5,000.00 301 Advertising expense 302 Utilities expense 1,500.00 750.00 303 Salaries expense 304 Transportation expense 400 Income summary During June, the following transactions were completed: June 1 Ms. Maharlika, the business owner, invested cash in the business, P100,000. Bought merchandise on account from XYZ Co., P55,000, terms 2/10, n/30, FOB Shipping Point. Paid freight, P2,000. 5 10 Sold merchandise on account to LMN Co., P22,000, terms 2/10, n/30, FOB Destination. Paid transportation expense, P500. The cost of merchandise sold was P20,000. 15 Paid cash for purchase…
Amira trading Co. reported the following figures in their books of accounts. Sales of OMR 40000, Carriage inwards of OMR 3000, Sales Discount of OMR 5000 and sales return of OMR 4000. Calculate net sales? a. OMR 36000 b. OMR 35000 c. OMR 31000 d. OMR 28000

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