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ACCO 240 Lecture Notes - The Ledger

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viridianhyena983
22 Apr 2014
School
Concordia University
Department
Accountancy
Course
ACCO 240
Professor
All

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Document Summary

John, the owner of abc ltd, had the following transactions for the year ended 31 dec 2009: Started business with cash balance rs10,000 and bank balance rs20,000. Purchased goods on credit from red ltd r2,000. Sold goods on credit to blue ltd rs4,000. Returned part of goods to red ltd rs500. Blue ltd returned part of goods rs 1,000. John took a cheque of rs1,000 for his personal use. Required: prepare: the ledger, the trial balance as at 31 dec 2009. Adam, the owner of eve ltd, had the following transactions for the year ended 31 dec 2009: Started business with cash balance rs15,000 and bank balance rs28,000. Purchased goods on credit from black ltd rs4,000. Sold goods on credit to brown ltd rs6,000. Returned part of goods to black ltd rs1,500. Brown ltd returned part of goods rs 2,000. Sold part of office equipment for cash rs1,200.

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Related Questions

Michael Trading is a stationery store and owned by Sharizan. Below are the transactions of Michael
Trading for the month of November 2019.

November 2019 Transactions
1 Started the business with RM20,000 cash.
3 Purchased Fujixerox printer RM700 by cheque for office use.
13 Sold goods on credit to Rachel RM500.
14 Banked in cash RM3,000.
17 Paid rental of premises amounting to RM400 by cash.
21 Sharizan took RM800 from the bank and RM200 goods for

personal use.

24 Sales returned by Rachel amounted to RM200.
26 The business bought a motor vehicle for RM4,500 cash.
28 Paid utility bills and wages of RM100 and RM500 cash

respectively.

Required:
Identify the effects (increase or decrease) on assets, liabilities, owner’s equity, revenues or expenses for
the transactions dated from 1 November 2019 to 24 November 2019 and show the accounts to be
debited and credited for each of the transactions given below:


INTEROFFICEMEMO
Papa ManufacturingCompany
Date: December 06, 2016
To: Dallas Saycocie
Department Manager
From: Terry G . Reese, CMA, CFM
Chief Financial Officer
Subject: 2017 Budget
You have beentasked with the preparation of the 2017 annual budget. Thepertinent information you will need to complete the budget ispresented below. I will need your budget numbers no later than 4:00PM on December 15th.
Projected 2016 Sales: 400,000,000 Anticipated increase in Sales: 4%
2017 Unit Selling Price: 20,000 2017 Materials Cost per Unit: 12,000
Estimated Units on Hand as of12/31/16: 250 Desired Units on Hand at 12/31/17: 270
Historical Percentage ofSales by Month
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
6% 6% 10% 6% 6% 10% 6% 6% 10% 10% 11% 13%
Assumed Direct Labor costs asa percentage of Sales: 25%
Monthly Indirect Labor: 105,000 Payroll Tax Percentage: 10%
Workers CompensationInsurance: 3% of Direct Labor
General LiabilityInsurance: 2% of Sales
Monthly Factory Rent: 30,000 Monthy rent increase beginning 4/1/17: 500
Monthly TelecommunicationsExpense: 10,000
Monthly AdvertisingCosts: 2,500 Monthly Depreciation Expense: 95,000
Monthly Utilities Expense isestimated at $1,000 plus 0.25% of Sales
Estimated 2017 tax rate: 35%

Be sure to round all of your budget estimates to the nearestdollar.

Please fill in these charts

Production Budget

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Total
Minimum required units on hand 50 50 50 50 50 50 50 50 50 50 50 50
Beginning Units on hand 250 250 250 250 250 250 250 250 250 250 250 250
Units Produced
Less Units Sold
Ending Units on Hand 250 250 250 250 250 250 250 250 250 250 250 250

Configure Budget

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Total
Sales
Direct Cost
Cost of goods sold
Direct Labor
Payroll Taxes
Workers Compensation Insurance
Factory Rent
Total Direct Cost
Gross Profit
Sales, General & Administrative Expenses
Advertising Expenses
Indirect Labor
Payroll taxes
General Liability insurances
Telecommunication expenses
Utility expenses
Depreciation
Total SG&A Expenses
Income Before taxes
income tax
net income

Exercise 4-3

Stockholders’ equity in TransWorld Inc. on December 31, 2010, is shown below:

Common stock: 60,000 authorized shares, par
value of $15, 25,000 shares issued and outstanding...........................

$375,000

Paid-in capital in excess of par value, common stock.........................

90,000

Retained earnings.............................................................................

430,000

Total equity.......................................................................................

895,000

Stockholder equity accounts were affected by the following transactions in 2011:

Jan 1

TransWorld purchased 2,000 treasury shares at $24/share.

Jan 7

Declared a $3/share dividend, payable on Feb 15 to the Feb 28 stockholders of record.

Feb 15

Paid the dividend (Jan 7 declaration).

May 7

Sold 800 of treasury shares for cash at $27/share.

Aug 15

Sold 1200 of treasury shares for cash at $21/share.

Sep 20

Declared a $3/share dividend, payable on Oct 15 to the Sep 30 stockholders of record.

Oct 15

Paid the dividend (Sep 20 declaration).

Dec 31

Closed the credit balance of $188,000 (from net income) in the Retained Earnings Income Summary account.

1.Use the information provided to prepare the following:

a.Journal entries for the 2011 transactions.

b.December 31, 2011, retained earnings statement.

TRANSWORLD INC

Statement of Retained Earnings

For Year Ended December 31, 2011

[Create your retained earnings statement here.]

c.For distinguished performance, prepare the investors’ equity section of TransWorld’s December 31, 2011, balance sheet.

TRANSWORLD INC

Stockholders’ Equity Section of the Balance Sheet

December 31, 2011

[Create your balance sheet here.]