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Imp Ques - Accounts

Accounts
Course

Introduction to business (MBA1)

90 Documents
Students shared 90 documents in this course
Academic year: 2020/2021
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Technische Universiteit Delft

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Financial Accounting DM 102 Improvement Test 9th September, 2019 Duration: 60 Minutes Total Marks: 30 Q1. The trial balance for a company as of December 31, 2018 is as follows: List of Ledgers (Trial Balance) Cash Accounts receivable Notes receivable (due in 90 days) Office supplies Trucks Accumulated depreciation Trucks Equipment Accumulated depreciation Equipment Land Accounts payable. Interest payable Salaries payable Unearned delivery fees notes payable Common stock Retained earnings Dividends Delivery fees earned Interest earned Depreciation Depreciation Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs Amount 6,11,800 27,200 35,600 Required: Use the information in the adjusted trial balance to prepare (a) Statement of profit and loss the year ended December 31, 2018, (b) The Balance Sheet as of December 31, 2018. Page 1 of 2 Taj Palace uses a Periodic inventory system. It entered into the following calendar year 2018 purchases and sales transactions. The company follows FIFO method. Date Jan. 1 Feb. 10 Mar. 13 Mar. 15 Aug. 21 Sept. 5 Sept. 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 600 units per unit 400 units per unit 200 units per unit Units Sold at Retail 800 units unit 100 per unit 500 units per unit 1,800 units 600 units per unit 1,400 units Required 1. Compute the COGS and Gross profit using FIFO 2. Compute cost of goods available for sale using FIFO and compare it with that calculated using LIFO. Page 2 of 2

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Imp Ques - Accounts

Course: Introduction to business (MBA1)

90 Documents
Students shared 90 documents in this course

University: Thapar Institute of Engineering and Technology

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Financial Accounting DM 102 Improvement Test 9th September, 2019
Duration: 60 Minutes Total Marks: 30
Q1. The trial balance for a company as of December 31, 2018 is as follows:
List of Ledgers (Trial Balance) Amount ($)
Cash 58,000
Accounts receivable 1,20,000
Notes receivable (due in 90 days) 2,10,000
Office supplies 22,000
Trucks 1,34,000
Accumulated depreciation – Trucks 58,000
Equipment 2,70,000
Accumulated depreciation Equipment 2,00,000
Land 1,00,000
Accounts payable. 1,34,000
Interest payable 20,000
Salaries payable 28,000
Unearned delivery fees 1,20,000
Long-term notes payable 2,00,000
Common stock 15,000
Retained earnings 1,10,000
Dividends 50,000
Delivery fees earned 6,11,800
Interest earned 34,000
Depreciation expense-trucks 29,000
Depreciation expense-equipment 48,000
Salaries expense 74,000
Wages expense 3,00,000
Interest expense 15,000
Office supplies expense 31,000
Advertising expense 27,200
Repairs expense-trucks 35,600
Required: Use the information in the adjusted trial balance to prepare
(a) Statement of profit and loss the year ended December 31, 2018,
(b) The Balance Sheet as of December 31, 2018.
Page 1 of 2

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