Sample Accountig Answers Paper
19. Cost of goods sold(COGS) = starting inventory + the purchases – ending inventory
starting inventory = $87,500
purchases = $45,000
Ending inventory = ($87,500 + $45000) 15/100
= ($132,500) 0.15
= $19,875
= $87,500 + $45,000 – $19,875
COGS = $112,625
22.
|
Cash |
|
|
Equipment €29,000 |
|
|
Prepaid insurance €500 |
|
|
Suppliers €1,200 |
|
|
Accounts Receivable |
|
|
Accounts payable €5,000 |
|
|
Accounts Payable |
|
|
Accounts receivable €7,500 |
|
|
Equipment |
|
|
Cash €10,000 |
|
|
Prepaid insurance |
|
|
Cash €500 |
|
|
Suppliers |
|
|
Cash €1,200 |
|
|
Accumulated depreciation |
|
|
Bank 11,200 |
|
Trial Balance
For the year ended September 30, 2020
|
|
Debit |
Credit |
|
Cash |
10,000 |
|
|
Accounts receivable |
7,500 |
|
|
Equipment |
29,000 |
|
|
Prepaid Insurance |
500 |
|
|
Supplies |
1,200 |
|
|
Accumulated Depreciation |
11,200 |
|
|
Accounts payable |
5,000 |
|
|
Notes Payable |
7,000 |
|
|
Capital |
12,000 |
|
|
Retained Earnings |
9,000 |
|
|
Distributions |
25,000 |
|
|
Revenue |
90, 800 |
|
|
Rent Expenses |
10,000 |
|
|
Supplies Expenses |
29,000 |
|
|
Travel Expenses |
6,000 |
|
|
Depreciation Expenses |
10,400 |
|
|
Utilities |
4,700 |
|
|
Interest |
1,700 |
|
|
|
135,000 |
135,000 |
|
Balance Sheet of Medical Suppliers Company for the year ended on December 2020 |
|
|
Assets: Cash |
$ 2,223.00 |
|
Inventory Accounts Receivable Other Total Current Assets |
$ 17,331.00 $ 9,469.00 $ 3,380.00 |
|
$ 32,403.00 |
|
|
Intangibles Total Assets |
$ 32,403.00 |
|
Liabilities and SE: Member Loans |
$205,000.00 |
|
Accounts Payable |
$153,944.00 |
|
Retained Earnings |
($910,439.00) |
|
Shareholders Equity |
$583,898.00 |
|
Total Liabilities and SE |
$ 32,403.00 |
|
Income Statement of Medical Suppliers Company for the year ended on December 2020. |
|
|
Revenue COGS Gross Profit G&A Operating Income Net Income |
$ 84,964.00 $ 72,333.00 |
|
$ 12,631.00 $242,469.00 ($229,838.00) |
|
|
($229,838.00) |
