Sample Accounting Answers Paper

Sample Accounting 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

Sample Accounting Answers Paper

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 Sample Accounting Answers Paper.

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

23.

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. Sample Accounting Answers Paper

Net Income

$ 84,964.00

$ 72,333.00

$ 12,631.00

$242,469.00

($229,838.00)

($229,838.00)