Prepare the trial balance for richards grocery

Assignment Help Financial Accounting
Reference no: EM13510913

Richards grocery has the following transactions

April 01st - Richard invest $90,000 in the business account

02nd - bought goods for the business from Singh for $8,000 by cheque.

03rd - bought goods from Adam Ltd on credit for$500

05th - sell goods to marsha for $7000 cash

10th - received a cheque of $3000 from a friend as a loan.

16th - paid rent of $500 by cash

25th - deposited $5000 cash into the business.

27th - cash withdrawn for personal use $150.

Prepare the trial balance for Richards grocery as at 30th april 2014

Journalise, post to ledgers, balance of accounts, prepare trial balance.

Reference no: EM13510913

Questions Cloud

How can abc be used to improve profitability : Explain why Activity Based Costing (ABC) often reveals existing product cost cross-subsidization problems. How can ABC be used to improve profitability? Discuss some of the limitations of ABC.
Identify the tax issues - personal tax return : Identify the tax issues and suggest a recommendation: Commissioner v. Bollinger, Supreme Court of the United States, 1988, 485 U.S. 340
Journalize the treasury stock transactions : It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,200 shares of treasury stock for cash at $72 per share. Journalize the treasury stock transactions.
Prepare the entries on the appropriate dates to record : Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.
Prepare the trial balance for richards grocery : Prepare the trial balance for Richards grocery as at 30th april 2014 - Journalise, post to ledgers, balance of accounts, prepare trial balance.
Journalize the two entries to record the transactions : All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Journalize the two entries to record the transactions summarized in the trial balance.
Prepare multi-step income statement for clarkson motorsports : Prepare a multi-step income statement for Clarkson Motorsports for the fiscal year ended November 30, 2012. Include earnings per share.
Find the friction force that the floor exerts on the ladder : A uniform ladder 6.58 m long weighing 460 N rests with one end on the ground and the other end against a perfectly smooth vertical wall, Find the friction force that the floor exerts on the ladder
Liabilities and equity shown on the balance sheet : How are assets, liabilities, and equity shown on the balance sheet -prepare journal entries for transactions (a) through (k) and post them to the T-accounts -journalize and post the adjusting entries (l) through (p)

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the dollar sales needed to generate an after-tax

determine the dollar sales needed to generate an after-tax income of 33,000.

  Determine the economic order quantity

Evaluate the economic order quantity for the spice in terms of 10 pound bags and If the company works 250 days per year, on average how many bags of spice are used per working day?

  Journal entries for sold merchandise inventory

Merchandise Inventory on account.  All sales are recorded net of the 2% discount offered by the company.  (Any discounts not eventually taken by the purchaser are recognized as interest income.)  Shipping charges of $450 were paid by the purchaser..

  Multiple choice question based on cost accounting1 period

multiple choice question based on cost accounting.1. period costs for a manufacturing company would flow directly

  Calculate consolidated net income

Calculate consolidated net income and identify the amount attributable to shareholders

  Computation of various balance sheet ratiosscully

computation of various balance sheet ratios.scully corporations comparative balance sheets are presented below.scully

  The bonds are classified as held-to maturity

On Jan 1, 2010, Morgan Company acquires 300,000 of Nicklaus, Inc, 9% bonds at 278,384. the interest is payable each December 31, and the bonds mature Dec 31, 2012. the investment will provide Morgan Company a 12% yield. The bonds are classified as..

  Importance of economic substance

Retail firms are at risk that their inventory will become obsolete. What can a firm do to minimize this risk? What types of firms are most at risk? Least at risk?

  Balance sheet of the captain jet inc

Balance sheet of the Captain Jet Inc

  Find the expected eps for both financing plans

Calculate the EBIT-EPS indifference point - Calculate the EBIT-EPS indifference point and find the expected EPS for both financing plans

  Organize the transaction in accounts

Organize the transaction in accounts under an accounting equation and prepare the stockholders equity section of the balance sheet as of December 31, 2012.

  Illustrate what type of financing should kaitlyn acquire

Kaitlyn's company needs to obtain funds in order to keep the business going; however, she does not want stockholders influencing the direction of her company. Illustrate what type of financing should Kaitlyn acquire?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd