Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem1)  What are financial accounting, management accounting, and finance? What are their similarities and differences?
problem2) What information does a balance sheet provide? How do accounting conventions and asset valuation affect measuring and reporting financial position?
problem3) The following events occurred during the first month of operations for XYZ Ltd., a company specialised in providing carburetors to automobile manufacturers.

Date                                                                          Event

Jan. 1st: The shareholders invested £300,000 in cash, land worth £100,000 and a building worth £250,000 in exchange for common shares.
Jan. 2nd: In order to develop a research facility, XYZ acquired computer equipment for £175,000. The purchase price was paid 20% in cash and the remaining on a note.
Jan. 4th: XYZ issued an advertisement in the newspaper in order to recruit a research lab specialist. The ad will run throughout the month and will cost £1,500. The invoice was received on the 15th of the month.
Jan. 31st: The research specialist worked for the last two weeks of the month. His salary of £5,500 was paid on the last day of the month.
Jan. 31st: The company started shipping products during the last week of the month. During that period, sales amounted to £265,000, all received in cash except for £15,000 which was sold on account.
Jan. 31st: At the end of the month, XYZ received a bill from My Telecomm Ltd for its telephone, Internet and cell phone charges. The total of the invoice amounts to £750 to be paid by the end of the following month. In addition, the company paid the newspaper company for the advertisement services provided.
Jan. 31st: To ensure the survival of the company in case of an incident, the company prepaid £5,000 for an annual insurance policy with coverage starting at the beginning of the following month.
Jan. 31st: Given the success of the company, the board of directors declared and paid a dividend of £15,000.

Complete the following:
Prepare the journal entries for the current month. Do not prepare any entries for transactions that relate to the following month.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9349

Have any Question? 


Related Questions in Financial Accounting

In chapter 4 we discussed the six sigma methodology for

In chapter 4 we discussed the six sigma methodology for process improvement (DMAIC). Give an example of how this process could be used to structure a spend analysis effort.

Tracy company a manufacturer of air conditioners sold 100

Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2011. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/ ...

Which survey method mail telephone or personal interview

Which survey method (mail, telephone, or personal interview) would you use for the following situations? Explain your choice. Situation 1 Administration of a questionnaire by a local auto dealership that wishes to find o ...

What is the main purpose of the healthcare reform also

What is the main purpose of the Healthcare Reform also known as the Affordable Care Act? How will individual States influence delivery and how should reform alternatives be considered?

Accounting and financial management assignmentthis

Accounting and Financial Management Assignment This Assignment is designed to give you an opportunity: demonstrate applied knowledge of the accounting regulatory environment. apply financial statement analysis. apply and ...

Assessmentbullnote some of the assessments in this course

Assessment • Note: Some of the assessments in this course build upon each other, so you are strongly encouraged to complete them in the order in which they are presented. For this assessment, complete Problems 1 and 2. Y ...

There are many challenges and opportunities facing managers

There are many challenges and opportunities facing managers in the long-term care system of the future. Describe what skills managers will need to meet those challenges and opportunities, and specifically what skills you ...

What is meant by the statement when a resource becomes

What is meant by the statement: "when a resource becomes essential to competition but inconsequential to strategy, the risks it creates become more important than the advantages it provides"? On the topic " It doesn't ma ...

Excel project instructionsassume abc company has asked you

EXCEL PROJECT INSTRUCTIONS Assume ABC Company has asked you to not only prepare their 2015 year-end Balance Sheet but to also provide pro-forma financial statements for 2016. In addition, they have asked you to evaluate ...

Financecarefully work through the analysis of the companys

Finance Carefully work through the analysis of the company's short term financial situation. You will see that the company will be in a negative cash situation three quarters from now. As an adviser to the company you ar ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro