1. Vidya Invested $50000 to her children story book business 2. She purchased 1000...
60.1K
Verified Solution
Link Copied!
Question
Accounting
1. Vidya Invested $50000 to her children story book business 2. She purchased 1000 units of story books @ $2 each for cash 3. She sold 500 units of books at $5 each for cash 4. She bought 400 units of books for $3 each on account 5. She sold 600 units at $6 each for cash 6. Purchased a machine for $5000 from Zalak Auto traders 7. Paid salary $ 2500 for Naved at the end of the month 8. Paid rent of $1000 for Naveen a. Prepare General journal entries b. Calculate the gross profit based on i. FIFO ii. Weighted Average iii. LIFO c. Which method will you recommend for better gross profit in this instance? d. Calculate the Net profit e. Prepare Trial Balance f. Prepare Income statement g. Prepare Statement of Owners equity h. Prepare Balance Sheet Calculate the gross profit ratio Calculate the net profit ratio Calculate the Asset turnover ratio Calculate inventory turnover ratio
1. Vidya Invested $50000 to her children story book business
2. She purchased 1000 units of story books @ $2 each for cash
3. She sold 500 units of books at $5 each for cash
4. She bought 400 units of books for $3 each on account
5. She sold 600 units at $6 each for cash
6. Purchased a machine for $5000 from Zalak Auto traders
7. Paid salary $ 2500 for Naved at the end of the month
8. Paid rent of $1000 for Naveen
a. Prepare General journal entries
b. Calculate the gross profit based on
i. FIFO
ii. Weighted Average
iii. LIFO
c. Which method will you recommend for better gross profit in this instance?
d. Calculate the Net profit
e. Prepare Trial Balance
f. Prepare Income statement
g. Prepare Statement of Owners equity
h. Prepare Balance Sheet
Calculate the gross profit ratio
Calculate the net profit ratio
Calculate the Asset turnover ratio
Calculate inventory turnover ratio
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.