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  • Assets Balance Sheet Liabilities

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    Muhammed Ali Ülker
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    This balance sheet shows the assets, liabilities, and equity of WAL MART Company as of November 30, 2011. The major events that occurred in November included collecting a 900,000 TL cheque from Garanti Bank, paying out a 1,227,200 TL cheque to Garanti Bank, purchasing 9,000 strollers for 850,000 TL and paying a 14,000 TL transportation fee, selling 8,500 strollers for 1,200,000 TL, paying salaries of 25,000 TL and fuel costs of 2,360 TL, and recognizing depreciation expense on the motor vehicle and furniture. The updated balance sheet reflects these transactions and shows the company's financial position at the end of November.

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    SOLUTIONS.Chapters1-5 (1)

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    This balance sheet shows the assets, liabilities, and equity of WAL MART Company as of November 30, 2011. The major events that occurred in November included collecting a 900,000 TL cheque from Garanti Bank, paying out a 1,227,200 TL cheque to Garanti Bank, purchasing 9,000 strollers for 850,000 TL and paying a 14,000 TL transportation fee, selling 8,500 strollers for 1,200,000 TL, paying salaries of 25,000 TL and fuel costs of 2,360 TL, and recognizing depreciation expense on the motor vehicle and furniture. The updated balance sheet reflects these transactions and shows the company's financial position at the end of November.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    22 views1 page

    Assets Balance Sheet Liabilities

    Uploaded by

    Muhammed Ali Ülker
    This balance sheet shows the assets, liabilities, and equity of WAL MART Company as of November 30, 2011. The major events that occurred in November included collecting a 900,000 TL cheque from Garanti Bank, paying out a 1,227,200 TL cheque to Garanti Bank, purchasing 9,000 strollers for 850,000 TL and paying a 14,000 TL transportation fee, selling 8,500 strollers for 1,200,000 TL, paying salaries of 25,000 TL and fuel costs of 2,360 TL, and recognizing depreciation expense on the motor vehicle and furniture. The updated balance sheet reflects these transactions and shows the company's financial position at the end of November.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    ASSETS BALANCE SHEET LIABILITIES

    CASH 1.247.280 BANK LOAN 200.000


    BANK 816.000 ACCOUNT PAYABLE 22.480
    LAND 500.000 CAPITAL 100.000
    CHEQUES GIVEN (-) - 1.227.200 RETAİNED EARNİNG 1.631.250
    CHEQUES RECEIVED 900.000 NET LOSS - 105.500
    OFFICE SUPPLIES 15.000 NET İNCOME 469.750
    PREPAİD RENT 8.000 TAX PAYABLE 66.600
    PREPAİD INSURANCE 4.000
    INVENTORY 48.000
    MOTOR VEHICLE 60.000
    ACC.DEP.FOR AUTO (-) - 12.500
    FURNİTURE 36.000
    ACC.DEP.FOR FURNITURE (-) - 10.000
    TOTAL 2.384.580 TOTAL 2.384.580
    Note: Inventory (96 x 500=) 48.000 TL

    WAL MART Company is buying and selling strollers. The followinsg events took place on between in November
    2011.

    1- Tax belonging to October was paid (66.600 TL)

    2- The company collected a cheque via Garanti Bank 900.000 TL

    3- The company paid cheque via Garanti Bank 1.227.200TL

    4. On October 1, 2011 The company buys BJK A.Ş stock from İMKB (300.000 shares, market stock price for per
    share 2 TL). Company Paid 1.000 TL commission.

    5- Remember, the company recruited the firm rented a working place from Kentpark Management on 1 January 2011,
    and paid twelve 12 months’ rent 48.000 TL.

    6- Remember, the company paid interest expense of 17.000 TL and a monthly the principal of payment is 100.000
    TL. (They were paid the end of November)

    7- Remember, the company insured its properties, effective from 1 January to 31 December 2011, and paid an insurance
    premium of 24.000TL for the whole period of insurance.

    8-During November, the company purchased 9.000 strollers from Babies"R"Us Cooperation for 850.000 TL (tax
    excluded) and paid transportation expense for 14.000 TL (tax excluded). All cost would be paid later. (Company gives a
    cheque 1.019.520 TL) (value-added tax rate is % 18)

    9- During November, The company sold 8.500 strollers for 1.200.000TL for which 1.416.000 TL. Strollers would be
    paid later. (Company gets a cheque 1.200.000 TL) (value-added tax rate is % 18)

    10- At the End of October, the Company paid salaries of 25.000TL to various employees.

    11- During November, the company bought a fuel for 2.360TL. (Tax included) (paid cash)

    12- Useful life for truck is 4 years, and for furniture 3 years.

    Required: 1-Prepare the journal entries in the general journal and post them to the ledger

    2-Prepare balance sheet

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