The document outlines 20 transactions that occurred for a furniture company called CHICWOOD CORPORATION S.L. during the last year, including a capital contribution, various sales and purchases, loans given and received, expenses for utilities, wages, transportation, and more. It also provides information on inventory levels, interest and tax payments, and the rental of storage space. All of this financial data will need to be properly recorded and reported on in the company's accounting documents.
The document outlines 20 transactions that occurred for a furniture company called CHICWOOD CORPORATION S.L. during the last year, including a capital contribution, various sales and purchases, loans given and received, expenses for utilities, wages, transportation, and more. It also provides information on inventory levels, interest and tax payments, and the rental of storage space. All of this financial data will need to be properly recorded and reported on in the company's accounting documents.
The document outlines 20 transactions that occurred for a furniture company called CHICWOOD CORPORATION S.L. during the last year, including a capital contribution, various sales and purchases, loans given and received, expenses for utilities, wages, transportation, and more. It also provides information on inventory levels, interest and tax payments, and the rental of storage space. All of this financial data will need to be properly recorded and reported on in the company's accounting documents.
CHICWOOD CORPORATION S.L. is a medium business that produces and distributes
furniture all around Spain. During the last year the following transactions occurred:
1. A capital contribution for 100,000€.
2. Sales on cash up to 150,000€ to other retailers in the same industry. 3. The company purchased some raw materials from some local suppliers that require immediate payment. The purchase amounted to 70,000€ however, the local supplier offered a discount of 2%. 4. The customers returned 1/4 of the products bought on the transaction above (see transaction 2) because of bad quality. 5. The company buys a machine. The amount billed by the provider is 25,000 €. The provider grants a discount for immediate payment of 3%. Additional expenses necessary for setting-up the machine are 2,500€. 6. On January 1st the company received a bank loan of 50,000€. The loan was signed for a year, this means that at the end of the year they need to return it. Interest rate of 7%. 7. Expenses for light and water amounted to 5,000€. 8. Sales on credit to private customers (acquisition cost 30,000) for 65,000€. 9. We return inventories costing 3,000€ to a supplier. The supplier issues a check that we deposited into our account. 10. Acquisition of office equipment for 10,000€ 11. The company granted a loan to a customer on June 1st of 25,000. The loan was signed for 6 months (it has to be returned at the end of the year) with an interest rate of 9%. 12. Maintenance expenses for several equipment and machines 8,000€. 13. Transportation cost for purchases 5,000€. 14. We purchase a new machine, price agreed with the supplier is 9,000 €; transport costs of the machine (by the purchasing company) up to 415 €; costs of installation and assembly of the machine are 500 € ; electricity consumption of the machine in 2023 is 190€. The useful life of the machine is 10 years. The machine started to work in October. 15. Wage expenses for a total of 38,000€. 16. On December 15th a local supplier paid CHICWOOD CORPORATION S.L. 2,500€ for cash advance rent for the use of storage space teams, from December 15th to March 15th (3 months). Register the usage of the last 15 days of december that the client has used this space. 17. They received interest payments of 7,000€ for some governmental bonds that they acquired as long-term investment. 18. Cash sale of products acquisition cost (1000€) for 2500€. 19. Ending Balance of inventory 5,000€. 20. The income tax amounts to 11,000€ and will be paid next year.