Accounting Information Systems (AIS) | Accounting
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Added on 2019-10-01
Accounting Information Systems (AIS) | Accounting
Added on 2019-10-01
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FINANCIAL ANALYSIS
Introduction Question 1: Calculation for Journal entry in Jassal Music Inc in 31 December 20X4ParticularsAmount (Dr.)Amount (Cr.)Prepaid Expenses A/c ..............................Dr. $ 25,500.00 To Insurance A/c $ 25,500.00(Being business insurance paid was recorded as prepaid expenses, now rectified)Prepaid Rent Income A/c ..............................Dr. $ 80,000.00 To Rental Income A/c $ 80,000.00(Being company rented instrument to school with approprate contract from (September to June). Advance was paid that was recorded as only rental income, now rectified)Cash A/c ................................................Dr. $ 6,300.00 To Installment from Ryan A/c $ 6,000.00 To Interest received A/c $ 300.00(Being goods sold in installment whose first installment was due, now paid with the addition installment as per the market rate)Computer System A/c ................................Dr. $ 1,800.00 To Sales A/c $ 1,650.00 To Profit and loss A/c $ 150.00(Being violin was sold by Jassal and in exchange computersystem was obtained)Total $ 113,600.00 $ 113,600.00Table 1: Calculation for Journal entry in Jassal Music Inc in 31 December 20X4(Source: Created by author)Question 2: Calculation for inventory schedule in Allegro Music Inventory itemsNumber of units-year endCost Per unitTotal cost NRV per unitTotal NRVLCNRVChime Set3 $ $ $ $ $
750.00 2,250.00 790.00 2,370.00 2,250.00 Cymbals4 $ 70.00 $ 280.00 $ 85.00 $ 340.00 $ 280.00 Drum sets3 $ 450.00 $ 1,350.00 $ 525.00 $ 1,575.00 $ 1,350.00 Flutes5 $ 650.00 $ 3,250.00 $ 775.00 $ 3,875.00 $ 3,250.00 Violins3 $ 1,500.00 $ 4,500.00 $ 1,650.00 $ 4,950.00 $ 4,500.00 Guitars7 $ 62.00 $ 434.00 $ 45.00 $ 315.00 $ 315.00 Guitars - acoustic 9 $ 125.00 $ 1,125.00 $ 132.00 $ 1,188.00 $ 1,125.00 Guitars - electric12 $ 190.00 $ 2,280.00 $ 225.00 $ 2,700.00 $ 2,280.00 Keyboard4 $ 2,200.00 $ 8,800.00 $ 2,100.00 $ 8,400.00 $ 8,400.00 Piano - entry3 $ 2,300.00 $ 6,900.00 $ 2,500.00 $ 7,500.00 $ 6,900.00 Piano - introductory5 $ 4,500.00 $ 22,500.00 $ 4,900.00 $ 24,500.00 $ 22,500.00 Piano - intermediate2 $ 12,000.00 $ 24,000.00 $ 14,200.00 $ 28,400.00 $ 24,000.00 Piano - professional1 $ 22,500.00 $ 22,500.00 $ 25,000.00 $ 25,000.00 $ 22,500.00 Piano - uprights2 $ 5,000.00 $ 10,000.00 $ 7,500.00 $ 15,000.00 $ 10,000.00 Recorder25 $ 7.00 $ 175.00 $ 10.00 $ 250.00 $ 175.00 Saxophones3 $ 575.00 $ 1,725.00 $ 675.00 $ 2,025.00 $ 1,725.00 Triangles5 $ 55.00 $ 275.00 $ 65.00 $ 325.00 $ 275.00 Xylophones4 $ 245.00 $ 980.00 $ 300.00 $ 1,200.00 $ 980.00 Total $ 113,324.00 $ 129,913.00 $ 112,805.00
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