Alex Sun had the following transactions. Use the accounting equation to show their effect on his Assets, Liabilities, and Capital. A. Invested P65,000. B. Purchased securities for cash P8,500. C. Purchased a home for P15,000: giving P 5,000 in cash and the balance through loan account. D. Sold securities costing P 1,000 for P 1,500. E. Purchase an old car for P 2,800. F. Received cash as salary P 3,600. G Paid cash P 600 for loan and P 200 for interest. H. Paid cash for expense P 400. 1. Received cash for dividend on securities P 300.
Q: Which of the following statements is true?A. Tangible assets lack physical substance.B. Tangible ass...
A: Assets are the important element of accounting books and records of the business. It includes all ty...
Q: 15 Atoy and Bitoy are partners. Their agreement provides that Atoy shall receive a bonus of 20% of t...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Isla Esme, Inc., sells tea products to various customers. In recent years, profits have been declini...
A: Total cost is determined astThe sum total of all the amount spent on the production of any product.
Q: Suppose that P 4500 is deposited each year into a bank account that pays 8% interest compounded quar...
A: Cash flow diagrams are visual representations of revenue and expenses over a period of time. A horiz...
Q: Which of the following are assets? (Select all that apply.) Land Supplies Expense Wages Payable Supp...
A: The balance sheet represents the financial position of the business with assets and liabilities on a...
Q: If a business is owned by three partners, how many capital accounts are required on the books? Why
A: A partnership firm is model of business structure which consider two or more partners agrees to corp...
Q: Company X produces radio equipment. The company is considering the use of high- quality materials to...
A: Operating income is an accounting measure that indicates the amount of profit made by a company's op...
Q: A Co. and B Co. are joint venturers of C.Co, a producer of high tech machinery. A and B, each have 5...
A: Joint ventures is a form of agreement or arrangement between two or more than two persons, in which ...
Q: tion, where workers microfilter and ozonate the water Bottling, where workers bottle and package the...
A: Conversion costs refer to the expenses involved while transforming raw material into finished or sem...
Q: A company had the following transactions during the finst month of the year. Frepare an income slale...
A: Journal Entries - Journal Entries are recorded to enter transactions entered into by the company. Al...
Q: Becker Office Service purchased a new computer system on January 1, 2018, for $39,600. It is expecte...
A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage , ...
Q: Shown below is the Profit & Loss Statement of start-up company THE PEANUT BETTER CO. Let us assume t...
A: The question is related to Return on Investment. The return on investment is calculated with the hel...
Q: Which of the following methods of cost estimation relies on only two data points?A. the high-low met...
A: Cost accounting is one of the important branch of accounting, under which costs are being calculated...
Q: The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on De...
A: Common Stock Retained Earnings Total Equity Balance as on December 31, 2019 $ ...
Q: 3.2 Partners Pedro and Gil divide profits and losses on the basis of their 1 30,000 Sept. 4. 6,750 J...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: The comparative financial statements of Marshal Inc. are as follows. The markat price of Manhal comm...
A: Ratio analysis helps to analyze the financial statements of the company. The management can take dec...
Q: From the following Company Y adjusted trial balance, prepare simple financial statements, asfollows:...
A: Financial statements are those statements which are prepared at the end of accounting period for the...
Q: Which process of the accounting cycle often requires the most analytical thought?A. making a journal...
A: Accounting cycle is the detailed process of recording, classifying, summarising and reporting accoun...
Q: Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Nash Company. The...
A: Given, Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Nash Compa...
Q: Benny, Jenny and Kenny are partners in trading business. They participate in the profits and losses ...
A: Liquidation in the partnership accounting is refers to the closing the partnership firm and distribu...
Q: On September 1, a piece of office equipment was sold for P2M. The office equipment had an original c...
A: Gain on sale of office equipment is the excess amount received by way of sale over the carrying amou...
Q: Organize the general ledger please thanks!!!
A: General ledger accounts are used to post all the recorded journal entries in the appropriate account...
Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur i...
A: Cash budget means expected cash receipts and expected cash payment with opening and closing cash bal...
Q: Additional information: • Inventory as at 31 December 2021 amounted to RM79,030. • Dumbo Trading is ...
A: The statement of comprehensive income contains those revenue and expense items that have not yet bee...
Q: economic life of the generator.
A: Economic life of the asset is the useful life of the asset till which it has the lowest cost and aft...
Q: What are subsidiary ledgers and control accounts,and why are they used? Describe how they work.
A: An accounting ledger is an accounting account or record that keeps track of activities on the balanc...
Q: If the total depreciation on year 5 is 31,164 and the book value on the same year is 120,565 and the...
A: SLM method is straight line method of depreciation, under which equal amount is being charged as dep...
Q: An entity provided the following records connected to its inventory transactions: Date and transacti...
A: Inventory Valuation: The valuation of inventory can be done by using various inventory methods like ...
Q: The Articles of Incorporation for Trendy Sunglasses, Corp.states that the corporation's purpose is t...
A: Ultra vires act means doing an act which is beyond the power of the company.
Q: Explain the limitation of ratio in a business
A: Accounting ratios are an essential component of financial statement analysis. A ratio is a mathemati...
Q: Amy is a salesperson for ABC Company. Although ABC never expressly authorized her to collect paymen...
A: Facts mentioned in the given question: Amy is a salesperson for ABC Company ABC never expressly aut...
Q: Which of the following is the correct order of preparing the financial statements?A. income statemen...
A: Financial statements are those statements and reports which are prepared at the end of the period fo...
Q: Sage Industries and Pronghorn Inc. enter into an agreement that requires Pronghorn Inc. to build thr...
A: The question is based on the concept of Lease Accounting. As per the Bartleby guidelines we are allo...
Q: Austin Clinic deposits all cash receipts on the day when they are received and it makes all cash pay...
A: Bank reconciliation is required where the cash book balance and bank statement is not matched due to...
Q: Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 20X1 4 Purcha...
A: Journal entries are the basic method for recording financial transactions in the books of accounts. ...
Q: 14. Which of the following statements disqualify someone from using Form 1040EZ to file a tax return...
A: To use the form, a taxpayer had to have taxable income of less than $100,000, less than $1,500 of in...
Q: The following information is taken from the records of Baklava Bakery for the year 2019 A. Calculate...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: 6.1 If two years' preferred dividends are in arrears and the board of directors declares cash divide...
A: Dividend is the part or share of profits that is being distributed to the shareholders. Cumulative p...
Q: c. Direct manufacturing labour price variance d. Direct manufacturing labour efficiency variance e...
A: Variance analysis is one of the important technique of management accounting analysis, under which b...
Q: ne debt to O the F
A: The debt to asset ratio is a leverage ratio that measures the number of total assets that are financ...
Q: cost and hol
A: Economic order quantity refers to the ideal quantity that a company is required to order for reducin...
Q: There are 2 types of residents in town. 20% are financially stable who can pay back the loan they bo...
A: Breakeven means a point of balance making neither profit nor loss. If amount is below point then it...
Q: Required: 1. Compute the predetermined overhead rate. 2. Compute the hourly billing rate for Debbie ...
A: Predetermined Overhead Rate (Based on Salary Costs) = Total Overhead / Total Salary Hourly Billing R...
Q: Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disburseme...
A: Notes:- Dear Student I have used my own formate which may be different from yours so, please updat...
Q: Tall Pines Brewery (TPB) makes two specialty beers in its microbrewery: Golden Ale and Dark Ale. Bot...
A: Selling price variance: This is the variance between the budgeted selling price of goods and the act...
Q: Garcia Company rents out a portion of its building to Jerry Company for $1,000 per month. On August ...
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...
Q: Working capital is an indication of the firm’s ________.A. asset utilizationB. amount of noncurrent ...
A: Working capital (WC) seems to be a financial statistic that indicates the operating liquidity access...
Q: Don Johnson is the management accountant for Cari-Blocks (CB), which manufactures specialty blocks. ...
A: Solution Production volume variance compares the actual overhead costs per unit that were achieved t...
Q: If current assets are $100,000 and current liabilities are $42,000, what is the working capital?A. 2...
A: Working capital is the amount of capital or money needed for day to day operations of the business. ...
Q: REQUIRED:: Calculate the following Ratios: a) Gross Profit Margin b) Net Profit Margin c) Cur...
A: Gross profit margin Gross profit / Net Sales * 100 Net profit margin Net profit / Net Sales * 100 C...
Step by step
Solved in 2 steps
- 2. Prepare for the financial statements of spouses Maria and Juan Dela Lata given the following information. а. Cash on hand ? b. Savings Account in Metrobank = 200,000 and in BPI 345,654 c. Money market accounts = 125,000 d. Accounts Receivables from Maria = 34,890; Juana = 12,900 and Jose = 6500 e. Automobiles at current market value = 2,345,000 f. House and lot at current market value = 12,450,900 g. Personal properties = 3,568,788 h. Furnitures , Fixtures and appliances = 875,600 i. Stock investments = 90,000 j. Bond investments 50,000 k. Credit card loans = 89,700 1. Short term loans with cooperatives = 239,890 m. Unpaid taxes = 75,690 n. Automobile loan = 684,500 o. Housing loan = 2,500,894 p. Both spouses are working with a total annual income of 3,500,433 q. They have received a total of 400,000 from their relatives abroad as gifts in cash. r. They received dividends of 12,450 from the cooperative for the year. s. They received 23,693 from the sale of old appliances t. 8% of…hey I need help figuring out the numbers for these accounting homework assignments. Clint M. Invests $30,000. Into Merle company. The effect to Liabilities would be: ( Type your numeric number) Clint M. Invests $30,000 into Merle Company. The effect to Equity would be: (Type your numeric number) Merle company purchases s piece of equipment for $5,000 on account. The effect to Assets would be: (Type your numeric answer) Merle company purchases a piece of equipment for $5,000. The effect to Liabilities would be: (Type your numeric answer) Merle Company purchases a piece of equipment for $5,000 on account. The effect to Equit would be: (type your numeric answer)Construct a balance sheet for the Harper family from the following information. Be sure the format is correct. Are the Harpers solvent or insolvent? Explain. Show all work. Cash on hand 100 Bank credit card balance 35,000 Auto loan balance 19,000 Mortgage 225,000 Primary residence (FMV) 250,000 Jewelry 500 Stocks 1,000 Coin collection 1,500 2010 Chevy 20,000
- Anthony Clement is applying for a car loan. The lending institution requires a personal net worth statement. Anthony currently has $1,085.00 in cash, and his camera is worth $635.00. He also owes Vista Travel $305.00 and Kelley Electronics $83.00. Complete a net worth statement for Anthony Clement. Select Current Date in the appropriate field. Assets should be listed in order of liquidity, so Cash should be listed first. Liabilities should be reported in alphabetic order.List Ken Lewin's assets in one column. His liabilities in another, and calculate his equity. Mira Gordon assets and liabilities are listed below in random order: Bank balance $856.25; Bank Loan $5 000; House and lot; $185 000.00; Cash on hand $ 85.35, Amount owed to Esso oil $ 135.60, Amount owed to Ontario hydro $85.50, miscellaneous equipment $1 850.00 mortgage on house and lot $90 000.00, Household furniture and furnishings $4 800.00; Amount loaned oto Mira Gordon $ 2 000.00 A. List the assets in one column and total them. B. List the liabilities in another column and total them. Calculate Mira Gordon's equity. C.Question 1. From the following transactions, classify Debit and Credit and record Journal Entries. prepare the given ledger accounting in T format. The transactions for the month of March 2020 are given hereunder. Mar 1. Meeza started a business investing RO 12,500. Out of which she deposited RO 5,000 in the bank account the same day. Mar 2. She purchased tools and equipment for RO 4,750. She paid 60% of the amount by cheque. Remaining amount (RO 1900) recorded in ‘Other liabilities account’ to be paid next 30 days. Mar 6. She produced 600 units of product for RO 20,000 on credit and sold all of them on credit to Mr. John for RO 24,000. Mar 9. Purchased Raw-Material for RO 6,200 on 15 days credit for Aesha. Mar 11 She paid off the outstanding amount on tools and equipment account purchased on 2nd March through Bank account. Mar 13. Mr. John paid RO 15,000 by Cheque. Mar 16. Paid the supplier of Raw material (March 9) by cheque no 132613, RO 5,325. Reminder as a cash discount and…
- Below are the transactions for Alex in Jan 2019: 1 Alex commenced business by depositing cash RM80,000 in the bank as capital 4 A machine was purchased and paid for with company cheque for RM42,000 8 Alex purchased goods for resale amounting to RM17,500 on credit 12 Alex made a cash sales of RM4,800; cost of good sold was RM2,600 16 Alex received a bank loan of RM30,000, the money was credited to the business bank account 20 Alex brought in his personal car for business use, the car was valued at RM65,000 23 Alex purchased goods for resale amounting to RM35,600, he paid the supplier by cheque 27 Alex paid supplier RM17,000 for the goods purchased on 8 Jan 2018, discount received RM500 30 Alex bought a computer for RM5,200 by cheque Required: Prepare the accounting equation for the month of January 2019.Activity: Following are the accounting transactions relating to Mr. P’s business. Use the accounting equation to show their effect on his assets, liabilities and capital. Purchased goods from A on credit 5,000 Sold goods for cash 10,000 Paid to A 2,000 Sold goods to B on credit 3,000 Paid into Bank 6,000 Paid to A by cheque 1,000 Received from B a cheque for 2,000Eric Song has set up as a sole trader and introduced his savings worth £8,000 to his business, Song Sounds. What is the double entry to record the transaction? a) Dr Capital Cr Cash b) Dr Bank Cr Creditors c) Dr Bank Cr Capital d) Dr Capital. Cr Creditors
- Draw an Accounting Equation from the following transactions: ) Commenced business with cash ? 50,000, cheque 1,00,000, goods ? 30,000 a-, furniture ? 20.000. (ti) Car, personal asset of the proprietor, was sold for ? 1,00,000 against cheque which h deposited in his Savings Account. (ii) An amount of 50,000 was transferred from his Savings Account to the firm's Bank Account. A new car was purchased for ? 6.00,000 for office use. It was paid by taking loan from- Bank of 5,00,000 and balance by issue of cheque from firm's Bank Account. un Sold goods to Ajay on credit costing ? 4,000 for ? 5.000. (tn Sold goods for cash costing ? 12.000 for ? 16.000. (en Purchased goods for cash ? 40,000. (U Purchased goods on credit for ? 20,000, (ux) Paid rent ? 3.000 including ? 2.000 in advance. cx) Paid salaries ? 2,000. (xi Sold goods costing ? 8.000 for ? 10.000. (x) Salarirs outstanding ? 1.000. xit) Charge depreciation on furniture ? 500. |Assets: ? 7,73,500 = Liabilities: ? 5,21,000 + Capital:…Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $31,000 and has cash on hand of $18,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Choose one option for following blank: A. real asset. B. financial asset. C. real liability. D. Finanical liability. The bank loan is a Financial liability for Lanni, and a Financial asset for the bank. The cash Lanni receives is a Financial asset . 1. The new financial asset destroyed or created is Lanni's promissory note to repay the loan. Lanni uses the cash from the bank plus $18,000 of its own funds to finance the development of new financial planning software. Lanni transfers financial asset (cash) to the software developers. In return, Lanni receives the completed software package, which is a real asset. Lanni exchanges the real asset (the software) for a Financial asset, which is 1,400 shares of…Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $31,000 and has cash on hand of $18,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Choose one option for following blank: A. real asset. B. financial asset. C. real liability. D. Finanical liability. 1. Lanni takes out a bank loan. It receives $48,000 in cash and signs a note promising to pay back the loan over 3 years. The bank loan is a (select an option) for Lanni, and a (select an option) for the bank. The cash Lanni receives is a (select an option). 2. Lanni uses the cash from the bank plus $18,000 of its own funds to finance the development of new financial planning software. Lanni transfers (select an option) (cash) to the software developers. In return, Lanni receives the completed software package, which is a (select an option). 3. Lanni sells the software product to Microsoft,…