ash Paid for Operating Expenses
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ash Paid for Operating Expenses The following information was obtained from Knox Company's income statement for 20-2, balance sheets as of December 31, 20-2 and 20-1, and auxiliary records: Operating expenses for 20-2 $347,450
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- Comprehensive Problem The following were taken from the books of Amihan Company: Long-term Payable Notes Payable Property. Plant and Equipment Accounts Receivable Accounts Payable Accumulated Depreciation Cash Owner's Capital Unearned Income Notes Receivable Prepaid Expenses Accrued Expenses Inventory Intangible Assets P 500,000 120.000 750,000 56.000 65,000 100,000 77,000 c. Prepaid Expenses is current. d. Date of SFP, December 31, 2020 ? 15.345 244.000 56.700 37,890 157,840 124,500 OUTPUT 1 Prepare a classified SFP given the following additional information: (ACCOUNT FORM) SFP a. Notes Payable is due 6 months from now. b. Notes Receivable is collectible 9 months from now.The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation. Furniture Depreciation Participations Total fixed assets. Goods Goods in pledge Customers Downpayment to suppliers Prepaid expenses Available Funds Circulating Assets Total assets 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 95.000 -72.000 85.000 313.000 60.000 20.000 30.000 20.000 20.000 107.000 257.000 570.000 31/12/2022 Liabilities Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total Foreign Capitals Long term Loan Bills payable Suppliers Loan with pledged goods Customers' downpayments Expenses payables Prepaid revenues Total Predictions Total liabilities 31/12/2021 180.000 60.000 20.000 -30.000 230.000 120.000 40.000 50.000 14.000 20.000 30.000 20.000 294.000 46.000 570.000 During the use of 2022, the following transactions took place. Sale of goods with value EUR 80,000 and cost EUR 35,000, 80% of them paid by cash and the rest with…Accounts Receivable$ 21,000 Cost of Goods Sold215,000 Selling Expenses (includes depreciation)27,000 Interest Expense800 Accumulated Depreciation—Building33,000 Sales Discounts13,000 Unearned Service Revenue28,000 Inventory37,000 Administrative Expenses (includes depreciation)18,000 Sales Revenue330,000 Accounts Payable9,000 Interest Revenue600 Instructions: Using the data provided as appropriate, prepare a multiple-step income statement for Atlantic Department Store for the year ended December 31, 2012.
- Balance Sheet and Notes Listed here in random order are Wicks Construction Limiteds balance sheet accounts and related ending balances as of December 31, 2019: Additional information: 1. The company reports on the balance sheet the total amount for inventories and the net book value of property, plant, and equipment, with the related details for each account disclosed in notes. 2. The straight line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. A breakdown of property, plant, and equipment shows the following: land at a cost of 32,000, buildings at a cost of 182,400 and a net book value of 120,200, machinery at a cost of 63,900, and related accumulated depreciation of 18,600, and equipment (40% depreciated) at a cost of 53,000. 3. Patents are amortized on a straight line basis directly to the Patent account. 4. Inventories are listed at the lower of cost or market value using an average cost. The inventories include raw-materials, 22,200; work in process, 34,700; and finished goods, 41,600. 5. Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. 6. Preferred stock has a 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued. 7. The investment in bonds is carried at the original cost, which is the face value, and is being held to maturity. 8. Short-term investments in marketable securities were purchased at year-end. 9. The bonds payable mature on December 31, 2024. 10. The company attaches a 1-year warranty on all the products it sells. Required: 1. Prepare Wicks Constructions December 31, 2019, balance sheet (including appropriate parenthetical notations). 2. Prepare notes to accompany the balance sheet that itemize company accounting policies; inventories; and property, plant, and equipment. 3. Next Level Compute the current ratio and the quick ratio. How do these two ratios provide different information about the companys liquidity? Why are these ratios useful?Required information For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 411, 225 209,550 12, 100 9,525 $ 673,500 642, 400 $31,100 $ 1.90 :. -. - == ....... 9 US Sa MX Company reports these account balances on December 31, 2021 Accounts Payable Accounts Reeeivable Accumulated depreciation Cash Drawings Operating Expenses Equipment Goodwill Service Revenue Owner's capital Unearned Service Revenue $450,000 150,000 180.000 600,000 80.000 300,000 680.000 90,000 500,000 720.000 150.000.
- Given the following account balances at year-end, compute the total intangible assets on the balance sheet of Oriole Company. Cash $1330000 Accounts Receivable 1140000 Trademarks 1350000 Goodwill 2690000 Research & Development Costs 2190000Company X balance sheet at 31..03.200x Assets Intangible fixed assets Fixed assets Cash Total assets 6 000 45 000 6 500 57 500 Equity Trade liabilities Required: a) Open the accounts b) Records all accounting operation c) Prepare closing balance sheet Total equity & liabilities 54 000 3 500 57 500 Company e has the following business events in April 1. The company purchased 100 units of production commodity 0,50 per unit Company paid in cash and commodities were taken to the warehouse 2. The company paid trade liabilities using bank money transfer 500 3. Cash delivered from bank account to cash desk 800 4. Purchased with deferred payment a tangible fixed asset and took in into active use 1000 5. The company signed a bank loan agreement for settling a trade liability for the purchase of tangible fixed asset Money received on bank account 1000 6. A liability relating to the purchase of tangible fixed asset was paid 1000Extract from the statement of P&L and OCI of Don Ltd for year ended 30 June 20X8 and the Balance Sheet at 30 June 20X7 and 20X8 are given below. 20X7 20X8 Sales $2,120,000 Interest revenue $3,000 Loss on sale of plant and equipment ($25,000) Current Assets Interest receivable $1,500 $3,000 Non-current assets Plant and equipment (at cost) $410,000 $425,000 (-) Accumulated depreciation ($85,000) ($102,000) Loan to CEO $60,000 $45,000 Current liabilities Trade Payables $14,200 $34,250 Additional information: On 1 January 20X8 Don Ltd sold plant and equipment with a carrying amount of $75,000 (cost $100,000) and received $50,000 cash. An item of plant and equipment was purchased on 29 June 20X8. Not all of this was paid for with cash. $30,000 of this amount was purchased on credit and is in the trade payables balance at 30 June 20X8. Don Ltd…
- nt Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax $46,000 2, 300 Freight charges for shipnent of equipnent Insurance on the equipnent for the first year Installation of equipment 71e 910 1,100 The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Prepare the necessary journal entries to record the above expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet > Record the purchase of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet 11 Record any expenditures not capitalized in the purchase of equipment. Note Peter Oebits before credita Transaction General Journal Debit Credit 21Corristan Company purchased equipment and incurred these costs: Cash price $24,000 Sales taxes 1,200 Insurance during transit 200 Annual maintenance costs 400 Total costs $25,800 What amount should be recorded as the cost of the equipment? $25,200 $25,800 $24,000 $25,400 O OAsap
