m the books of the business on 31 January 2020. Trade receivables Mortgage loan Interest on mortgage loan Trade payables Fixtures Accumulated depreciation of fixtures Drawings +800 Rental income Equipment $ 44 000 40 000 250 14 000 98 000 18 000 19 000 14 000 100 000 30.000
Q: sournal entry 1 March Olga started the business with $30,000 in cash 2 March Bought goods for cash…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: In additin to the above question: Prepare the company’s Stockholders equity section of the balance…
A: Introduction: Stockholders' equity is the total funds contributed by the shareholders of the company…
Q: Please refer to the equity section of the balance sheet shown as follows: Preferred stock $100…
A: Common Stock shown in the Balance Sheet includes only Par Value of Shares issued. Amount received in…
Q: ABC Co. has a credit purchase of P40,000 with terms 2/10 net 30 with its supplier. Based on past…
A: If ABC Co. has a credit purchase of P40,000 with terms 2/10 net 30 with its supplier. Discount of…
Q: BFAR Corp. has ordinary share capital with par value of P50, and preference share capital with par…
A: The balance of the Share Premium account at the end of the year is P490,000.
Q: Sage Inc. bought 40% of Adams Corporation’s outstanding common stock on January 2, 20X1, for…
A: Acquisition by a company is the taking over of another company’s share so that investment can be…
Q: CiscoCharmander Manufacturing company, a manufacturer of custom-made drones, uses a job order cost…
A: Overhead expenses are those expenses which can not be traced to a particular item. These are the…
Q: What responsibility would internal auditing go under? managerial accounting, tax accounting or…
A: There are different branch of accounting that help in the recording of transactions and analysis of…
Q: Please answer asap! UPVOTE will be given! No long explanation needed. Excel can be used. At the…
A: Shareholders equity is the total amount attributable to the shareholders of the company. It includes…
Q: For many years, Manama Corporation has used a straightforward absorption costing approach to…
A: Manama Corporation has been following absorption based costing approach. Absorption costing is the…
Q: unit ts on 01 March 2022 actured during the month cturing costs per unit 3 200 units R100 400 units…
A: Labour rate variance refers to the concept of determining the difference between the actual and the…
Q: Ramos Co. provides the following sales forecast and production budget for the next four months. July…
A: Budgeting - Budget is the estimation made by the organization according to the past performance.…
Q: Oki Company pays $310,150 for equipment expected to last four years and have a $30,000 salvage…
A: A journal entry is the act of recording any transaction, whether one that is economic or not. An…
Q: Dazzle Corporation purchased a patent for P7,140,000 on January 2014. The patent is being amortized…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: issue price pe
A: The issue price per share refers to the price at which the share is to be offered for sale when it…
Q: The following information relates to the Cash account in the ledger of Lee Company. Balance…
A: Solution A bank reconciliation is the process thru which bank balance as per books of account is…
Q: Required: 1. What is the overall contribution margin (CM) ratio for the company? 2. What is the…
A: Contribution margin (CM) or gross profit refers to the profit earns by the company for selling goods…
Q: Kiera sells Parchment, Inc. stock (adjusted basis $29,000) to Phillip, her brother, for its fair…
A: Answer (a) Kiera's(Seller's) Recognised Gain/Loss Particulars Amount Amount realised $…
Q: Instructions a. Prepare an incremental analysis for the special order. b. Should Gruden accept the…
A: Incremental analysis of special order :- it helps companies decide whether or not to accept a…
Q: From the information provided below complete the table using the FIFO method of inventory…
A:
Q: 6. The owners are desirous of comparing serval financial transactions and possible outcomes to…
A: The par value of the stock if not given, will be assumed as 100. The dividend is always paid…
Q: Hassock Corp. produces woven wall hangings. It takes 2 hours of direct labor to produce a single…
A: Introduction: The gap between actual and expected labor expenses is referred to as the labor rate…
Q: Current Attempt in Progress Wildhorse Company reported retained earnings at December 31, 2021, of…
A: Introduction:- Retained earnings are the profits that a company is not distributed to the…
Q: Pulsar Plc is considering of exporting its products to the Swedish market. It expects to earn an…
A: Formula = Economic profit / ( loss) = Revenue Less : opportunity cost Less : explicit cost
Q: The September 30, 2021 adjusted trial balance section of Premier Pet Spa's work sheet is below 1 2…
A: Closing Entry: It is the journal entry that is prepared at the end of the accounting period. Balance…
Q: Equipment: Invoice price of machine Less: Discount Net purchase price Transportation Assembly…
A: Introduction: The total cost formula is used to total the variable and fixed costs of a batch. This…
Q: On January 2, 2021, Apple Co. sold merchandise to Mango, Inc. for P1,500,000. The cost of items to…
A: Under the installment sales the method the sales, its revenue and the expenses related to this sale…
Q: The Foundational 15 (Algo) [LO7-1, LO7-2, LO7-3, LO7-4, LO7-5] [The following information applies to…
A: As per the guidelines we can solve only first three part in one time so please repost the rest of…
Q: Cullumber Limited competes in the fast food industry with Bramble Limited. Cullumber underwent a…
A: The ratio analysis helps to analyze the financial statements with different elements of financial…
Q: Accounts Payable had a balance of 4,400 at the beginning of the month and 6,200 at the end of the…
A: Payments made to the suppliers can be found out by adding opening accounts payable balance with…
Q: The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall…
A: 7. No. of Days Sales in Inventory = Average Inventory x 365 / Cost of Goods Sold 8. Fixed Assets to…
Q: er uses a perpetual inventory system, and it purchases merchandise on terms of FOB shipping point.…
A: In perpetual inventory system updates inventory on a continuous basis . Transactions related to…
Q: Use the information given below to prepare the Income Statement for March 2022 according to the…
A: The income statement can be prepared using various methods as variable costing and absorption…
Q: The financial statements for Castile Products, Incorporated are given below: Castile Products,…
A: The net profit margin ratio indicates the net earnings of the company as a percentage of its sales.…
Q: Sales Selling price per unit Finished products on 01 March 2022 Products manufactured during the…
A: Variable overhead efficiency variance alludes to the distinction between the actual time taken to…
Q: What benefits and drawbacks are there for a business that uses a Standard/Traditional Costing model?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Câu 3 A company manufactures two types of component, the XT1 and the XT2. Each component has first…
A: Calculation of Total Polishing hours required XT1 XT2 Total Budgeted Production in…
Q: calculate Samantha’s remuneration for 17 March 2022.
A: Hasley's Bonus System of remuneration calculation is based on the hours that the employee has…
Q: On June 30, 2021, Casio Sony Company sold a property carried in inventory at a cost of P1,894,200…
A:
Q: Calculate the total Marginal Income and Net Profit/Loss if all the tables are sold. Use the…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sun-parts for…
Q: On May 8, 2022, BFAR Corp. declared 10% share dividend to its preference shareholders to be…
A: Share Dividend - Share Dividend is the shares issued by the company to its already existing…
Q: You have taken over the family business, making custom furniture for sale in South Africa and for…
A: The debt-equity ratio is used to measure funds taken from creditors to invest in the business in…
Q: imilar bonds without the conversion option ha convertible bonds have just been converted. date is…
A: Convertible bonds refer to the form of bond which can be transformed by an issuer into a number of…
Q: Calculate the new total Marginal Income and Net Profit/Loss, if an increase in advertising expense…
A: New Total Marginal Income: Income at new 2800 units level (WN-1) - Income at 2400 units(WN-2)…
Q: INFORMATION The following information was provided by Intel Enterprises: The bank balance on 31…
A: Cash Budget- An projected cash input and outflow over the budgeted time are shown in a cash budget.…
Q: Explain how a shift in the sales mix could result in both a higher break-even point and a lower net…
A: Break-even point in sales: The quantity of sales which generates revenues required to pay off all…
Q: Required: Determine the following measures for 20Y2, rounding to one decimal place, except for…
A: Financial ratios are those which provide a summary of the accounts of a company and helps an…
Q: Under what type of responsibility would cost accounting go under? managerial accounting, tax…
A: Cost accounting is a branch of accounting which is used to determine the costs of different…
Q: (In millions) 1. Total assets 2. Total common stockholders' equity. 3. Operating income....... 4.…
A: Debt is the amount of obligation that an entity has to repay to the creditors or lenders. It…
Q: An entity owns two investment properties, X and Y, the fair values of which are: December 31, 2026…
A: Given that, Original cost of each property = P 9 million or P 9,000,000 Estimated useful life = 10…
Step by step
Solved in 3 steps
- The bookkeeper for Geronimo Company has prepared the following balance sheet at 31/12/2007 Balance sheet for (Geronimo Company) at 31/12/2007 liabilities and owner equity Assets ID ID Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital 155500 Total Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheetThe following are balances on Lauren a sole trader's account, as at the end of the current financial year end, June 2021 after all entries have been processed and the profit of the year calculated Non -current assets 85,000 Receivables 7,000 Trade payables 3,000 Bank loan 15,000 Provision for depreciation 15,000 Inventory 4,000 Accruals 1,000 Prepayment 2,000 Overdraft 2,000 Provision for bad debts 1,000 What is the balance of Lauren's capital?Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…
- On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…Prepare ABC Manufacturing Company Ltd General Ledger Adjustment Account as it will appear in the Debtors’ and Creditors’ Ledger from the information given below: Dr. Cr. Balances on 1.4.2019 $ $. Debtors’ Ledger 47,200 240 Creditors’ Ledger 280 26,300 Transactions for the year ended 31.3.2020: Total sales 120,000 Cash sales 8,100 Total purchases 89,500 Credit purchases 67,000 Creditors paid off (in full settlement of $. 40,000) 39,500 Received from debtors (in full settlement of $ 59,000) 58,200 Returns from debtors 2,600 Returns to creditors 1,800 Bills accepted for creditors 5,500…Кеquired: Prepare current assets sectión of the báláncé šhéét. Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment. Q8. Ahmed construction began work on a OMR 10,000,000 contracts in 2016 to construct a bridge. During 2016, it incurred cost of OMR 2,450,000, billed their customers for 1,350,000, and collected OMR 1,200,000. At December 31, 2016, the estimated cost to complete the construction is OMR 4,500,000. Prepare journal entries by following Cost-recovery method. Page 3 Section C Answer Any ONE Question (1 x 6 marks = 6 marks) Q9. Al-Duqum Construction Company has a contract to construct a OMR 9,000,000 bridge at an estimated cost of OMR 8,000,000. The contract is to start in July 2020, and the bridge is to be completed in October 2022. The…
- The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: 1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…The following data were taken from Mesa Company's balance sheet: Dec. 31, 2019 Dec. 31,2018 $518,000 Total liabilities $547,800 Total owner's equity 415,000 370,000 a. Compute the ratio of liabilities to owner's equity b. Has the creditor's risk increased or decreased from December 31, 2018, to December 31, 2019?
- The following data were taken from Alvarado Company's balance sheet: Dec. 31, 2019 Dec. 31, 2018 Total liabilities $2,880,000 $4,085,000 Total owner's equity 4,300,000 3,600,000 a. Compute the ratio of liabilities to owner's equity b. Has the creditor's risk increased or decreased from December 31, 2018, to December 31, 2019?On December 31, 2019, the bookkeeper of Glare Company provided the following information. Accounts payable, including deposits and advances from customer of P250,000 Notes payable, including note payable to bank on December 31, 2021 of P500,000 Stock dividend payable Credit balances in customers account Serial bonds payable in semiannual installment of P500,000 Accrued interest on bonds payable Contested BIR tax assessment-possible obligation Unearned rent income 1,250,000 1,500,000 400,000 200,000 5,000,000 150,000 300,000 100,000 Required: Compute the total current liabilities on December 31, 2019.he following figures were extracted from the books of E Wallis as at 30 June 2019: What is the long term liabilties of the business? £ Delivery Van 14,000 Inventory 12,560 Trade Payables 21,050 Office furniture 8,642 Trade Receivables 43,800 Bank balance 11,722 5 years business loan 50,000 Accumulated depreciation 7,000 Rent due 1,200 Provision for doubtful debts 1,500 Petty cash 150