What are the two primary items that bring about a change inproprietorship during the accounting period? *LiabilitiesExpensesAssetsDrawingNet IncomeThe generally accepted accounting principle that supports recording thevalue of a property at the purchase price when the market value is higher isthe: *monetary principleO going concern principlecost principleconservatism principle What is the period of time covered by the income statement? *Ackerman Limousine ServiceIncome StatementFor the Year Ended December31, 2020Revenue:Limousine RentalP 2,400,000Expenses:Repairs ExpenseP 235,000Salaries Expense1,400,000Gas and Oil Expense300,000Total Expenses1,985,000Net IncomeP 415.000December 2020O January 1- December 31, 2020December 2021December 1-31, 2020

Name: What are the two primary items that bring about a change inproprietor
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: What are the two primary items that bring about a change inproprietorship during the accounting period? *LiabilitiesExpensesAssetsDrawingNet IncomeThe generally accepted accounting principle that supports recording thevalue of a property at the purc

Change in proprietorship means the items which affects the owner's capital. There are two reasons…

Business

Accounting

What are the two primary items that bring about a change in proprietorship during the accounting period? * Liabilities Expenses Assets Drawing Net Income The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: * monetary principle O going concern principle cost principle O conservatism principle

What are the two primary items that bring about a change in proprietorship during the accounting period? * Liabilities Expenses Assets Drawing Net Income The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: * monetary principle O going concern principle cost principle O conservatism principle

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

See similar textbooks

Similar questions

Income StatementThe revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow:Fees earned$958,865Office expense220,540Miscellaneous expense19,175Wages expense460,255 Prepare an income statement for the year ended August 31, 2019.Sentinel Travel ServiceIncome StatementFor the Year Ended August 31, 2019 $Expenses: $ Total expenses $
*see attached In its income statement for the year ended June 30, 20x1, what amount should Oren report as rent expense?a. P 10,000b. P 10,500c. P 40,000d. P 50,000
What amount of rental revenue should be reported in the income statement for the year ended September 30, 2021? *a. 2,400,000b. 1,200,000c. 1,800,000d. 900,000
You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019. my confusion : not sure if LSL will be 50%of or not?
Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700
Betty Smith is the owner of Accurate Tax Service. For the year ending April 30, 2019, the following information is available for this service business. At the beginning of this accounting period, the balance in the Betty Smith, Capital account was $30.500. Following is a summary of activities during this accounting period: Betty Smith, capital withdrawn: $17,000 Revenue from income tax preparation: $71,200 Revenue from monthly clients: $42,400 Salaries expense: $12,300 Advertising expense: $610 Rent expense: $7,300 Automobile expense: $1,700 Office supplies expense: $7,200. Note: You should assume that all profit (or loss) accrued during this accounting period is absorbed into the Betty Smith, Capital account at the end of the period. Following are the account balances at the end of this accounting period (except Betty Smith, Capital): Cash: $62,500 Accounts receivable: $3,800 Office furniture and fixtures: $10,200 Office machines and computers: $17,000 Automobile: $8,500 Accounts…
The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
A business has received £98,200 of rental income in the year ended 30 September 2021. Details of the rent received in advance and in arrears are shown below. Rent received in advance Rent arrears 30 September 2020 £ 2,400 7,000 A. £98,200 B. £104,000 C. £97,300 D. £92,400 30 September 2021 £ 4,600 3,400 Which of the following rental income figures should be included in the income statement for the year ended 31 September 2014?
K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
Prepare a vertical analysis scheduleHere is the operating data for Yalis Cleaning, Inc.:2021 2020Service revenue $523,000 $476,000Operating expenses 385,500 319,800Income tax expense 34,375 39,050Net income $103,125 $117,150PurposeThe purpose of this problem is to demonstrate an understanding of preparing a vertical analysis schedule.InstructionsAfter analyzing the transactions, prepare a vertical analysis schedule for the company for 2021 and 2020 using service revenueas the base amount. Round percentages to two decimal places.GuidanceFor formatting guidance, see the vertical analysis examples that are provided in Chapter 13 of the textbook.
Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?
20Y9, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y9 Adjusted Adjusted Trial Balance Trial Balance Dr. Cr. Account Title Cash Accounts Receivable Supplies Prepaid Insurance Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Common Stock Retained Earnings Dividends Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 14,490 31,550 4,930 10,650 112,000 403,000 291,000 28,000 381,530 20,700 17,400 12,280 11,090 7,400 6,110 3,350 5,720 1,361,200 131,300 171,100 37,320 3,700 1,680 167,000 311,290 532,190 5,620 1,361,200