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- CAB Co. reported rent income of P600,000 under cash basis accounting for 2020. Additional Information are as follows: Dec. 31, 2020 Dec. 31, 2019 Unearned rent 50,000 30,000 75,000 Accrued rent income 40,000 How much is the rental collections on 2020?Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the 3 months totals S3,600. On December 31, 2019, Hurd will report Prepaid Rent of: a. $0 b. $1,200 c. $2,400 d. $3,600On 31 December 2010 total of rent OMR 4,510 was owing, and the rent chargeable per year (2011) was OMR 12.000, the total of rent payment in 2011 will be OMR O a. 16,510 O b. 15,160 O c. 61,510 O d. 15,610
- *see attached What is the net rent income for the current year? *a. 275,000b. 290,000c. 350,000d. 365,000*see attached What amount should be reported as rental income for 2020? a. 1,200,000b. 1,160,000c. 1,080,000d. 800,000CALCULATE THE INTEREST COVERAGE RATIO. For the year ended December 31, Notes 2020 2019 Revenue ₱ 10,775,731.00 ₱ 11,334,976.00 Cost of Sales 7,175,540.00 7,552,700.00 Gross profit 3,600,191.00 3,782,276.00 General and Administrative expenses 3,278,202.00 3,417,740.00 Finance Cost Or Interest Expense 48,000.00 16,000.00 Net Income before Tax 273,989.00 348,536.00 Provision for Income Tax 82,197.00 104,561.00 NET INCOME AFTER TAX ₱ 191,792.00 ₱ 243,975.00 (See Notes to Financial Statement)
- Based on the depositors rate of return as the following tableDeposit TypesRate of return6 months & less6%9 months & less3%12 months & less5%More than 12 months4%determine the profit attributable to the ( A ) depositor who invested OR 44500 from 1st. January 2018 to 15 August 2019As at 31 December 2019, the company require inclusion in a financial statement the following: 1 January 2019 the company made a loan of £12,000 to an employee, charging 2% interest per year. On 1 January 2020, the employee repaid the loan in full plus interest The company paid insurance premium of £9,000 in September 2019, for period ending 31 August 2020 In January 2020, the company received overdue due rent of £4,000 from customer, covering period to December 2019. Calculate the amount to be included the company’s statement of financial position as at 31 December 2019 a. Current assets £10,000 Current liabilities £12,240 b. Current assets £22,240 Current liabilities nil c. Current assets £10,240 Current liabilities nil d. Current assets £16,240 Current liabilities £6,000Plaridel Construction's adjusted trial balance Accounts Payable... Property Taxes Payable. Short-Term Notes Payable P72,000 12,600 88,000 Mortgage Payable (due by December 31, 2019).. Mortgage Payable (due g installments after December 31, 2019). Accrued Interest on Mortgage Payable... Lease Llability (due on December 31, 2019).. Lease Liability (due in installments after December 31, 2019) Rent Payable.... Income Taxes Payable. Withholding Tax Payable.. 56,000 600,000 6,000 116,000 828,000 140,000 100,000 32.000 Required. Prepare the liabilities section of Plaridel Construction's statement of financial position at December 31, 2018.
- The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 41,500Accounts Receivable 25,700Land 110,800Accounts Payable $ 15,300Notes Payable (due in 2 years) 30,000Common Stock 100,000Retained Earnings 32,700Totals $178,000 $178,000The following is a summary of the transactions for the year:1. January 12 Provide services to customers on account, $62,400.2. February 25 Provide services to customers for cash, $75,300.3 March 19 Collect on accounts receivable, $45,700.4. April 30 Issue shares of common stock in exchange for $30,000 cash.5. June 16 Purchase supplies on account, $12,100.6. July 7 Pay on accounts payable, $11,300.7. September 30 Pay salaries for employee work in the current year,…COULD YOU PROVIDE SOME MORE DETAIL WHEN PROVIDING THE ANSWER, THANK YOU Question 1A. Yaso plc is a manufacture company and its financial year ended at 31st December 2019. Total assets are £40m and net profit before tax is £12m. Yaso plc’s trade receivables ledger includes a large number of customers. The year-end trade receivables balance is £4m (comparable to £2m in 2018) and the allowance for trade receivables is £400,000 (comparable to £600,000 in 2018). PART A Requirement:• Describe substantive procedures the auditor should perform to obtain sufficient and appropriate audit evidence in relation to Yaso plc’s trade receivables. PART B. According to ISA 260, it is important for auditors to communicate throughout the audit with those charged with governance. PART B Requirement: • Explain why it is important for auditors to communicate with those chargedwith governance. • Identify three examples of matters which the auditor may communicate to those chargedwith governance.How much is the gross profit realized in 2019? A. P1,600,000 B. P1,350,000 C. P500,000 D. P250,000