02 Accrual Accounting Problems 2021 (2)

PLEASE ANSWER ASAP Problem No. 1 AACA Corporation was incorporated on Dec. 1, 2021, and began operations one week later. Before closing the books for the fiscal year ended Nov. 30, 2022, the controller prepared the following financial statements: AACA Corporation Statement of Financial Position November 30, 2022 Assets   Current assets     Cash P150,000   Marketable securities, at cost   60,000   Accounts receivable   450,000   Allowance for doubtful accounts   (  59,000)   Inventories 430,000   Prepaid insurance     15,000   Total current assets   1,046,000 Property, plant and equipment   426,000 Less accumulated depreciation   (   40,000)     Property, plant and equipment, net       386,000 Research and development costs       120,000 Total assets P1,552,000     Liabilities and Shareholders' Equity           Current liabilities       Accounts payable and accrued expenses P  592,000…

Gan

Please Introduction and explanation please sir urgently answer please without plagiarism please

Subject: accounting

don't give answer in image format

The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets. December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets Cash $ $ 125 Accounts receivable. 149 167 170 Short-term investment 64 25 Inventory 168 165 Land 126 155 Buildings and equipment 785 590 Less: Accumulated depreciation (229) (170) $1,230 Liabilities: Accounts payable 50 Salaries payable Interest payable Income tax payable 5 e Notes payable Bonds payable Shareholders' Equity. Common stock Paid-in capital-excess of par Retained earnings WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 (5 in thousands) $ 320 90 59 11 Revenues: Expenses: 1,060 $ 54 4 4 10 39 368 290 460 390 219 195 119 74 $1,230 $1,060 3 97 $ 650 Sales revenue Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land. Income…

Please provide this question solution general accounting

4

answer with complete workings , narrations answer in text

Do not give image format

Hardev

intermediate accounting

17

Contact Support for textbook, writing, or account heln Balance Corporation borrowed P10,000,000 at 12% to finance in part the construction of a new office building on January 1, 2021 and in part for general purposes. The loan is to be repaid commencing the month following completion of the building. Expenditures for the completed structure totaled P8,000,000 during the year ended December 31, 2021. These expenditures were incurred evenly throughout the year. The entity earned interest of P80,000 for the year on the unexpended portion of the loan. What amount of interest is capitalized on December 31, 2021? What is the interest expense for 2021? O 720,000 O 1,000,000 O 1.200.000

Question 1 of 5 Concord Corporation has income from continuing operations of $266,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2 An unrealized loss of $84,000 on available-for-sale securities. A gain of $27,000 on the discontinuance of a division (comprised of a $16,000 loss from operations and a $43,000 gain on disposal). Assume all items are subject to income taxes at a 21% tax rate. > Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. (Enter loss using either a negative sign preceding the number eg. -2,945 or parentheses e.g. (2,945).) Income from Continuing Operations Discontinued Operations Gain from Disposal, Net of Income Taxes Net Income /(Loss) Loss from Operations, Net of Income Tax Savings Net Income /(Loss) Other Comprehensive Income CONCORD CORPORATION Income Statement (Partial) For the Year Ended December 31, 2022 Comprehensive…

A Corporation is engaged in the trading business. The reported income and expenses for taxable year 2019 show: Sales P10,000,000 cost of sales 6,000,000 general business expenses 1,000,000 Interest on time deposit (gross) 100,000 Interest expense on loans payable 180,000 The net taxable income is A. 2,820,000 B. 2,853,000 C. 2,862,000 D. 2,858,000

Don't give answer in image

Please help me

Answer this with full explanation accounting questions

Current Attempt in Progress The following information was taken from the records of Windsor Inc. for the year 2025: Income tax applicable to income from continuing operations $175,780, income tax applicable to loss on discontinued operations $23,970, and unrealized holding gain on available-for-sale debt securities (net of tax) $14,100. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $89,300 70,500 225,600 37,600 56,400 Shares outstanding during 2025 were 100,000. (a) Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue $141.000 WINDSOR INC. Income Statement 1,320,000 799,000 282,000 1,786,000 Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses)