1) Calculate the closing capital from the following information: Drawings: $30 000 opening capital: $100 000 Net Profit: $50 000 required: Please answer this question by determining the correct closing capital from the above information.
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- For each of the following problems, (a) draw the cash flow diagram; (b) present clean and clear manual solutions to the problem; (c) highlight the final answer (only the final answer as required by the problem) by enclosing it within a box. An asset with an expected life of eight years is to be purchased for $10,000. Annual revenue is estimated at $5,000 with annual expenses of $1,00. At the end of the 8th year, the asset is expected to be sold for $2,000. The interest rate is 10%. Use the AW method to determine whether the asset should be purchased or not.On September 1, 2020, Kayo Na Consulting. began a service proprietorship with an initial investment of P400,000. Kayo Na provided P800,000 of services during September. Collections were made except for P200,000 which were paid the following month. Expenses were incurred in the amount of P400,000, including P100,000 which are to be paid next month. The owener withdrew P60,000 against the capital account. In September 30, 2020 financial statement, what amount of capital should be reported under cash basis accounting? P840,000 P740,000 P800,000 P640,000On January 1, 20x1, Entity A obtained a 12% ₱6,000,000 loan, specifically to finance the construction of a building. The proceeds of the loan were temporarily invested and earned interest income ₱180,000. The construction was completed on December 31, 20x1. How much borrowing costs are capitalized to the cost of the constructed building? * A. 720,000 B. 0 C. 540,000 D. 480,000
- 44.On December 31, 2020, Empresas La Sidrita acquired a building. La Sidrita paid a third of the purchase price in cash and signed a note payable with the seller for the difference. The company closes books on December 31. In the Statement of Cash Flows for 2020, how much will La Sidrita report in the investment activities section? Select one: a. The purchase price of the building. b. Only cash paid. c. Zero. d. The principal of the document payable.On September 1, 2020, Peter Senen began a service proprietorship with an initial investment of P400,000. Peter Senen provided P800,000 of service during September. Collections were made except for P200,000 which were paid the following month. Expenses were incurred in the amount of P400,000, including P100,000 which are to be paid next month. Peter Senen withdrew P60,000 against the capital account. On September 30, 2020, financial statement, what amount of capital should be reported under the cash basis accounting? A.P740,000 B.P640,000 C.P840,000 D.P800,000A building with an appraisal value of $125,601 is made available at an offer price of $153,140. The purchaser acquires the property for $31,231 in cash, a 90-day note payable for $23,994, and a mortgage amounting to $57,725. The cost of the building to be reported on the balance sheet is a.$121,909 b.$125,601 c.$112,950 d.$153,140
- ABC Company obtained a loan of $100,000 at 10% annual interest rate on January 1, 2022. The loan was used to finance a project that qualifies for capitalization of borrowing costs. The company incurs $2,000 in loan processing fees and $1,500-in legal fees related to the loan. The project is completed on December 31, 2022. The weighted average cost of capital of ABC Company is 12%. Compute the amount of borrowing costs to be capitalized and the amount to be expensed in the income statement for the year ended December 31, 2022.What is the amount of ending capital shown on the balance sheet for Floress Catering? a. 22,000 b. 20,000 c. 45,500 d. 32,800Athenian Venues Inc. just reported the following selected portion of its financial statements for the end of 2020. Your assistant has already calculated the 2020 end-of-year net operating working capital (NOWC) from the full set of financial statements (not shown here), which is 13 million. The total net operating capital for 2019 was 50 million. What was the 2020 net investment in operating capital? Athenian Venues Inc.: Selected Balance Sheet Information as of December 31 (Millions of Dollars)
- Grantner Industries had the following Undepreciated Capital Cost (UCC) balances as of January 1, 2021: Class 1 $412,900 Class 10 $210,000 You have been given the following information: Class 1: The January 1, 2021, UCC balance in class 1 includes a single building that was acquired in 2006 for $1,100,000: $400,000 allocated to land, with the remainder to building. On May 15, 2021, the building and the land were sold for $750,000, allocated as $400,000 to land with the remainder to building. Class 10: The January 1, 2021 UCC balance represents 4 vehicles. The capital cost totaled $310,000. The vehicles were sold for total proceeds of $225,000 on October 31, 2021. Required: Calculate the maximum Capital Cost Allowance (CCA) for the year ending December 31, 2021. Your answer should include the maximum that can be deducted for each CCA class. Also, indicate any amount of capital gains, recapture, or terminal loss that results.On January 1, 20x1, Entity A obtained a 12%, ₱6,000,000 loan, specifically to finance the construction of a building. The proceeds of the loan were temporarily invested and earned interest income of ₱180,000. The construction was completed on December 31, 20x1. How much borrowing costs are capitalized to the cost of the constructed building? 540,000 3. 720,000 480,000 4. 0On January 1, 20x1, Entity A obtained a 12%, ₱6,000,000 loan, specifically to finance the construction of a building. The proceeds of the loan were temporarily invested and earned interest income of ₱180,000. The construction was completed on December 31, 20x1 for a total construction cost of ₱7,000,000. How much is the historical cost of the newly constructed building? 7,540,000 3. 7,000,000 7,480,000 4. 6,460,000
