Compute the Net IncomeService IncomePrepaid RentInterest ExpenseBarney's drawingPhp 356,867.0016,800.001,523.0021,786.00Таxes4,544.003,651.003. The liabilities of Barney Barn are equal to 1/3 of theUtilities Expensetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 Vickey Barney invested Php 150000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000

"Since you have asked multiple questions, we will solve first question for you. If you want any…

Answered: 2 Compute the Net Income. Service…

2 Compute the Net Income. Service Income Php 356,867.00 Prepaid Rent Interest Expense 16,800.00 1,523.00 21,786.00 Barney's drawing Taxes 4,544.00 3,651.00 Utilities Expense

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter14: Financial Statement Analysis

Section: Chapter Questions

Problem 14.7BE: To determine: Times interest earned ratio Given info: Income before income tax and interest expense....

See similar textbooks

Related questions

Q: 10. In its December 31, 2021 income statement, what amount should SNOWMAN report as rental income? ₱…

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; s OMR 2,000 and…

A: Ans. Net profit is computed by deducting all direct and indirect expenses from the income received…

Q: 2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac 2020:…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and…

Q: 4 Use the following to calculate pretax income (IBT): $ 5,000 Sales revenue 4,000 Cost of goods sold…

A: Pre-tax income: It refers to the income earned by the business before deducting the tax expense.…

Q: Q3: Hebron CO. provided the following partial-trial balance for the current year. Prepare a…

A: Amount($) Sales $ 225,400 Less - COGS $ 90,100 Gross Profit $ 135,300…

Q: Insurance Expense Advertising Expense 2,780 17,635 Totals $1,575,670 $1,575,670 A. Use the data…

A: Net sales of the business means sales revenue which is after sales discounts and sales returns of…

Q: 1. Paid Php20,000 for business automobile.

A: The business automobile that has been purchased is a real account. Cash is paid for buying this…

Q: Journal transactions 5) Land is purchased for 1.395.000 TL + 10% VAT from Real Estate Company. Half…

A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…

Q: What is the net rent income for the current year? * a. 275,000 b. 290,000 c. 350,000 d. 365,000

A: An operating lease is a type of lease under which there is a contract and it is through this…

Q: Compute total income from the following? Gross Profit OMR 15000, Rent Paid OMR 3000, Commission…

A: Given gross profit = OMR 15000

Q: A company's trial balance included the following account balances: Accounts Payable $ 19,347…

A: Total liabilities = Accounts payable + Income tax payable + Notes payable + Wages payable

Q: 3. The following details taken from the books of DIDI Sdn Bhd for the year ending 31 December 2020.…

A: The cash flow statement gives an overview of the cash-related transactions that took place in the…

Q: What amount should be reported as an expense in Beaumont's Year 3 income statement? а. 13,250 b.…

A: Insurance refers to a contract in the form of a policy between the insurance holders and insurance…

Q: Interest Expense $ 173,751 $ 214,824 $ 237,025 Earnings Before Taxes 1,459,141 1,356,595 1,155,894…

A: Times interest earned is a financial ratio which shows ability of a company to meet its fixed…

Q: E4.7 (LO 2, 3) (Multiple-Step and Single-Step Statements) The accountant of Latifa Shoe Co. has…

A: Income statement refers to the statement prepared by the company in which recording of revenue along…

Q: Service Income, Customer 1-P50,000.00 Salaries Paid to Clerk – P5,000.00 Rent Expense - P3,000.00…

A: Total Expenses = Salaries paid to clerk + Utilities Expense + Rent Expense + Salaries paid to…

Q: Net Income Interest (Loss) $ 185, 000 179, 600 157, 250 188, 100 Expense $ 59,200 80, 820 44, 030…

A: The question requires the calculation of times interest earned ratio. Times interest earned ratio is…

Q: Staycate Travels Inc. reports a gross profit of $35,000, interest expense of $4,000, a tax rate of…

A: Earnings before tax = Earnings after tax(1-tax rate)

Q: Question 1 The following information was extracted from the financial statement of Barry for the…

A: The ratio is used to helps management in making strategies on the basis of the evaluation of…

Q: 1. What amount of accounts receivable wa 2020? a, 35,000 b. 30,000 c. 15,000 d. 10,000 2. What…

A: 1. The amount of Account Receivable written = Actual expense affecting accounts receivable -…

Q: Compute total income from the following? Gross Profit OMR 15000, Rent Paid OMR 3000, Commission…

A: Total income = Gross Profit - Rent Paid + Commission received + Dividend received

Q: Home appraised for $192,500 bank offering 1.7% for 15 years property taxes 3.9% calculate PITI

A: PITI Payment means P- Monthly Principle amount of mortgage, I-Monthly Interest, T-Tax on property…

Q: Q3. Ramadhan Corporation has the following accounts included in its December 31, 2010, trial…

A: Current assets are those short term assets which can be converted into cash immediately or in short…

Q: Compute total income from the following? Gross Profit OMR 15000, Rent Paid OMR 3000, Commission…

A: Total Incomes: Sum of all the incomes earned derives the total income. Total income to be shown in…

Q: Privett Company $34,824 71,366 6,577 17,107 41,282 80,242 119,433 74,290 32,322 Notes payable…

A: The quick ratio indicates the short-term liquidity of the company. It can be calculated by dividing…

Q: How to calculate Net Income or Net loss when given the Revenues and Expenses: Fees earned: $250,000…

A: Net income is calculating after deducting all the expenses from the total revenue earned. Net income…

Q: Problem 2. Information from Norfolk National Bank's Statement of Income is below. Put items in the…

A: Operating Income is the net of all the revenue generated from operations and all the operation…

Q: 28,890 Determine the net income (loss) for the period. a. Net income $4,212 Ob. Net loss $4,212 Oc.…

A: Net income is calculated after deducting all the expenses from all the income during the current…

Q: Times interest earned A company reports the following: Income before income tax $4,255,200 Interest…

A: Formulas: Times interest earned ratio = EBIT / Interest

Q: Net Income (Loss) $ 185, 000 179, 600 157, 250 188, 100 Interest Expense $ 59, 200 80, 820 44,030…

A: Times interest Earned = EBIT / Interest Expense The company with the highest Times Interest Earned…

Q: 4. The entry to close Income Summary to Mira Co, Capital includes a debit to Revenue for P70,000…

A: The income summary account is a nominal account that is used to close the temporary accounts. These…

Q: What is the net income for the BlueDragon cormpany given the following list of accounting iterns?…

A: Solution:- Net income means the net profit available to a corporation after taking into…

Q: A property-casualty insurer brings in $6.17 million in premiums on its homeowners MP line of…

A: Formula: Expense ratio = Total expenses / Premiums Division of premiums with total expenses derives…

Q: Problem #2: On June 30, 2020 PSA Trading Co. has the following information: revenue from sales is…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: 2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac 2020: RM…

A: The trial balance at year end is given with different adjustments. We are required to prepare…

Q: MCSQ1:Harvard Company purchased equipment having an invoice price of $11,500. The terms of sale were…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases,…

A: Value-added tax is an indirect tax charged on the value of goods or services at each stage of supply…

Q: 2 Compute the Net Income. Php 356,867.00 16,800.00 Service Income Prepaid Rent Interest Expense…

A: Net income: It can be defined as the excess of sales revenue over the expenses incurred by the…

Q: From the following information, calculate Net Profit . Details Debit Credit (RO) (RO) Salary 6500…

A: The net income is the income that is received after deducting all expenses.

Q: net profit

A: Here cost of Goods sold amount is Given. hence no requirement for closing stock , opening stock, Net…

Q: Ex4 The following 2015 information related to the Al-Dhiya co. Office salaries 4,900\ purchases ?1…

A: Formula: Cost of goods available for sale = Beginning inventory + purchases Sum of both beginning…

Q: (in millions) Net Income Total Assets Total Liabilities Total RevenuesExpedia $ 723 $…

A: Net Profit margin is computed by dividing the net Income with the total revenues of the period,…

Q: 1. Prepare and income statement, statement of owners equity and balance sheet for Rabid Insect…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Compute the Net Income
Service Income
Prepaid Rent
Interest Expense
Barney's drawing
Php 356,867.00
16,800.00
1,523.00
21,786.00
Таxes
4,544.00
3,651.00
3. The liabilities of Barney Barn are equal to 1/3 of the
Utilities Expense
total assets. The owner's equity is P 6,300,500. What
is the amount of the liabilities?
4. Prepare journal entries to the following transactions
for the year 2020.
Sept. 1 Vickey Barney invested Php 150
000 in Barney repair Shop
Sept 3 Purchased equipment worth Php 80,
000 on account.
Sept. 12 Paid Php 25, 000 for the equipment
purchased dated Sept. 3, 2020.
Sept. 15 Rendered service amounting to
Php 45,000.
Sept. 17 Paid salaries to employees, Php
16,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

Step 2 Introduction

Step 3 Calculation

Step 4 Conclusion

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

To determine: Times interest earned ratio Given info: Income before income tax and interest expense. Solution: Calculate interest earned ratio. Times-interest-earnedratio}=Incomebeforeincometax+InterestexpenseInterestexpense=8,000,000+500,000500,000=17.0times Explanation: Times interest earned ratio quantifies the number of times the earnings before interest and taxes can pay the interest expense. First, determine the sum of income before income tax and interest expense. Then, divide the sum by interest expense. Formula: Times-interest-earnedratio}=Incomebeforeincometax+InterestexpenseInterestexpense Conclusion: Therefore, times interest earned ratio is 17.0 times.
*see attached What is the net rent income for the current year? *a. 275,000b. 290,000c. 350,000d. 365,000
Base on the income statement below, and if my Ave total assets is 1,725.What is my Return on assets? Formula:Return on Assets = Net Income (before Interest znd Tax) / Average Total assets Thanks in Advance, expert!
Herbert Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $656,810 $672,346 Cost of Sales $54,269 $53,251 Sales Revenue $259,368 $212,962 Inventory $35,505 $45,285 Accounts payable $120,483 $129,398 Accounts receivable (Debtors) $59,498 $79,380 Owner's Equity $1,523,999 $1,131,784 Based on the information provided, calculate the Days in Accounts Receivable for 2021, expressed in days to 2 decimal places.
For Magdalen Industries, compute the net income before taxes and net profit (or loss). Taxes for the year were $7.5 million. (a) Calculate net profit for the year. (b) Construct the income statement. (c) Calculate the interest coverage and net profit ratio. Is the interest coverage acceptable? Explain why or why not
During 2021, Jerry Inc. has the following account balances in Income Statement: Sales P 1,630,245, Cost of Sales P 646,788, Selling Expense P 235,500, Administrative Expense P 114,766, Other Expense P 57,146, Tax Expense P 200,400 and Other Revenue P 65,810. How much is the net income? a. P 414,454b. P 414,455c. P 441,455d. P 441,445
Compute total income from the following? Gross Profit OMR 10000, Rent Paid OMR 1000, Commission received OMR 3000 and Dividend received OMR 2000. a. OMR 16000 b. OMR 14000 c. OMR 15000 d. OMR 13000
Compute total income from the following? Gross Profit OMR 15000, Rent Paid OMR 3000, Commission received OMR 4000 and Dividend received OMR 2000.
Calculate the net profit from the following? Net sales OMR 100000, Cost of goods sold OMR 30000, Rent received OMR 20000, Salaries OMR 10000, Insurance OMR 6000 and Depreciation OMR 8000.
On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…
Calculate net profit from the following? Net sales OMR 50000, Cost of goods sold OMR 20000, Rent received OMR 10000, Salaries OMR 5000, Insurance OMR 3000 and Depreciation OMR 4000. a. OMR 28000 b. OMR 32000 c. OMR 30000 d. OMR 35000
With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750