2. Looking Glass Photography is owned by Cymon Ken. Prepare the Income Statement of the business based on the following data provided as of December 31, 2017. Advertising Expense Miscellaneous Expenses Php 5,000.00 999.00 Rent Expense 17, 525.00 Salaries Expense 20, 200,00 00 25, 300. Supplies Expense Utilities Expense Service Income 4,500.00 95, 850.00
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- The income statement for the year 2018 of Stellar Co. contains the following information: Revenues$70700Expenses: Salaries and Wages Expense$44800 Rent Expense12400 Advertising Expense9900 Supplies Expense5600 Utilities Expense2400 Insurance Expense2100 Total expenses77200Net income (loss)$ (6500) After the revenue and expense accounts have been closed, the balance in Income Summary will be a)a credit balance of $70700. b)a credit balance of $6500. c)a debit balance of $6500. d)$0.The accounting equation for Pharoah Company is as follows: Assets Liabilities Stockholders' Equity $119200 = $59600 + $59600 If Pharoah purchases office equipment on account for $26200, the accounting equation will change to Assets Liabilities Stockholders' Equity $145400 = $72700 + $72700 $119200 = $59600 + $59600 $145400 = $59600 + $85800 $145400 = $85800 + $59600Present below are the balance sheet of the assets and liabilities of High and Dry Delivery service as of Sept. 30, 19x2. Also included are the revenue and expense figure of the business for September. Delivery exp………………. 4100 Account Receivable… …1900 Account Payable………….1750 High and Dry Capital……? Salary Expense …………….2000 Delivery Equipment………15500 Supplies…………………………600 Note Payable…………………..6000 Rent Expense…………………..500 Cash…................................750 Required 1. What type of business organization is high and dry delivery service? How can you tell? 2. Prepared the balance sheet of high and dry delivery service as of September 10, 19x2
- Expeditions Incorporated and BookItNow compete as online travel agencies. The following amounts were reported by the two companies in the three months ended June 30, 2019. (in millions) Net Income Total Assets Total Liabilities Total Revenues Expeditions Incorporated $ 1,180 $ 9,250 $ 6,600 $ 6,730 BookItNow 3,220 8,730 4,470 7,960 Required: Calculate each company’s net profit margin expressed as a percent. Which company has generated a greater return of profit from each revenue dollar?Case Analysis: Analyse the case and find out if Joe Razon was able to compute the totalassets and total owner‟s equity of the business as of the quarter ended December 30, 2018correctly? Show the solutions. Joe Razon, the sole proprietor of the photocopying business that opened October 1, 2018. Forthe quarter ended December 30, 2018, the business was able to make revenues of ₱50,000(all in cash) and it was able to incur expenses of ₱35,000 (all in cash). As the end of thequarter, total liabilities amounted to₱50,000. Joe Razon wants to know the business total assets and total owner‟s equity. Withthe help of his friend who is an accountant, he arrived at ₱75,000 total assets and ₱25,000total owner‟s equity. Moreover, Joe Razon had a Cash investment of ₱45,000 cash andEquipment amounting to ₱30,000.What’s More Direction: In separate sheet of paper, prepare a single-step approach Statement of Comprehensive Income using your complete name as the name of the business and use the present date. Use the following accounts in the table below with its corresponding amount. Loss from Law Suit 1,500 Advertising Expense 2,000 Sales Revenue 100,000 Gain on Sale of Assets 3,000 Cost of Goods Sold 75,000 Commission Expense 5,000 Interest Expense 500 Office Supplies Expense 3,500 Interest Revenues 5,000 Office Equipment Expense 2,500 Required: 1. Determine the amount of total revenue. 2. Determine the amount of total expenses. 3. Determine the amount of net income/net loss.
- #3) Prepare and income statement, statement of owners equty and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable solve Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00…Following is the trial balance of Al Hakeem Tea Company LLC for the year ended 31st December 2014: Name of the Account Dr( OMR) Cr(OMR) Bank 26000 Purchases 324000 Sales 455000 Accounts Receivable 28000 Accounts Payable 46000 Notes Payable 8000 Notes Receivable 16000 Salary Expense 32000 Rent Expense 24000 Insurance Expense 3800 Other Income 9800 Machinery 44000 Buildings 76000 Loan 49000 Capital 55000 Sales Return 7000 Purchase Return 8000 Opening Stock 50000 Total 630800 630800 Other information: Closing stock is 60000 OMR. Depreciation charge on Machinery and Buildings is 10% Required: (ii) prepare The Balance sheet as at 31st December 2014.Following is the trial balance of Al Hakeem Tea Company LLC for the year ended 31st December 2014: Name of the Account Dr( OMR) Cr(OMR) Bank 26000 Purchases 324000 Sales 455000 Accounts Receivable 28000 Accounts Payable 46000 Notes Payable 8000 Notes Receivable 16000 Salary Expense 32000 Rent Expense 24000 Insurance Expense 3800 Other Income 9800 Machinery 44000 Buildings 76000 Loan 49000 Capital 55000 Sales Return 7000 Purchase Return 8000 Opening Stock 50000 Total 630800 630800 Other information: Closing stock is 60000 OMR. Depreciation charge on Machinery and Buildings is 10% Required: (i) Prepare the Income statement
- The following trial balance was extracted from the books of account of Chekwetu, a sole trader, as at 30 June 2009: Dr Cr Sh. ‘000’ Sh.’000’ Capital 50 000 Purchases / sales 15 000 80 000 Returns inward/ outward 1 000 2 000 Discounts allowed / received 3 000 6 000 Carriage inwards 200 Carriage outwards 400 Land and buildings 60 000 Motor vehicles 4 000 Fixtures and fittings 2 000 Computers 800 Provision for depreciation: Motor vehicles Fixtures and fittings Computers 1 800 400 240 Salaries and wages 1 400 Electricity and water 500 Insurance 300 Administrative expenses 700 Selling and distribution expenses 650 10% bank loan 2 000 Interest on bank loan 160 Drawings 306 Inventory (1 July…Shannon Cook is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Go-For-It has assets of $744,000 and liabilities of $179,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 20Y8.$fill in the blank 1 b. Owner's equity as of December 31, 20Y9, assuming that assets increased by $141,000 and liabilities increased by $43,000 during 20Y9.$fill in the blank 2The following are selected business transactions for business called W/o Mihret Company during its first year of operation. The assets and liabilities of White dry cleaners on December 1, 2016 of the current year are as follows: Cash Br.1,000, Accounts Receivable, Br.2,200, Supplies Br. 850, Equipment Br. 3,500, Land Br. 11,450. Accounts Payable, Br 4,030. A white dry cleaner is a sole proprietor owned and managed by W/o Mihret. Currently the building, and delivery truck, is being rented, pending expansion to new facilities. Another company at wholesale rates of does the company work of dry cleaning. Business transactions during December are summarized as follows. Received cash from customers for dry cleaning service Br. 4,928. Paid creditors on account Br. 1,755. Received cash from W/o Mihret as additional investment Br. 3,700. Paid rent for the month Br. 1,200. Charged customers for dry cleaning service delivered on account Br.1, 025. Purchased supplies on account, Br. 245…
