no.6 6. Information on an entity's accounts is shown below:100,000Prepaid utilities, beg.Prepaid utilities, end.120,00080,000Accrued utilities payable, beg.50,000Accrued utilities payable, end.220,000Utilities expenseRequirement: Compute for the following for the payments forutilities during the period.

The accrued expenses are the expenses due for payment but not yet paid by the business. The prepaid…

6. Information on an entity's accounts is shown below: 100,000 Prepaid utilities, beg. Prepaid utilities, end. 120,000 Accrued utilities payable, beg. 80,000 Accrued utilities payable, end. 50,000 Utilities expense 220,000 Requirement: Compute for the following for the payments for utilities during the period.

6. Information on an entity's accounts is shown below: 100,000 Prepaid utilities, beg. Prepaid utilities, end. 120,000 Accrued utilities payable, beg. 80,000 Accrued utilities payable, end. 50,000 Utilities expense 220,000 Requirement: Compute for the following for the payments for utilities during the period.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.18E: Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the...

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The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is asfollows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300,600 $ 337,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704,400 609,600Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,600 865,800Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,600 26,400Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990,000 1,386,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980,000 $ 990,000Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . (397,200) (366,000)Equipment . . . . . . . . . . . . . . . . . . .…
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Webby Corporation reported the following amounts onits income statement: service revenues, $32,500; utilities expense, $300; net income, $1,600; and income taxexpense, $900. If the only other amount reported on theincome statement was for selling expenses, what amountwould it be?a. $2,200 c. $30,000b. $29,700 d. $30,900
An entity has the following income and expenditure for the financial year: Sales R33 000; Rent expenses R11 000; Interest income R1 000; Insurance R1 500. The net profit or the net loss of the entity is … NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72) 3. If it is a loss, please enter the amount as a negative (eg: -12141.72)
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
Financial statementsThe assets and liabilities of Global Travel Agency on December 31, 20Y5.and its revenue and expenses for the year are as follows: Accounts payableAccounts receivableCashCommon stockFees earnedLandMiscellaneous expense Rent expenseSuppliesSupplies expenseUtilities expenseWages expense $ 108,000539,000200,000575,000940,0001,500,000$ 19,50056,0006,00012,70034,80415,000 Common stock was $525,000 and retained earnings was $1,250,000 as ofJanuary 1. 20Y5. During the year, additional common stock of $50,000was issued for cash, and dividends of $90,000 were paid. Instructions1. Prepare an income statement for the year ended December 31.20Y5.2. Prepare a statement of stockholders' equity for the year ended December 31. 2015.3. Prepare a balance sheet as of December 31, 20Y5.4. What items appears on both the statement of stockholders'equity and the balance sheet?
On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off. 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000.…
On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off.Required:1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join for a 20% interest in…
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…
TV 10, a service business had the following information for the year 2018: Service Revenue – accruing for current year P 1,000,000 Collections during the year: For service income – last year 300,000 For service income – current year 800,000 For service income – next year 100,000 Expenses actually incurred during the year 500,000 Expenses paid during the year 600,000 How much is the taxable income?
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