The following list of accounts and their balances appear on the books of MJ Thai Spa as of December 31, 2018:Direction:a. Prepare the adjusting entriesb. Close the nominal accountsc. Record the 30% tax liabilityd. Make a statement of comprehensive income under the function of expense method and use line items with supporting notes. Rent and utilities are 75% distribution expenses.e. Make a statement of partner's equity. Mel Capital was initially P80,000 before she made a permanent withdrawal.f. Make a statement of financial position also using line items with supporting notes. 21 The following list of accounts and their balances appear on the books of MJ Thai Spa asof December 31, 2018:P 58,85032,400 Membership Fee2,500 Service Fee Income19,000 Advertising Expense2,575238,000 Rent5,950432,00021,60015,00050,000600Mel, CapitalCashAccounts ReceivableAllowance for Bad DebtsNotes ReceivableUnexpired InsuranceFurniture & FixturesAccumulated Depn. – FurnitureEquipmentAccumulated Depn. - EquipmentAccounts PayableNotes PayableUnearned Commissions40,000945,9001,530,500300,160108,970644,000346,000150,0003,4002,090310,85010,6105,45515,000Taxes and LicensesSales SalariesOffice SalariesStore Supplies ExpenseOffice Supplies ExpenseUtilities ExpenseInterest ExpenseInterest Income3,600 Loss on Foreign ExchangeJay, CapitalJay, Personal60,000Partnership agreement calls for the following:Monthly salary allowance of P5,000 for Mel and P7,500 for Jay,12% interest on capital balances, and residual profit to be shared equally.Additional information were given to adjust the books:a) Provision for bad debts should be 10% of the outstanding accounts receivable.b) Office Furniture and Fixtures were acquired July 1, 2017 and the Delivery Equipmentwere acquired January 1, 2017. Depreciation rate is the same for both assets.c) One half of the unearned commission is already earned.d) Prepaid insurance on the delivery equipment is payable annually starting May 1.e) P10,000 of the notes receivable is interest bearing at 18% dated December 1, 2018and due after 60 days.f) The note payable was issued to the bank and discounted at 18% for a year onDecember 1, 2018. The discount was charged to interest expense.g) Tax rate is 30%.Direction: Prepare a 10-column worksheet with a profit distribution table.

Partnership: A legal entity formed by agreement between two or more persons is known as partnership.…

a. Prepare the adjusting entries b. Close the nominal accounts c. Record the 30% tax liability d. Make a statement of comprehensive income under the function of expense method and use line items with supporting notes. Rent and utilities are 75% distribution expenses. e. Make a statement of partner's equity. Mel Capital was initially P80,000 before she made a permanent withdrawal. f. Make a statement of financial position also using line items with supporting notes.

a. Prepare the adjusting entries b. Close the nominal accounts c. Record the 30% tax liability d. Make a statement of comprehensive income under the function of expense method and use line items with supporting notes. Rent and utilities are 75% distribution expenses. e. Make a statement of partner's equity. Mel Capital was initially P80,000 before she made a permanent withdrawal. f. Make a statement of financial position also using line items with supporting notes.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter4: The Accounting Cycle

Section: Chapter Questions

Problem 5TIF

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3 The following balances have been excerpted from Tito Piccolo’s statement of financial position: December 31 January 1 Prepaid Insurance P 6,000 P 7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 Accounts Receivable 550,000 415,000 Allowance for bad debts 40,000 25,000 Tito Piccolo Company reported the following during 2020 the following items: Insurance premiums paid P 41,500 Interest collected 123,500 Salaries paid 481,000 Sales 1,980,000 Assuming that the company wrote off P25,000 and subsequently recovered P20,000. Had the cash basis of accounting been used instead, how much would have been reported as receipt for 2020? (no peso sign, no comma, whole number only)
10 Ji Lui’s statement of financial position was prepared on 31 December 2018. It showed the followingassets and liabilities:$Machinery 7200Trade receivables 800Inventory 1300Other payables 830Creditors 510Cash 180Bank (debit balance) 250a Calculate Ji Lui’s owner’s equity on 31 December 2018. [2 marks]........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................On 1 January 2019, the following transactions took place:i) Ji Lui paid salaries for December 2018 in cash $319.ii) Ji Lui took cash $89 for her own personal…
7.Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts payable $26,800Bonds payable, due 2030 24,900Salaries payable 16,900Notes payable, due 2022 22,000Notes payable, due 2026 40,800 What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet? Group of answer choices $65,700 $43,700 $106,500 $68,600
7. Using the appropriate window for Computerized Accounting with QuickBooks 2021, record the following transactions for April 2022. The company file was 'CH2 Lynn's Music Studio.QBW.' Apr.2 Received bill for rent of the month of April from Viewhill Realty, $600, paid immediately, Check No.1. Do not print check. Apr.2 Received a bill for a one-year insurance policy on account from Mutual Insurance Company, Invoice No. 1257, $2,500, Net 30 Days. Apr.5 Purchased furniture on account from Mills Family Furniture, Invoice No. 1257, $2,500, Net 30 Days. Apr.6 Purchased a computer system on account from Computer Town, Invoice No. X234, $3,000, Net 15 Days. Apr.9 Purchased music suppliers on account from Strings, Sheets, & Such, Invoice No. 1290, $500, Net 15 Days.
The following balances have been excerpted from Tito Piccolo’s statement of financial position: December 31 January 1 Prepaid Insurance P 6,000 P 7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 Accounts Receivable 550,000 415,000 Allowance for bad debts 40,000 25,000 Tito Piccolo Company reported the following during 2020 the following items: Insurance premiums paid P 41,500 Interest collected 123,500 Salaries paid 481,000 Sales 1,980,000 No uncollectible accounts were written off during 2020. Had the cash basis of accounting been used instead, how much have been reported as receipts for 2020? Note for your final answer: 1. Do not use peso sign 2. Do not use comma 3. Do not use decimal point 4. Round off your final answer to the nearest whole number
The following balances have been excerpted from Tito Piccolo’s statement of financial position: December 31 January 1 Prepaid Insurance P 6,000 P 7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 Accounts Receivable 550,000 415,000 Allowance for bad debts 40,000 25,000 Tito Piccolo Company reported the following during 2020 the following items: Insurance premiums paid P 41,500 Interest collected 123,500 Salaries paid 481,000 Sales 1,980,000 No uncollectible accounts were written off during 2020. Had the cash basis of accounting been used instead, how much have been reported as receipts for 2020?
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. From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022. Account payable 210 Credit 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 800 9/18 GJ6 L VON CO. CREDIT 100 9/5 GJ4 XON CO. CREDIT 300 9/15 GJ6 J. BEE CO. CREDIT 800 9/18 GJ6 ZERO CO. CREDIT 200 9/7 GJ5
Q3: Following is the trial balance of Dhofar Company for the year ended 31st December 2020: Account Debit Credit Owners Equity 48000 Accounts Receivable 17000 Accounts Payable 20000 Notes Payable 4000 Notes Receivable 22000 Bank 38000 4000 Salary expenses 24000 Rent 9000 3000 Insurance expenses 6000 Other Income 14000 Machinery 52000 Buildings 63000 Loan 38000 Sales 194000 Purchases 44000 Sales Return 5000 Purchase Return 24000 Opening Stock 69000 Total 349000 349000 Other information is given: Closing stock is 12000 OMR. Depreciation charges for Building is 10% and Machinery is 20% Required: Income statement as on 31.12.2020 Balance sheet as on 31.12.2020
Magic Styles, Inc.Unadjusted Trial BalanceAt March 31, 2023Cash $ 18,000.00Prepaid Insurance $ 600.00Prepaid Rent $ 7,300.00Equipment $ 9,700.00Furniture and Fixtures $ 9,700.00Accounts Payable $ 10,800.00Deferred Revenue $ 400.00Notes Payable Long-term) $ 20,000.00Common Stock $ 10,000.00Retained Earnings, February 28, 2023 $ 2,100.00Dividends $ 300.00Service Revenue $ 12,300.00Supplies Expense $ 5,500.00Salaries and Wages $ 3,200.00Utilities Expense $ 700.00Rent Expense $ 600.00TOTAL $ 55,600.00 $ 55,600.00Required:Based on the unadjusted trial balance of Magic Styles, Inc. above, you are required to prepare/write thefollowing:1) An income statement 2) A statement of retained earnings 3) Balance Sheet 4) A paragraph stating your evaluation of the company’s performance and financial status for themonth ending March 31, 2023. In your evaluation, state whether:* the business is profitable;* it is able to pay its current obligations/liabilities; and* its assets are financed more by debts…
The company on 31/12/2020 charged its customers with interest 14,500.The interest on the short-term loan on 31/12/2020 amounted to 4,500.The interest of K.O. of the company on 31/12/2020 amounted to 10,500.The burden on the company with interest from suppliers on 31/12/2020 was 6,200On 31/12/2020, a stock of 5,500 consumables was found. Consumables 1/1 / 2020 were 4,100 and purchases of consumables during the year amounted to 14,900. What is the value of the consumed materials? Where will they be transported to close?During the inventory, 39,500 cash was found, while the H.Y. of the Fund is 37,000. Make the appropriate adjustment record.During the inventory, 49,000 cash was found, while the H.Y. of the Fund is 51,000. Make the appropriate adjustment record.