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Account balances acquired from the Opulent Company's ledger on December 31, 2018 is shown below: Accounts Payable Accounts Receivable P119,000 139,200 12,000 Advertising Expense Accumulated Depreciation-Buildings. 31,500 Allowance for Doubtful Accounts 2,550 Buildings. Capital Stock, P10 par Cash Dividends 315,000 450,000 Freight-In Insurance Expense Interest Expense Interest Revenue 45,750 12,000 10,500 2,100 5,295 1,335 Inventory, December 31, 2020 104,850 Land Long-Term Investments Mortgage Payable. Notes Payable--Short-Term Office Expense. Purchases Purchase Discounts Retained Earnings, December 31, 2020 13,695 Sales Sales Discounts Sales Returns 78,000 12,150 43,500 24,000 28,800 521,130 12,150 745,000 24,750 14,400 94,050 3,450 19,305 Selling Expense Supplies Expense Real Estate and Payroll Taxes

Account balances acquired from the Opulent Company's ledger on December 31, 2018 is shown below: Accounts Payable Accounts Receivable P119,000 139,200 12,000 Advertising Expense Accumulated Depreciation-Buildings. 31,500 Allowance for Doubtful Accounts 2,550 Buildings. Capital Stock, P10 par Cash Dividends 315,000 450,000 Freight-In Insurance Expense Interest Expense Interest Revenue 45,750 12,000 10,500 2,100 5,295 1,335 Inventory, December 31, 2020 104,850 Land Long-Term Investments Mortgage Payable. Notes Payable--Short-Term Office Expense. Purchases Purchase Discounts Retained Earnings, December 31, 2020 13,695 Sales Sales Discounts Sales Returns 78,000 12,150 43,500 24,000 28,800 521,130 12,150 745,000 24,750 14,400 94,050 3,450 19,305 Selling Expense Supplies Expense Real Estate and Payroll Taxes

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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Account balances acquired from the Opulent Company's ledger on December 31, 2018 is shown below: Accounts Payable P119,000 139,200 12,000 Accounts Receivable Advertising Expense Accumulated Depreciation--Buildings . 31,500 Allowance for Doubtful Accounts 2,550 Buildings Capital Stock, P10 par Cash Dividends 315,000 450,000 Freight-In. Insurance Expense Interest Expense 45,750 12,000 10,500 2,100 5,295 1,335 Interest Revenue Inventory, December 31, 2020 104,850 Land 78,000 Long-Term Investments Mortgage Payable Notes Payable--Short-Term Office Expense Purchases Purchase Discounts 12,150 43,500 24,000 28,800 521,130 12,150 Retained Earnings, December 31, 2020 13,695 Sales . Sales Discounts Sales Returns Selling Expense Supplies Expense Real Estate and Payroll Taxes 745,000 24,750 14,400 94,050 3,450 19,305 20:41
Transcribed Image Text:Account balances acquired from the Opulent Company's ledger on December 31, 2018 is shown below: Accounts Payable P119,000 139,200 12,000 Accounts Receivable Advertising Expense Accumulated Depreciation--Buildings . 31,500 Allowance for Doubtful Accounts 2,550 Buildings Capital Stock, P10 par Cash Dividends 315,000 450,000 Freight-In. Insurance Expense Interest Expense 45,750 12,000 10,500 2,100 5,295 1,335 Interest Revenue Inventory, December 31, 2020 104,850 Land 78,000 Long-Term Investments Mortgage Payable Notes Payable--Short-Term Office Expense Purchases Purchase Discounts 12,150 43,500 24,000 28,800 521,130 12,150 Retained Earnings, December 31, 2020 13,695 Sales . Sales Discounts Sales Returns Selling Expense Supplies Expense Real Estate and Payroll Taxes 745,000 24,750 14,400 94,050 3,450 19,305 20:41
Given adjustments on December 31, 2018 are required as follows: (a) The inventory on hand is P135,915. (b) The allowance for doubtful accounts is to be increased to a balance of P6,250. (c) Buildings are depreciated at the rate of 5 percent per year. (d) Accrued selling expenses are P6,075. (e) There are supplies of P1,050 on hand. (f) Prepaid insurance at December 31, 2021, totals P1,290. (g) Accrued interest on long-term investments is Р360. (h) Accrued real estate and payroll taxes are P1,170. (i) Accrued interest on the mortgage is P240. () Income tax is estimated to be 30 percent of the income before income tax (round to nearest dollar). A. SHOW SUPPORTING COMPUTATIONS AS TO THE EFFECT OF ADJUSTMENTS TO THE ACCOUNTS. B. PREPARE. 1. STATEMENT OF OPERATIONS 2. STATEMENT OF FINANCIAL POSITION 20:42
Transcribed Image Text:Given adjustments on December 31, 2018 are required as follows: (a) The inventory on hand is P135,915. (b) The allowance for doubtful accounts is to be increased to a balance of P6,250. (c) Buildings are depreciated at the rate of 5 percent per year. (d) Accrued selling expenses are P6,075. (e) There are supplies of P1,050 on hand. (f) Prepaid insurance at December 31, 2021, totals P1,290. (g) Accrued interest on long-term investments is Р360. (h) Accrued real estate and payroll taxes are P1,170. (i) Accrued interest on the mortgage is P240. () Income tax is estimated to be 30 percent of the income before income tax (round to nearest dollar). A. SHOW SUPPORTING COMPUTATIONS AS TO THE EFFECT OF ADJUSTMENTS TO THE ACCOUNTS. B. PREPARE. 1. STATEMENT OF OPERATIONS 2. STATEMENT OF FINANCIAL POSITION 20:42
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