Account Title Cash in Bank Petty Cash Fund Accounts Receivable Allowance for Bad Debts Notes Receivable Advances to Employees Interest Receivable Sewing Supplies on Hand Land Buildings Accumulated Depreciation-Building Sewing and Designing Equipment Accumulated Depreciation-Sewing and Designing Equipment Shop Equipment Accumulated Depreciation-Shop Equipment Furniture and Fixture Accumulated Depreciation - Furniture and Fixture Accounts Payable Unearned Service Income Utilities Payable Withholding Taxes Payable Notes Payable due in 3 years Charito, Capital Totals Debit Credit P281,175 10,000 219,000 P21,900 40,000 7,500 400 23,500 700,000 800,000 250,000 550,000 100,000 480,000 281,250 400,000 185,000 68,500 105,845 7,200 12,500 120,000 2,359,380 P3,511,575 P3,511,575

Account Title Cash in Bank Petty Cash Fund Accounts Receivable Allowance for Bad Debts Notes Receivable Advances to Employees Interest Receivable Sewing Supplies on Hand Land Buildings Accumulated Depreciation-Building Sewing and Designing Equipment Accumulated Depreciation-Sewing and Designing Equipment Shop Equipment Accumulated Depreciation-Shop Equipment Furniture and Fixture Accumulated Depreciation - Furniture and Fixture Accounts Payable Unearned Service Income Utilities Payable Withholding Taxes Payable Notes Payable due in 3 years Charito, Capital Totals Debit Credit P281,175 10,000 219,000 P21,900 40,000 7,500 400 23,500 700,000 800,000 250,000 550,000 100,000 480,000 281,250 400,000 185,000 68,500 105,845 7,200 12,500 120,000 2,359,380 P3,511,575 P3,511,575

Name: What's the total amount of equity? Account Title2022Cash in BankPetty
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Description: What's the total amount of equity? Account Title2022Cash in BankPetty Cash FundAccounts ReceivableAllowance for Bad DebtsNotes ReceivableAdvances to EmployeesInterest ReceivableSewing Supplies on HandLandBuildingsAccumulated Depreciation-BuildingSewi

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1MC: An amortization table ________. A. breaks each payment into the amount that goes toward interest and...

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Please see attached docs. CHART OF ACCOUNTSASSETS110 Cash111 Petty Cash121 Accounts Receivable122 Allowance for Doubtful Accounts126 Interest Receivable127 Notes Receivable131 Merchandise Inventory141 Office Supplies142 Store Supplies151 Prepaid Insurance191 Land192 Store Equipment193 Accumulated Depreciation-Store Equipment194 Office Equipment195 Accumulated Depreciation-Office EquipmentLIABILITIES210 Accounts Payable221 Salaries Payable231 Sales Tax Payable232 Interest Payable241 Notes Payable251 Bonds Payable252 Discount on Bonds Payable253 Premium on Bonds PayableEQUITY311 Common Stock312 Paid-In Capital in Excess of Par-Common Stock315 Treasury Stock321 Preferred Stock322 Paid-In Capital in Excess of Par-Preferred Stock331 Paid-In Capital from Sale of Treasury Stock340 Retained Earnings351 Cash Dividends352 Stock DividendsREVENUE410 Sales610 Interest Revenue611 Gain on Redemption of BondsEXPENSES510 Cost of Merchandise Sold515 Credit Card Expense516 Cash Short and Over521 Sales…
Using T – account analysis: Compute for the ending balance or carrying amount of the following: Cash, Accounts Receivable, Building, Equipment, Notes Payable Lucas has the following balances on his book: Cash ₱50,000 Accumulative Depreciation-Building 500,000 Account Receivable 200,000 Accumulative Depreciation-Building 75,000 Building 1,000,000 Notes Payable 100,000 Equipment 500.000 Cash collections 50,000 Allowance for bad debts 50,000 Cash payment 10,000
Presented below is a list of accounts in alphabetical order. Accounts Receivable Bond Sinking Fund Accumulated Depreciation—Buildings Bonds Payable Accumulated Depreciation—Equipment Buildings Accumulated Other Comprehensive Income Cash (in bank) Advances to Employees Cash (on hand) Advertising Expense Cash Surrender Value of Life Insurance Allowance for Doubtful Accounts Commission Expense Common Stock Patents Copyrights Payroll Taxes Payable Debt Investments (trading) Pension Liability Dividends Payable Petty Cash Equipment Preferred Stock Freight-In Premium on Bonds Payable Gain on Disposal of Equipment Prepaid Rent Interest Receivable Purchase Returns and Allowances Inventory—Beginning Purchases Inventory—Ending Retained Earnings Land Salaries and Wages Expense (sales) Land for Future Plant Site Salaries and Wages Payable Loss from Flood Sales Discounts Noncontrolling Interest Sales Revenue Notes Payable (due next year) Treasury Stock…
(Preparation of a Classified Balance Sheet, Periodic Inventory) Presented below is a list of accounts in alphabetical order. Accounts ReceivableBuildingsAccumulated Depreciation—BuildingsCash (in bank)Accumulated Depreciation—EquipmentCash (on hand)Accumulated Other Comprehensive IncomeCash Surrender Value of Life InsuranceAdvances to EmployeesCommission ExpenseAdvertising ExpenseCommon StockAllowance for Doubtful AccountsInterest ReceivableBond Sinking FundInventory—BeginningBonds PayableInventory—EndingLandPrepaid RentLand for Future Plant SitePurchase Returns and AllowancesLoss from FloodPurchasesNotes Payable (due next year)Retained EarningsPaid-in Capital in Excess of Par—Preferred StockSalaries and Wages Expense (sales)PatentsSalaries and Wages PayablePayroll Taxes PayableSales DiscountsPension LiabilitySales RevenuePetty CashTreasury Stock (at cost)Preferred StockUnearned Subscriptions RevenuePremium on Bonds Payable InstructionsPrepare a classified balance sheet in good form.…
The current assets are? ending raw materials inventory. account receivable. notes receivable bank. cash. all of them
24) Under IFRS, a) receivables are generally reported in the current assets section of the statement of financial position. b) cash and receivables are reported as the last items in the current assets section of the statement of financial position. c) bank overdrafts are generally reported as cash. c) All of these answer choices are correct. 25) A major difference between GAAP and IFRS with respect to accounting for inventories is: a) guidelines on ownership of goods. b) costs to include in inventories. c) the use of LIFO cost flow assumption. d) the use of LCNRV. 26) Which of the following is a similarity between GAAP and IFRS with respect to accounting for inventories? a) Both standards use a ceiling or a floor to determine lower-of-cost-or-market. b) Both standards allow for reversals of write downs. c) The use of more principles based guidelines exist under both IFRS and GAAP standards. d) Inventory acquisitions are accounted for at historical cost.
Below is the ledger of XYZ Company Account Titles Amount Accounts Receivable 259,345.00 Accumulated depreciation - Buildings 484,180.00 Accumulated depreciation - Furniture and Fixtures 139,766.00 Accumulated depreciation - Manufacturing Equipments 182,228.00 Allowance for Doubtful Accounts 54,300.00 Bonds Payable 560,000.00 Buildings 1,152,637.00 Cash in Bank 535,445.00 Cash on Hand 58,598.00 Current portion of Long-term Notes Payable 250,000.00 Finished goods 17,068.00 Furnitures and Fixtures 346,641.00 Income Taxes Payable 52,053.00 Land 926,747.00 Leasehold Improvements 350,600.00 Long-term Notes Payable 1,750,000.00 Manufacturing Equipments 345,234.00 Money Market Fund 32,578.00 Mortgage Payable 460,000.00…
Prepare the suitable accounts and find out the missing figure if any.Opening balance of debtors ..14,00,000Opening balance of bills receivable.................. 7,00,000Closing balance of bills receivable............... 3,50,000Cheque dishonoured....... 27,000Cash received from debtors............................ 10,75,000Cheque received and deposited in the bank............ 8,25,000Discount allowed............. 37,500Irrecoverable amount......... 17,500Returns inwards....... 28,000Bills receivable received from customers........ 1,05,000Bills receivable matured....... 2,80,000Bills discounted.......... 65,000Bills endorsed to creditors...... 70,000
Case 1: Include or exclude? Indicate whether the following transactions should be included or excluded from the cash budget—no need foran explanation.1. Purchase of new equipment2. Payment of income tax3. Write-off of bad debts4. Depreciation of equipment5. Repairs on equipment6. Payment to supplier
Identify the correct classification of each of the accounts listed. Put a check mark in the appropriate column. Account Asset Liability Owner’s Equity Revenue Expense Accounts Payable Accrued Interest Income Accumulated Depreciation Allowance for Bad Debts Cash in Bank Depreciation Expense Bad Debts Expense Interest Receivable K. De Pedro, Drawing Mortgage Payable Petty Cash Fund Prepaid Insurance Prepaid Interest Professional Fees Repairs and Maintenance Expense Salaries Payable Service Income SSS Premium Expense Supplied on Hand…
8) ABC Company revealed the following information on December 31, 2019: Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts (200,000) Inventory 2,000,000 Prepaid insurance 300,000 Total current assets 7,400,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank (300,000) Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 Total cash 3,700,000 The accounts receivable included a past due account in the amount of P100,000. The account is deemed uncollectible and should be written off. The inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on December 31, 2019. Neither of these items have been recorded as a purchase. The prepaid insurance included a cash surrender value insurance of P50,000. What is the adjusted cash balance? What is the adjusted inventory? What is the adjusted net realizable value of accounts…
Companies that manufacture goods and hold onto them for a while before selling them and companies that buy goods and hold them temporarily for resale have created ______. Question 17 options: receivable assets accrual assets receivable storage inventories