Accounts payable Notes receivable Office Equipment Access, capital Accrued income P 52,500 14,500 12,500 Machinery Accrued expenses Unearned income Cash P 55,000 7,000 5,000 21,000 30,000 * Try it! Solution How much is the total assets?
Q: Balance Account Title Debit Credit Cash 21,400 Accounts Receivable 16,500 Office Supplies 9,900…
A: Liabilities includes Legal financial debt or obligation arises during the course of business…
Q: Assets Liabilities + Yüzu: Accounting (72) Prepare A Cash Flow Statement | Indirect Methc Owner's…
A: Cash flow statement means the statement which shows the cash flow in or out of business enterprises…
Q: Account Titles Debit Credit Cash 11,400 5,620 1,050 Accounts Receivable Supplies Prepaid Insurance…
A: The adjustment entries are prepared to adjust the revenue and expenses for the current period.
Q: Account Title Debit Credit Cash Accounts Receivable Office Supplies Prepaid Insurance Machinery…
A: Closing entries are prepared by the management to transfer the balance from a temporary account to a…
Q: T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation…
A: All revenues are closed by crediting the income summary account and expenses are closed by debiting…
Q: August 31, 2024 Balance Account Title Debit Credit Cash 8,420 Accounts Receivable 5,000 Office…
A: The trial balance tells about the final balance of each account of the business. The trial balance…
Q: Account Title Debit Credit 20,000 13,000 Cash Equipment Accumul.Dep-Equipment Supplies Prepaid Rent…
A: The post closing trial balance is prepared to record the final balance of each permanent account of…
Q: P 52,500 14,500 12,500 ? Machinery Accrued expenses Unearned income Cash P 55,000 7,000 5,000 21,000…
A: Solution: Total Assets = Note receivables + Office equipment + Accrued income + Machinery + Cash =…
Q: Adjusted Trial Balance Debit Credit $ 44,000 13,800 6,400 16,000 Cash Accounts Receivable Prepaid…
A: Closing Entries:- These entries are prepared at the end of the Accounting Period to close Temporary…
Q: Cash 52,000 32,000 Accounts Receivable Supplies Inventory Prepaid Expenses Land Building Accumulated…
A: Formula: Net income = Revenues - Expenses.
Q: ACCOUNT NAME Debit Credit Debit Credit Debit Credit Debit Credit Debit Cash $9,500 Notes Receivable…
A: The worksheet is prepared on the basis of given adjustments.
Q: The company has provided their accounts in order. Use these accounts to answer the follo questions.…
A: Current assets are all of a company's assets that are expected to be sold or used within the next…
Q: Assets Liabilities Owner's Equity Accounts Accounts Owner's Owner's Cash + Receivable + Supplies +…
A: Types of Accounts include: Assets account Liabilities account Capital account Revenue account…
Q: Accounts Cash Accounts receivable Prepaid rent Supplies Building Accumulated depreciation Accounts…
A:
Q: From the following Company Y adjusted trial balance, prepare simple financial statements,…
A: Financial statements are those statements which are prepared at the end of accounting period for the…
Q: Debit $ 1,390 3,600 3,900 4,600 20,000 Credit Cash Accounts Receivable Prepaid Insurance Notes…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Service Revenue $10,000 Cash $12,000. Accounts Receivable $3,000 Office Supplies Rent Expense…
A: Introduction: Balance sheet: All Assets and liabilities are shown in balance sheet. It tells the net…
Q: Question 2: Make a corrected Balance Sheet and report the vales/missing values in Table 2 given…
A: The balance sheet is prepared at the end of the year to calculate the financial position of the…
Q: Adjusted Trial Balance Debit Credit $ 42,000 11,300 14,800 Cash Accounts receivable Prepaid…
A: Income statement: It tells about the Net income / loss for the particular period. All the revenues…
Q: follows: Debit P6,000 Account Titles Credit Notes Receivable Supplies Accounts Payable P300 600…
A: The balance sheet shows the financial position of the company that including the assets,…
Q: Unadjusted Trial Balance Credit Adjustment Credit Particulars Debit Debit Cash 31,500 50,000 20,100…
A: Income statement is one of the financial statements prepared for the purpose of depicting the…
Q: ASSETS EQUITY LIABILITIES Cash Early, Capital Early, Withdrawals Service Revenue Rent Expens…
A: Cash is being invested in the business. Since, Cash is an asset; we debited Cash account to show the…
Q: Adjusted Trial Balance Debit Credit Cash $ 32,000 Accounts receivable 17,300 Prepaid insurance 6,400…
A: The net income is the net profit of the company earned during the period. The net income includes…
Q: Cash 12,000 Accounts Receivable 7,800 Prepaid Rent 2,200 Equipment 23,200 Accumulated 5,300…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts…
A: Current liabilities: Amounts due to be paid within one year or within one operating cycle, whichever…
Q: Account Titles Dr. Cr. Dr. Cr. Cash 13,800 13,800 Accounts Receivable 28,300 28,300 Prepaid…
A:
Q: Net income? Accounts Debit Credit (OMR) Cash Capital 100,000 Prepaid insurance Salary expense…
A: Dividend does not effect the profit and loss account. It's impact shareholders equity section.…
Q: sets Accounts Accounts Owner's Owner's Cash + Receivable + Supplies + Equipment = Payable +_Capital…
A: The financial statements of the business include the income statement and balance sheet if the firm.
Q: adjusted trial balance DEBIT Trial balance adjustment INCOME STATEMENT BALANCE SHEET ACCT ACCOUNT…
A: The income statement and balance sheet are the important financial statements of the business, which…
Q: The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in…
A: The transactions of the company will be analyzed by the management, and it will be recorded in…
Q: Accounts Balances Equipment $16,000 Accounts payable 1,000 23,000 Salaries expense Common stock Land…
A: Balance sheet: The balance sheet depicts a company's financial position by recording all of its…
Q: Kindly help solve this. Debit Cash 13,300 office supplies 1,100 prepaid rent 1,600 equipment…
A: Closing entries means the entries to be made on the closing of any particular period . All revenue…
Q: Accounts Debit Credit Cash $ 12,000 Accounts Receivable 150,000 Prepaid Rent Supplies Equipment…
A: Formula: Net income = Revenues - Expenses
Q: Accounts Debit Credit Cash 5,450 Accounts Receivable 16,200 Supplies Prepaid Insurance Equipment…
A: The adjustment entries are prepared to adjust the revenue and expenses for the current period.
Q: Salaries and wages payable Salaries and wages expense Utilities expense Equipment $1,700 Notes…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: Date Accounts Titles Debit Credit Dec-01 Cash 500,000 Owner's capital 500,000 to…
A: The unadjusted Trial balance has been prepared through journal entries. Adjustment entries have been…
Q: Cash 12.000 Accounts Receivable 7,800 Prepaid Rent 2.200 Equipment 23,200 Accumutated Depreciation…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Account Titie and Explanation Debit Credit Cash P10,060 Accounts Receivable 2,000 Prepaid Expenses…
A: In order to finalize the financial statements of the company the closing entries needs to be passed
Q: Account Title Debit Credit Cash Accounts Receivable |Office Supplies Prepaid Insurance Machinery…
A: Closing entries are usually reported in the books to close the temporary accounts. In general, the…
Q: 1under: Cash Equipments Sundry debtors Fixture & fitting Advertisement Rent 6,000 20,000 35,000…
A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Activity 1. Prepare an CFI/SCF Instruction: Show you solution in a sheet of paper with a complete…
A: 1. Statement of Cash Flow - Statement of Cash flow is the statement that shows the actual cash…
Q: Prepare Trial Balance $1,200 700 Cash Accounts Receivable Capital Withdrawals Service Fees Rent…
A: Trial Balance: Trial balance is a statement in which the closing balance of all ledger accounts are…
Q: Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts…
A: Lets understand the basics. Shareholders equity includes total of common stock issued plus retained…
Q: Cash 12,000 Accounts Receivable 7,800 Prepaid Rent 2,200 Equipment 23,200 Accumulated 5,300…
A: Formula: Net income = Revenues - Expenses
Q: Salaries and wages payable Salaries and wages expense Utilities expense Equipment $1,700 51,800…
A: Introduction: Income statement: All revenues and expenses are to be shown in Income statement. It…
Q: Cash on hand and in bank P 5,960 1,200 8,000 1,100 1,000 1,800 4,000 300 600 Utilities expense…
A: Formula: Profit / ( Loss ) = Revenues - Expenses.
Step by step
Solved in 2 steps
- (in millions) Net Income Total Assets Total Liabilities Total RevenuesExpedia $ 723 $ 15,504 $ 10,574 $ 6,672Priceline 2,551 17,421 8,625 9,224How would I figure out the net profit margin for these1. If current assets amounted to P600,000 and current liabilities amounted to P200,000, what is the current ratio of the entity? *a. P800,000b. P400,000c. 3d. 1/3 3. If net sales is P200,000 and the average accounts receivable is P50,000, what is the accounts receivable turnover ratio? *a. 4b. 1/4c. P150,000d. P250,000 5. If total assets amounted to P800,000 and total liabilities amounted to P200,000, what is the debt to equity ratio? *a. 4b. 0.3333c. 0.25d. 3Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…
- Find out the missing value assets in an accounting equation if liabilities is OMR 320000 and capital is OMR 119000 Select one : O a . OMR 439000 assets O b . OMR 201000 assets O c . OMR 349000 assets O d . OMR 102000 assets Clear my choicenu messageQ&A notifications account_circle Business FinanceQ&A LibraryPlease classify each of the following accounts into its right category of cash flow activities. Which of the following item(s) belong to Operation Activities? (This question may contain multiple answers) Depreciation Fixed assets expenses Change in Inventories Change in Accounts Payable Payment of cash dividends Change in Notes Payable Payment of long-term debt Change in marketable securities Net income Change in Account Receivables Please classify each of the following accounts into its right category of cash flow activities. Which of the following item(s) belong to Operation Activities? (This question may contain multiple answers) Depreciation Fixed assets expenses Change…Complete and correct the table of requirement 2. Abbreviations explanation: AR= account receivable Computers & AD= accumulated depreciation AP= account payable NP=Note payable IP= interest payable Cshares= common shares RE=retained earnings
- . RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item is reported in financial statements(a) contingent liabilities(b) the effect on retained earnings of the correction of a prior period error(c) cash and cash equivalents(d) capital contributed during the year(e) revaluation gain on land (not reversing any previous revaluation)(f) judgements that management has made in classifying financial assets(g) income tax expense(h) ProvisionsCClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, CapitalQuestion: Determine the missing amount from each of the expanded accounting equation below: Assets Liabilities Capital (Beg. Bal) Owner's Equity Drawings Profit/Loss 97,600 85,400 48,800 ? (24,400) Explain Please.
- The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…Why are the following items listed as a DR? Aren't they CR accounts? Exp;enses are CR accounts aren't they since they reduce assets? Income Statement Sales and Labor Revenue $1,592,430Cost of Goods $762,200Gross Profit $ 830,230 Operating Expenses:Salary Expense $337,425Depreciation Expense $44,500 Tax Expense $30,200Insurance Expense $22,000Office Expense $3,050Miscellaneous Expense $9,730Total Expenses $446,905 $383,325Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %
