Assume that the Current Assets for Rain Co. as of Decebmer 31, 20Y8, are listed below. A. Assume further that the total Current Liabilites on the same date are $75,000.  What is the amount of the working capital for Rain Co. on December 31, 20Y8? B. Assume further that the total Current Liabilites on the same date are $75,000.  What is the amount of the working capital for Rain Co. on December 31, 20Y8? ASSETS   Current assets:      Cash $   17,500   Temporary Investments 15,000   Accounts Receivable (net) 42,500   Inventories 72,000   Prepaid Expenses 3,000 Total current assets $150,000

Q: The balance sheet showed the following: Total current assets $3,250, accounts payable $470, 8% notes…

A: Current assets = $3250 Accounts payables = $470 Accrued wages = $180

Q: What is the maximum amount which could be included in Aurora Company's income before fax to reflect…

A: A holding of 20% or more of the voting power (directly or through subsidiaries) will indicate…

Q: An entity reported the following information during the first year of operations: Pretax financial…

A: The income tax is calculated on the taxable income of the company. It is calculated by multiplying…

Q: The liabilities of Dexter Company equal to one-third of the total assets, and the owner's equity is…

A: Difference between Liabilities and Equity - Difference - Liabilities are the obligation of the…

Q: If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were…

A: Ending capital = Beginning capital + Net income (loss) - Owner's withdrawals

Q: The total assets of KJC are $1,200,000 and its liabilities are equal to 1/4 of the total assets.…

A: Introduction: Owner's equity is owner's claim over the net assets of the organization. Owner's…

Q: Following data are from the statement of changes in financial position of Quezon Co. for the year…

A: Net income, per income statement, P75,000   Operating Activity Acquisition of equipment, P4,000…

Q: The beginning balances of an entity amounted to P4,000,000 and P2,200,000 for total assets and total…

A: Accounting Equation: Assets = Liabilities + Capital

Q: For the year ended December 31, 201A Inventories Trade and associated company Short term investment…

A: Current ratio shows the liquidity of the firm and show the position of working capital of the…

Q: Use the following information for the next three questions: The ledger of COLTISH UNDISCIPLINED Co.…

A: Current Assets:- These are those assets of the company which get received within 1 year and recorded…

Q: Suppose current assets, liabilities and equity of the company are OMR 25,000, OMR 35,000 and OMR…

A: As per accounting equation, Assets = Liabilities + equity

Q: Presented below are the captions of Faulk Company’s balance sheet. a.    Current assets. b.…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: "The following amounts are reported in the ledger of Adele Company: Assets P250,000 debit…

A: Ending balance in the Owner's Capital = Assets - liabilities = P250000 - 150000 = P100,000

Q: The balance in the capital account of Han Ji Pyung Co. at the beginning of the year was P650,000.…

A:

Q: 1. VEXANA Company reported net income of P4,500,000 during 2021. In addition, the Company also…

A: Cash flow from investing activities: It is a section of the cash flow statement that shows the cash…

Q: Engr. Jeon Bassett is the owner of JBA Engineering and Design Firm. At the end of its accounting…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Fill in the blanks using the Accounting Equation: Assets-Liabilities+Owner'sEquity. Case A B C Case…

A: As per accounting equation of the business, total assets of the business must be equal to total…

Q: 3. During the year, Chinawish Co. distributed property dividends in the form of inventories. The…

A: Loss on inventory = Carrying value of inventory - fair value of inventory = 2000000 - 1600000  =…

Q: Assume for each of the following independent cases that the annual accounting period ends onDecember…

A: Income summary account is prepared to close all the revenue and expenses accounts of the period;…

Q: Presented below are four different transactions related to materiality. Explain whether you would…

A: Most of the companies and the auditors has made the rule that any item which is under 5% of net…

Q: Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets…

A: The comparative balance sheet is a financial statement that shows accounting estimates for assets,…

Q: On January 1, 2021, the balance of Owner's Capital of FDN Company is P440,000. During the year the…

A: Owners' investment balance can be calculated by adding investment and net income and adjusting…

Q: "The Statement of Financial Position of Charles Corporation shows Total Assets of P1,500,000,…

A: Solution: Ending capital balance = total assets - current liabilities - non current liabilities =…

Q: Fill in trhe If the liabilities of the business amount to P120,000 and its residual interest amounts…

A: Total assets are the sum of current assets and fixed assets. And total asset is equal to the total…

Q: Prepare a statement of Profit and Loss Appropriation, capital account, current account for the year…

A: Profit and Loss Appropriation account is a special account which shows allocation of profit among…

Q: The owner's capital of FDNACCT was P100,000 on October 1, 2020, the beginning of its fiscal year.…

A: Owner's capital at year end will be (Beginning capital  + Additional Investment + Net Income -…

Q: Ana Inc. provided the following information for the current year: Current asserts, January 1…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.

Q: The total assets and the total liabilities of Paragon Services are shown below. During the year, no…

A: Accounting equation says that total assets should always be equals to total liabilities and…

Q: An entity reported the following information during the first year of operations: Pretax financial…

A: The income tax expense is computed based on financial income. The difference between the actual…

Q: The property was transferred to shareholders on January 31 when the prevailing fair value was at…

A: Property dividend refers to a dividend paid to investors in the form of assets. The issuer…

Q: Following are the current asset and current liability sections of the balance sheets for Freedom…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Below is Rodrigues Ltd's income statement and two balance sheets: Rodrigues Ltd Income Statement for…

A: NWC termed as Net Working Capital refers to the difference among the short term assets or current…

Q: Killua Corporation’s Statement of Financial Positions at December 31, 2021, shows the following:…

A: Quick assets=Total current assets-Inventory-Prepaid expenses=P 233,000-P 120,000-P 1,000=P 112,000

Q: How much is the total noncurrent liabilities as of January 1, 20x1?

A: Assets = Liabilities + Equity Equity as on Jan 20X1 is 1,700,000.   Current assets + Noncurrent…

Q: The below selected information is taken from the work sheet for Majestic Comparry, that is owned by…

A: The capital at year end is calculated after adjusting all the contributions and drawings made by…

Q: The owners' equity of Graham Interiors appears on the balance sheet as $720,000 and is equal to…

A: As per the Accounting Equation  Assets = Liabilities + Owner's Equity

Q: If total liabilities amount to P400,000 which 1⁄3 of the total assets, what is the amount of the…

A: Total Equity = 400,000 Total Assets = 1/3 Time of liability = 3× 400000 =1200000 Residual Interest…

Q: Using the following Balance Sheet summary information, for the two years presented calculate the…

A: Solution:  working capital for 2018 = current assets - current liabilities for 2018 = 101600 - 33650…

Q: The followings are the Statement of Financial Position of MSG Bhd. and MYG Bhd. as at 30 April 2019…

A: Since, the fair value of assets and liabilities taken over is not identified separately , therefore,…

Q: Prepare a statement of profit and loss allocation, capital account, current account, and extract of…

A: Profit and Loss Appropriation account is a special account which shows allocation of profit among…

Q: Sonic Corporation recorded current assets of $345,200 and current liabilities of $318,650 for year…

A: Given,           Current Assets = $345,200           Current Liabilities = $318,650 Formula: Working…

Q: Following information is given below prepare the statement of profit or loss: Capital at the end of…

A: Profit and loss (P&L) statements are financial statements that summarize the sales,…

Q: During Year 1, China Enterprises experienced the following events. (1) Earned $13,400 of revenue on…

A: We will use the concept of accounting equation here. The accounting equation states that a company’s…

Q: The following are Statement of Financial Position and Statement of Comprehensive Income of Lala…

A: Cash Conversion Cycle: It shows the amount of time  taken by  company  to convert its investments in…

Q: Using the following Balance Sheet summary information, calculate for the two companies presented:…

A: Definition: Working capital: The measure which evaluates the ability of a company to pay off the…

Q: The draft financial statements of Enjoy Ltd for the year ended 31 December 20X6 are given below. The…

A: Cash flow statement The purpose of preparing the cash flow statement is to know the movement of cash…

Q: 8. Using the following Balance Sheet summary information, for the two years presented calculate: A.…

A: Current assets means those assets which will be converted in to cash in near future generally one…

Q: Angela Corporation has the following selected assets and liabilities: Given the said data, determine…

A: Current assets = Cash + Accounts receivable + Inventory Current assets = 15,000 + 20,000 + 37,000…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.