At January 1, 2008, Nova reported owner's equity of P50,00o. Owner drawings for the year totaled Pio,000. At December 31, 2008, the company will report owner's equity of * Your answer
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- The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.On January 1, 2021, the balance of Owner's Capital of FDN Company is P440,000. During the year the company has Sales of P500,000 with P350,000 as cost of sales and expenses resulting to net income of P150,000. Also, during the year, the owner made additional investment of P400,000 and withdrew P170,000. How much is the Owner’s Capital on December 31, 2021?As of December 31, 2009, Sievers Company has assets of $35,000 and owner's equity of $20,000. What are the liabilities for Sievers Company as of December 31, 2009? Select one: a. $15,000 b. $20,000 c. $25,000 d. $10,000
- Company E reports net income of $100,000 for 2015. Assume the income is earned evenly throughout the year. Dividends of $10,000 are paid on December 31. What will Company R report as investment income under the following ownership situations, if: a. Company R owns a 10% interest from July 1 to December 31? b. Company R owns a 10% interest from January 1 to June 30 and a 25% interest from July 1 to December 31? c. Company R owns a 30% interest from January 1 to June 30 and a 10% interest from July 1 to December 31?The following are extracts from an income statement of Al Noor Company for the year ended 31 December 2020: Sales revenue RO 10,000; Cost of sales RO 8,500; Salaries expense RO 300; Advertising expense RO 200; Depreciation expense RO 100; Insurance expense RO 150; Unrealized gain on investment securities RO 1,000. The comprehensive income is: a. RO (250) b. RO 750 c. RO 1,000 d. RO 1,750FDNACCT has beginning balance of owner’s equity of 183,000. This increased to P500,000 at year-end. Owner’s additional investment and withdrawal were P60,000 and P90,000, respectively. Total costs and expenses during the year amounted to P262,000. How much was total revenues earned during the period?
- On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses.Service revenue $75,000 Rent expense $10,600Postage expense 1,500 Salaries expense 24,000Legal fees expense 2,400 Supplies expense 14,500In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $25,000 and paid dividends of $10,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders’ equity.As the end of the period, Mark brokerage firm has a total assers equal 1,070,000 and total liabilities equal to 500,00. What is the owners equity of Mark as of the end of the periodThe following is an extract from the trial balance of Baller co for the year ended 31 December 2018: $000 $000 Revenue - 13,000 Cost of Sales 2,000 - Administrative expenses 7,800 - Distribution costs 5,000 - Income Tax (note 3) 300 - Deferred tax liability 1 January 2018 (note 3) - 5,000 Provision at 1 January 2018 (note 2) - 3,000 Retained earnings at 1 January 2018 - 18,000 Equity share capital ($1) at 1 January 2018 - 30,000 Intangible assets (note 6) 1,400 - Investments property (note 5) 9,000 - Finance costs 250 - Investment…
- The following is an extract from the trial balance of Baller co for the year ended 31 December 2018: $000 $000 Revenue - 13,000 Cost of Sales 2,000 - Administrative expenses 7,800 - Distribution costs 5,000 - Income Tax (note 3) 300 - Deferred tax liability 1 January 2018 (note 3) - 5,000 Provision at 1 January 2018 (note 2) - 3,000 Retained earnings at 1 January 2018 - 18,000 Equity share capital ($1) at 1 January 2018 - 30,000 Intangible assets (note 6) 1,400 - Investments property (note 5) 9,000 - Finance costs 250 - Investment…Office store Co. has assets equal to $162,000 and liabilities equal to $125,000 at year-end. what is the equity for Office Store Co. at year-end?7) Evergreen traders had the gross profit of RO 78,200, advertising of RO 1,700, salesperson salary of RO 1,500, office rent of RO 7,400, office insurance of RO 1,200, interest expense of RO 500, loss on sale of machinery RO 700, dividend revenue RO 2,500 and repairs and maintenance of RO 450 for the year 2019. Calculate and show the Net income of the business transferred to the balance sheet for the year ended 2019? a. RO 68,650 b. RO 78,200 c. RO 69,550 d. RO 67,250
