At the beginning of the period, the owner’s capital account of a business has a balance of ₱220,000. During the period, the total debits and credits to that account were ₱60,000 and ₱70,000, respectively. How much is the ending balance of the owner’s capital account? A. 230,000 B. 210,000 C. 350,000 D. 90,000
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At the beginning of the period, the owner’s capital account of a business has a balance of ₱220,000. During the period, the total debits and credits to that account were ₱60,000 and ₱70,000, respectively. How much is the ending balance of the owner’s capital account?
A. 230,000
B. 210,000
C. 350,000
D. 90,000
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- Net income and dividends The income statement of a corporation for the month of February indicates a net income of $32,000. During the same period, $40,000 in cash dividends were paid. Would it be correct to say that the business Incurred a net loss of $8000 during the month? Discuss.The ending balance of a business' accounts payable is $100,000 and the total debits and credits to that account during the period were $54,000 and $40,000 respectively. How much is the beginning balance of the accounts payable?At the beginning of the period, a business has accounts payable of ₱200,000. During the period, the total debits and credits to the accounts payable account were ₱100,000 and ₱70,000, respectively. How much is the ending balance of accounts payable?A. 230,000B. 170,000C. 370,000D. 30,000
- Choose the correct answer Which of the following accounts is increased by a credit?A. CashB. Accounts receivableC. Accounts payableD. Owner’s drawings At the beginning of the period, the owner’s capital account of a business has a balance of ₱220,000. During the period, the total debits and credits to that account were ₱60,000 and ₱70,000, respectively. How much is the ending balance of the owner’s capital account? A. 230,000B. 210,000C. 350,000D. 90,000Presented below is the trial balance for Akshara Bunga Bhd (ABB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000…Presented below is the trial balance for Akshara Bunga Bhd (ABB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000…
- Presented below is the trial balance for Akshara Bunga Bhd (ABB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000…Presented below is the trial balance for Akshara Bunga Bhd (ABB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000…On July 1 of the current year, the assets and liabilities of Logan W, BWW, are as follows: Cash, $27,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $13,900. What is the amount of owner's equity (Logan W’s capital) as of July 1 of the current year?
- An enterprise opened for business in December of the current year. During the month, it renders services of P80,000 for which customers are expected to pay in January next year; it also incurred and paid expenses amounting to P30,000. I. How much profit or loss is to be reported for December of the current year if the enterprise uses the:A. CASH BASIS OF ACCOUNTING B. ACCRUAL BASIS OF ACCOUNTING II. Which method presents the true financial performance of the enterprise?Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000 Distribution expenses 25,625 Advertising expenses…Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000 Distribution expenses 25,625 Advertising expenses…