Below are some of the account balances of FDN Company. Advertising expense P161,000 Depreciation expense Office furniture 51,000 Depreciation expense Store equipment 30,000 Freight in 8,300 Freight out 5,800 Insurance expense 78,000 Professional fees 23,000 Repairs and maintenance expense 33,000
Q: or the year ended December 31, a company had revenues of $190,000 and expenses of $114,000. The owne...
A: Solution: Closing entries are entries which are made to close the temporary accounts balance to Zero...
Q: ithdrew $20,800 from the business during the current year. The owner's capital account before closin...
A: Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $192,000, expenses of $107,200...
Q: On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,580 in...
A: Solution: Statement of retained earnings represents changes in retained profits during the year. Sta...
Q: 1. What is the carrying amount of the biological assets on December 31? а. 3,160,000 b. 2,350,000 c...
A: Biological Assets Biological assets which is described as living assets such as trees, animals etc. ...
Q: Problem B: Cost of Trade Credit ABC has a major supplier that offers a credit term of 2/15, n/45. Ca...
A: In credit terms, if the payment is done within a specific period then a certain discount is provided...
Q: Using the DCF approach, what is its cost of common equity? Do not round intermediate calculations. R...
A: As per our protocol we provide solution to the one question only but you have asked multiple questio...
Q: 24. $ The total amount of subtractions from the company cash account during the reconciliation (DO N...
A: Bank reconciliation statement is prepared to adjust for the differences between bank balance and the...
Q: Check r The Bomb Pop Corporation sold ice cream equipment for $17,900. The equipment was originally ...
A: Gain (loss) on the sale of the Equipment = Sales value - Net Book value where, Net Book value = Pur...
Q: Assume an investor deposits $115,332 in a professionally managed account. One year later, the accoun...
A: The holding period refers to the time limit until when the securities or investments are being acqui...
Q: Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance o...
A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with ...
Q: P6-3. Listed Automobile industry players has the following market value and earnings per share: Mark...
A: P:E Ratio = Market value per share / Earnings per share where, Earnings per share = (Net income - Pr...
Q: The following information pertains to Splash Brothers’ Corporation: Sales margin 25% Cap...
A: Sales margin = 25% Income = P80,000 Sales = Income/Sales margin = 80000/0.25 = P32...
Q: n of February 2022. d: the Prepaid Rent 3 Fun in February 20: Rent
A: Journal entries refer to the concept of documenting all the transactions of a company in its books.
Q: Prepare the journal entry to record the acquisition expenses
A: Legal fees $50,000 Accounting fees $30,000 Travel expenses $10,000 Legal fees (s...
Q: Six months after President Duterte signed the Rice Liberalization Law which allows private, foreign ...
A: Rice liberalization laws allows the traders to import rice from other countries. This increases the ...
Q: The town council of Riverside estimated revenues for 2020 to be $685,000 from property taxes and $16...
A: Budget: A budget is an expectation of income and costs for a defined future period of time that is o...
Q: Based on information in photo: Prepare a schedule showing the division of net income under assumpti...
A: A partnership seems to be a category of business in which 2 or more individuals split ownership and ...
Q: Edney Company employs a standard cost system for product costing. The per-unit standard cost of its ...
A: Overheads are the necessary indirect expenses incurred during cost of production to ascertain the co...
Q: FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable P11...
A: Estimated uncollectible accounts = accounts receivable x uncollectible % Doubtful accounts expense f...
Q: For a defined benefit pension plan, pension expense consists of five components, for which the formu...
A: Defined Benefit Pension Plan: As opposed to directly relying on individual investment performance, a...
Q: Division I Division II Income ₱ 02,700,000 ₱ 00,600,000 Average invested capital ₱ 18,000,000 ...
A: Return on investment is also written as ROI. It is the rate of return earned on the investment. It i...
Q: Jarett & Sons' common stock currently trades at $32.00 a share. It is expected to pay an annual divi...
A: When investment is from retained earnings Ke = [D1/P0] + g Where investment is from new issue Ke = [...
Q: P6-6. Ancient Times Corp., a closed corporation and selling its shares to ar investor. The statement...
A: 1. EBITDA = Net income + Income tax + Interest + Depreciation + Amortization Given: Net Income = P22...
Q: On December 31, 2021 what is the adjusted cash in bank? In an audit of Danao Company on Dec. 31, 202...
A: Answer - Adjusted Book Balance - A bank reconciliation is a schedule each company prepares to re...
Q: FDN Company received a four-month note receivable in the amount of P68,000,000 on September 1. The n...
A: Accrued interest income will be calculated in proportion of time for an amount at a specified rate. ...
Q: Fleetwood Ltd commenced operations on 1 July 2020 and had 420 employees. Average salaries were $70,0...
A: Introduction:- The act of recording or keeping track of any financial or non-financial action is kno...
Q: Sierra Co. has provided the following information: Work in Process: Feb 1 26,700 units (100% complet...
A: equivalent production is used to calculate the number of of smaller unit that can be completed by ta...
Q: On July 1, 2020, FDN Company purchased an equipment for P27,100,000. After 5 years of its estimated ...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: FDN Company received a four-month note receivable in the amount of P93,000,000 on September 1. The n...
A: The accrued revenue is the revenue earned but not received yet. It is recorded as an asset in the ba...
Q: Leather is a primary material used by PT Juri for the manufacture of shoes. Leather inventory at 31 ...
A: The inventory should be valued at cost or net realizable value whichever ia lower, therefore, the in...
Q: the principal difference between depreciation and most other types of expenses is that
A: FIXED asset is a tangible asset that is owned by the business and have life more than one year .This...
Q: Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund...
A: The campaign dund donations shall not be taxable in the hands of recepient because it is not given f...
Q: QUESTION 1 RM3,500 was deposited into an account on 12 July 2020. If the simple interest rate was 4....
A: Simple interest is the method which helps in calculating the interest for a principal amount for a p...
Q: Define the term marginal cost and marginal costing. Explain the features of marginal costing & Menti...
A: SOLUTION MARGINAL COST IS THE COST OF ONE ADDITIONAL UNIT OF OUTPUT. THE CONCEPT IS USED IS TO DETER...
Q: on January 1, 2019 Lina as a Manufacturing Company acquired a patent on a manufacturing process for ...
A: Solution Given Cost of patent 4000000 Expected life 10 year Residual value 0 M...
Q: FDN Company acquires a building on April 1, 2021 at a cost of P52,500,000. The building has an esti...
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...
Q: Standard labor-hour per unit of output 8.5 hours Standard labor rate ₱15.00 per hour The fol...
A: In the given case, variable overhead is labour cost. Hence we need to find out the labour rate varia...
Q: The F. Mercury, Capital account has a credit balance of $50,000 before closing entries are made. Tot...
A: solution concept Temporary account Revenue is a temporary account Temporary account is closed at the...
Q: fill out the yellow highlighted cells based on the information provided
A: There are several forms of cost accounting that is being used in business. One of them is Job costin...
Q: lmer had pension plan assets of $520,000 and a projected benefit obligation of $700,000. Its discoun...
A: Working: Interest cost = Projected benefit obligation x discount rate = $700,000 x 10% = $70,000 Ex...
Q: Tax Drill - Section 179 For his business, McKenzie purchased qualifying equipment that cost $212,000...
A: Taxable income refers to the sum amount of money earned by an entity on which a percentile tax is im...
Q: Information for Duncan Corporation is shown below: 20X1 Net Income ₱ 400,000 Average Inv...
A: Sales margin = Net income / sales revenue where, Net Income = Total revenue - Total expenses
Q: Alfredo Company purchased a new 3-D printer for $877,000. Although this printer is expected to last ...
A: Depreciation is used to denote decrease in value of asset but in accounting term is used to denote d...
Q: An individual is planning to take an 800-mile trip between two large cities. Three possibilities exi...
A: Individual is ready to pay $ 30 per hour saved Air costs = $ 600 , Time = 8 hours Rail costs = $ 450...
Q: Oriole Cupcakes Co. is selling cupcakes for $10 for a box of one dozen. Oriole has fixed costs equal...
A:
Q: Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund...
A: Answer: Campaign fund donations = Php 100 M Campaign related expenses = Php 75M Excess funds = Php 2...
Q: LT and AM have capital account balances at the beginning of the year of P40,000 and P45,000, respec...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: Please prepare a statement of cash flows using the following data. Please include any equations or c...
A: Cash Flow statements are the statement of changes in cash in an organization. Any non-cash item will...
Q: 10. Rahim runs a lawn-care business. One day the company's large mower breaks down in the middle of ...
A: A manager's programmed decisions are those that he or she has made before. Despite being well-organi...
Q: FDN Company acquires a building on April 1, 2021 at a cost of P26,500,000. The building has an estim...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Step by step
Solved in 2 steps
- Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.Chart of accounts Monet Paints Co. is a newly organized retail business with a list of accounts arranged in alphabetical order, as follows: Accounts Payable Land Accounts Receivable Miscellaneous Administrative Accumulated DepreciationOffice Equipment Expense Accumulated DepreciationStore Equipment Miscellaneous Selling Expense Advertising Expense Notes Payable Cash Office Equipment Common Stock Office Salaries Expense Cost of Goods Sold Office Supplies Customer Refunds Payable Office Supplies Expense Delivery Expense Prepaid Insurance Depreciation ExpenseOffice Equipment Rent Expense Depreciation ExpenseStore Equipment Retained Earnings Dividends Salaries Payable Estimated Returns Inventory Sales Insurance Expense Sales Salaries Expense Interest Expense Store Equipment Interest Revenue Store Supplies Inventory Store Supplies Expense Construct a chart of accounts, assigning account numbers and arranging the accounts in balance sheet and income statement order, as illustrated in Exhibit 2. Each account number is three digits: the first digit is to indicate the major classification (1 for assets, and so on); the second digit is to indicate the subclassification (11 for current assets, and so on); and the third digit is to identify the specific account (110 for Cash, 112 for Accounts Receivable, 114 for Inventory, 115 for Estimated Returns Inventory, and so on).Costs and Expenses The following costs are incurred by a retailer: Display fixtures in a retail store Advertising Merchandise for sale Incorporation (i.e., legal costs, stock issue costs) Cost of a franchise Office supplies Wages and salaries Computer software Computer hardware Required For each cost, explain whether all of the cost or only a portion of the cost would appear as an expense on the income statement for the period in which the cost was incurred. If not all of the cost would appear on the income statement for that period, explain why not.
- Analyze Target The following data (in millions) are taken from the financial statements of Target Corporation (TGT), the owner of Target stores: a. For Target, determine the amount of change in millions and the percent of change rounded to one decimal place from Year 1 to Year 2 for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and total operating expenses?Selling Expenses and General and Administrative Expenses Operating expenses are subdivided between selling expenses and general and administrative expenses when a multiple-step income statement is prepared. Identify each of the following items as a selling expense (S) or general and administrative expense (G$A). ______ 1. Advertising expense ______ 2. Depreciation expense—store furniture and fixtures ______ 3. Office rent expense ______ 4. Office salaries expense ______ 5. Store rent expense ______ 6. Store salaries expense ______ 7. Insurance expense ______ 8. Supplies expense ______ 9. Utilities expenseGiven the following financial statements for Voice-Soft, a voice recognition company, answer the questions on the next page. Income Statements Year Ended December 31, 20X2 20X1 Sales 8000 5000 Cost of goods sold (COGS) 7300 4380 EBITDA 700 620 Depreciation and Amortization 200 120 EBIT 500 500 Interest Expense 75 100 EBT 425 400 Taxes (20%) 85 80 Net Income 340 320 Balance Sheets As of December 31, 20X2 20X1 Assets Current assets: Cash 300 20 Short term investments 460 100 Accounts receivable 640 400 Inventories 800 480 Total current assets 2200 1000 Net plant and equipment 1800 1500 Total assets 4000 2500 Liabilities and Stockholders' Equity Current liabilities: Notes…
- Based on this information can you create an Income Statment Accounts Receivable $1,200 Accounts Payable $20,200 Advertising Expense $750 Cash $28,600 Cost of Goods Sold $8,800 Drawings by Owner $1,625 Equipment $5,150 Interest Expense $300 Interest Payable $300 Inventory $3,900 Investments by Owner $10,000 Rent Expense $3,600 Sales Returns $600 Sales Revenue $11,900 Service Revenue $20,750 Supplies $600 Supplies Expense $2,025 Utilities Expense $600 Wages Expense $5,400Pharoah Company had the following account balances: Sales revenue $ 447000 Cost of goods sold 210000 Salaries and wages expense 30500 Depreciation expense 59500 Dividend revenue 10000 Utilities expense 22000 Rent revenue 58500 Interest expense 35500 Sales returns and allow. 33500 Advertising expense 38000 What would Pharoah report as total expenses in a single-step income statement? $429k $185500 $405500 $395500Please assist me in the calculations of following question : JC ENTERPRISE SOLD MERCHANDISE FOR $15000.00 purchased office equipment on account $ 4000.00 PAID RENT $12000.00 PAID SALARY $ 3000.00 PAID UTILITIES EXPENSE $ 5000.00 PAID ADVERTISING EXPENSE $3000.00 PAID TRANSPOTATION EXPENSE $ 1200.00 PURCHASE SUPPLIES ON ACCOUNT $ 750.00 performed service on account 4 5000.00 collected fees $ 6000.00 Prepare Journal entries, General ledger, Income statement (Profit/Loss Statement) and Balance sheet
- Does anyone know how to prepare an income statement regarding this? Pls help ACCOUNT AMOUNT Revenue 500,000 Cost of Good Sold 300,000 Wage Expense 100,000 Rent Expense 30,000 Supplies Expense 20,000 Utilities Expense 10,000 Promotion Expense 50,000Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.Prepare the income statement and balance sheet for Ram-o-fun International. Use the accounts listed below to construct the statements. List of Accounts for RAM-O-FUN International FOR INCOME STATEMENT Insurance Expenses 40,000 Interest Expenses 14,000 Net Sales 1,100,000 COGS 99,400 Advertising Expense 190,000 Salaries 180,000 Utilities 6,800 FOR BALANCE SHEETCash 800,000Accounts Receivable 130,000Notes Receivable 45,000Land 1,000,000Buildings 1,050,000Equipment & Vehicles 650,000Accounts Payable 45,000Short-Term Notes Payable 10,000Notes Payable (Long‑Term) 105,000Bonds Payable 40,000Common Stock 1,975,000Retained Earnings 1,500,000
