Using the trial balance below, how should I record an adjusting entry for:1. Tax rate is 30%3. Interest on the mortgage payable has not been recorded 17 The trial balance of Davao Corporation at the end of its operation for 2014 is given below:DAVAO CORPORATIONTRIAL BALANCEDecember 31,2017P 180,000450,000P.220,000200,000800,000350,000CashAccounts ReceivableEstimated Uncollectible AccountsInventory, January 1Investment in Available for Sale Pepsico SharesLandBuildingAccumulated Depreciation, BuildingFurniture & EquipmentAccumulated Depreciation, Furniture & EquipmentAccounts PayableTen-Year Mortgage Payable (18% payable P25,000every January 1)12% Preference Share Capital, par P100Ordinary Share Capital - par P100Share Premium - OrdinaryUnrealized Gain on Revaluation of LandTreasury Shares - Ordinary, 100 sharesRetained EarningsSalesSales DiscountsPurchasesPurchase DiscountsFreight-InOffice SalariesSales SalariesP 23,00035,000210,00042,000380,000250,000400,000800,00080,00020,000150,000303,8003,800,00094,0003,446,000171,20024,00036,00072,000 AdvertisingUtilities ExpenseRentFreight OutInsuranceLicense and TaxesInterest Expense18,0001,65020,3505,40014,60011,2001.800P6,305.000 P6.305.000Adjustments data:1) Inventory, December 3 1, 2017, P550,000.2) 10% of retained earnings was declared on December 31 as cash dividend payable onMarch 1, 2018.3) Depreciation rates: Equipment, 10% a year; Building, 5% a year.4) Interest on the mortgage payable has not been recorded.5) Unexpired insurance, P2,600.6) Accrued Rent, P1,850.7) Provision for Bad Debts, 1/2% of sales.8) Appropriation Reserve for Treasury Shares was set up.9) Tax rate is 30%.Prenare the following:atments Adiusted Trial Balance, Income Statement,

Name: Using the trial balance below, how should I record an adjusting entry
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Description: Using the trial balance below, how should I record an adjusting entry for:1. Tax rate is 30%3. Interest on the mortgage payable has not been recorded 17 The trial balance of Davao Corporation at the end of its operation for 2014 is given below:DAVAO

1 Tax expense only can find after the Income Statement prepared. Kindly make income statement with…

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below, how should I record an adjusting entry for: 1. Tax rate is 30% 3. Interest on the mortgage payable h

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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5. PSA Inc. prepared a draft of its 2021 Statement of Financial Position. The draft statement reported total assets of P4.375,000. The total assets included the following items. Treasury shares of PSA Inc. at cost, which approximates market value on December 31 P120,000 Unamortized patent 56,000 Cash surrender value of life insurance 68,500 Cumulative translation loss 42,000 At what amount should total assets be correctly reported in the December 31,2010 Statement of Financial Position?
1. On January 1, 2013, the Sara Company entered into a transaction for acquisition of assets andliabilities of Ana Company. Sara issued P400 in long-term liabilities and 40 shares of common stockhaving a par value of P1 per share but a fair value of P10 per share. Sara paid P20 to lawyers,accountants and brokers for assistance in bringing about this purchase. Another P15 was paid inconnection with stock issuance costs. Prior to these transactions, the balance sheets for the twocompanies were as follows: Sara AnaCash P180 P 40Accounts receivable 810 180Inventory 1,080 280Land 600 360Buildings (net) 1,260 440Equipment (net) 480 100Accounts Payable ( 450) ( 80)Long-term liabilities (1,290) (400)Common stock, P1 par (330)Common stock, P20 par (240)Additional paid-in capital (1,080) (340)Retained earnings (1,260) (340)In Sara’s appraisal of Ana, three assets were deemed to be undervalued in the books of Ana: Inventoryby P10, Land by P40 and Buildings by P60.2. Compute the amount of…
1. On January 1, 2013, the Sara Company entered into a transaction for acquisition of assets andliabilities of Ana Company. Sara issued P400 in long-term liabilities and 40 shares of common stockhaving a par value of P1 per share but a fair value of P10 per share. Sara paid P20 to lawyers,accountants and brokers for assistance in bringing about this purchase. Another P15 was paid inconnection with stock issuance costs. Prior to these transactions, the balance sheets for the twocompanies were as follows: Sara AnaCash P180 P 40Accounts receivable 810 180Inventory 1,080 280Land 600 360Buildings (net) 1,260 440Equipment (net) 480 100Accounts Payable ( 450) ( 80)Long-term liabilities (1,290) (400)Common stock, P1 par (330)Common stock, P20 par (240)Additional paid-in capital (1,080) (340)Retained earnings (1,260) (340)In Sara’s appraisal of Ana, three assets were deemed to be undervalued in the books of Ana: Inventoryby P10, Land by P40 and Buildings by P60.1. If the transaction is…
On March 1, 2015, Penson Enterprises purchases an 80% interest in Express Corporation for $320,000 cash. Express Corporation has the following balance sheet on February 28, 2015: (attached)Penson Enterprises receives an independent appraisal on the fair values of Express Corporation’s assets and liabilities. The controller has reviewed the following figures and accepts them as reasonable:Accounts receivable . . . . . . . . . . $ 60,000Inventory . . . . . . . . . . . . . . . . . . . 100,000Land. . . . . . . . . . . . . . . . . . . . . . . 50,000Buildings . . . . . . . . . . . . . . . . . . . 200,000Equipment . . . . . . . . . . . . . . . . . . 162,000Current liabilities . . . . . . . . . . . . . 50,000Bonds payable . . . . . . . . . . . . . . 95,0001. Record the investment in Express Corporation.2. Prepare the value analysis schedule and the determination and distribution of excess schedule.3. Prepare the elimination entries that would be made on a consolidated worksheet prepared on the…