Can someone please help me solve this entirely? I'll appreciate it, thank you 2THE FOLLOWING INDEPENDENT CASES PERTAIN TO 2010 CALENDER-YEAR ACCOUNTING PERIOD:3CASE B4CASE ACASE CCASE DCASE ECASH10000040000100000250006ACCOUNT RECEIVABLE125004500040000450007PREPAID INSURANCE300010000300050008SUPPLIES500050007000150009OTHER ASSETS2000001600001150008000010TOTAL ASSETS2385002300002650001770001112ACCOUNTS PAYABLE240006000035000180001500013WAGES PAYABLE10000500014NOTE PAYABLE2000030000450002000015TOTAL PAYABLE4900010000095000400001617COMMON STOCK11000011000012000010000018BEG RETAINED EARNINGS2000025000500002000019DIVIDEND100003000040000500020REVENUE232000211000850009900021EXPENSE156000650008000060000TOTAL STOCK HOLDER'S EQ2218950013500017700023TOTAL LIAB AND EQUITY2750002650001770002425INSTRUCTIONS:26DETERMINE THE MISSING AMOUNT272829

According to Accounting Equation Assets are always equal to liabilities and Capital. Assets =…

CASE A CASE B CASE C CASE E CASE D 100000 CASH 100000 40000 25000 ACCOUNT RECEIVABLE PREPAID INSURANCE 12500 3000 45000 10000 40000 45000 3000 5000 SUPPLIES 5000 5000 7000 15000 80000 177000 OTHER ASSETS 200000 238500 160000 230000 115000 265000 TOTAL ASSETS ACCOUNTS PAYABLE 24000 60000 35000 18000 15000 WAGES PAYABLE NOTE PAYABLE 10000 30000 100000 5000 20000 49000 45000 20000 TOTAL PAYABLE 95000 40000

CASE A CASE B CASE C CASE E CASE D 100000 CASH 100000 40000 25000 ACCOUNT RECEIVABLE PREPAID INSURANCE 12500 3000 45000 10000 40000 45000 3000 5000 SUPPLIES 5000 5000 7000 15000 80000 177000 OTHER ASSETS 200000 238500 160000 230000 115000 265000 TOTAL ASSETS ACCOUNTS PAYABLE 24000 60000 35000 18000 15000 WAGES PAYABLE NOTE PAYABLE 10000 30000 100000 5000 20000 49000 45000 20000 TOTAL PAYABLE 95000 40000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.19E: Effects of errors on financial statements If the net income for the current year had been $2224600...

See similar textbooks

Similar questions

PARRISH 4-12 LEDGER POSTINGSAccounts Payable $500Accounts Receivable $1000Accumulated Depreciation, Equipment $500Cash $600Common Stock $1200Depreciation Expense, Equipment $0Equipment $2300Insurance Expense $0Inventory $2000Prepaid Insurance $600Retained Earnings $2800Service Fee Revenues $3500Supplies $700Supplies Expense $0Wages Expense $1300Wages Payable $0 Please 1) Give the ledger name 2) Include a description 3) and if it is a debit or credit, and what the balance is. I DO NOT NEED TO KNOW WHAT FINANCIAL STATEMENT THE TRANSACTION GO ON. Please refer to the attachment to see what the answser boxes look like. I need the answers in that format. Thank you.
An entity has the following income and expenditure for the financial year: Sales R33 000; Rent expenses R11 000; Interest income R1 000; Insurance R1 500. The net profit or the net loss of the entity is … NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72) 3. If it is a loss, please enter the amount as a negative (eg: -12141.72)
1. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Insurance Expense, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles2. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P120,000.00 and (CR) Cash, P120,000.00 a. Transposition b.…
Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
6. Identify the most relevant transaction for this entry:Assets Owners’ Equity Liabilities+50 000 0 +50 000 A. Bought inventory on credit R50 000.B. Sold inventory on credit R50 000.C. Sold inventory on credit R50 000.D. Cash paid to creditors R50 000.
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
E3.9 Prepare a correct statement of profit or loss.LO1, 3, 4, 5 The statement of profit or loss of Wolfmother Ltd for the month of July 2020 shows a profit of $1400 based on service revenue $5500; wages expense $2300; supplies expense $1200; and electricity expense $600. In reviewing the statement, you discover: the benefit consumed for prepaid insurance during July was not recorded — $300. supplies expense includes $400 of supplies that are still on hand at 31 July. depreciation on equipment of $150 was omitted. accrued but unpaid wages at 31 July of $300 were not included. services totalling $800 were performed but not invoiced. Required Prepare a correct statement of profit or loss for the month of July 2020.
information to answer question 5. Cash R10 000 Accounts receivable(debtors control) R30 000 Inventory R80 000 Prepaid insurance R 6 000 Fixed assets R200 000 Accounts payable (creditors control) R30 000 Income received in advance R25 000 Wages payables R5 000 Long-term liabilities R70 000 Capital R196 000 Calculate the acid test ratio. A. 0.83:1 B. 1:1 C. 1.3:1 D. 0.76:1
Q2. Following are balances from the books of East & West Insurance on 31/12/2017 (in JDs); Reinsurance receivable 9 000, Gross written premiums 25 000, Ceded premiums 7000 Reinsurance share in paying claims 2000, Deferred income tax 1800, Unearned premium reserve, net 4000, Accrued expenses 1250, Income tax provision 3500, Reinsurance share of written premiums 10 000, Net change in unearned premiums reserve 1000 Recoveries 1000, Statutory reserve 7000, Outstanding claims reserve, net 2500, Checks under collection 5000, Paid claims 12000, Allocated employees' expenses 3000, Policies acquisition costs 250, Paid in capital ???, Reinsurance payable 5500, Accrued expenses 2500, Property and equipment, net 30 000. Cash in hands and at banks 12000 Accounts Receivable 7000, Bank deposits, 50 000, Financial assets at fair value through profit or loss 12000, Allowance for doubtful debts 1000, Commissions revenue 1 200, Interest revenue 500, Allocated administrative & general expenses…
Cash$ 9,000Depreciation expense$ 4,000Building98,000Wages expense45,000Accounts payable8,000Insurance expense3,000Services revenue60,000Supplies expense2,000Interest revenue5,000Utilities expense1,000 Use the following selected accounts and amounts with normal balances from Buildex Company’s adjusted trial balance to prepare its income statement for the year ended December 31. Hint: Not all accounts need to be used.
For item 5. An SME has the following informationRetained Earnings P 2,400Transactions during the yearRevenues 5,000Dividend Income 800Dividend income and other expenses 3,200Dividend Declared P 350Additional information:• During the year, the SME changed the cost flow for its inventories from the FIFO method to theweighted average.FIFO AverageJan. 1 P 3,200 P 2,600December 31 5,300 6,4005. If the SME opts present a statements of income and retained earnings, the bottom line in thestatement shows an amount equal toa. P2,600 b. P2,850 c. P4,550 d. P4,050
Title Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Rec Description Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Receivable$ 0Accumulated DepreciationâEquipment0Equipment6,606Interest Payable0Notes Payable10,213Prepaid Insurance2,220Salaries and Wages Payable0Supplies2,318Unearned Service Revenue41,421All the accounts have normal balances. The information below has been gathered at December 31, 2014.1.Verne Cova Company borrowed $9,950 by signing a 12%, one-year note on September 1, 2014.2.A count of supplies on December 31, 2014, indicates that supplies of $881 are on hand.3.Depreciation on the equipment for 2014 is $1,942.4.Verne Cova Company paid $2,220 for 12 months of insurance coverage on June 1, 2014.5.On December 1, 2014, Verne Cova collected $28,400 for consulting services to be performed from December 1, 2014, through March 31, 2015.6.Verne Cova performed…