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- 1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000Revenue R100 000, Debtors (opening R50 000, closing R110 000), Calculate Cash Receipts from Customers. Select one: a. R60 000 b. R40 000 c. R110 000 d. R100 000Assets. Dec. 31, 20Y9. Dec.31, 20Y8 Cash $155,000 $150,000 Accounts Receivable $450,000 $400,000 Inventories $770,000 $750,000 Investments 0 $100,000 Land $500,000 0 Equipment $1,400,000 $1,200,000 Accumulated Depreciation Equipment ($600,000) ($500,000) Total Assets $2, 675,000 $ 2,100,000 Liabilities/Stockers Liability. Dec. 31, 20Y9 Dec.31, 20Y8 Accounts Payable $340,000 $300,000 Accrued Expense Payable $45,000 $50,000 Dividends Payable $30,000 $ 25,000 Common Stock $4 par $700,000 $ 600,000 Paid in Capital in excess of par-Common Stock $200,000 $175,000 Retained Earnings $ 1, 360,000 $ 950,000 Total Liabilities & Stockholders Equity $ 2, 675,000. $ 2, 100,000 Additional data obtained from an examination of the accounts in the ledger for 20Y7 are as follows: The…
- is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The income statement for the year ended December 31, 20Y9, is as follows: Sales $2,023,898 Cost of goods sold 1,245,476 Gross profit $778,422 Operating…Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Based on the following data for Checkmate Company, prepare a Statement of Retained Earnings and demonstrate that the accounting equation remains in balance after the retained earnings account has been updated. (Assume that the…Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Income tax rate is 40%Prepare adjusted trial balance and income statement
- ACCOUNTS PAYABLE P60,000 ACCOUNTS RECEIVABLE P10,000 BUILDING ? CASH P30,000 EQUIPMENT P70,000 ARLYN VILLANUEVA, CAPITAL ? LAND P70,000 IF THE BALANCE OF THE BUILDING ACCOUNT WAS P80,000 AND P30,000 OF ACCOUNTS PAYABLE WERE PAID IN CASH, WHAT WOULD BE THE TOTAL LIABILITIES AND OWNER’S EQUITY? P140,000 P180,000 P190,000 230,000Comment on the Cash flows from operating activities R756 000; Increase in receivables (R396 000) and Cash flows from investing activities (R1 368 000)Given, Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 i) Calculate the operating cash flow ii) Calculate the cash flow to creditors
- Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.Blossom Company reports the following information: Net income $ 539000 Depreciation expense 153000 Increase in accounts receivable 61000 Blossom should report cash provided by operating activities of $ 753000. $ 447000. $ 631000. $ 325000.Cash $41,900 $34,100 Accounts Receivable 70,400 60,300 Inventory 29,900 24,000 Equity investments 22,100 38,300 Machinery 30,200 18,900 Buildings 67,900 56,800 Land 7,400 7,400 $269,800 $239,800 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation—Machinery 5,600 2,200 Accumulated Depreciation—Buildings 13,400 8,900 Accounts Payable 35,300 24,700 Accrued Payables 3,400 2,600 Long-Term Notes Payable 21,000 30,800 Common Stock, no-par 150,000 125,000 Retained Earnings 38,900 44,100 $269,800 $239,800 Additional data (ignoring taxes): 1. Net income for the year was $40,900. 2. Cash dividends declared and paid during the year were $21,100. 3. A 20% stock dividend was declared during the year. $25,000 of retained earnings was capitalized. 4.…