Cash $38,100; Short-term investments $4,100; Accounts receivable $48,500; Supplies $6,100; Long-term notes receivable $2,100; Equipment $96,500;
Q: Sale of land $ 194,000 Purchase of treasury stock 33,000 Issuance of common stock 116,000 Payment of…
A: Introduction: Statement of cash flows: All cash in and out flows are flows are statement of cash…
Q: On January 1, 20X1, P sells an equipment with P20,000 book value to its subsidiary S for P30,000. S…
A: Subsidiary Company: Subsidiary Company is an entity whose business has been taken over by holding…
Q: Requirement: Prepare adjusting entries
A: Adjusting Entries are the journal entries made at the end of the accounting period after the Trial…
Q: During 2021, Truffle Company sold 500,000 boxes of hotcakes under a new sales promotional program.…
A: The unredeemed coupon is treated as a liability because the company either has to provide goods or…
Q: In 2021, BB In., a public company, purchased and sold the following as Purchase price $13,250 $…
A: Taxable income as the name suggests is the part of income that is taxable by law for core functions…
Q: ABC Merchandising buys merchandise costing P35,000 and returns P10,000 cost of the merchandise. If…
A: Term 2/10, N30 means that if the buyer pays the dues within 10 days then the buyer is eligible for a…
Q: Beta Ltd manufactures laptops. Cellar Ltd routinely buys laptops from Beta Ltd. On 1 June 2021, Beta…
A: >The revenue recognition principle of accounting states that the revenues are to be recognised…
Q: . Required: Calculate annual depreciation for the five-year life of the equipment according to…
A: Straight line depreciation is the standard method for recognizing the carrying amount of a fixed…
Q: rigold Company has the following iventory information July 1 Beginning Iinventory 30 units at $80…
A: Solution: Under perpetual inventory system, inventory is updated with each and every movement based…
Q: A and B form a partnership on January 1 of Year 1. Each makes a cash contribution to the partnership…
A: A and B form a partnership on January 1 of Year 1. Each makes a cash contribution to the…
Q: F. Shown below are the accounts with open of Liwayway Trading as at December 31, 200G before adjust…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…
A: FIFO: Under FIFO method, goods purchased first are sold first. FIFO stands out for…
Q: Makati Inc. acquires a building on February 1, 2020 at a cost of 5,500,000. The building has an…
A: Journal entries are the accounting entry to update books of accounts.
Q: ue added, several adjustments are made to after tax operating profit that
A: Economic value added = net operating profit after tax -(capital*WACC)
Q: What is the cost of the equipment to be recorded by Faith Logistics Corporation on August 1, 2022?…
A: On August 1, 2022, the company acquired a service vehicle for a total cash price of P650,000 with…
Q: from Rick Corporation's financial statements: Land Buildings Accumulated depreciation - building…
A: Statement of Cash Flow - Statement of Cash Flow includes movement of cash in the financial year. It…
Q: The following information is available for Leah Company: 12.31.2021 12.31.2020 Cash P1,400,000…
A: The cash flow from operating activities is calculated from the change in cash equation
Q: At December 31, 2022, the trial balance of Skysong Company contained the following amounts before…
A: Allowance Method - Under Allowance method provision needs to be made on the basis of uncollectible…
Q: Q1/The cost of a vehicle at the time of purchasing is (80,000)$, its expected useful life is (10)…
A: Annual straight-line method depreciation=Cost of Asset-Salvage Valueuseful life
Q: hafford Inc. currently manufactures 2000 subcomponents in one of its factories. The unit costs to…
A: In this question, we are required to calculate the percentage (%) of increase that Chafford Inc, can…
Q: Prakesh Company has the following data for one of its manufacturing cells: Maximum units produced…
A: theoretical cycle time is calculated by taking maximum unit produced and hours of production of…
Q: a baker calculated the cost of ingredients for a bran muffin at S0.37 and wanted a 40% food…
A: Pricing is an important decision in every field of business. In restaurants, the selling price of…
Q: The adjusted trial balance of Carla Vista Company for the year ended December 31, 2022, is as…
A: Multiple income statement is prepared to segregate the income and expenses into different…
Q: Budgeted units produced and sold Actual selling price Sales volume variance for units sold Sales…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: ,000)$, its e: vage value is
A: Explanation - 1. Depreciation Expenses - This is an expense booked on the income statement debit…
Q: On January 1, 2021, a company issued $2,000,000, 10-year, 7% bonds, when the market rate was 8%.…
A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.
Q: On January 1, 2021, ABC Company acquired an equipment from DEF Company in lieu of cash payment, ABC…
A: Introduction
Q: 121 The seling price of the stock equals: (a) 22 lei (b) 24 lei |(c) 26 lei (d) 30 lei (3-4) The…
A: Expected Return = 16% Market Price= 20 Dividend = 1.2 Details Available Year Cash Flow 0…
Q: 3. An Con any selis IIS
A: In Cost Volume Profit analysis we always try to see that how…
Q: To calculate economic value added, several adjustments are made to after tax operating profit that…
A: The question is related to Economic Value Added. EVA as a residual income measure of financial…
Q: On february 5, 2018, nicanor merchandising has purchased goods on account amounting to 500,000 with…
A: 3. If Nicanor do not pays within discount period then discount will not given to Nicanor Discount=…
Q: . 2022, Clark Co. received a P3,000,000, 10% note from a customer upon baid in six equal semi-annual…
A: Interest income refers to the money generated by an investment
Q: Using the lower of cost or market, what should the total inventory value be for the following items:…
A: inventory management is considered to be an important part for business. The inventory in accounting…
Q: William and Miller Brown run a real estate brokerage firm. They have just moved into a new building…
A: Calculation of Annual Net Operating Income Amount Rent Revenue $ 39,646 Less:…
Q: asset was purchased at a cost of P7,000. It was estimated to have a useful life of ten years with a…
A: total depreciation one year before it was sold Assuming asset will be sold at end of it's useful…
Q: A milling machine has an initial cost is Php 370,000 and a service life of 10 years. Determine the…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: From pages 10-2 and 10-3 of the VLN, when a corporation goes to the stock market and buys the…
A: Treasury stock is the stock recorded at the cost price in books when company buys its own shares…
Q: Tam attended Brown University during 2016-2020. She lived at home and was claimed by her parents as…
A: Solution Expenses for schooling are calculated as follows: Expenses for education = Expenses…
Q: 1. What amount should be capitalized initially as cost of the right of use asset? 2. What amount…
A: Red Velvet Company- Leasee lease payment 1000000 lease period 10 years Economic…
Q: The "one time good deal" Cash-For-Clunkers program offered by the federal government proved a…
A: Rebate- A rebate is a payment back to a purchaser of a segment of the full acquire price of a good…
Q: A master production schedule is most likely to be useful in
A: Answer: Reducing excess production of inventory
Q: If the unit selling price is $16, the unit variable cost is $12, and fixed costs are $160,000, what…
A: Break even point in sales = Fixed costs /Contribution margin ratio where, Contribution margin ratio…
Q: Georga uses the high-ow method of estimating costs. Georgia had total costs of $50,000 at its lowest…
A: The high low method is a cost segregation method where the difference in cost is divided by…
Q: Cranberry has recieved a speacial order for 110 units of its product at a special price of $2000.…
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods…
Q: Problem 4 At the beginning of current year, Enhypen Company sold an equipment with remaining useful…
A: The question is related to Accounting for Lease.The lease liability represents the obligation to…
Q: Which of the following is a variable cost? O Acost that is $26,000 when production is 65,000, and…
A: Increase in production level = (91000 - 65000) / 65000 = 40% Increase in variable cost should…
Q: he company's fleet q et. As as result , the o in the charter busin new aircraft by obta
A: 1. While ascertaining audit procedures for PPE we need to test multiple audit results, valuation…
Q: unt titles are automatically indented when the amount is entered. Do not indent manually. If no e ne…
A: Journal entries (JF) refers to the entries which are reported into the original books of accounts…
Q: Illustration 2. Business Combination Achieved in Stages and without transfer of consideration On…
A: Firstly we will make a Statement of Net Assets to figure out the value of one Share.…
Q: REQUIRED: Prepare the STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2021 IN A PRESCRIBED REPORT…
A: Balance sheet is the financial statement in which all the summary of the accounts balance in…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750Accounts 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
- se the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $26,495 Accounts receivable 64,133 Accrued liabilities 6,993 Cash 21,465 Intangible assets 40,744 Inventory 89,481 Long-term investments 112,445 Long-term liabilities 70,738 Notes payable (short-term) 25,963 Property, plant, and equipment 664,167 Prepaid expenses 1,026 Temporary investments 30,035 Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)?BALANCE SHEET Liabilities Amt Assets Amt Accounts payable 5,000 Machine and equipment 15,000 Long term debt 8,700 Cash on hand 1,500 Current portion of long term debts 1,700 Merchandise inventory 12,400 Accrued interest payable 1,400 Buildings and improvements 20,000 Mortgage payable 14,500 Accounts receivables 6,200 Capital 74,500 Land 50,000 Prepaid expenses 700 105,800 105,800 Compute for and interpret the following:a. Current ratiob. Working capitalc. Acid-test ratiod. Net capital ratioe. Networth ratiof. Debt/Asset ratiog. Debt/Equity ratio3. What can you say about the short-run and long-run financial conditions of Farm A?4. What do you think is the main limitation of the given information? Can you effectively analyze both the short-run and long-run positions of Farm A? Why or why not?Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $26,136 Accounts receivable 71,999 Accrued liabilities 6,575 Cash 16,008 Intangible assets 40,514 Inventory 77,552 Long-term investments 102,623 Long-term liabilities 70,943 Notes payable (short-term) 25,456 Property, plant, and equipment 674,580 Prepaid expenses 2,265 Temporary investments 32,175 Based on the data for Harding Company, what is the amount of quick assets? a.$120,182 b.$48,183 c.$800,315 d.$1,618,032
- A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from financing activities is a. $0; this is an investing activity. b. $0; this is an operating activity. c. $73,440. d. $68,000. e. $5,440.Privett Company Accounts payable $25,706 Accounts receivable 69,080 Accrued liabilities 6,802 Cash 24,669 Intangible assets 39,621 Inventory 80,854 Long-term investments 102,077 Long-term liabilities 71,722 Marketable securities 31,454 Notes payable (short-term) 20,574 Property, plant, and equipment 695,319 Prepaid expenses 2,739 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.19.7 b.3.9 c.2.4 d.1.1Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $36,068 Accounts receivable 67,962 Accrued liabilities 6,331 Cash 21,747 Intangible assets 38,687 Inventory 88,371 Long-term investments 111,372 Long-term liabilities 75,442 Notes payable (short-term) 25,371 Property, plant, and equipment 645,701 Prepaid expenses 2,435 Temporary investments 31,403 Based on the data for Harding Company, what is the amount of working capital? a.$1,007,678 b.$643,266 c.$144,148 d.$211,918
- An entity reported the following current assets on December 31, 2020: Cash in bank 4,000,000 Accounts receivable 7,000,000 Notes receivable 2,500,000 Notes receivable discounted (400,000) Inventory 4,500,000 Financial asset – FVPL 1,000,000 Financial asset – FVOCI 1,500,000 Prepaid expenses 200,000 Deferred tax asset 2,500,000 Equipment classified as “held for sale” 2,000,000 Total 24,800,000 Customers’ accounts 5,000,000 Allowance for doubtful accounts (500,000) Sale price of unsold goods out on consignment at 125% of cost and excluded from ending inventory 2,500,000 Net accounts receivable 7,000,000 What amount should be reported as total current assets on December 31, 2020?Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $34,251 Accounts receivable 69,478 Accrued liabilities 6,529 Cash 23,300 Intangible assets 36,101 Inventory 89,377 Long-term investments 104,908 Long-term liabilities 70,482 Notes payable (short-term) 21,433 Property, plant, and equipment 695,698 Prepaid expenses 1,772 Temporary investments 39,777 Based on the data for Harding Company, what is the amount of working capital? a. $223,704 b. $1,060,411 c. $693,926 d. $161,491Privett Company Line Item Description Amount Accounts payable $27,815 Accounts receivable 70,978 Accrued liabilities 6,525 Cash 22,970 Intangible assets 43,640 Inventory 74,446 Long-term investments 100,209 Long-term liabilities 78,528 Marketable securities 34,768 Notes payable (short-term) 25,264 Prepaid expenses 2,065 Property, plant, and equipment 646,687 Based on the data for Privett Company, what is the amount of working capital? a. $205,227 b. $995,763 c. $128,716 d. $145,623