Cash received for interest during X1 = $ 6,500. Cash paid for interest during X1 = $ 5,800. Interest payable at 1/1/X1 = $1,250; Interest payable at 12/31/X1 = $ 1,930; Interest receivable at 1/1/X1 = $1,500;
Q: Which statement is not true?
A: In the above question, there are four statements; we must identify which of the four statements is…
Q: Vandenberg, Inc., produces and sells two products: a ceiling fan and a table fan. Vandenbergplans to…
A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit…
Q: Make-or-Buy, Traditional and ABC Analysis Brees, Inc., a manufacturer of golf carts, has just…
A:
Q: Discuss each group of ratio’s relationship to the balance sheet and income statement. Liquidity…
A: Ratio Analysis is a quantitative tool or method used for gaining insights into a company's…
Q: Statement 1: The importation of agricultural machineries by farmers are exempt Statement 2: The…
A: The importation of agricultural machineries by farmers are not exempt from VAT The importation of…
Q: Discuss in detail the taxation of interest income. Which is subject to final tax? Which is subject…
A: Interest income- Interest income is the sum paid to a body for lending its funds or hire another…
Q: During 2018 a company sells backpacks at 535 each. The contribution margin ratio is 12%. The company…
A: The break even sales are calculated as fixed cost divided by contribution margin ratio. Break even…
Q: The Land Company wants to raise its working capital. After analysis of the available options, the…
A: Share Warrant The purpose of issuing the share warrant to get the opportunity to use these warrant…
Q: Kylie Co. is a VAT-registered merchandising company. Kylie buys products from a local supplier for…
A: VAT Payable is the amount of Value added tax that is payable to the government by an individual. VAT…
Q: ma Ca ncial
A: Here discuss the details of the effect of errors which are incurred to the net income and retained…
Q: During 2019, Carol, Inc.’s net income was $2,450,000. Its common stockholders’ equity was $3,240,000…
A: Return on common stockholders' equity indicates the rate of return earned by the common…
Q: Direct cost is the cost incurred by the organization while performing their core business activity…
A: Lets understand the basics. Cost are dividend into two parts which are, (1) Direct cost (2) Indirect…
Q: Lily Company’s sales budget projects unit sales of part 198Z of 8,400 units in January, 10,000 units…
A: Production budget shows the number of units to be produced in a given period. Direct material…
Q: Which of the following costs would be considered a period rather than a product cost in a…
A: The product costs are the costs that are directly or indirectly related to the production process.…
Q: True or False? Retained Earnings represents the amount that stockholders have invested in the…
A: The net profit and other commercial activities maintained by a firm as extra equity capital is known…
Q: Answer the following question(s) using the information below. The following information pertains to…
A: Introduction Breakeven point is the level of sales at which company's profit is zero.
Q: Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500,…
A: Notes receivable is a negotiable instrument. In this one-party agree to pay a certain amount to…
Q: Make-or-Buy, Traditional and ABC Analysis Brees, Inc., a manufacturer of golf carts, has just…
A:
Q: Transfer Pricing, Idle Capacity Mouton & Perrier, Inc., has a number of divisions that produce…
A: Transfer pricing methodology is that process under which it is determined that at which price…
Q: In September, 67,000 units were produced. Prepare the budget report using flexible budget data,…
A: Budget is an an beginning and basic part part of accounting as it is a pre-planning on upcoming…
Q: On December 31, 2020, the Frisbee Company had 262,000 shares of common stock issued and outstanding.…
A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…
Q: Make-or-Buy, Traditional and ABC Analysis Brees, Inc., a manufacturer of golf carts, has just…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: A restaurant owner who had yet to earn a monthly profit said, “The busier we are, the morewe lose.”…
A: Contribution margin is the difference of total sales and total variable costs.
Q: QUESTION 13 Jim had a beginning inventory of $5,500. During the month of April, the purchased $400…
A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Cost (%) = Cost of goods…
Q: The PowerPoint Corporation has two classes of share capital outstanding: 9% (dividend rate), P20…
A: Ordinary shares- Ordinary shares, also known as common shares, are stocks sold on community barter.…
Q: 5. If total assets amounted to P800,000 and total liabilities amounted to P200,000, what is the debt…
A: Introduction: Debt to equity ratio = Total Liabilities / Total shareholders equity. Division of…
Q: Carla Vistas, Inc. provided the following budgeted information for March through July: March…
A: Budgets are the forecasts or estimates that are made for future period. These reflect future…
Q: At the beginning of the year, Cullumber had beginning inventory of 1680 scooters. Cullumber…
A: The sales budget is prepared to record the sales revenue earned during the period.
Q: Units produced and sold 150 300 Selling price per unit $400 $200 Variable expenses per…
A: Fixed costs are those costs which generally do not change with change in activity level. Variable…
Q: Proactive international sourcing: Select one: O a where there are more awareness of the…
A: Basic Concept of accounting in business.
Q: 2. Morrill Company produces two different types of gauges: a density gauge and a thickness gauge.…
A: Relevant cost- Relevant costs are those that can be avoided but must be incurred as a result of the…
Q: The company uses LIFO periodic inventory method. Given the following information, what LIFO…
A: In the context of the given question, we should compute the LIFO liquidation profit and after-tax…
Q: Audit quality has been in the hot seat in recent times as the registered company auditors had not…
A: To maintain, regulate, and improve the standards of accounting and auditing and to look after the…
Q: y cheque £40. dit from: S Hood £145; D Main £206; W T to: J Wilson £112; T Cole £164; F Syme £25…
A: A journal entry is an entry that is entered in the company's record book. Every business transaction…
Q: 8. A comparative balance sheet for Bell Industries is given below Assets 20x2 20x1 Cash 40,000…
A: Accrual accounting is a technique of accounting in which income and costs are reported at the time…
Q: Using the direct write-off method of accounting for uncollectible receivables. Transactions: April 1…
A: Working Note: Cash received = Total sales x 1/3 = $8,400 x 1/3 = $2,800
Q: 3. Use the same information given in Problem 1. The retirement of the 2,000 preference shares would…
A: The retirement of shares means that the shares are cancelled and related premium or par capital…
Q: Budoy Company reported the following assets and liabilities at year end: Cash…
A: Monetary liability:- It is the fixed obligation to pay for the company like Accounts Payable,…
Q: S11-4 Accounting for a note payable On December 31, 2013, Edgmont purchased $10,000 of merchandise…
A: Perpetual inventory system records and updates the inventory movements in real time.
Q: During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78…
A: Job order costing is a costing method in which the costs associated with a particular task or job is…
Q: At 31 March 2012, Dalian Limited had in issue NS4m in equity share capital of 50 cent each and N$1m…
A: Basic EPS = Income available to shareholders/Weighted average number of shares Income available to…
Q: Lily, Inc., is preparing its direct labor budget for 2022 from the following production budget based…
A: GIVEN Lily, Inc., is preparing its direct labor budget for 2022 from the following production…
Q: 1. If Jason accepts the special order, by how much will his income increase or decrease?
A: If Jason accepts the special order, $3,160 will his income increase.
Q: State the assets, liabilities, and stockholders' equity as of July 1 in equation form similar to…
A: Accounting equation of the business has three elements. These are Assets, Liabilities and Equity.…
Q: Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases…
A: Amount added Allowance for Doubtful Accounts = Estimated uncollectible accounts - Beginning credit…
Q: BB Company reported the results from sales of 5,000 units of Product Y for April 2022. See image.…
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods…
Q: Compute the Quick ratio if Current Assets: 10.354; Current Liabilities: 6.615; Inventory: 5.767;…
A: Formula used: Quick ratio = Quick Assets / Current liabilities Division of Current liabilities with…
Q: Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs…
A: Total number of lawns=No. of rental houses×No. of weeks per month×No. of months
Q: Transaction Common stock sold Amount owed for tax expense Amount owed for insurance expense syrup…
A: Revenue is the amount of income generated by the sale of goods. Expense is the amount of cost…
Q: Trumpet and Trombone Manufacturing, Inc. began the year with a retained earnings balance of…
A: Introduction: Retained Earnings: Retained Earnings are Shareholder funds. Part of profits are…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the payment is received within the discount period? a. Accounts Receivable 500 DR; Cash 500 CR b. Cash 500 DR; Accounts Receivable 500 CR c. Cash 495 DR, Sales Discount 5 DR; Accounts Receivable 500 CR d. Accounts Receivable 500 DR; Cash 495 CR, Sales Discount 5 CR e. Cash 500 DR; Sales Discount 5 CR, Accounts Receivable 495 CRFrom the following list of accounts, calculate the quick ratio.Cash.......................................Accounts receivable................Inventory................................Prepaid insurance ...................$ 2,0007,00017,0001,000Accounts payable ............................Salary payable .................................Notes payable (due in two years) ....Short-term investments....................$ 5,0009,0008,0005,000a. 1.5b. 1.0c. 1.8d. 2.3A 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.
- Martyr Company paid or collected during 2021 the following items: Interest revenue 75,500 Insurance expense 9,600 Salaries expense 65,000 The following balances were from Martyr Company’s balance sheets: December 31, 2021 December 31, 2020 Interest receivable 7,500 9,100 Salaries payable 4,200 8,900 Prepaid insurance 1,500 1,100 The cash received for interest during 2021 was The cash paid for salaries during 2021 was The cash paid for insurance premiums during 2021 was1. 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, Php16,000On May 1, Year 1, Benz’s Sandwich Shop loaned $14,000 to Mark Henry for one year at 8 percent interest. Requireda. What is Benz’s interest income for Year 1?b. What is Benz’s total amount of receivables at December 31, Year 1?c. How will the loan and interest be reported on Benz’s Year 1 statement of cash flows?d. What is Benz’s interest income for Year 2?e. What is the total amount of cash that Benz’s will collect in Year 2 from Mark Henry?f. How will the loan and interest be reported on Benz’s Year 2 statement of cash flows?g. What is the total amount of interest that Benz’s earned on the loan to Mark Henry?
- Beginning balances were: Cash, $91,000; Taxes Receivable, $186,500; Accounts Payable, $50,750; and Fund Balance, $226,750. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 .43. In 2021, Allen company reported cash basis income of P 7,800,000. Tracing back its records, accounts receivable and accounts payable on December 31, 2021 were P5,200,000 and P 1,950,000 respectively. During the year, the accounts receivable increased by 200% while accounts payable decreased by 50%. How much were net income using accrual method? CHOICES: P 7,800,000 P 12,350,000 P 8,450,000 P 7,150,000A 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:
- ASSETS = LIABILITIES + EQUITY ANSWER THE FOLLOWING INDEPENDENT QUESTIONS (SHOW COMPUTATION): If cash amounted to 50,000, how much is total liabilities and equity? If total liabilities and equity amounted to 220,000, how much is cash? If cash amounted to 30,000 and capital amounted to 60,000, how much are the notes payable? If accounts receivable are 25 percent of the total assets and notes payable are 1.5 times of accounts payable, how much is capital? If accounts payable are 12.5 percent of total assets, and capital is twice as much as accounts payable, how much are the notes payable? If equipment, net is 50% of total assets and capital is one-half of notes payable, how much is total liabilities?Husemann Co.'s assets include notes receivable from customers. During fiscal 2019, the amount of notes receivable averaged $525,000, and the interest rate of the notes averaged 4.2%. b-2. Prepare a horizontal model to show the collection of this amount. (Use amounts with + for increases and amounts with – for decreases.)In its income statement for the year ended December 31, 2020, Angel Company reported revenue of P5,000,000. The accounts receivable at January 1 is P300,000; Uncollectible accounts written off is P20,000; and accounts receivable at December 31 is P200,000. How much revenue will be reported under the cash basis of accounting? *A. P4,900,000B. P4,920,000C. P5,080,000D. P5,100,000E. answer not given