Charges for water services rendered$ 1,800,000 Charges for sewer services rendered2,000,000 Operating Revenues: Chargers for water services Enter amount Charges for sewer services Enter amount Total Operating Revenues Enter amount
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Charges for water services rendered$ 1,800,000 Charges for sewer services rendered2,000,000
Operating Revenues:
Chargers for water services Enter amount
Charges for sewer services Enter amount
Total Operating Revenues Enter amount
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- Consider the following information:1. Service Revenue for the year = $80,000. Of this amount, $70,000 is collected during the year and $10,000 is expected to be collected next year.2. Salaries Expense for the year = $40,000. Of this amount, $35,000 is paid during the year and $5,000 is expected to be paid next year.3. Advertising Expense for the year = $10,000. All of this amount is paid during the year.4. Supplies Expense for the year = $4,000. No supplies were purchased during the year.5. Utilities Expense for the year = $12,000. Of this amount, $11,000 is paid during the year and $1,000 is expected to be paid next year.6. Cash collected in advance from customers for services to be provided next year (Unearned Revenue) = $2,000.Required:1. Calculate operating cash flows.2. Calculate net income.3. Explain why these two amounts differ.Total utility expense was recorded as $55,000 on the income statement. The utility payable account had a beginning balance of $8,000 and an ending balance of $5,000. How much cash was disbursed for utilities during the year?Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year. 2. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year. 3. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year.
- An entity had the following transactions during the quarter ended March 31: Advertising costs of P2 million were incurred on March 1. Loss of P1 million from typhoon damage. Payment of P400,000 fire insurance premium for the calendar year. Staff bonuses are paid at year-end based on sales. Staff bonuses are expected to be around P20 million for the year; of that sum, P3 million would relate to the period ending March 31. The total amount to be recognized in the entity’s profit or loss for the period ended March 31 is Group of answer choices P6.1 million P6.4 million P8.1 million P8.4 million PreviousNextAn entity had the following transactions during the quarter ended March 31: Advertising costs of P2 million were incurred on March 1. Loss of P1 million from typhoon damage. Payment of P400,000 fire insurance premium for the calendar year. Staff bonuses are paid at year-end based on sales. Staff bonuses are expected to be around P20 million for the year; of that sum, P3 million would relate to the period ending March 31. The total amount to be recognized in the entity’s profit or loss for the period ended March 31 is Group of answer choices P8.4 million P8.1 million P6.4 million P6.1 millionConsider the following information: Service Revenue for the year = $81,000. Of this amount, $70,500 is collected during the year and $10,500 is expected to be collected next year. Salaries Expense for the year = $41,000. Of this amount, $35,500 is paid during the year and $5,500 is expected to be paid next year. Advertising Expense for the year = $10,500. All of this amount is paid during the year. Supplies Expense for the year = $4,500. No supplies were purchased during the year. Utilities Expense for the year = $13,000. Of this amount, $11,500 is paid during the year and $1,500 is expected to be paid next year. Cash collected in advance from customers for services to be provided next year (Unearned Revenue) = $2,500.
- Income from REIT:Rent – hotel buildings 370,000Rent – offices and car parks 595,000Management services 176,500Interest – Pengurusan Danaharta Nasional Sdn Bhd 78,000 Expenses:Repair and maintenance of rented properties 195,000Legal fees – rental agreement 12,000Stampt duty for rental agreement 2,400Insurance, assessment and quir rent 20,000REIT manager’s remuneration 150,000Wages, salaries and contribution to approved EPF 320,00Valuation Fee 17,800Allowance for impairment loss 16,000Depreciation 15,000 Additional info :The capital allowances and industrial building allowances for the year assessment 2020 were RM20Millions and RM27Millions respectively.Required:Compute the income that should distributes to its unit holders for the company to be eligible for fully exemption from tax .3- The company paid 1.180 TL, including 18% VAT, for the transportation and insurance cost of the photocopier it had purchased for 8.000 TL excluding 18% VAT. The amount paid as transportation and insurance cost is recorded in which of the following accounts? a) 253 Plant Machinery and Equipment Hs. B) 760 Marketing Sales and Distribution Expenses Hs. NS) 255 Fixtures Hs. D) 770 General Administrative Expenses Hs. TO) 251 Current Investments Hs.023 was $110,000. e nd ed penses n credit. In 0 $6,800 (CH 14) Kors has 30 employees and $5 million of gross receipts. Kors spends $15,000 for qualified structural improvements for access for the disabled. The disabled access credit is A) $5,000. B $5,125. C) $0. $7,500.
- TV 10, a service business had the following information for the year 2018: Service Revenue – accruing for current year P 1,000,000 Collections during the year: For service income – last year 300,000 For service income – current year 800,000 For service income – next year 100,000 Expenses actually incurred during the year 500,000 Expenses paid during the year 600,000 How much is the taxable income?ACCOUNTS PAYABLE 14,500.00ACCOUNTS RECEIVABLE 7,500.00CAPITAL STOCK 20,000.00CASH 21,000.00CONSULTING REVENUE 18,000.00OFFICE EQUIPMENT 13,000.00OFFICE SUPPLIES 500.00RENT EXPENSE 9,000.00UTILITIES EXPENSE 1,500.00Above is a list of balances for Iron Works Construction as at 31st December 2021 .The following additional information was provided :1. Depreciation Charge on Office Equipment is $2,0002. All Office Supplies were used during the period.3. Rent Expense includes $1000 for January 20224. $200 was still owing on Utilities Expense Prepare the adjusted Trial Balance as at31st December ,2021Servicing business using non-conventional reporting of income has P600,000 service revenue. The cost of service is 80% of service revenue and the operating expenses is 25% of gross income. What is the operating income? a. P 90,000 b. P 96,000 c. P100,000 d. P100,800