Compute for the capital
Q: Diamond trading company had calculated the total Assets of RO 350,400 and the Equity amount of RO…
A: Total Liabilities for the year 2019 = total Assets - the Equity
Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…
A: Balance sheet The purpose preparing the balance sheet to know the actual position which are incurred…
Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…
A: Statement of owner’s equity: The statement of owner’s equity shows the change (increase or decrease)…
Q: THe following trial balance was extracted from the books of ABC investment on 31 May 2021 Trial…
A: Financial statement means the statement including income statement , balance sheet , cash flow…
Q: [The following information applies to questions displayed below. Simon Company's year-end balance…
A: Accounts receivable: It is a current asset of an organization. It is the amount due from customers…
Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred to manufactured…
Q: Simon Company's year-end balance sheets follow . Current Ago 2 Yrs Ago At December 31 Assets Cash…
A: The accounts receivable turnover ratio is the ratio which measure the effectiveness of the company…
Q: The following balances were taken from the trial balance of CARDO Company and SYANO Company at the…
A: Consolidated liabilities means sum of all obligations which would be classified as liabilities in…
Q: On December 31, 2022, the following information were taken from the trial balances of ABC Company…
A:
Q: 358,500 Cash and cash equivalents 817,300 Notes payable (due April 1,…
A: Balance sheet The purpose preparing the balance sheet to know the actual position which are…
Q: The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account…
A: A financial statement including categories such as current assets and liabilities, long-term…
Q: The following accounts appeared on the trail balance of Elbert Company at December 31, 2019.…
A: A balance sheet is a financial statement that represents the financial position of a company as on a…
Q: Imagine you are the financial accountant of Happiness Ltd. You have the following final balances for…
A:
Q: Based on these accounts, prepare the balance sheet for GS company on 31 December 2019 Debit Credit…
A: Balance sheet is also known as statement of financial position considered as one of most important…
Q: The following accounts appeared on the trail balance of Sunland Company at December 31, 2020.…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…
A: The income statement of the business shows all incomes and expenses of the business at the end it…
Q: The following balances were taken from the trial balance of CARDO Company and SYANO Company at the…
A: Goodwill is referred to as amount which exceeds the fair value of assets and liabilities assumed by…
Q: Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021.…
A: Working capital is calculated by deducting the current liabilities from the current assets.
Q: The following balances were taken from the trial balance of CARDO Company and SYANO Company at the…
A: Consolidation is combination of assets, liabilities and other financial items of two or more…
Q: The following are extracts from the financial records of ABC Ltd for the year ended 31 August 2021.…
A:
Q: 1. Husain Corporation has the following account it trial balance at the end of year: Accounting…
A: Current assets: Current assets are all those assets which are expected to be sold or used as a…
Q: 2. Daniel Corp.'s trial balance reflected the following account balances at December 31, 2021:…
A: Current Assets = Accounts Receivable + Trading Securities + Cash + Inventory + Prepaid Expenses
Q: The Trial Balance of BMR Limited contained the following accounts (alphabetically) at December 31,…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: 30 - 34 are based on the following information: The Dec. 31, 2019 balance sheet of De Jesus Inc. is…
A: Answer: Since you have asked multiple questions, we will solve the first three questions for you. If…
Q: The Cambridge Company collected the following information for the preparation of its December 31…
A: solution : Cambridge company Balance sheet December 31…
Q: The following account balances appear in the 20XC year end POST-closing trial balance of BA…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: Samantha Company had the following account balances at the end of May of the current year: Cash…
A: There are three important elements of the accounting equation of business. These are assets,…
Q: Jung Corporation has the following account balances at April 30, 2020. Using this information,…
A:
Q: 1. Total current assets 2. Total property , plant , and equipment 3. Total assets 4. Total current…
A: Current Assets Accounts receivable 518,600 (-) Allowance for doubtful debts…
Q: Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Credit Stock on 31st…
A: Profit and loss account and balance sheet are included in the final accounts in the financial…
Q: Following is the trial balance of Standard Ltd as on 31st March 2020:…
A: Following are the requisite Financial statements
Q: Prepare current assets section of the balance sheet.
A: We know that as per IAS -1 ( Presentation of financial statements ) Current assets are the which…
Q: Compute the goodwill associated with the purchase of Pleasantville. 2. Prepare the journal entry…
A: Goodwill= consideration paid - net identified assets
Q: On December 31, 2022, the following information were taken from the trial balances of ABC Company…
A:
Q: The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD…
A: The balance sheet is a component of the company's financial statement that reports the entity's…
Q: A Corporation had the following data concerning selected financial data taken from the records…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: E5-2 (L02,3) (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk…
A: Solution We are required to classify the given items to the respective heads of the balance sheet…
Q: he following information applies to questions 24-26: he following items were obtained from the…
A: The balance sheet represents the financial position of the business with assets and liabilities on a…
Q: 3. Daniel Corp.'s trial balance reflected the following account balances at December 31, 2021:…
A: Current Assets Total = Accounts Receivable + Trading Securities + Cash + Inventory + Prepaid…
Q: Maguindanao Computer, Inc., reports the following statement of financial position amounts as of…
A: NOTE : As per BARTLEBY guidelines, when multiple sub parts are given then first three sub parts are…
Q: Using the following accounts, prepare a classified balance sheet at the year, December 31, 2020:…
A: Balance sheet is one of the financial statement of the business, which shows all assets, liabilties…
Q: The following information applies to the questions displayed below.) on January 1, 2021, the general…
A: Journal Entry A journal entry is a record of the business transactions within the accounting books…
Q: On December 31, the balance sheet of the Falcon Company contained the following accounts and…
A: Assets comprises of Cash Equipment Certificate of deposit Liabilities comprises of Common stock…
Q: On December 31, 2022, the following information were taken from the trial balances of ABC Company…
A: DISCLAIMER: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Tyeso Company has the following accounts in its liabilities section of the Balance Sheet as of…
A: CURRENT LIABILITIES ARE THOSE LIABILITIES WHICH ARE EXPECTED TO BE PAID WITHIN NORMAL OPERATING…
Q: The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Debits…
A: Classified Balance sheet: A Balance sheet is a statement that shows the assets and liabilities held…
Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Step by step
Solved in 2 steps with 1 images
- Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Days’ sale in receivableUnusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)58. The following balance sheet was prepared by the bookkeeper for Strawberry Company as ofDecember 31, 2021.• Cash- P80,000• Accounts receivable (net)- P52,200• Inventories- P57,000• Investments- P76,300• Equipment (net)- P96,000• Patents- P32,000• Accounts payable- P75,000• Long-term liabilities- P100,000• Stockholders' equity- P218,500The following additional information is provided:1. Cash includes the cash surrender value of a life insurance policy P9,400, and a bank overdraftof P2,500 has been deducted.2. The net accounts receivable balance includes:(a) accounts receivable- debit balances P60,000;(b) accounts receivable- credit balances P4,000;(c) allowance for doubtful accounts P3,800.3. Inventories do not include goods costing P3,000 shipped out on consignment. Receivables ofP3,000 were recorded on these goods.4. Investments include investments in equity securities at fair value through P/L- P19,000 andinvestments in equity securities at fair value through OCI- P48,300, and…
- A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 days7 On December 31, 2022, the following information were taken from the trial balances of ABC Company and XYZ Company: ABC Company XYZ Company Cash P1,200,000 P200,000 Trade and other receivables 300,000 300,000 Inventories 1,300,000 1,000,000 Noncurrent assets 1,600,000 1,300,000 Current liabilities 300,000 200,000 Noncurrent liabilities 600,000 400,000 Ordinary share capital 1,100,000 1,000,000 Share premium 200,000 - Retained earnings 2,200,000 1,200,000 On January 1, 2023, ABC Company issues 50,000 shares of its P20 par value shares to acquire 70% of the outstanding shares of XYZ. The fair value of the shares of ABC as of January 1 was P29. Contingent consideration that is determined based on the best estimate is P100,000. It was determined that ABC Company had a noncurrent asset that was undervalued by P25,000. The fair value of the non-controlling interest…Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Credit Stock on 31st March 2019 75000 Sales 350000 Purchases 245000 Wages 50000 Discount 5000 Furniture and fittings 17000 Salaries 7500 Rent…
- Maguindanao Computer, Inc., reports the following statement of financial position amounts as of December 31, 2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 2. Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for…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?Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…
- Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…Pleasantville Company had the following balance sheet on January 1. Pleasantville CompanyBalance SheetJanuary 1 1Cash$175,000.00Accounts Payable$57,000.002Inventory157,000.00Notes Payable250,000.003Property, Plant, and Equipment200,000.00Mortgage Payable150,000.004Patent25,000.00Retained Earnings100,000.005$557,000.00$557,000.00 On January 2, Carrs Company came to an agreement to purchase Pleasantville by acquiring all of its outstanding shares for $575,000 in cash. On that date in time, the fair value of their inventory was $150,000, and the fair value of the equipment was $225,000. The book value equals the fair value for all other accounts listed.Required:1. Compute the goodwill associated with the purchase of Pleasantville.2. Prepare the journal entry necessary at January 2, to record the acquisition of Pleasantville.1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?