Compute the owner's equity for Norman Gonzales on December 31, 20X1 Base of ih following data: Norman Gonzales, Capital January 1, 20X1 Norman Gonzales, Cash Drawings for 20X1 Norman Gonzales, Additional Investment 20X1 Net Income 20X1 P 450,000 Cr 120,000 Cr 80,000 Cr 90,000 Cr
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- compute the owner's equity for norman gonzales on dec. 31,20X1 based on the fallowing data; norman gonzales ,capital january 1 ,20X1 P450 000 norman gonzales, cash drawings for 20X1 120 000 norman gonzales. additional investment 20X1 80 000 net income 20X1 90 000Use the following information for the next three questions:The ledger of COLTISH UNDISCIPLINED Co. in 20x1 includes the following:Jan. 1, 20x1 Dec. 31, 20x1Current assets 1,200,000 ? Noncurrent assets 4,000,000 ? Current liabilities 900,000 1,000,000Noncurrent liabilities ? 3,000,000 Additional information:- COLTISH’s working capital as of December 31, 20x1 is twice as much as the working capital as of January 1, 20x1. - Total equity as of January 1, 20x1 is ₱1,700,000. Profit for the year is ₱2,400,000 while dividends declared amounted to ₱1,000,000. There were no other changes in equity during the year.How much is the total noncurrent liabilities as of January 1, 20x1?a. 2,600,000b. 2,800,000c. 3,200,000d. 3,400,000Use the following information for the next three questions:The ledger of COLTISH UNDISCIPLINED Co. in 20x1 includes the following:Jan. 1, 20x1 Dec. 31, 20x1Current assets 1,200,000 ?Noncurrent assets 4,000,000 ?Current liabilities 900,000 1,000,000Noncurrent liabilities ? 3,000,000 Additional information:- COLTISH’s working capital as of December 31, 20x1 is twice as much as the working capital as of January 1, 20x1.- Total equity as of January 1, 20x1 is ₱1,700,000. Profit for the year is ₱2,400,000 while dividends declared amounted to ₱1,000,000. There were no other changes in equity during the year. How much is the total current assets as of December 31, 20x1?a. 1,600,000b. 800,000c. 300,000d. 2,200,000
- The Distance Plus parnership has the following capital balances at the beginning of the current year. Tiger (40% of profits and losses) $65,000 Phil (20%) $35,000 Ernie (40%) $50,000 Each of the following questions should be viewed independently. a. If Sergio invests $70,000 in cash in the business for a 30% interest, what journal entry is recorded. Assume the bonus method is used. b. If Sergio invests $60,000 in cash in the business for a 30% interest, what journal entry is recorded. Assume the bonus method is used. c. If Sergio invests $72,000 in cash in the business for a 30% interest, what journal entry is recorded. Assume the goodwill method is used.Assume a company’s balance sheet showed beginning and ending balances in the Long-Term Investments account of $1,100,000 and $900,000, respectively. The company sold a long-term investment that cost $300,000 and recorded a gain on this sale of $35,000. Based solely on the information provided, the company’s net cash provided by (used in) investing activities would be: Multiple Choice $200,000. $300,000. $235,000. $335,000.Use the following data to determine the total amount of working capital. Marigold Corp. Balance Sheet December 31, 2022 Cash $126500 Accounts payable $155500 Accounts receivable 123800 Salaries and wages payable 34600 Inventory 205100 Note payable (due 2025) 274500 Short-term investments 88600 Total liabilities $464600 Land (held for future use) 256500 Land 285000 Buildings $336500 Common stock $355500 Less: Accumulated depreciation (62300) 274200 Retained earnings 745000 Franchise 205400 Total stockholders' equity $1100500 Total assets $1565100 Total liabilities and stockholders' equity $1565100 $353900 $265300 $610400 $383900
- Angela Corporation has the following selected assets and liabilities: Given the said data, determine the company’s net working capital. (check the photo) Choose the letter of correct answer a. P35,000.00b. P39,000.00c. P33,000.00d. P72,000.00e. P52,000.00HII. DIRECTION: 1. Prepare the Statement of changes in equity with the accounts given below using your surname as your company name for the period ended December 31, 2019 Capital beginning Php150,000.00 Additional Investment Php50,000.00 Drawings Php78,000.00 Net Profit Php120,000.00 Capital beginning Php 75,000.00 Additional Investment Php25,000.00 Drawings Php15,000.00 (Net Loss) Php20,000.00 Example format is providedA corporation using the cost method of accounting for its investment in a 80%–owned investee, which earned $20,000 and paid $5,000 in dividends What is the ending balance of investment on 31/12 if investment in 1/1 amount 100,000$ ? Select one: a. 120,000 b. 100,000 c. 115,000 d. 112,000
- On January 1,2018, Western Motors paid $450 million for a 40% investment in Yaza Motors. Yaza earned netincome of $65 million and declared and paid cash dividends of $45 million during 2018.1. What method should Western Motors use to account for the investment in Yaza? Give yourreason.2. Journalize these three transactions on the books of Western Motors. Show all amounts inmillions of dollars (rounded to the closest million), and include an explanation for eachentry.3. Post to the Equity-Method Investment T-account. What is its balance after all the transactions are posted?At the start of year 1 owner contribute 100. After year 1 the company purchases the financial assets categorized as AFS worth 10. During year 1 the net income is 20 which is retained. The value of financial assets goes up to 12. During year 2 there is treasury stock operation worth 30 Net income is 40 which is retained. Financial asset goes up to 15. Show the relevant equity components at the end of year 1 and 2.PLS HELP ASAP The balance sheet of Sunrise Company shows that capital P360,000 is equal to ⅓ of its total assets. How much is total liabilities? a. P480,000 b. P720,000 c. P1,080,000 d. P120,000