Debit Credit Logan, Capital Clark Logan made cash investment in his business. 2 An office equipment was bought on credit. 3 The obligation in number 2 was paid to the creditor. 4 An equipment was bought on cash basis. 1 Cash Office Equipment Accounts Payable The owner withdrew cash from the business. 6 Paid rent for the month. 5 7 Collected cash for car repair service. 8 Paid electricity consumed by the business. 8 9 Paid taxes for municipal permit. 10 Rendered car repair service. The customer ade: oromise 2.
Q: Auditors are auditing the cash receipts for Great Wall Corporation. For each audit procedure perform...
A: Audit Procedure: Audit Procedures are actions conducted by auditors to acquire all the information a...
Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...
A: Activity rate = Estimated overhead costExpected activity The above formula is for the activity rate.
Q: Assume 10% salvage value, 5yr estimated useful life, and assume the asset was purchased on May 1s* 2...
A: Depreciation is the expense of the capital asset which have been put to use and consumed during the ...
Q: Match the following transactions with the type of cash flow activity (operating, investing, or finan...
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...
Q: Common stock-$10 par value, 130,e00 shares authorized, 50,e00 shares issued and outstanding Paid-in ...
A: Date Account Titles Debit Credit Jan'2 Treasury Stock $ 115,000 Cash $ 115...
Q: Shady Rest Nursing Home has 1
A: The total cost of production of a good comprises of the total fixed cost of production and the total...
Q: The following selected data were taken from the financial statements of Vidahill Inc. for December 3...
A: Solution:- a)calculation of return on total assets as follows under:- Return on total assets =EBIT /...
Q: What
A: Introduction:- The following one of the conditions is required to satisfied for segment reporting as...
Q: Which of the following is unlikely to be classified as a fixed cost with respect to the number of un...
A: It is cost that does not change with the change in production volume. The fixed costs remain constan...
Q: an account should be referred to a professional collection agency if
A: an account should be referred to a professional collection agency in following case
Q: The balance of the account is $ How much of the investment account balance is interest? The amount o...
A: Investment account is the account on which the investor invests his or her money so that there will ...
Q: The balance sheet for Campbell Corporation follows: Current assets $233,000 763,000 Long-term assets...
A: Working capital = Current assets - Current liabilities Current ratio = Current assets / Current li...
Q: Problem 20-6 (IAA) On January 1, 2021, Portugal Company purchased bonds with face amount of P8,000,0...
A: As per Effective interest method, the interest is calculated on the carrying value of the bond rathe...
Q: rdance with the law
A: As per our protocol, allowed to answer first question and post the remaining in the next submission.
Q: Sunny introduces a new compact music player that carries a two-year warranty against manufacturer's ...
A: Solution: Total sales = $30,900,000 Actual warranty expenditure = $290,000
Q: The GA-42334 company uses direct labor cost as its allocation base for its predetermined overhead ra...
A: Work in Process inventory: Work in process is the term used to depict, to some degree, finished merc...
Q: The company uses asset method to record payment for annual insurance amounting to P12,000.00. On Feb...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: Question 3 On 6 July 2021, Falta Limited paid $300 to purchase a put option on Zebra Limited when th...
A: The put option is a derivative instrument that expects that the prices will fall below the strike pr...
Q: How can fluctuations in exchange rates impact Zara especially in dealing with international business...
A: Answer:- Exchange rate definition:- Exchange rate is that rate at which one country's currency can ...
Q: Wayne, Wendell and Wesley are partners who share profits and losses equally. Their financial positio...
A: Statement of liquidation includes the amount of assets realized and liabilities paid.
Q: Required : Prepare journal entries for all of the above transactions except the initial purchase .
A: Solution:- Given, Lease-A = $400,000 Lease-B = $200,000 Lease-C = $300,000
Q: Mr. X started a retail outlet named "X Foods" in his. His friend Y asks him to record the transactio...
A: Solution Accounting is the process of recording financial transactions pertaining to a business.
Q: What adjustment should be made to the net income of 2022? A. 1,200,000 increase B. 3,000,000 increa...
A: Alocasia Company decided that market conditions were such that the provision for inventory obsolesce...
Q: Help me answer the letter d and c with solution thank you
A: Degree of operating leverage = Contribution/EBIT Degree of Financial leverage = EBIT/EBT
Q: Prepare a comparative income statement for the company, showing in adjacent columns the profits earn...
A: Under FIFO Method, units that came in first will be sold first and the inventory will be out of the ...
Q: The following data have been gathered for Syncronics, Inc.: Thė July 31 bank balance was $4,000, b. ...
A: Preparation of the July 31 bank reconciliation for Syncronics, Inc is as follows:
Q: HE-21/91 company's break-even sales revenue is $990,000, and its variable expenses are 75% of sales....
A: The correct answer is Option (b)$794000
Q: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. Du...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Profit center responsibility reporting for a service company Red Line Railroad Inc. has three regio...
A: East West Central Revenues 1,400,000 2,000,000 3,200,000 Operating expenses 800,000 1,350,000 ...
Q: When the units manufactured increases, the most significant change in average unit cost will be refi...
A: When there is increase in the units manufactured, the non-variable cost will be apportioned to more ...
Q: The fixed costs incurred by a automotive shop are $200,000 per year. Variable costs are 60% of the a...
A: Given fixed cost = $200,000 Variable cost = 60% of the annual revenue Annual revenue = $300,000
Q: RM 1.25 each, fully paid. On 2 January 2021,40,000 ordinary shares of RM 1.25 each were offered to t...
A: Issuance of Shares For issuing the shares to the public which has different phase like invite share ...
Q: On December 31, 2021 Max Sara Beauty Corp. committed to a plan to discontinue the operations of its ...
A: Solution Loss from discontinue operation refers to the part of the company's core business or produ...
Q: Garcia Company rents out a portion of its building to Jerry Company for $1,000 per month. On August ...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Carpenter Corporation purchased a mineral deposit, making payment as follows: Cash $10,000 and 6,000...
A: The assets acquired are recorded at fair value of the particular or similar asset in the market.
Q: ANSWER IS LETTER D. PROVI
A: Liabilities are accumulated financial obligations that result from past events that are expected to ...
Q: Foam Products, Inc., makes foam seat cushions for the automotive and aerospace industries. The compa...
A: Solution: Customer margin on sales is revenue from customer reduced by costs incurred with respect t...
Q: Cooper and Donald have a partnership agreement which includes the following provisions regarding sha...
A: Solution Working note - Calculation of net income- Sales 489000 Less Cogs -280000 Gross profi...
Q: Lipton Company shows the following account balances in their financial records as of December 31, 20...
A: Given are the financial records of Lipton company of December 31 ,2016. A cash balance suggests tha...
Q: Stockholders' equity of Ernst Company consists of 82,000 shares of $5 par value, 10% cumulative pref...
A: Formulas used for calculations:
Q: On December 31, 2021, LJK Co. classified its building with a historical cost of P1,700,000 and accum...
A: Impairment Loss on Held for sale Non current Assets According to PFRS 5 there are some rules and reg...
Q: Problem 11 (Break-even Point and Degree of Leverage) Silver Yummy Burgers, Inc., sells food to Unive...
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: For the past four years, ABC reported the following annual net income and dividend amounts: Year...
A: Retained Earnings: When a company's direct and indirect expenses, income taxes, and dividends to sha...
Q: WHICH STATEMENT IS FALSE? A. If the net income of prior period is overstated because of the change i...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: Beginning inventor: 100 units @P1.50 purchases: Jan 24 – 330 units@P1.56 Jun 11-15...
A: Solution Fifo method is used for cost flow assumption purposes in the cogs calculation. this assume ...
Q: Inter Company began operations on December 1, 2020. Presented below is selected information related ...
A: The income statement is an important financial statement of the business which tells about the profi...
Q: Information to answer questions 3-6: $ 8,000 4,000 40,000 30,000 Net income Stockholders equity Tota...
A:
Q: reenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. T...
A: The plant-wide overhead rate can be calculated by dividing the total estimated overhead rate by dire...
Q: Real Sdn Bhd did not keep his books of accounts under double entry system. Depreciation on Non-curre...
A: Ledgers: When information from the journals is sorted and summarized, it is entered as debits and c...
Q: Questions 5 and 6 only
A: In this question, we are required to calculate Earnings Per share, and Debts to total assets rati...
Step by step
Solved in 2 steps
- What accounting method (cash or accrual) would you recommend for the following businesses? a. A gift shop with average annual gross receipts of 900,000. b. An accounting partnership with average annual gross receipts of 12 million. c. A drywall subcontractor who works on residences and has annual gross receipts of 3 million. d. An incorporated insurance agency with average annual gross receipts of 28 million. e. A sole proprietor operating a retail clothing store with average annual gross receipts of 12 million. f. A sole proprietor operating a widget manufacturing plant with average annual gross receipts of 27 million.A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;
- 01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.TASK : FIND A MISTAKE IN THE BALANCE SHEET AND CORRECT IT01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;(ii) ledger accounts showing descriptions and balances;(iii) a trial balance;
- Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $31,000 and has cash on hand of $18,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Choose one option for following blank: A. real asset. B. financial asset. C. real liability. D. Finanical liability. The bank loan is a Financial liability for Lanni, and a Financial asset for the bank. The cash Lanni receives is a Financial asset . 1. The new financial asset destroyed or created is Lanni's promissory note to repay the loan. Lanni uses the cash from the bank plus $18,000 of its own funds to finance the development of new financial planning software. Lanni transfers financial asset (cash) to the software developers. In return, Lanni receives the completed software package, which is a real asset. Lanni exchanges the real asset (the software) for a Financial asset, which is 1,400 shares of…On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
- Jeremy Norton is a property investor and the owner of a French bakery in Balmain. All payments are fully substantiated Receipts Cash Sales 275,240 Cash received from Debtors 15,700 Rent received (See Note 3) 21,000 Ten Year business loan from NAB bank 1/11/21 40,000 Contra from plumber 1,200 Payments Payments to creditors for trading stock 95,650 Speeding fine paid in making deliveries 180 Loan repayments – principal 4,700 -Interest 4,000 Borrowing costs on business loan 4,000 Wages- spouse (the ATO considers $35,000 to be reasonable) 65,000 - Other staff 24,000 Repairs to shop caused by storm damage on 31/3/2022 4,800 Superannuation-self 23,000 -Other staff 8,000 Drawings 17,000 Membership of Balmain business Club 250 Entertainment of suppliers at above club 750 Staff…V1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).Christopher started a new business, and completed the following transactions during December: Dec. 1 Christopher contributed $21,000 cash on exchange for capital 2 received $3,500 cash from customers for services performed. 5 paid $200 cash for office supplies 9 performed services for a customer, and billed the customer for services rendered $2,000 10 received $300 bill for utilities due in two weeks 15 Paid for advertising in the local paper $325 20 Paid bill utility received on Dec.10 25 collected cash from customer billed on Dec. 9 28 paid rent for the month, $2,000 28 paid $1,250 to assistant for wages 30 received $1,800 cash from customers for services performed Christopher withdraw $5,000 cash from the business. Analyze the effects of transactions on the accounting equation