Debit Credit Current receivable due from Main Co. $ 32,000 Noncurrent receivable from Main Co. 114,000 Cash advance to Corn Corp. 6,000 Cash advance from King Co. $ 15,000 Intercompany payable to King Co. 101.000
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ABC Company has several subsidiaries that are included in its consolidated financial statements. In its December 31, year 1
Determine the intracompany receivables.
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- 3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019Accounts payable, after deducting debit balances in supplier’s Accounts amounting to P22,500 (accounts payable included Non-trade liabilities of P32,500) P 105,000 Accrued expenses 15,000 Credit balances of customers’ accounts 13,500 Stock dividends payable 70,000 Claims for increase in wages and allowances by employees of The company, covered in a pending lawsuit 125,000 Estimated liabilities for premiums 60,000 How much should be presented as total current liabilities in the statement of financial position? P 6,000 P 168,500 P 183,500 P 216,000Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s Equity
- Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…Princess EJ Corporation factors P350,000 of accounts receivable with XYZ Financing on a with recourse basis. XYZ Financing will collect the receivables. The receivables records are transferred to XYZ Financing on August 15, 202X. XYZ Financing assesses a finance charge of 2% of the amount of accounts receivable. Also, it reserves an amount equal to 5% of accounts receivable to cover probable adjustments.Requirements:1. What conditions must be met for a transfer of receivables through factoring with recourse?2. Prepare the journal entry on August 15, 202X, for Princess EJ Corporation to record the conditional sale of receivables.
- Flawless Company’s trial balance reflected the following account balances on December 31, 2019: Cash P 1,000,000Accounts payable, net of debit balance in suppliers’ accounts amounting to P25,000 1,000,000Bonds payable 3,400,000Premium on bonds payable 200,000Deferred tax liability 400,000Property dividends payable 400,000Income tax payable 300,000Note payable, due January 31, 2020 500,000Contingent liability 150,000Share dividends payable 320,000Cash dividends payable 210,000Reserve for contingencies 430,000Estimated expense of meeting warranties 335,000Estimated damages as a result of unsatisfactory performance on a contract 268,000Mortgage payable 1,000,000Loans payable (payable in five equal annual installments) 500,000 The P1,000,000 Cash account is net of bank overdraft of P300,000 and unreleased check of P100,000 and includingcustomer’s posted check of P50,000 and sinking fund amounting to P280,000 1. How much is the total current liabilities for the year ended December 31,…1. disclosed the following information: Accounts payable, after deducting debit balance in Suppliers’ accounts amounting to P 100,000…………P 4,000,000 Accrued expenses………………………………………….. 1,500,000 Credit balances of customers’ accounts………………… 500,000 Share dividends distributable……………………………. 1,000,000 Claims for increase in wages and allowances by employees of the entity covered in a pending lawsuit…………………………………………………….. 400,000 Estimated expenses in redeeming prize coupons…….. 600,000 What amount should be reported as total current liabilities? 2, provided you the following information on December 31, 2021: Accounts payable amounted to P 500,000 and accrued expenses totalled P 300,000 on December 31, 2021. On December 31, 2021, the entity declared a cash dividend of P 7.00 per share on 100,000 outstanding shares payable on…Cosmos Company on July 15 sells merchandise on account to Cajon Co. for $40,000, terms 10/10, n/30. On July 24 payment is received from Cajon Co. for the balance due. Calculate the amount of cash received by Cosmos.
- Times interest earned A company reports the following: Income before income tax expense $3,120,000 Interest expense 160,000 Determine the times interest earned. Round to one decimal place.fill in the blank 1**XYZ Bhd Trial balance 31 December 2020 Debit RM Credit RM Cash 189,700 Accounts receivable 105,000 Rent revenue 18,000 Retained earnings 160,000 Salaries and wages payable 18,000 Sales revenue 1,100,000 Notes receivable 110,000 Accounts payable 49,000 Accumulated depreciation-equipment 28,000 Sales discounts 14,500 Sales returns and allowances 17,500 Notes payable 60,000 Selling expenses 232,000 Administrative expenses 99,000 Share capital-ordinary 300,000 Income tax expense 53,900 Cash dividends 45,000 Allowances for doubtful accounts 5,000 Supplies 14,000 Cost of sales 645,000 Land 70,000 Equipment 140,000 Bonds payable 100,000 Gain on sale of land 20,000 Accumulated depreciation-buildings 18,600 Inventory 64,000…A) Identify which of the following are financial instruments and state with explanations whether they are financial assets, financial liability, or equity. I. Epro Ltd sold inventory for GH₵ 10, 000 to DeDons Enterprise on a 15 day trade credit II. Epro Ltd paid GHC 30,000 in advance for a year insurance policy III. Epro Ltd entered into a contract to sell GH₵ 200,000 in six months’ time for GH₵ 98,000 IIII. Epro Ltd issued 200 000 ordinary shares at GH₵ 2 per share and were acquired by Mr. Adepa V. Epro Ltd borrowed GH₵ 400,000 under a mortgage from Watico Bank