Doug Stone, Capital 31,200 May 1 (2018) Doug Stone, Drawing 1,250 Apr. 30 Аpг. 30 475,500 Sept. 30 5,000 30 5,000 Dec. 31 1,250 Mar. 31 1,250 June 30 1,250
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Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows
Prepare a statement of owner’s equity for the year.
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- On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?E23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of BioLazer Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Increase Selected balance sheet accounts 2020 2019 (Decrease)AssetsAccounts receivable $154,000 $120,000 $34,000Property, plant, and equipment 631,000 581,000 50,000Accumulated…
- Alamkoto Corp. reported the following data for 2019: a. P1,060,000 b. P1,000,000 c. P960,000 d. P970,000 e. Answer not given12/31/2018 12/31/2019 Unearned revenue $12,900 $6,200 Cash 33,600 13,350 Prepaid rent 9,500 6,500 Supplies 5,800 2,800 Taxes payable 5,200 5,800 Wages payable 9,000 9,450 Using the above account balances, compute working capital and current ratio. Round "Current ratio" answers to two decimal places. 12/31/2018 12/31/2019 A. Working capital $_______ $_______ B. Current ratio _______ _______Owner's equity is OR150,000 and total liabilities are OR90,000. Total assets would be: Select one: a. OR60,000. O b. OR300,000. O c. OR240,000. O d. OR180,000.
- On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off. 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000.…On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off.Required:1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join for a 20% interest in…Hello, I am trying to calculate NNEP based on this - not sure how to calculate NNE Dec. 31, 2018 Dec. 31, 2017 Operating Assets 31,922 32,463 Operating liabilities 7,244 7,687 Net operating assets (NOA) 24,678 24,776 NNO $ 14,830.00 $ 13,154.00 Equity $ 9,848 $ 11,622 NOA= NNO + Equity $ 24,678 $ 24,776
- Q26 You are required to prepare the balance sheet as on 31-12-2017 by using net change method from the following details. Liabilities OMR Assets OMR Share capital 200,000 Furniture & fixtures 200,000 Bank loan 50,000 Inventories 60,000 Creditors 70,000 Debtors 36,000 Cash 24,000 320,000 320,000 Balances of Debtors and creditors remain unchanged throughout the year. General price indices are on 1-1-12017----200; Average for the year ------240; on 31-12-2017----300. a. Retained earnings of OMR 15,000 by CPP method b. No Balancing figure neither in HCA nor CPP method c. No retained earnings d. None of them is correctOrbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.created balance sheet for HME Sdn Bhd From the following particulars, prepare a balance sheet HME at 30 Jun 2022Capital RM100,000Goodwill RM20,000Prepaid Expenses RM30,000Investment RM20,000Debtors RM30,400Creditors RM30,200Cash at bank RM100,000Furniture RM5,665Outstanding Expenses RM10,000Net profit RM6,242Closing stock RM25,000Bills Receivable RM8,689Bills Payable RM8,000Advance Income RM20,000Drawings RM5,000