From the following data, prepare a properly classified Balance Sheet and a Single-step Income Statement Salary Expense4,000Rent Expense1,400Supplies expense1,400Taxes and licenses1,000Light and water expense1,000Mimeographing fee6,000Other income1,700XYZ, Capital53,000Notes payable25,000Accounts payable3,000SSS and PhilHealth premium payable450Office equipment60,000Office furniture5,000Cash on Hand15,000Cash in bank20,900Accounts receivable5,000

A classified balance sheet and the income statement are financial statements indicating the overall…

Answered: From the following data, prepare a…

Business

Accounting

From the following data, prepare a properly classified Balance Sheet and a Single-step Income Statement

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 66.4C

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need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…
Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.
Given: Account Payable $10700 Cash $7000 Owner's Capital $16200 Owner's Drawing $3800 Equipment $15600 Service Revenue $12600 Account Receivable $5600 Salaries and Wages Expense $3900 Rent Expense $3600 Based on the account amount, prepare a trial balance.
GIVEN:REF. AMOUNT Business Transactions1. 120,000 DEPOSITED CASH FOR HIS CPA PRACTICE BUSINESS2. 15,000 PAID OFFICE RENT FOR DEC 20193. 80,000 EQUIPT PURCHASED; P40K D/P; P40K PROMM NOTE4. 10,000 OFFICE SUPPLIES BOUGHT ON ACCT5. 25,000 BOOKEEPING SERVICES DONE & PAID FOR CASH6. 12,000 Salary paid7. 6,000 RECEIVED UTILITY BILLS FOR DEC 20198. 35,000 BILLED CLIENTS FOR SERVICES; NO CASH YET9. 6,000 PAID CREDITOR IN PART, SEE #310. 15,000 RECEIVED CASH FROM BILLED ACCTS, SEE #811. 16,000 W/DRAWN CASH FROM #1, FOR PERSONAL USE12. 10,000 TAX CONSULTATION SERVICES, RECEIVED IN CASH13. 6,000 UNUSED SUPPLIES REMAINING, SEE #4 REQUIRED: A TRANSACTIONAL ANALYSIS USING ACCOUNTING EQUATION AND SPECIFIC ACCOUNT TITLESPROFORMA TEMPLATE: A S S E T SGIVEN: Accts SHOPref. Amount, Cash, Rec'ble,Supplies,Equipments…
Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000
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T Accounts 1. Cash A/c PARTICULAR DEBIT PARTICULAR CREDIT To Capital 180,000 By Supplies 19,000 To service revenue 5,500 By Prepaid Insurance 28,000 To Service revenue 15,000 By Salary 65,700 To Unearned service revenue 12,000 By Office Rent 85,000 To Accounts Receivable 35,500 By Accounts Payable 20,800 By Drawings 15,300 By Balance C/d 14,200 Total 248,000 Total 248,000 2. Truck A/c PARTICULAR DEBIT PARTICULAR CREDIT To Capital 250,000 By Balance c/d 250,000 Total 250,000 Total 250,000 3. Capital A/c PARTICULAR DEBIT PARTICULAR CREDIT To Balance c/d 430,000 By Cash 180,000 By Truck 250,000 Total 430,000 Total 430,000 4. Supplies A/c PARTICULAR DEBIT PARTICULAR CREDIT To Cash 19,000 By Balance C/d 19,000 Total 19,000 Total 19,000 5. Prepaid Insurance PARTICULAR DEBIT PARTICULAR CREDIT To Cash 28,000 By Balance c/d…
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Use the following table to show the effects of transactions. Use + or -and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation.Table is set up as folliowing to record transactionsAssets Liabilities Equity1) Shareholders investd $5,000 each to begin business2) Copymaster bought copying machine for $1,5003) Copymaster sold copies to customers for $500 cash4) Copymaster produces copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month5) Copymaster paid employees $6006) Copymaster bought supplies for $3,007) Copymaster paid rent for $7008) Copymaster paid utilities for $2009) Copymaster bought office furniture for $50010) Copymaster had an unpaid phone bil at month-end for $100Please put these in the correct…
Roshaun Gould started a web consulting firm called Gould Solutions. He began operations and completedseven transactions in April that resulted in the following accounts, which all have normal balances. Cash . . . . . . . . . . . . . . . . . . $20,000Office supplies. . . . . . . . . . 750Prepaid rent . . . . . . . . . . . . 1,800Office equipment. . . . . . . $12,250Accounts payable. . . . . . . 12,250R. Gould, Capital. . . . . . . . 15,000R. Gould, Withdrawals. . . . . . . . . $ 5,200Consulting fees earned . . . . . . . . 20,400Miscellaneous expenses . . . . . . . 7,650 Required 1. Prepare a trial balance for this business as of the end of April. 2. The following seven transactions produced the account balances shown above. a. Gould invested $15,000 cash in the business. b. Paid $1,800 cash in advance for next month’s rent expense. c. Paid $7,650 cash for miscellaneous expenses. d. Purchased office supplies for $750 cash. e. Purchased $12,250 of office equipment on credit (with accounts…
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Q3: Following is the trial balance of Dhofar Company for the year ended 31st December 2020: Account Debit Credit Owners Equity 48000 Accounts Receivable 17000 Accounts Payable 20000 Notes Payable 4000 Notes Receivable 22000 Bank 38000 4000 Salary expenses 24000 Rent 9000 3000 Insurance expenses 6000 Other Income 14000 Machinery 52000 Buildings 63000 Loan 38000 Sales 194000 Purchases 44000 Sales Return 5000 Purchase Return 24000 Opening Stock 69000 Total 349000 349000 Other information is given: Closing stock is 12000 OMR. Depreciation charges for Building is 10% and Machinery is 20% Required: Income statement as on 31.12.2020 Balance sheet as on 31.12.2020