Give worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Debit Credit Debit Credit P6,800 P9,500 P7,400 P4,700 a P4,700 net income b. P2,700 net income c. P2,700 net loss d. P6,800 net loss 4 Given the following totals of the financial statements columns of the worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Debit Credit Debit Credit P8,500 P6,750 P4,300 P6,050 a. P8,500 net loss b. P1,750 net income C. P4,300 net income d. P1,750 net loss 325

Give worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Debit Credit Debit Credit P6,800 P9,500 P7,400 P4,700 a P4,700 net income b. P2,700 net income c. P2,700 net loss d. P6,800 net loss 4 Given the following totals of the financial statements columns of the worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Debit Credit Debit Credit P8,500 P6,750 P4,300 P6,050 a. P8,500 net loss b. P1,750 net income C. P4,300 net income d. P1,750 net loss 325

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 5PA: A portion of Anderson Publishings work sheet for the year ended December 31 follows: Required 1....

See similar textbooks

Similar questions

Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital account, assuming the following: a. A net income of 3,842 during the first quarter (Jan.Mar.) b. A net loss of 1,781 during the second quarter (Apr.Jun.)
Use the following year-end adjusted trial balance to answer. Prepare a statement of owner’s equity from the adjusted trial balance of Choi Company. Choi’s capital account balance of $40,340 consists of a $30,340 balance from the prior year-end, plus a $10,000 owner investment during the current year.
The adjusted trial balance for the year of SNEED Corporatioon attached in ss blow thanks for help apoprecaited rwohwtkhpotw pwtkoj
At the end of the current year, Jodi Corporation's controller discovers the following items of information: For each of the preceding items, indicate the effect on net income, assets, liabilities, and sharel1olders’ eq山ty in 由e financial statements of the company for the year if the controller fails to make an adjusting entry for the item ( ignore income taxes). ( Contributed by Paula I Coch)
It is added to income received to determine the total income for the year that is recorded under the accrual basis of accounting: a. deferred income - ending b. prepaid expense - beginning c. accrued income - beginning d. deferred income - beginning
It is added to income received to determine the total income for the yearthat is recorded under the accrual basis of accounting A. deferred income - endB. prepaid expense - begC. accrued income - begD. deferred income - beg
At financial year end, Mathew had accrued expenses totaling $22,300 and prepaid income totaling $91,000. How should these adjustments be reported on Mathew's Statement of Financial Position? • A. As current liability of $113,300 B. As current asset of $113,300 C. As a current asset of $22,300 and a current liability of $91,000 O D. As a current asset of $91,000 and current liability of $22.300
Indicate in which section of the balance sheet each of the following accounts is classified. Usethe symbols CA for current assets, NCA for noncurrent assets, CL for current liabilities, LTL forlong-term liabilities, and SHE for stockholders’ equity.a. Prepaid Rent f. Mortgage Payable (due in 15 years)b. Dividends Payable g. Unearned Service Revenuec. Salaries Payable h. Accounts Receivabled. Accumulated Depreciation: Equipment i. Lande. Retained Earnings j. Office Supplies
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…
The ending retained earnings account is: Assets minus liabilities plus owner’s equity Revenue minus expenses Year-to-date net income plus the total of the drawing account Capital minus drawing Year-to-date net income minus the total of the drawing account
For each of the following independent cases, fill in the blank with the appropriate dollar amount. Assets = Liabilities + Owners' Equity Case 1 $147,700 = $65,600 + $ ? Case 2 $508,200 = $ ? + $194,200 Case 3 $ ? = $170,400 + $199,200
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.…