howing au (a) Closing stock was valued at Rs.15,560 (b) 75% of the carriage expenses were incurred on purchases and rest on sales. (c) Premises have been acquired on a 50 years' lease. (d) Provide 10% depreciation on furniture and fittings using reducing installment method. (e) Loose tools are revalued at Rs.1,030.

howing au (a) Closing stock was valued at Rs.15,560 (b) 75% of the carriage expenses were incurred on purchases and rest on sales. (c) Premises have been acquired on a 50 years' lease. (d) Provide 10% depreciation on furniture and fittings using reducing installment method. (e) Loose tools are revalued at Rs.1,030.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
Hi pls, make income statement, statement of retained earnings, and ending trial balance. Trial balances (amount in Php) Particulars Debit amount Credit amount Accounts payable Accounts receivable Share capital, common stock Cash Notes payable Property, plant and equipment Accumulated depreciation Allowances for doubtful debts Inventories Prepaid expense Goodwill Estimated tax liability Marketable securities Accrued expense Patents and trademarks Bonds payable Investments Deferred revenue Other liabilities(long term) Retained earnings - 4325 - 11660 - 6200 - - 1750 1250 100 - 1750 - 500 - 1500 - - - 1965 - 9990 - 800 - 3100 540 - - - 750 - 1000 - 2000 - 1650 1000 6240 29035 29035
37- - Which of the following is not one of the balance sheet principles of assets ? a) Assets that are used in business activities for more than one year and do not turn into money within one year are shown in the Current Assets group in the balance sheet. B) In order to be able to present the assets with their fair values at the balance sheet date, impairments in assets should be shown and appropriate provisions should be made. NS) In order to show the bills receivable in the current assets and fixed assets groups with their fair values on the balance sheet date, rediscount transactions should be made on the bills. D) Expenses for future periods paid in advance and income accrued in the current period but to be collected in future periods should be shown separately in the balance sheet. TO) Receivables; Securities, subsidiary securities and parts of liabilities that belong to…
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Hi pls, make income statement, statement of retained earnings, and ending balance sheet. Trial balances (amount in Php) Particulars Debit amount Credit amount Accounts payable Accounts receivable Share capital, common stock Cash Notes payable Property, plant and equipment Accumulated depreciation Allowances for doubtful debts Inventories Prepaid expense Goodwill Estimated tax liability Marketable securities Accrued expense Patents and trademarks Bonds payable Investments Deferred revenue Other liabilities(long term) Retained earnings - 4325 - 11660 - 6200 - - 1750 1250 100 - 1750 - 500 - 1500 - - - 1965 - 9990 - 800 - 3100 540 - - - 750 - 1000 - 2000 - 1650 1000 6240
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On a worksheet, the Income Statement debit column equals P798,000 and the credit columnequals P710,000. Which of the following statements is correct? a. The company realized a net income of P88,000 and it must be added to the Income Statementcredit column and the Balance Sheet debit column to complete the worksheet.b. The company incurred a net loss of P88,000 and it must be subtracted from the Income Statementdebit column and the Balance Sheet credit column to complete the worksheet.c. The company incurred a net loss of P88,000 and it must be added to the Income Statement creditcolumn and the Balance Sheet debit column to complete the worksheetd. The company realized a net income of P88,000 and it must be subtracted from the IncomeStatement credit column and the Balance Sheet credit column to complete the worksheet.
E5-2 (L02,3) (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk Company’s balancesheet.(a) Current assets.(b) Investments.(c) Property, plant, and equipment.(d) Intangible assets.(e) Other assets.Instructions(f) Current liabilities.(g) Noncurrent liabilities.(h) Capital stock.(i) Additional paid-in capital.(j) Retained earnings.Indicate by letter where each of the following items would be classified.1. Preferred stock.2. Goodwill.3. Salaries and wages payable.4. Accounts payable.5. Buildings.6. Equity investments (trading).7. Current maturity of long-term debt.8. Premium on bonds payable.9. Allowance for doubtful accounts.10. Accounts receivable.11. Cash surrender value of life insurance.12. Notes payable (due next year).13. Supplies.14. Common stock.15. Land.16. Bond sinking fund.17. Inventory.18. Prepaid insurance.19. Bonds payable.20. Income taxes payable.
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors.LOS GATOS CORPORATIONBalance SheetAt December 31, 2018AssetsCash $ 66,000Accounts receivable 119,000Inventories 68,000Machinery (net) 133,000Franchise (net) 43,000Total assets $ 429,000Liabilities and Shareholders’ EquityAccounts payable $ 76,000Allowance for uncollectible accounts 18,000Note payable 81,000Bonds payable 123,000Shareholders’ equity 131,000Total liabilities and shareholders’ equity $ 429,000Additional information:Cash includes a $33,000 restricted amount to be used for repayment of the bonds payable in 2022.The cost of the machinery is $216,000.Accounts receivable includes a $33,000 note receivable from a customer due in 2021.The note payable includes accrued interest of $18,000. Principal and interest are both due on February 1, 2019.The company began operations in 2013. Income less dividends since…
Please try to answer accurately and accordance with requirements.Thank you!The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:$000Sales Revenue 8,280Dividend Received 126Interest Received 65Cost of Sales 1,105Selling and Distribution expenses 450Administration expenses 1,550Finance costs 16Valuation loss on trading investments (considered a material item) 250Income tax expense charged to profit and loss 1,500Expenses classified by nature include:Auditors Remuneration:Audit of accounts 20Information technology controls advice 5 25Depreciation expense:Buildings 120Plant and Equipment 225 345Additional InformationThe valuation loss on investments held for trading is not tax deductible.Task 4a. Complete a Statement of Comprehensive Income showing expenses classified byfunction on the face of the Income Statement together with notes to the incomestatement including the material item.- Note that Emerates Traders Ltd discloses material items on the…
I need assistance in preparing a journal for transactions and adjustements. Provided is the trial balance sheet and the unrecorded entries. Debit Credit Cash $23,440.00 Accounts Receivable $43,880.00 Inventory $19,976.00 Land $57,200.00 Buildings $83,600.00 Equipment $35,200.00 Allowance for Doubtful Accounts $ 396.00 Accumulated Depreciation—Buildings $ 26,400.00 Accumulated Depreciation—Equipment $ 11,672.00 Accounts Payable $ 16,984.00 Interest Payable $ - Dividends Payable $ - Unearned Rent Revenue $ 8,040.00 Bonds Payable (10%) $ 44,000.00 Preferred Stock ($ 20 par) $ - Paid-in Capital in Excess of Par—Preferred Stock $ - Common Stock ($ 10 par) $ 26,400.00 Paid-in Capital in Excess of Par—Common Stock…