Please answer all show solution, will surely given an upvote. Thank you II PROBLEM MERCHANDISINGThe adjusted trial balance of Mae Azimfa Corporation, a trading company as of December 31, 2021,presented below, is not in proper order.Share Capital - PreferencePremium on share capital - OrdinaryNotes Receivable (installment ofP5,000 a month)Trading securitiesInsurance Expense - officeAccrued Interest ExpensePurchase returnsUnearned Interest IncomeOffice Utility ExpenseAccounts PayableTax Payable (payable in 4 months)Income tax expenseGain on sale of used furnitureAccounts ReceivableTransportation Expense - officePurchase discountDepreciation Expenses - HO Bldg.Share Capital - OrdinaryAllowance for Bad DebtsInterest expenseRetained earningsPurchasesPrepaid Interest ExpenseAdvertising expenseOffice Salary ExpenseLandInterest IncomeBuildingFurniture and equipmentSales returns and allowancesMerchandise inventory, Jan 1Freight inFreight outOffice Supplies ExpenseLoss on sale of trading securitiesToolsCashRent IncomeSalesmen commission expenseBank loan payable (payable P12,500quarterly)SalesAcc. Depreciation - Bldg.Acc. Depreciation - Furniture and Equipt.Unused Office SuppliesRent ReceivableSales discountTotalDebit80,00020,0008,00012,00021,000240,0008,00020,00012,000240,0004,00012,00020,0008,00012,00092,000200,000400,00060,00040,00020,0002,0008,00014,0002,00012,000140,00059,0001.766.000Credit100,00012,00056,00060,00012,000180,00024,0002,00010,000400,00012,000110,00034,0006,00018,00030,000200,000500,0001.766.000Additional information:1. Merchandise inventory, December 31, 2021 - P30,000.2. Authorized capital stock of ordinary share, 10,000 shares at P100 par value.3. Authorized capital stock of preference share, 5,000 shares at P100 par value.4. No dividend was declared during the year.3 INSTRUCTION: Indicate on the ANSWER SHEET ABOVE, the AMOUNT of the correct answer.1. The net sales is P2. The cost of goods sold is P3.- the gross profit is P4. The other income is p5.The total income or revenue is P6.The selling expense is P.7. The administrative expense is P_8. The total other expenses is P9. - The EBIT (Earnings Before Interest and Tax) is P10.. The finance cost is P11.- The net income before income tax is P12.- The net income after tax is P13. The retained earning as of December 31, 2021 is P14 The total current assets is P15The total non-current assets is P16 The total assets is P17- The total current liabilities is P18- The total non-current liabilities is P19 The total liabilities is P20 The total stockholders equity is4

Income Statement An income statement displays the income, costs, and profitability of a business…

Answered: INSTRUCTION: Indicate on the ANSWER…

INSTRUCTION: Indicate on the ANSWER SHEET ABOVE, the AMOUNT of the correct answer. 1. - The net sales is P 2.- The cost of goods sold is P. 3.- the gross profit is P.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 61E: Recording Various Liabilities Glenview Hardware had the following transactions that produced...

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Spreadsheet from Trial Balance Heinz Companys post closing trial balance as of December 31, 2018, and the adjusted trial balance as of December 31, 2019, are shown here: A review of the accounting records reveals the following additional information: a. Bomb payable with a face value, book value, and market value of 14,000 were retired on June 30, 2019. b. Bonds payable with a face value of 8,000 were issued at 90.25 on August 1, 2019. They mature on August 1, 2024. The company uses the straight-line method to amortize the bond discount. c. The company sold a building that had an original cost of 8,000 and a book value of 4,800. The company received 2,200 in cash for the building and recorded a loss of 2,600. d. Equipment with a cost of 4,000 and a book value of 1,400 was exchanged for an acre of land valued at 2,700. No cash was exchanged. e. Long-term investments in bonds being held to maturity with a cost of 1,000 were sold for 800. f. Sixty-five shares of common stock were exchanged for a patent. The common stock was selling for 20 per share at the time of the exchange. Required: Prepare a spreadsheet to support a statement of cash flows for 2019.
Comprehensive: Income Statement and Supporting Schedules The following s a partial list of the account balances, after adjustments, of Silvoso Company on December 31, 2019: The following information is also available: 1. The company declared and paid a 0.60 per share cash dividend on its common stock. The stock was outstanding the entire year. 2. A physical count determined that the December 31, 2019, ending inventory is 34,100. 3. A tornado destroyed a warehouse, resulting in a pretax loss of 12,000. The last tornado in this area had occurred 10 years earlier. 4. On May 1, 2019, the company sold an unprofitable division (R). From January through April, Division R (a major component of the company) had incurred a pretax operating loss of 8,700. Division R was sold at a pretax gain of 10,000. 5. The company is subject to a 30% income tax rate. Its income tax expense for 2019 totals 4,230. The breakdown is as follows: 6. The company had average shareholders equity of 150,000 during 2019. Required: 1. As supporting documents for Requirement 2, prepare separate supporting schedules for cost of goods sold, selling expenses, general and administrative expenses, and depreciation expense. 2. Prepare a 2019 multiple-step income statement for Silvoso. Include any related note to the financial statements. 3. Prepare a 2019 retained earnings statement. 4. Next Level What was Silvosos return on common equity for 2019? What is your evaluation of Silvosos return on common equity if last year it was 10%?
Reading 3M Companys Balance Sheet: Accounts Receivable The following current asset appears on the balance sheet in 3M Companys Form 10-K for the year ended December 31, 2013 (amounts in millions of dollars): Required What is the balance in 3M Companys Allowance for Doubtful Accounts at the end of 2013 and 2012? What is the net realizable value of 3M Companys accounts receivable at the end of each of these two years? What caused increases in the allowance account during 2013? What caused decreases? Explain what a net decrease in the account for the year means.
Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. ( Note: Assume a periodic inventory system.) b. Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were with-held from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,262, including state sales taxes of S48. ( Note: Assume a periodic inventory system.) e. Employers share of Social Security and Medicare taxes for the period were $620 and $145, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently).
(Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson Companys adjusted trial balance at the end of 2019: In addition, the following information was obtained from the companys records: Land was sold, at cost, for 1,900. Dividends of 4,000 were declared and paid. Equipment was purchased for 10,400. Common stock was issued for 9,000. Beginning cash balance was 17,000. Required: Using visual inspection and the direct method, prepare Walsons 2019 statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Question 1 The trial balance of beta limited as as 31st December,2019 is as follow: Debit Credit GH¢ GH¢ Sales and Purchases 20,000 50,000 Inventory 8,000 Distribution costs 8,000 Administration expenses 15,550 Trade Receivables and Payables 12,400 20,000 Cash and Bank 8,100 Ordinary Shares(Gh¢ 0.50) 52,000 Revaluation reserves 8,000 10% Redeemable Preference shares (GH¢ 1)…
Assignment 1 The trial balance of beta limited as as 31st December,2019 is as follow: Debit Credit GH¢ GH¢ Sales and Purchases 20,000 50,000 Inventory 8,000 Distribution costs 8,000 Administration expenses 15,550 Trade Receivables and Payables 12,400 20,000 Cash and Bank 8,100 Ordinary Shares(Gh¢ 0.50) 52,000 Revaluation reserves 8,000 10% Redeemable Preference shares (GH¢ 1)…
Pls Answer this question with solutions VERSAL ENTIRE Co. has the following liabilities as of December 31, 20x1. a) Trade accounts payable, including cost of goods received on consignment of ₱20,000 ₱ 600,000 b) Held for trading financial liabilities 100,000 c) Deferred revenue 40,000 d) Bank overdraft 20,000 e) Income tax payable 100,000 f) Accrued expenses 10,000 g) Share dividend payable 24,000 h) Advances from affiliates payable in 15 months after year-end 46,000 i) Loan of WHOLE, Inc. guaranteed by VERSAL – it is possible that VERSAL will be held liable for the guarantee 90,000 How much is the total current liabilities? a. 810,000b. 834,000c. 850,000d. 900,000
QUESTION FOUR: Here is the Trial balance of Falta Ltd as at 30 April 2018: Dr Cr $ $ Share capital: authorized and issued 200,000 Inventory as at 30 April 2017 102,994 Accounts receivable 227,219 Accounts payable 54,818 8% loan notes 40,000 Non-current assets replacement reserve…
Additional information as at 31 Mac 2020: i. Stock on hand was valued at $8,800 ii. Rent and rates prepaid $1,200 iii. Wages and salaries accrued $1,750 iv. Depreciation is to be provided as follows: a. Motor vehicles - 50 % reducing balance method b. Office equipment - 20% straight line method v. The doubtful debts provision is to be maintained at 2% of closing debtors. Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 March 2004 PLEASE ANSWER LIKE THIS FORMAT
ABC TradersTrial Balance at 31 December 20.1 Dr. Cr.Purchases/Sales 843,800 1,394,200 Return in and Out 22,200 33,300Discounts Allowed and Received 4,400 5,500Debtors and Creditors 66,000 77,000Drawing and Capital 136,700 410,000Stock 1 January 20.1 55,500 Carriage on Sales 21,000Carriage on Purchases 34,500Wages and Salaries…
HW - Ch 20-2 Prepare journal entries to record the effects on Shannon’s accounting records at December 31, 2021, for each of the items described above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars not in thousands of dollars.) (1) Record the gain on sale of investment with an original cost of $186,000 for $232,000 (2) Record the adjustment of equity securities for the investment of $232,000 as on the date of sale. (3) Record the fair value adjustment. (4) Record the loss-lawsuit. (5) Record correction of inventory error. (6) Record correct assets that were incorrectly expensed. (7) Record the 2021 adjusting entry for depreciation. (8) Record the income tax expense.