J. Ilagan invested Php150,000 in a real estate agency. A.Debit land, Credit cash B.Debit cash, Credit J. Ilagan, Capital C.Debit land, Credit Accounts Payable D.None of the above
Q: The 2:1 split of shares (stock split-up): a. increases par value per share without affecting total ...
A: A stock split occurs when a firm increases the number of outstanding shares of stock in order to inc...
Q: iv. Degree of operating leverage. Estimated percentage increase and decrease in net operating income...
A: iv. Degree of Operating Leverage = Contribution Margin / Operating Profit v. Estimated % Change in O...
Q: Tracing for several days before and after year-end to recorded purchases is designed to test 1. the ...
A: An auditor must check the authenticity of the transaction and it can be done by getting sufficient a...
Q: On January 1, 2021, PARKSOOYOUNG acquired all the outstanding shares of SUNGJAE for P600,000. The sh...
A: An asset refers to the resources that are generally used for generating the cash flows that help in ...
Q: 23. Buying goods and services are examples of operating activities in the statement of cash flows. T...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: Which of the following categories of hedge fund strategies are exposed to event risk? O a. Market di...
A: Comment - We’ll answer the first question since the exact one wasn’t specified. Please submit a new ...
Q: The following information describes transactions for Morgenstern Advertising Company during July:a. ...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: I. DIRECT COST AND OVERHEAD COST VARIANCE ANALYSIS Goldilock Inc. produces safe deposit boxes. Durin...
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: Which of the following is true about the operating cycle concept? It causes the distinction between...
A: Lets understand the basics. Operating cycle is a cycle of converting inventories into cash. It inclu...
Q: A company purchased a computer system on January 1, 2021 for S1,600,00 and sold it one year later on...
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as d...
Q: Cranberry has received a special order for 170 units of its product at a special price of $2,350. Th...
A: The variable cost are effected with changes in number of units produced. The fixed cost remains con...
Q: Rank the following inventory methods in terms of their record-keeping cost. For answer choices, the...
A: LIFO stands for the last in first out, it is a method of valuing the inventory which the company is ...
Q: Effect of Errors on Adjusted Trial Balance For each of the following errors, considered individually...
A: The adjustment entries are prepared to keep the record of day to day transactions of the business.
Q: A store sells a product that has the annual demand of 16,156 units. It purchases the product from su...
A: At EOQ, total ordering cost and carrying cost is minimum. Total ordering and carrying cost can be ca...
Q: The following cost have been estimated based on sales of 30,000 units Direct materias P300,000 (100...
A: Contribution margin = Total sales - Total variable costs where, Total variable costs = Direct materi...
Q: 19.Design cycle time is an example of a(n): Financial performance measure Service-after-sale process...
A: When there are no interruptions, the DESIGNED CYCLE TIME is the calculated time it takes for a works...
Q: Problem 23-17 (IAA) retained earnings on December 31, 2020? During the current year, the following c...
A: Unappropriated Retained Earnings are the portion of the retained earnings which are not kept for any...
Q: On which of the following dates related to the declaration and payment of dividends is a journal ent...
A: dividends will be declared first and then the payment for the same will be made. generally dividend...
Q: On January 1, 2020, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpee...
A: Given:Outstanding voting stock = $ 1,125,000Common stock = $ 1,170,000Retained earnings = $ 58,500No...
Q: The declaration and issuance of a dividend in shares (stock dividend) greater than 25% of the shares...
A: In case of a stock dividend greater than 25% (also known as large stock dividends), the journal entr...
Q: On July 1, 2021, PASSETS acquired all the net assets of SIABS at its underlying book value, which re...
A: Acqusition cost in Business combination Acqusition cost which are incurred at the time of the busine...
Q: Manor, Inc. currently manufactures 1,200 subcomponents per month in one of its factories. The unit c...
A: Given, Direct Materials 42 Direct Labour 84 Variable Cost 67 Fixed Cost ...
Q: Lopez acquired a building on June 1, 2016, for $1,000,000. Compute the depreciation deduction assumi...
A: Solution Depreciation means to reduction the cost of an asset over its useful life. Depreciation are...
Q: On January 1, 2021, PORKING acquired majority of SAPER’s outstanding voting stocks. On that day, the...
A: Consolidation In the Consolidation procedures parent company acquired more than 50% shares of the su...
Q: Which of the following is liable for the 3% percentage tax under section 116 of the NIRC?
A: Percentage Tax is a form of Sales Tax in Philippines computed on the basis of gross sales, receipts ...
Q: Instructions The prepaid insurance account had a beginning balance of $3,755 and was debited for $6,...
A: Answer) Adjustment Journal Entry Account Titles and Explanation Debit Credit Insuran...
Q: The estimated amount of depreciation on equipment for the current year is $8,255. Journalize the adj...
A: Depreciation (begin an expense) is debited. Accumulated depreciation Account (contra asset) is credi...
Q: .Pedro earned and incurred the following income and expenses: |Compensation (exclusive of mandatory ...
A: Taxable income: Taxable income refers to the sum of gross income from all the sources that indicate...
Q: Jennifer’s Landscaping Services signed a $400-per-month contract on November 1, 2019, toprovide plan...
A: Unearned income refers to money obtained from a client for work which has yet to be completed. It is...
Q: Below is the Stockholder's Equity section of the Reston Corporation's Balance Sheet as of December 3...
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued i...
Q: Explain the following terms. Include the definition, how they are calculated, treated in the account...
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for...
Q: A company manufactures and sells a single product which has the following cost and selling price str...
A: The question is based on the concept of Cost Accounting.
Q: January 3 Purchased equipment for $55000, paying $45000 in cash and signing a 10000, 4-month, 10% no...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Globe Company, a real estate developer, is owned by five founding shareholders. On December 1, 2019,...
A: calculation of dividend payable are as follows:
Q: ABC Company accounted for noncurrent assets using the cost model. On December 31, 2021, the entity c...
A: As per IFRS 5, an asset held for sale is not depreciation rather it should be valued at fair value l...
Q: cultural and behavioural expectations of studying for a degree in accounting and financial managment...
A: Cultural and Behavioural expectations would be: setting and promoting guiding values and an ethic...
Q: In January 2014, ABC Corporation, a new corporation, issued 10,000 shares of common stock with a par...
A: Share Repurchase or Share Buyback means when company buy backs it's share from the investors. The c...
Q: 2. Jones Corporation uses a first-in, first-out (FIFO) process cost system. Jones has the following ...
A: FIFO is a technique of valuing inventories wherein objects sold or to use are generally priced at th...
Q: An investment of S110.000 in safe 10-year corporate bonds yieids an average of 12% per year, payable...
A: In this question, we will find out that how much his $110,000 be worth in 10 years in todays purchas...
Q: Bon cap 720,000 Bien cap 700,000 The partnership is to be liquidated on installment. First sale of n...
A: Partnership When two or more people joined together to operate the business and share profits and lo...
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inven...
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell ou...
Q: Finish the Income Statement and Balance Sheet using the data provided, and calculate the final total
A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...
Q: Description Year 1 Year 2 Year 3 Total Distribution $12,000 $18,000 $90,000 Preferred Stock ...
A: The major distinction between preferred and common stock is that preferred stock does not provide sh...
Q: The following information relates to manufacturing business Direct materials 5 kgs x S8 per kg Direc...
A: Labor rate variance = (Actual hours×Actual rate) - (Actual hours× Standard rate)
Q: Mohave Corp. is considering outsourcing production of the umbrella tote bag included with some of it...
A: Opportunity cost is the cost of a missed opportunity and so it is always a differential cost. In a...
Q: Problem 23-17 (IAA) retained earnings on December 31, 2020? • Declared and issued a 30% share divide...
A: According to the question, on January 1, 2020, the Elvis company reported the following shareholders...
Q: Using the following balance sheet and income statement data, what is the debt to assets ratio? Curre...
A: Formula: Debt to assets ratio = ( Total liabilities / Total assets ) x 100
Q: Furchases $250,000 Cost of goods sold 250,000 Eeginning balance 30,000 Ending balance ?
A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Ending inventory = Beginning...
Q: Answer the last 2 please
A: A pension is a retirement plan for employees that is funded by the company, the employee, or both, w...
Q: The income statement debit column of the worksheet showed the following expenses: Supplies Expense D...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
1. J. Ilagan invested Php150,000 in a real estate agency.
A.Debit land, Credit cash
B.Debit cash, Credit J. Ilagan, Capital
C.Debit land, Credit Accounts Payable
D.None of the above
Step by step
Solved in 2 steps
- 7: Purchased a building with a market value of $ 120 comma 000$120,000, and land with a market value of $ 24 comma 000$24,000. The business paid $ 45 comma 000$45,000 cash and signed a note payable to the bank for the remaining amount I'm confused as too which is credit and how to add the answer to the balance sheet etc.1.In the books of accounts of Mr. Majid, the following items are given: Cash OMR 12,000; Commission received OMR 2,000; Furniture OMR 20,000; Land OMR 16,000 Wages Paid in advance OMR 6000 ; Accounts payable OMR 20,000; Long term loan OMR 16,000 ; Capital OMR 16,000 Rent paid OMR 2,000 ; Additional Capital OMR 2,000 A. Arrange the above items as Assets, Liabilities, Revenue and Expenses. B. Apply the items into an accounting equation and prove that accounting equation is always equal.David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. The Schedule is complete, however, I'm struggling with the journal entries. I attached images of the completed schedule to assist with the journal entries. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). 1 Record the sale…
- David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Cash Equipment Accum. deprec. Equipment Accounts Pay. Notes Pay. David Wallace, Capital Olena Dunn, Capital Danny Lin, Capital Account balance, December 31, 2020 $40,300 $191,000 $102,000 $8,300 $25,000 $44,000…David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.)Financial Accounting Project:1. The owner, Josef Miguel, invested Php250,000 cash in the business. He registered the business with the following expenditures:a. Mayor’s permit, Php5,000b. DTI registration, Php600c. BIR/TIN Registration, Php500d. Transportation during the processing of registration, Php3002. After the business permit was taken, he started the business with the following cash expenditures:a. Paid in cash rent of office space, Php24,000b. Paid insurance, Php60,000c. Purchased supplies, Php3,000d. Purchased of second-hand delivery truck, Php150,0003. Total delivery income for the month, Php300,000 of which 40% are on account.4. Received cash advance amounting to Php180,000 for delivery services to be rendered in 18 months.5. Billed customers for services rendered, Php45,000.6. Expenses paid / incurred during the month were as follows:a. Salaries, Php40,000b. Utilities, Php2,000c. Transportation, Php3,000d. Telephone, Php6,0007. Collected 50% of transaction no. 38. Withdrew…
- Write TRUE f the analysis for each transaction is correct and FALSE if it is not. 1. The owner invested Php30,000 cash n her nail salon Analysis: Increase in Asset: Cash Php30,000 Increase in Owner's Equity: Owner's Capital Php30,000 2. The businessman bought supplies for Php3,000 cash Analysis: Increase in Asset: Laundry Supplies Php3,000 Increase in Liability: Accounts Payable Php3,000The following transactions were taken from the books of ABC Company. (1) The owner invested P50,000. (2) Purchased Equipment on account, P5,000. (3) Bought Supplies, P5,000 cash. (4) The owner withdrew P1,000 for personal use. (5) The owner made an additional investment of P10,000 cash. Determine capital, end.1. The owner of FDN Trading received the amount loaned personally from a bank amounting to P3,500,000 and invested P800,000 of it into the business. How much is the increase in the total liabilities of the business? 2.
- Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.Mr. Anshori decided to open PO Andalan Jaya. The following is a transaction that occurred at PO Andalan Jaya a. Invested Mr. Anshori's personal money of Rp10,000,000 into PO Andalan Jaya b. Purchased equipment for Rp 2,000,000 in cash c. Purchased equipment for Rp1,000,000 on credit d. Paid Rp.400,000 for the purchase of equipment on credit Requested: Record the transactions that occurred at PO Andalan Jaya on Accounting equation!Liang Shue contributed $250,000 cash and land worth $500,000 to open his new business, Shue Consulting. Which of the following journal entries does Shue Consulting make to record this transaction? a. Cash Assets . . . . . . . . . . . . . 750,000 L. Shue, Capital . . . . . . . 750,000 b. L. Shue, Capital . . . . . . . . . 750,000 Assets . . . . . . . . . . . . . . . 750,000 c. Cash . . . . . . . . . . . . . . . . . . 250,000 Land . . . . . . . . . . . . . . . . . . 500,000 L. Shue, Capital . . . . . . . 750,000 d. L. Shue, Capital . . . . . . . . . 750,000 Cash . . . . . . . . . . . . . . . . 250,000 Land . . . . . . . . . . . . . . . . 500,000
