Jan. 1, 2020 Dec. 31, 2020 Accrued Expenses $30,000 $26,000 Payments Made $67,000 Operating Expenses $69,000 Prepaid Expenses $12,000 ? How much is the prepaid expenses on Dec. 31, 2020?
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| Jan. 1, 2020 | Dec. 31, 2020 | |
| Accrued Expenses | $30,000 | $26,000 |
| Payments Made | $67,000 | |
| Operating Expenses | $69,000 | |
| Prepaid Expenses | $12,000 | ? |
How much is the prepaid expenses on Dec. 31, 2020?
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- Data for adjustments: Supplies on hand December 31, 2020, 9,000 Doubtful Accounts for the year, 4000_________1. On 2020, an entity made cash sales of ₱3,000,000. It paid ₱1,000,000 in expenses and owed ₱300,000 for services it received in 2020 but payable in 2021. What is the profit for 2020? A. ₱1,200,000B. ₱1,700,000C. ₱2,000,000D. None of the above _________2. Calculate for the profit given the data below: Sales ₱2,000,000Prepaid Rent Expense (2 months advance payment) 50,000Cost of Sales 400,000Operating Expenses 300,000Admin Expenses 100,000A. ₱1,150,000B. ₱1,200,000C. ₱1,250,000D. None of the above _________3. Which of the following is an expense? A. Interest paid on loanB. Withdrawal of cash made by the ownerC. Payment received for service rendered to customerD. Repayment of principal amount of a loan _________4. How…Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Requirement: Based on the above information, determine the insurance expense on the income statement for 2020. Choices; P381,000 P543,000 P453,000 P471,000
- How much should be reported as total expenses for the first quarter ended March 31, 2022? A. ₱ 6,575,000 B. ₱ 6,535,000 C. ₱ 6,775,000 D. ₱ 6,625,000Year ended December 31, 2023 2022 2021 Revenues $4,578,041 $3,864,324 $3,003,610 Costs and expenses: Cost of goods sold $2,227,189 $2,089,089 $2,005,691 Selling and administrative 922,261 836,212 664,061 Interest 29,744 32,966 30,472 Other expenses (income) 1,475 2,141 (43) Total costs and expenses $3,180,669 $2,960,408 $2,700,181 Income before income taxes $1,397,372 $903,916 $303,429 Income taxes 229,500 192,600 174,700 Net income $1,167,872 $711,316 $128,729 Venus IndustriesConsolidated Balance Sheets (in thousands) December 31, ASSETS 2023 2022 Current assets: Cash and equivalents $291,284 $260,050 Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046 826,977 616,064 Inventories 592,986 512,917 Deferred income taxes 26,378 28,355 Prepaid expenses 40,663 32,977 Total current assets $1,778,288 $1,450,363 Property, plant, and equipment $571,032 $497,795 Less accumulated depreciation (193,037)…Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Refer to Berlin, the salary expense on the income statement for 2020 was P3,369,000 P4,107,000 P4,005,000 P4,743,000
