Journal Entry The company realized a profit od Php470,000
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The company realized a profit od Php470,000.
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- a company earn income of 764,000.00 prepare the journalPrepare a SFP for ABM Company for this year ended December 31, both in account and report form using the following information below:ABM Capital ₱21,950 Unearned Revenue ₱1,000Accounts Payable ? Accumulated Depreciation ₱2,000Accrued Expense ₱4,500 Inventory ₱39,800Building ₱100,000 Cash ₱32,800Prepaid Rent ₱1,000Ending owner’s equity amounted to P70,000. Additional investments during the year amounted to P30,000. Withdrawals totaled P50,000. Compute for the company’s net income for the year assuming beginning equity is P10,000.
- At the end of the first month of operations for FDNACCT, the business had earned P140,500 of revenues and incurred P71,500 of expenses. It also showed the following: Liabilities: P25,000 Assets: P118,000 How much is the owner’s initial investment?ABC Trading Inc. started the year with total assets of P60,000 and total liabilities of P40,000. During the year, the business recorded P100,000 in car repair revenues, P55,000 in expenses. The net income reported by ABC Trading, Inc. for the year was: a. Php90,000 b. Php45,000 c. Php20,000 d. Php35,000Income Statements for the Year Ended 31st Dec 2020 KM Ltd ROW Ltd £'000 £'000 Sales revenue 8,320 11,250 Cost of sales (6,020) (9,030) Gross profit 2,300 2,220 Operating expenses (1,048) (1,535) Operating profit 1,252 685 Finance charges (20) (70) Profit before tax 1,232 615 Taxation (62) (30) Profit for the year 1,170 585 SOFP (Balance Sheet) as at 31st Dec 2020 KM Ltd ROW Ltd £'000 £'000 £'000 £'000 Non-current assets 502 198 Current assets Inventory 1,290 2,437 Trade receivables 730 1,990 2,020 4,427 Total assets 2,522 4,625 Equity Share capital 1,350 800 Reserves 580 1,145 1,930 1,945…
- Income Statements for the Year Ended 31st Dec 2020 KM Ltd ROW Ltd £'000 £'000 Sales revenue 8,320 11,250 Cost of sales (6,020) (9,030) Gross profit 2,300 2,220 Operating expenses (1,048) (1,535) Operating profit 1,252 685 Finance charges (20) (70) Profit before tax 1,232 615 Taxation (62) (30) Profit for the year 1,170 585 SOFP (Balance Sheet) as at 31st Dec 2020 KM Ltd ROW Ltd £'000 £'000 £'000 £'000 Non-current assets 502 198 Current assets Inventory 1,290 2,437 Trade receivables 730 1,990 2,020 4,427 Total assets 2,522 4,625 Equity Share capital 1,350 800 Reserves 580 1,145 1,930 1,945…Income Statements for the Year Ended 31st Dec 2020 KM Ltd ROW Ltd £'000 £'000 Sales revenue 8,320 11,250 Cost of sales (6,020) (9,030) Gross profit 2,300 2,220 Operating expenses (1,048) (1,535) Operating profit 1,252 685 Finance charges (20) (70) Profit before tax 1,232 615 Taxation (62) (30) Profit for the year 1,170 585 SOFP (Balance Sheet) as at 31st Dec 2020 KM Ltd ROW Ltd £'000 £'000 £'000 £'000 Non-current assets 502 198 Current assets Inventory 1,290 2,437 Trade receivables 730 1,990 2,020 4,427 Total assets 2,522 4,625 Equity Share capital 1,350 800 Reserves 580 1,145 1,930 1,945…XYZ Company has the following information for the year ended December 31, 2022: Revenue - $100,000 Cost of Goods Sold - $50,000 Operating Expenses - $20,000 Interest Expense - $5,000 Income Tax Expense - $10,000 Dividends Paid - $8,000 Calculate the net profit for the year ended December 31, 2022.
- During the current year, Delaware Company reported total operating expenses of P3,200,000, consisting of P1,000,000 depreciation, P700,000 insurance and P1,500,000 salaries. The prepaid insurance P150,000 on January 1 and P200,000 on December 31. The accrued salaries payable totaled P220,000 on January 1 and P200,000 on December 31. What total amount was paid for operating expenses? P2,270,000 P3,270,000 P2,230,000 P2,130,000FDNACCT has beginning balance of owner’s equity of 183,000. This increased to P500,000 at year-end. Owner’s additional investment and withdrawal were P60,000 and P90,000, respectively. Total costs and expenses during the year amounted to P262,000. How much was total revenues earned during the period?Brick & StoneIncome Statement for the year ended 31 December 2016 Notes $ $Sales 2,500,000Cost of Sales 1 1,100,000Gross Profit 1,400,000ExpensesSalaries & Wages 2 760,000Employer NIS Contribution 2,400Rent and Rates 3 240,000Insurance 50,000Maintenance 120,000Depreciation 4…