prepare finacal statments E4.8 (LO 2), AP Plevin Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is shown as follows.No.101112157158201208311320332400429711726732Plevin CompanyAdjusted Trial BalanceJuly 31, 2022Account TitlesCashAccounts ReceivableEquipmentAccumulated Depreciation-Equip.Accounts PayableUnearned Rent RevenueCommon StockRetained EarningsDividendsService RevenueRent RevenueDepreciation ExpenseSalaries and Wages ExpenseUtilities ExpenseInstructionsa. Prepare the closing entries using page J15.b. Post to the Retained Earnings and No. 350 Income Summary accounts. (Use the three-column form.)c. Prepare a post-closing trial balance at July 31.Debit$ 9,8408,78015,90016,0008,00055,70014,900$129,120Credit$ 7,4004,2201,80020,00025,20064,0006,500$129,120

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Description: prepare finacal statments E4.8 (LO 2), AP Plevin Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is shown as follows.No.101112157158201208311320332400429711726732Plevin CompanyAdju

Journal entries refer to the process of stating the day-to-day transactions of a company as per the…

Answered: July 31, 2022 Account Titles Cash…

Business

Accounting

July 31, 2022 Account Titles Cash Accounts Receivable Equipment Accumulated Depreciation-Equip. Accounts Payable Ungarned Rent Revenue Debit $ 9,840 8,780 15,900 Credit $ 7,400 4,220 1.800

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 7DQ

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On December 31, 2022, the following information were taken from the trial balances of ABC Company and XYZ Company: Account Title For ABC Company For XYZ Company Cash P1,200,000 P200,000 Trade and other receivables 300,000 300,000 Inventories 1,300,000 1,000,000 Noncurrent assets 1,600,000 1,300,000 Current liabilities 300,000 200,000 Noncurrent liabilities 600,000 400,000 Ordinary share capital 1,100,000 1,000,000 Share premium 200,000 - Retained Earnings 2,200,000 1,200,000 On January 1, 2023, ABC Company issues 50,000 shares of its P20 par value shares to acquire 70% of the outstanding shares of XYZ. The fair value of the shares of ABC as of January 1 was P29. Contingent consideration that is determined based on the best estimate is P100,000 . It was determined that ABC Company had a noncurrent asset that was undervalued by P25,000. The fair value of the no.n-controlling interest is P700,000 ABC Company also incurred the following fees Broker's fees (paid) 190,000…
On December 31, 2022, the following information were taken from the trial balances of ABC Company and XYZ Company: ABC Company XYZ Company Cash P1,200,000 P200,000 Trade and other receivables 300,000 300,000 Inventories 1,300,000 1,000,000 Noncurrent assets 1,600,000 1,300,000 Current liabilities 300,000 200,000 Noncurrent abilities 600,000 400,000 Ordinary share capital 1,100,000 1,000,000 Share premium 200,000 Retained camings 2,200,000…
On December 31, 2022, the following information were taken from the trial balances of ABC Company and XYZ Company: ABC Company XYZ Company Cash P1,200,000 P200,000 Trade and other receivables 300,000 300,000 Inventories 1,300,000 1,000,000 Noncurrent assets 1,600,000 1,300,000 Current liabilities 300,000 200,000 Noncurrent abilities 600,000 400,000 Ordinary share capital 1,100,000 1,000,000 Share premium 200,000 Retained camings 2,200,000…
1. What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021? 2. What is the amount of the current accounts receivable of AR Corporation that might prove to be uncollectible? 3. What is the balance of the allowance for uncollectible accounts before adjustments of AR Corporation on December 31, 2021? 4. What is the balance of the allowance for uncollectible accounts after all the necessary adjusting entries on December 31, 2021 of AR Corporation?
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The unadjusted trial balance of S&M Corporation as on June 30, 2020 are as follows: Cash $188,640 Salaries and wages expense (sales) $287,640 Inventory 538,640 Salaries and wages expense (office) 349,640 Sales revenue 4,278,640 Purchase returns 18,640 Unearned sales revenue 120,640 Sales returns and allowances 82,640 Purchases 2,789,640 Freight-in 75,640 Sales discounts 37,640 Accounts receivable 146,140 Purchase discounts 30,640 Sales commissions 86,640 Selling expenses 72,640 Telephone and Internet expense (sales) 20,640 Accounting and legal services 36,640 Utilities expense (office) 35,640 Insurance expense (office) 27,640 Miscellaneous office expenses 11,640 Advertising expense 57,640 Rent revenue 243,640 Delivery expense 96,640 Extraordinary loss (before tax) 73,640 Depreciation expense (office equipment) 51,640…
The ledger of X Limited contained the following account balances at December 31, 2019, the end of company's fiscal year. Accounts …… …… …… …… …… …… …… …… Balances ($)Cash …… …… …… …… …… …… …… …… …… 7130Accounts Receivable …… …… …… …… …… 23000Inventory …… …… …… …… …… …… …… …… 37000Supplies …… …… …… …… …… …… …… …… 1010Prepaid Rent …… …… …… …… …… …… …… 9410Machinery …… …… …… …… …… …… …… … 23900Accumulated Depreciation-Machinery …… 9980Equipment …… …… …… …… …… …… …… … 62700Accumulated Depreciation-Equipment …… 7530Land …… …… …… …… …… …… …… …… …… 73000Accounts Payable …… …… …… …… …… …… 976015% Debenture …… …… …… …… …… …… … 31000Common Stock ($ 2.5 par value) …… …… … 40000Additional Paid in Capital-Common Stock … 42000Retained Earnings …… …… …… …… …… …… 59400Sales …… …… …… …… …… …… …… …… …… 547200Sales Returns and Allowances …… …… …… 8000Sales Discount …… …… …… …… …… …… …… 3600Salaries Expense …… …… …… …… …… …… … 75500Cost of Goods Sold …… …… …… …… …… …… 385400Loss from employee strike …… ………
What total amount should be recognized in profit or loss of Sushi Inc. for the year ended December 31,2021 to reflect non adjusting events? a. 4500000 b. 3000000 c. 2500000 d. 1500000
If total assets decreased by P47,000 during a period of time and owner’s equity increased by P 24,000 during the same period, the amount and direction, increase or decrease, of the period’s change in total liabilities is _____________. Put a parenthesis if your answer indicates a decrease On November 2020, Guess Company advanced P120,000 for services to be rendered on the first quarter of 2021. The liability method was used to record the collection of said amount. What amount is recognized as revenue for the year 2020? On January 1, 2021, the beginning balance of Armani Company (VAT registered) inventory amounted to P600,000. On January 15, 2021, Armani Company purchased P952,000 (VAT inclusive) worth of inventory with terms 2/15 n/60. On January 25, Armani Company returned 10% of defective inventories and paid the rest on January 29, 2021. At the end of the accounting period, inventory on hand amounted to P450,000. How much will recorded as credit to Purchase returns and…
2. The unadjusted trial balance of S&M Corporation as on June 30, 2020 are as follows: Cash $188,640 Salaries and wages expense (sales) $287,640 Inventory 538,640 Salaries and wages expense (office) 349,640 Sales revenue 4,278,640 Purchase returns 18,640 Unearned sales revenue 120,640 Sales returns and allowances 82,640 Purchases 2,789,640 Freight-in 75,640 Sales discounts 37,640 Accounts receivable 146,140 Purchase discounts 30,640 Sales commissions 86,640 Selling expenses 72,640 Telephone and Internet expense (sales) 20,640 Accounting and legal services 36,640 Utilities expense (office) 35,640 Insurance expense (office) 27,640 Miscellaneous office expenses 11,640 Advertising expense 57,640 Rent revenue 243,640 Delivery expense 96,640 Extraordinary loss (before tax) 73,640 Depreciation expense (office equipment) 51,640 Interest expense 179,640 Depreciation expense (sales equipment) 39,640 Common stock ($10 par) 903,640 S&M’s effective tax rate on all items is 30%. A physical…