OA Interest payable of $2,500; interest expense of $2,500 O B Interest payable of $1,500; interest expense of $2,000 C Interest payable of $4,000; interest expense of $2,500 D Interest payable of $2,500; interest expense of $2,000 Unanswered
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Fiat borrowed $80,000 on October 1, 2019. Fiat will not make any payments until October 1, 2021, at that time, Fiat will pay 84,000. Which of the following correctly states the annual financial statement as of December 31, 2020?
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- Given the following information : prepaid expense R72 000, accrues expenses R48 000,accrues income R110 000,trade creditors R600 000,TRADE DEBTORS R9 000 000 and income received in advance R350 000. Trade and other receivable isEntity A invested $18,000 in 10.00% loan notes. The loan interest is paid in arrears. The loan notes are repayable at a premium after 3 years. The effective rate of interest is 12.00%. Entity A intends to collect the contractual cash flows which consist solely of repayments of interest and principal. REQUIRED: (1) Measure the interest revenue recognised in the Statement of Profit or Loss of year 3. (2) Measure the loan notes recognised in the Statement of Financial Position of year 2Determine the missing amount for each of the following: Assets = Liabilities + Owner's equity a. x = $556,000 + $3,374,000 b. $6,111,200 = x + $5,725,000 c. $2,150,000 = $812,500 + x
- Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earningsAdditional information:i. Supplies as at 31st December 2019, RM34,500.ii. Insurance expense at the rate of RM850 per month.iii. Yearly depreciation on the non current assets as below:• furniture and fittings, RM5,175• motor vehicles, RM20,400.iv. Interest expense RM5,295 still payable by end of the yearv. Estimated doubtful debt at the rate of 2% of accounts receivable Question: 1. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31st December 2019. 2. Prepare the Statement of Financial Position as at 31st December 2019.Blum Services has the following unadjusted balances at year-end.Cash $12,900Prepaid insurance 2,000Office supplies 1,300Office equipment 10,500Accumulated depreciation–office equipment 3,500Accounts payable 2,900Salaries payable -0-Unearned service revenue 4,500A.L.Blum, capital 11,750A.L.Blum, drawing 5,600Service revenue 13,350Salary expense 3,700Depreciation expense -0-Supplies expense -0-Insurance expense -0-The following information is available to use in making adjusting entries.a. Office supplies on hand at year-end: $250b. Prepaid insurance expired during the year: $325c. Unearned revenue remaining at year-end: $2,500d. Depreciation expense for the year: $1,800e. Accrued salaries at year-end: $900From the above information prepare the adjusted trial balance for the company (NB.Worksheet must include unadjusted trial balance, adjustments, and the adjusted trialbalance.
- D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?3. Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in Financial Assets - 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and give reasons for each element whether these elements belongs to financing activities or notDetermine the missing amount from each of the seperate situations given below. Assets = Liabilities + Equity = $94,000 + $29,000 $110,000 = $40,000 + $144,000 = + $62,000
- Flawless Company’s trial balance reflected the following account balances on December 31, 2019: Cash P 1,000,000Accounts payable, net of debit balance in suppliers’ accounts amounting to P25,000 1,000,000Bonds payable 3,400,000Premium on bonds payable 200,000Deferred tax liability 400,000Property dividends payable 400,000Income tax payable 300,000Note payable, due January 31, 2020 500,000Contingent liability 150,000Share dividends payable 320,000Cash dividends payable 210,000Reserve for contingencies 430,000Estimated expense of meeting warranties 335,000Estimated damages as a result of unsatisfactory performance on a contract 268,000Mortgage payable 1,000,000Loans payable (payable in five equal annual installments) 500,000 The P1,000,000 Cash account is net of bank overdraft of P300,000 and unreleased check of P100,000 and includingcustomer’s posted check of P50,000 and sinking fund amounting to P280,000 1. How much is the total current liabilities for the year ended December 31,…A long term note ($400,000 face value) matured. The interest of $40,000 was paid but the principle was not. Here is question 2. Expenditures—Debt Service—Principal................................................. Expenditures—Debt Service—Interest....................................... Cash................................................................................ Defaulted Note PayableRepaid a debt of $120 owing to R. Hill. taking advantage of a 10% discount. The debt was paid by a cheque. Record this transaction in the cash bokk