of TR Inc., which provides mining of precious metals. Amount of
Q: Which of the reconciling items listed below require an entry in the company's accounts? (None of the...
A: Reasoning: Bank service charges are to be recorded in the books by the company since it is unrecord...
Q: P3,000,000, and the allowance for inventory writedown before At year-end, Julie Company reported end...
A: Computation of the amount of loss on inventory writedown should be included in cost of goods sold is...
Q: Journalize the entries to record the following: Required: a. On March 1, check is issued to establis...
A: Petty cash funds are those funds which are maintained for small petty expenses of the business. Impr...
Q: A trial balance will disclose that an error has been made in Entering an amount on the wrong side o...
A: Trial balance is prepared to check the arithmatical accuracy of the ledgers accounts. A trial balanc...
Q: The following costs relate to Antonio Industries for the last quarter: P 435,000 215,000 190,000 185...
A: Prime cost constitutes all Direct materials & Direct labor involved in manufacturing of product ...
Q: Felix and Freddie are married with annual taxable income of $230,000. They pay income tax according ...
A: Taxable income is that income in which a person has to pay tax after availing all exemptions.
Q: Prepare a bank reconciliation for October 31, 20XE
A: Bank reconciliation statement is prepared to adjust for the differences between bank balance and the...
Q: Scenario: Assume that a relatively new company you and you group members are involved with has prese...
A: SOLUTION ACCOUNTING EQUATION= ASSET = LIABILITIES + EQUITY.
Q: Circuit Fitness (CF) sells customized exercise equipment to fitness centers. On February 2nd, 2022,...
A: Transaction price can be defined as the consideration that an entity receives after the goods are tr...
Q: Use the following to answer questions 9 -11 On August 31st, the general ledger of MT shows a balance...
A: Introduction:- MT's general ledger indicates a cash balance of $18,000. Cash receipts total $3,500, ...
Q: Below are some of the account balances of FDN Company. Purchases 1,213,500 Purchase returns and allo...
A: Total cost of goods available for sale=Beginning inventory + net purchases + freight in Net purch...
Q: Vincent deposited $1,300 at the end of every month into an RRSP for 9 years. The interest rate earne...
A: Future Value: Using an expected rate of growth, future value (FV) is defined as the worth of a prese...
Q: Jada Company had the following transactions during the year: Purchased a machine for $430,000 using...
A: GIVEN Jada Company had the following transactions during the year: Purchased a machine for $430,0...
Q: FDN Company acquires a building on April 1, 2021 at a cost of P52,500,000. The building has an esti...
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...
Q: Adjusting entry for accrued expense includes a debit to Expense and a credit to Liability. (A) True ...
A: Answer: Accrued expenses are expenses that are appearing as the expenses but it is still not paid to...
Q: Please answer this question with brief solution. I need the answer ASAP thank you!
A: Depreciation is a cost charged over the fixed assets for over a period of time. Fixed Assets are the...
Q: ,000 cash, office equipment wi- uny in exchange for common stoc. 00 for an office by paying $6,. Bin...
A: The journal entry is given as,
Q: The company recorded a net loss of P185,000 for the year just ended. Total operating expenses was P3...
A: Answer: We have Gross sales- Sales discount- cost of sales- operating expenses = Net profit/ loss Gi...
Q: Listed below are items that are commonly accounted for differently for financial reporting purposes ...
A: Financial accounting refers to the accounting which helps in keeping a logical as well as systematic...
Q: On January 1, 2013, BNI Co. sold machinery costing P3,000,000 with accumulated depreciation of P1,20...
A: Lets understand the basics. When asset is purchase with exchange with non interest bearing notes pay...
Q: Ash Traynor opened a Pokèmon dress shop called PokėShoppe. During the first month of operations, the...
A: Thanks for the Question. Bartleby's Guideline: “Since you have posted a question with multiple sub-p...
Q: Given the more common name and describe the purpose of the Statement of Financial Position & the ...
A: Ans. The financial statements of companies are prepared so that it is considered by the different st...
Q: Bonita Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for ...
A: The question is based on the concept of Financial Accounting.
Q: 18,000 188,000 40,000 32,000 34,000 58,000 24,800 $ 1,134,800 expense-tquipment Salaries expense mag...
A: Income statements is prepared to calculate the profit of company. it is calculated by finding the...
Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid...
A: Wages expense per day = Total wages for a week / No. of working day in a week Accrued expense at the...
Q: Explain why most companies use the straight-line method, despite the benefits of accelerated depreci...
A: Accelerated depreciation is a type of method of depreciation in which an asset's book value deprecia...
Q: Various types of accounting changes can affect the financial statements of a business enterprise dif...
A: The common types of changes are as follows 1. Change in accounting method 2. Change in accounting es...
Q: Below are some of the account balances of FDN Company. |Advertising expense P161,000 Depreciation ex...
A: Post manufacturing there are certain expenses which are Incurred to promote, market, create awarenes...
Q: You are a wedding dress maker. You obliged yourself to deliver a wedding dress on May 20, 2021, four...
A: SOLUTION COST ACCOUNTING IS A PROCESS TO ASSIGNING THE COSTS TO COST OBJECTS THAT TYPICALLY INCLUDES...
Q: The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial B...
A: Net income = Total Revenue - Total expenses Retained earnings , Ending balance= Retained earnings , ...
Q: Following are the transaction of TR Inc., which provides consulting services related to mining of pr...
A: A cash flow statement is a type of financial statement that summarizes the amounts of cash and cash ...
Q: al places.) itive value.)
A:
Q: Define the term marginal cost and marginal costing. Explain the features of marginal costing & Menti...
A: SOLUTION MARGINAL COST IS THE COST OF ONE ADDITIONAL UNIT OF OUTPUT. THE CONCEPT IS USED IS TO DETER...
Q: electricity used). Machine hours used would be a reasonable way to allocate overhead costs to produc...
A: Predetermined overhead rate is calculated at the beginning of each period. For that all manufacturin...
Q: Identify each of the following reconciling items as: an addition to the cash balance according to t...
A: Ideally cash balance as per cash book and bank balance as per bank statement must reconcile with eac...
Q: 4. Sunland Company has the following two temporary differences between its income tax expense and i...
A: The above mentioned question solution with calculation given in the following steps.
Q: ABC Company Sdn. Bhd. received an invoice of RM35,000 dated 24 May 2020 with trade discounts of 20%,...
A: Single equivalent discount is the single discount rate which is equivalent to the series of discount...
Q: Assume that you are responsible for planning a banquet for your school’s accounting club. The banque...
A: Fixed Costs: Fixed costs, otherwise called overhead expenses or indirect expenses, are costs of doin...
Q: The following information is available for the pension plan of Vaughn Company for the year 2020. Ac...
A: When computing pension expense for the year it considers service cost, interest cost and gain / los...
Q: Prepare the necessary adjusting general journal entry for December 31, 2021, to reflect the investme...
A: Journal entries refers to the official book of a company which is used to record the day to day tran...
Q: benefits of a loss carryforward, assume that it is probable that the related benefits will be realiz...
A: Hi student, Since there are multiple subparts, we will answer only first three subparts. Deferred ...
Q: Required: 1) Prepare a formal, classified Balance Sheet based on the info herein 2) Note: the balanc...
A: Classified balance sheet is one of the financial statement that is prepared for the analysis of fina...
Q: her new house. She can repay the loan in either of the two ways described below. (a) Five equal ann...
A: Inputs Borrowing Amount or Loan Amount = 5000
Q: Conn Man’s Shops, a national clothing chain, had sales of $440 million last year. The business has a...
A: Working Notes: 1. Spontaneous liabilities: = Accounts payable + Accrued expenses + Other payables ...
Q: ABC Corporation wishes to raise money by selling a 90-day promissory note in the short-term money ma...
A: Solution Given Maturity period of note 90 days Amount payable at maturity 17000000 Y...
Q: QUESTION 1 RM3,500 was deposited into an account on 12 July 2020. If the simple interest rate was 4....
A: Simple interest is the method which helps in calculating the interest for a principal amount for a p...
Q: On October 1, 2021, ABC Company paid an insurance premium covering the period from October 1, 2021 t...
A: Insurance expense per month = Total amount paid / Total period of service Prepaid Insurance Expense ...
Q: Starstruck Company is a retailer of Italian furniture and has five major product lines. At year-end,...
A: >NRV or Net Realizable value is used to determine the inventory value to be reported using the "l...
Q: Butrico Manufacturing Corporation uses a standard cost system, records materials price variances whe...
A: Answer - Direct Materials Price Variance - Direct material price variance is the difference betwee...
Q: Current Account Value Exports of goods 107,941 Exports of services 44,133 Primary income receipts 36...
A: Financial Account: Financial accounts are components of a country's balance of payments that represe...
Step by step
Solved in 2 steps
- need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…B. Application and Creation1. Case A – Algeria Co.Below are the cash transactions of Alderia Co. for December 31, 2015.Cash payment to suppliers of goods and services(25,000)Cash receipts from rendering of services 50,000Payment to owners (5,000)Proceeds from bank loans 25,000Proceeds from cash investment of owners 115,000Payment for acquisition of equipment 100,000Cash at the beginning of the year 1,000,000Instructions: Prepare the statement of cash flow using the indirect method.After which, answer the following questions. How much is cash flow from operating activities? How much is cash flow from investing activities? How much is cash flow from financing activities? How much is the net increase or decrease in cash for the year? How much is cash as at December 31, 2015?He hard the following interrim Balance as at the end of september Items Amount in shillings ''000" Commission earned 60,000 Debenture Interest 4000 Depreciation on Plant and Machinery 16,000 Destroyed stock 150,000 Wages prepaid 120,000 Sales( Net) 1,000,000 Provision for Court case pending 80, 000 Bank overdraft 200,000 Total 1,630,000 a With reference to the above table andcategorize the above items as either debits or credits, kepping other factor constant? b) as an Accountant in the making,if a supplier has sold you goods on credit, take us throught the process you would go throught to get it recorded in Trial Balance? c) Give two items you think should not have been omitted in the about table, stating your justification?
- Ex5.21From the following transactions as well as additional data, please complete the entire accountingcycle for Parker’s Plowing201XJan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowingcompany.1 Paid rent for six months in advance for garage space, $6,000.4 Purchased office equipment on account from Lumen Corp., $12,600.6 Purchased snow supplies for $800 cash.8 Collected $14,000 from plowing local shopping centers.P a g e 7 | 812 Parker Muroney withdrew $4,000 from the business for his own personal use.20 Plowed Alton Co. parking lots, payment not to be received until May, $1,500.26 Paid salaries to employees, $1,900.28 Paid Lumen Corp. one-half amount owed for office equipment.29 Advertising bill received from Washington Co. but will not be paid until May, $700.30 Paid telephone bill, $130.Adjustment Dataa. Snow supplies on hand, $700.b. Rent expired, $1,000.d. Depreciation on snow equipment, $200: ($12,000/5 yr = $2,400/12 mo. = $200).e. Accrued…Question Content Area Use the information provided for Privett Company to answer the question that follow. Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Temporary investments 36,000 Based on the data for Privett Company, what is the amount of working capital? a.$213,000 b.$153,000 c.$39,000 d.$113,000Problem 9-02 Given the following information, construct the firm’s balance sheet: Cash and cash equivalents $ 600,000 Accumulated depreciation on plant and equipment 1,200,000 Plant and equipment 6,100,000 Accrued wages 260,000 Long-term debt 4,860,000 Inventory 6,360,000 Accounts receivable 5,050,000 Preferred stock 500,000 Retained earnings 9,100,000 Land 1,540,000 Accounts payable 2,140,000 Taxes due 160,000 Common stock $ 10 par Common shares outstanding 99,000 Current portion of long-term debt $ 440,000 Round your answers to the nearest dollar. Corporation X Balance Sheet as of XX/XX/XX Assets Liabilities and Owners' Equity Cash and cash equivalents $ Accounts payable $ Accounts receivable Taxes due Inventory Accrued wages Total current assets $ Current portion of long-term debt $ Land Total current liabilities Plant and equipment…
- Question 34 Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Harlan Mining Co. for 2022 and 2021 are provided below. BALANCE SHEETS 12/31/22 12/31/21 Cash $408,000 $ 192,000 Accounts receivable 360,000 216,000 Inventory 384,000 480,000 Property, plant and equipment 608,000 960,000 Less accumulated depreciation (320,000) (304,000) 288,000 656,000 $1,440,000 $1,544,000 Accounts payable $ 176,000 $ 96,000 Income taxes payable 352,000 392,000 Bonds payable 360,000 600,000 Common stock 216,000 216,000 Retained earnings 336,000 240,000 $1,440,000 $1,544,000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue $8,400,000 Cost of sales 7,152,000 Gross profit 1,248,000 Selling expenses $600,000…21)Granny Apples has worked for Bubba Inc. for 20 years without taking a vacation. An internal control feature that would address this situation would be a)human resource controls. b)physical controls. c)documentation procedures. d)establishment of responsibility. 25)Receivables are a)always the result of revenue recognition. b)shown on the income statement. c)one of the most liquid assets and thus are always considered current assets. d)claims that are expected to be collected in cash. 28)Which of the following expressions is incorrect? a)Net income + Operating expenses = Gross profit b)Gross profit - Operating expenses = Net income c)Operating expenses - Cost of goods sold = Gross profit d)Sales revenue - Cost of goods sold - Operating expenses = Net incomeThe accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the year ended December 31, 2011:Cash and cash equivalents, Jan. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,800Cash and cash equivalents, Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,800Cash paid to acquire plant assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000Proceeds from short-term borrowing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Loans made to borrowers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000Collections on loans (excluding interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000Interest and dividends received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,000Cash received from customers . . . . . . . . . . . . . . . . . .…
- Make a Ledger in this problem Assume that on December 2, 2020. Mr. David Started DB Accounting Firm in Tagbina with the following assets as initial investments: PARTICULARS Cash 15,000 Computers 40,000 Furniture 50,000 Supplies 10,000 December 02 The business was registered with DTI, BIR, and Mayor’s permit spending P300, P500, and P1,200, respectively. 05 Acquired printer amounting to P10,000 for cash 15 Received electricity bill used by the business, P600. 15 Acquired computer chairs and tables on account, P10,000 payable within five days 20 Issued 3 months promissory note amounting to 10,000 to settle the obligation for acquiring computer chairs 21 Mr. David withdrew P1,000 for personal use. 23 Used supplies amounting to 8,000 26 Collected P50,000 for audit service to client 28 Billed P80,000 to the client for tax consultancy performed. 29 Transportation expense incurred and paid, P2,000 30 Provided 10% allowance for depreciation for the use of office equipment and…CASH Transactions Debit Credit Cash receipts 1,280,000 Cash Disbursements 825,000 December 31 balances 455,000 You are contacted by the management to compute its net income using the accrual basis of accounting. During the process of preparation, the following were identified by you that will impact your computation: Property, plant and equipment are depreciated on a straight line basis. Annual depreciation is P 105,000. Prepaid insurance of P 18,000 was recognized as expense when it was paid. P 12,000 of the balance relates to year 2023. The entire amount of P 120,000 which was received as advance rental for office space in its building was recognized as rent income when received. P 70,000 of the amount will be earned in 2023. Employees are due P 28,000 at the end of 2022. Uncollected interest from investment at the end of 2022 is P 31,700. It is estimated that your 2022 fee for accounting services that have not been billed will be P 5,000. QUESTIONS: What is the…4. UNMI Company had the following account balances at December 31, 2020:Cash in banks P 2,700,000Cash on hand 150,000Cash legally restricted for additions to plant (expected to be disbursed in 2003) 1,920,000 Cash in banks includes P720,000 of compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Best. In the current assets section of UNMI’s December 31, 2002 balance sheet, total cash should be a. 4,770,000 b. 2,850,000 c. 2,700,000 d. 2,130,000 5. These are deductions made by the bank to the depositor’s bank account but not yet recorded by the depositor.a. Credit memos (CM) b. Debit memos (DM) c. Outstanding checks (OC)d. Deposits in transit (DIT) 6. Bank statements provide information about all of the following excepta. checks cleared during the period.b. NSF checks.c. bank charges for the period.d. errors made by the company. PLEASE ANSWER IMMEDIATELY