Why is it 11 months? Please explain Income StatementParticularsAmountAmountRevenueBusiness Service Revenue1,20,000ЕxpenseOffice supplies700Utilities expense4,000Salary expense30,000Insurance expense1,000Depreciation expense22,300Total(58,000)Net Income transferred62,0006-DEPRECIATION EXPENSE-DEPRECIATION ON COMPUTER EQUIPMENT FORMARCH= 300%3DADD OFFICE EQUIPMENT DEPRECIATION PERMONTH (2000 * 11) = 22000DEPRECIATION= 2230011 MONTH TAKEN COMPANY PURCHASEDEQUIPMENT OF FEB 1 2020 TO 31 MARCH 2021= 11 MONTHS The Jirapar CO.TransactionsDateAccounting TransactionThai BahtSupak invested property in companyThiraphat invested cash in companyPuchita invested land in companyJan. 271,500,000Jan. 272,000,000500,000320,000Jan. 27Company purchased office equipment on creditCompany purchased electrical equipment as 100,000 Baht, but accountantFeb. 1Feb. 2paid cash at time of purchase only 10 percent of the total amountCompany completed services for customer name Lelawan which she will paidcash to company in the next 30 daysCompany completed work to Phisamai on creditCompany received cash from Phisamai for February 5 workCompany paid cash for office equipment purchased on February 1Supak withdrew cash for personal useCompany collected cash for work completed from PanayaCompany paid cash for month's utility billCompany paid employee's salaryCompany purchase insurance premium for six months'Company received payment from Lelawan full amountThiraphat withfrew cash for personal useCompany purchased office suppied by cashCompany purchased computer equipment on creditFeb. 330,000Feb. 530,000Feb. 10Feb. 12Feb. 1725,000Feb. 1960,000Feb. 244,000Feb. 2815,000Mar. 16,000Mar. 3Mar. 55,000Mar. 102,000Mar. 1230,000Additional items for March 31, 2021 adjusted entriesExpired insurance coverageOffice supplied on hand at the end of marchComputer equipment - depreciation expense for MarchUnpaid salaries since 1 MarchOffice equipment - depreciation expense per a month(a)1,000(b)|(c)|(d)|(e)1,30030015,0002,000

Depreciation represents the amount deducted every year from the value of the asset till the useful…

Answered: ome Statement Particulars Amount Amount…

ome Statement Particulars Amount Amount enue Business Service Revenue 1,20,00 ense Office supplies 700 Utilities expense 4,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 55P

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Components of the Statement of Cash Flows Identify each of the following items as operating (O), investing (I), financing (F), or not on the statement of cash flows (N). ______ 1. Paid for supplies ______ 2. Collected cash from customers ______ 3. Purchased land (held for resale) ______ 4. Purchased land (for construction of new building) ______ 5. Paid dividend ______ 6. Issued stock ______ 7. Purchased computers (for use in the business) ______ 8. Sold old equipment
D6. Account The transactions of Spade Company appear below. Kacy Spade, owner, invested $11,000 cash in the company in exchange for common stock. The company purchased supplies for $319 cash. The company purchased $6,083 of equipment on credit. The company received $1,298 cash for services provided to a customer. The company paid $6,083 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $2,332 for services provided. The company paid $525 cash for the monthly rent. The company collected $979 cash as partial payment for the account receivable created in transaction f. The company paid a $1,100 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date.
Adam Corporation issues stock to Cara Riley in exchange for $24,000 cash. The impact onAdam Corporation’s assets from this transactiona. increases assets.b. decreases assets.c. does not have any impact on assets.d. Not enough information is provided to determine the impact on assets
Mr. Anshori decided to open PO Andalan Jaya. The following is a transaction that occurred at PO Andalan Jaya a. Invested Mr. Anshori's personal money of Rp10,000,000 into PO Andalan Jaya b. Purchased equipment for Rp 2,000,000 in cash c. Purchased equipment for Rp1,000,000 on credit d. Paid Rp.400,000 for the purchase of equipment on credit Requested: Record the transactions that occurred at PO Andalan Jaya on Accounting equation!
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Angel Corporation's accounting records and financial statements for 2021is as follows (P in millions): Cash paid to acquire machinery = P32; Retiredshare capital = P51; Proceeds from sale of land = P95; Gain from the saleof land = P50; Investment revenue received = P72; Cash paid to acquireoffice equipment = P85. In its statement of cash flows, the companyshould report net cash flows from investing activities of: A. P22 million outflowsB. P50 million outflowsC. P100 million inflowsD. P28 million inflows
Question 1Land is purchased by making a cash down payment of $40,000 and signing a note payable for the balance of $130,000. The journal entry to record this transaction in the accounting records of the purchaser includes:a)A credit to Land for $40,000.b)A debit to Cash for $40,000.c)A debit to Land for $170,000.d)A debit to Note Payable for $130,000. Qestion 2The accounting principle that assumes that a company will operate in the foreseeable future is:a)Going concern.b)Objectivity.c)Liquidity.d)Disclosure. Question 3Total assets must always equal total liabilities plus total owners' equity.a)True b)False Question 4In which of the following situations would the largest amount be recorded as an expense of the current year? (Assume accrual basis accounting.)a)$4,000 is paid in January for equipment with a useful life of four years.b)$1,800 is paid in January for a two-year fire insurance policy.c)$1,200 cash dividends are declared and paid.d)$900 is paid to an attorney for legal…
Austin Land Company sold land for $59,930 in cash. The land was originally purchased for $34,230. At the time of the sale, $12,300 was still owed to Regions Bank. After the sale, Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers. Line Item Description Effect Amount Total assets Total liabilities Stockholders' equity
Bridgerton invested P 200, 000 cash and equipment worth P 100, 000. Also P 50, 0000 worth of payable is to be assumed by the business. How much is the total Owner's equity? P 300, 000 P 350, 000 P 250, 000 P 200, 000 Bridgerton, owner of UR highness Laundry Shop purchased P 10, 000 worth of detergent to Sab Bonin Company on account. What will be the appropriate account titles for this transaction? Supplies Expense, Accounts Receivable Supplies, Cash Supplies Account Receivable Supplies Expense, Accounts Payable
Use the following accounts;CashBankShort-term investmentsLoss on sale of short-term investmentForeign exchange gainForeign exchange lossCapitalGain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events thatoccurred during December 2018, the company’s first month: Date12/1 The owner invested $ 200,000 cash for capital.12/5 r@ktas Co., opened deposit account on Don’t Trust Bank and put 2.000 Euro(Exchange rate was 1 Euro= 1,5 Dollar)12/10 The Company purchased short-term investment with cash for $2,500.12/18 The Company sold short-term investment with cash for $2.000Note:• Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements:1- Give the journal entry for each transaction.2- Post each transaction to T accounts.
Austin Land Company sold land for $60,550 in cash. The land was originally purchased for $35,250. At the time of the sale, $13,730 was still owed to Regions Bank. After the sale, Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers. Total assets Total liabilities Stockholders' equity
The following transactions were taken from the books of ABC Company. (1) The owner invested P50,000. (2) Purchased Equipment on account, P5,000. (3) Bought Supplies, P5,000 cash. (4) The owner withdrew P1,000 for personal use. (5) The owner made an additional investment of P10,000 cash. Determine capital, end.