P 122,500 219,000 60,000 Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues 60,000 105,000 1,437,500 450,000 Building Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense 36,200 30,000 30,000 217,000 37,000 Land 120,000 Miscellaneous Expense Mortgage Payable Notes Payable Office Supplies Blanche, Capital, 1/1/2017 Blanche, Withdrawals Representation Expense Salaries Expense Salaries Payable Travel Expense 24,600 395,000 213,000 17,200 50,500 148,600 164,000 673,200 17,300 159,000 During the year, Blanche invested additional P75,000 in the business.
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Prepare the Owners equity statement
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- ASSET EXPENSES LIABILITIES CAPITAL REVENUES (i) 67,500 85,700 50,500 53,700 49,000 (ii) 92,000 7,000 8,000 21,000 70,000 (iii) 112,000 85,000 200 171,000 25,800 (iv) 7,900 2,250 3,200 2,750 4,200 (v) 32,500 6,600 7,200 26,200 5,700 a) State the journal entries using the format given as in the picureThe following accounts relate to Warlito Blanche Graphic Arts: Accounts Payable P 122,500Accounts Receivable 219,000Accumulated Depreciation-Building 60,000Accumulated Depreciation-Equipment 60,000Advertising Expense 105,000Art Revenues 1,437,500Building 450,000Cash 36,200Depreciation Expense-Building 30,000Depreciation Expense-Equipment 30,000Equipment 217,000Interest Expense 37,000Land 120,000Miscellaneous Expense 24,600Mortgage Payable 395,000Notes Payable 213,000Office Supplies 17,200Blanche, Capital, 1/1/2009…The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec 31 20Y9 Dec 31 20Y8ASSETSCash $ 70,720 $ 47,940Accounts Receivable 207,230 188,190Inventories 298,520 289,850Investments - 102,000Land 295,800 -Equipment 438,600 358,020Accumulated Depreciation-Equipment (99,110) (84,320)Total Assets $ 1,211,760 $ 901,680LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable $ 205,700 $ 194,140Accrued Expenses Payable (operating expenses) 30,600 26,860Dividends Payable 25,500 20,400Common Stock, $1 par 202,000 102,000Paid-in Capital; Excess of issue price over par-common stock 354,000 204,000Retained Earnings 393,960 354,280Total Liabilities and Stockholders Equity: $ 1,211,760 $ 901,680Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:A. Equipment and land were acquired for cashB. There were no disposals of equipment during the year.C. The investments were sold for $91,800 cash.D. The common stock was…
- Accounting Property and equipment, at cost, consisted of the following: December 31, 2017 2018 Gross property and equipment: Land $ 22,058.38 $ 30,850.93 Equipment 37,411.98 48,949.37 Other assets 1,451.47 1,566.73 Construction in progress 5,859.76 9,469.74 Gross property and equipment 66,781.59 90,836.47 Total accum dep and amort 23,255.12 29,867.63 Total property and equipment, net…Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectivelyStudy the following material and independent transactions below: Transaction 1 Dr Accumulated depreciation $ 100,000 Dr Accounts receivable (a related company) $ 4,900,000 Cr Buildings $ 2,600,000 Cr Gain on disposal of buildings $ 2,400,000 Transaction 2 Dr Sales returns $ 2,000,000 Dr Inventory $ 1,000,000 Cr Accounts receivable $ 2,000,000 Cr Cost of sales $ 1,000,000 Required: For each of the transactions above: Describe the transaction represented by the double entry; Describe two (2) audit assertions contained in the transaction that would be of interest to the auditor; and Describe two (2) substantive audit procedures the auditor will need to perform in order to verify these assertions.
- The following trial balance was extracted from the ledger of Juliana at 31 December 2020. Juliana Trial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000 Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases…The following trial balance was extracted from the ledger of Juliana at 31 December 2020.JulianaTrial Balance as at 31 December 2020RMRMLand at cost26,000Plant at cost83,000Accumulated Depreciation at 1 January 2020- Plant13,000Office Equipment33,000Accumulated Depreciation at 1 January 2020Office Equipment8,000Receivables198,000Payables52,000Sales763,000Purchases516,000Returns inwards47,000Discount allowed4,000Capital at 1st January 2020230,000Drawings14,000Provision for doubtful debts at 1 January 202023,000Salaries Expense44,000Administration costs38,000Bank75,000Bad debts written off77,000Inventory at 1 January 202084,0001,164,0001,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing balance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The allowance for receivables is to…Spent materials 5.000,00 Revenue 300.000,00 Expenses on energy, water, telephone 10.000,00 Wages Staff 80.000,00 Depreciation of fixed assets 5.000,00 Advertisment expenses 3.000,00 Profits from share disposals 2.000,00 Losses by disposal of tangible fixed assets 500,00 Interest expenses 1.000,00 Purchase commodity 120.000,00 Interest credit 15.000,00 Third party fees 30.000,00 Sales commission revenue 6.000,00 Dividend income 9.000,00 losses from the evalutaion on listed shares 1.500,00 a. 1.1.20X1 inventories were 10,000b. the closing inventorie at 31.12.20X1 was 20,000c. the income tax rate is 30%Prepare the 20X1 Profit and Loss Statement in vertical format, by type
- Question 5The following balances were extracted from the books of Billion Precision for the yearended 31 December 2020.Dr (RM) Cr (RM)Land 500,000Building 200,000Motor vehicles 120,000Plant and machinery 70,000Profit b/f as at 01.01.2020 237,650Capital 438,000Acc depreciation as at 1.1.2020 :-Building 60,000-Motor Vehicles 69,250-Plant & Machinery 40,000Returns 3,600 4,100Revenue 800,000Purchases 400,000Discounts 5,0006Carriage inwards 7,700Opening inventory 52,000Provision for bad debts 2,000Trade receivables / Trade payable 66,000 43,200Advertising 18,000Staff training cost 4,000Bad debts 12,500Motor expenses 27,000Rental 90,000Bank 7,600Wages and salaries 126,0001,701,800 1,701,800Additional information:i.i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on cost.-Vehicles 25% on cost.iii. The closing inventories is valued at RM57,000.Required:a. Prepare the Statement of…The amount to be reported as expenses (excluding depreciation) in Seri’s income statement is A. P60,000 B. P100,000 C. P65,000 D. P67,000Dr.Cr.(GH₵)(GH₵)Stated capital310Income surplus at 1 January 2017456Inventory at 1 January 2017236Turnover1,468Purchases856Salaries46Directors salaries (admin expense)116Land & building at cost550Plant & equipment at cost578Land & building- accumulated depreciation as at 1 January 2017154Plant & equipment –accumulated depreciation as at 1 January 2017266Bank interest received6Sundry expenses56Trade receivables110Trade payables122Accruals42Cash at bank43Dividends paid36Administrative expenses183Interest paid142,8242,824The following information is also relevant:(1) Inventory at 31st December 2017 is GH₵256(2) The tax liability for the year is estimated to be 20% of the profit before tax.4(3) The original cost of land and buildings is made up of GH₵100 land and GH₵450 buildings. Buildings are used in administration and depreciation is charged on a straight line basis over the estimated useful life of 50 years.(4) Plant & equipment are used in distribution and…