P 4,600 2,500 5,000 1,400 5,400 10,000 2,000 1,500 1,400 2,600 7,300 3,700 Accrued interest income Accrued interest expense Prepaid Rent Unearned interest Allowance for Bad Debts Accumulated depreciation Freight in Freight out Purchase Retums & Allowances Purcbase discount Sales Returns & Allowances Sales discount
Q: mma Consulting had previously purchased 2838 shares of treasury stock for $7 per share. Emma then…
A: Solution: Treasury stock are the stock which are purchased by the company of its own shares. These…
Q: Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500…
A: Formula: Net income = Revenues - Expenses
Q: Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock 693…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: 2021 2020 ccounts receivable $775000 $676000 ess: Allowance for doubtful accounts 74000 66000…
A: Calculation of Average collection period Average collection period = 365 days/ Accounts receivable…
Q: Huxley Company has 239699 shares of common stock authorized, 190997 issued, and 57975 shares of…
A: Dividend paid = No. of shares issued and outstanding x Dividend per share where, No. of shares…
Q: crease in revenue is on the credit side hence a decrease in expense is also on credit side true…
A: Solution: Revenues have credit balance and expenses have debit balances. When Revenue is credited it…
Q: The following information is given to you relating to the operations of PrincehallCorporation: The…
A: Formulas: Gross margin = Net sales - Cost of sales Income from operations = Gross margin - Total…
Q: On December 1, 2000, Marimar, a lessee paid P 18.000 to XYZ Company representing the rent for 3…
A: An Unearned Revenue refers to an income collected before they have actually become due and is in the…
Q: Number of Direct Labor Hours Machine Hours Product Units Per Unit Per Unit Blinks 1,037 3 7 Dinks…
A: Formula: Total machine hours = Number of units x Machine hours per unit
Q: Some accountants believe that deferred taxes should not be recognized for certain temporary…
A: (Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Based on the following audited financial statements of Fast Truckers at the end of December 31,…
A: Beginning capital = Ending capital - Net income for the year where, Ending capital = Total assets at…
Q: Comparative statements of financial position for Daniel D. De Brum Botelho Limited are shown below:…
A: The question is related to Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…
Q: Journalize the following transactions ( the company is using a perpetual system). 1. On June 1,…
A: Total purchase value = purchased units × price per unit
Q: On a corporate income statement, income from continuing operations a. will exceed net income. b.…
A: Income from continued operations is the income which is calculated after subtracting operating and…
Q: Use the following to answer questions 27 34 Miracle Corporation reports the following amounts in its…
A: I am answering the first three sub-parts of the question as per bartleby guidelines. Please…
Q: 13. $ After the 100% stock dividend what amount is in Total paid-in capital account? $ what amount…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Prepare the journal entry Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30;…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Luke Company has three divisions: Peak, View, and Grand. The company has a hurdle rate of 6.01…
A: Return on investment is the measurement of the performance of the investment. 1 Return on investment…
Q: Suicune Bank granted a P5,000,000 loan to Raikou Company on January 1, 2020. The annual interest on…
A: Effective Interest Rate- The effective rate of interest is the interest rate that can be paid or…
Q: that if a truck is driven 105,000 kild erating cost is 11.4 cents per kilome ers during a year, the…
A: 1) Total Kms Operating Cost per Km Total cost 1,05,000 11.4 11,97,000…
Q: .All of the following affect the owner’s equity except
A: given All of the following affect the owner’s equity except is
Q: A business received cash of P3,000 in advance for services that will be provided later. The cash…
A: Adjusting journal entry (AJE) refers to the entry which the business made in the general ledger due…
Q: Golding's finishing department had the following data for July: Transferred-In Materials…
A: Process costing is a costing method that is employed by the firms involved in the production of…
Q: Net income ? P 122,500 219,000 60,000 60,000 Accounts Payable Accounts Receivable Accumulated…
A: Formula: Net income = Revenues - Expenses
Q: 18. The appropriate WACC of a firm is 6.43%. With risk-free rate of 4%, market return of 8%…
A: GIVEN The appropriate WACC of a firm is 6.43% With risk-free rate of 4 % market return of 8%…
Q: a restructuring of an 8% P6,000,000 note payable to Second management, Tagaytay Highlands Company…
A: Debt Restructuring The term debt restructuring which are utilized by the organization to meet the…
Q: Monetary assets include cash, accounts receivable and inventory. O accounts receivable and property,…
A: A monetary assets are those assets which can easily converted into Fixed or determinable units…
Q: The $5-bill in your pocket (Canadian) is: (check all that apply Select all that apply:
A: The balance sheet shows the financial statement of the company that includes the assets,…
Q: Give the journal entry for the following transaction. Received a promissory note in payment of an…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: will give thumbs up if correct #1. Given: The manager of a sporting goods store receives an…
A: Amount (in Php) Total Cost 980 Percentage of Markup 35% Markup (Total…
Q: ember 31, Salvage Valu P1,500,000 Life Cost P16,000,000 ars ars 50,000 7,000,000 1,900,000 ars…
A: Working Cost Salvage Value Cost - Salvage Value Life Annual Depreciation Monthly Depreciation…
Q: Over/Under: Alpha's bookkeeper made a mistake by erroneously recording a loan from Beta Bank as a…
A:
Q: 16.0n October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half…
A: Under gross method, sales are recorded at Full value. Under Net method, sales are recorded at…
Q: on December 31, 2022 to be ab d of each month for the next 2 mount on deposit will earn ann d…
A: Given as, PMT=4000 RATE =2%/12 N=25 x 12=300
Q: Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year Benefits paid…
A: Return on plan assets = Fair value of plan assets Jan 1 - Benefits paid +contributions to the…
Q: Baker & Co. has applied for a loan from the Trust Us Bank in order to invest in several potential…
A: The question is related to Ratio Analysis. The details are given regarding the same. The comparison…
Q: Current Attempt in Progress Flounder Corp. has the following account balances at December 31, 2021:…
A: Current liabilities are those which are payable within a period of one month. So it includes…
Q: Which of the following is not a function of accounting? Interpreting Bookkeeping Budgeting Od…
A: The function of accounting are enumerated as below:
Q: What is the correct answer? The semi-annual interest expense to be recorded using the straight line…
A: Answer) Under straight line method, the interest on bonds will be equal to amount of Interest and…
Q: In preparing its flexible budget given the actual units sold was 20% greater than budgeted, its…
A: Flexible Budget A flexible budget adjusts to changes in actual revenue levels. Actual revenues or…
Q: Salary Expense 70,500 Accounts Receivable 90,000 Accumulated Depreciation-Equipment 14,800 Supplies…
A: Formula: Net income = Revenues - Expenses
Q: Suppose the Fed conducts an open market purchase by buying $10 million in Treasury bonds from Acme…
A: An open-market transaction seems to be essentially an order issued by an insider to purchase or sell…
Q: Kimberley-Clark makes luxury hampers for sale in a chain of high-class department stores. The…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Concord Corporation purchased for $285,000 a 25% interest in Murphy, Inc. This investment enables…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Unit Cost and Cost Assignment, Nonuniform Inputs Loran Inc. had the following equivalent units…
A: 1. Determination of the unit cost for materials, for conversion, and in total for the fabrication…
Q: g are capital stock transactions of the BBC Corporation. Apr. 1 Authorized to issue 100,000 ordinary…
A: Explanation: The only differences between the memorandum entry method and the journal entry method…
Q: Production costs are inclusive of the following EXCEPT Selling and Distribution Cost Supervisor's…
A: Production cost is the cost incurred to produce a product.
Q: 32. Determine the monthly breakeven sales in dollars before adding nachos. 33. Determine the monthly…
A: Aydesurv Company currently sells hot dogs. During a typical month, the stand reports a profit of…
Q: Which of the following scenarios would be most appropriate for a Section 85 rollover?
A: Solution:- Section - 85 Rollover :- A section 85 Rollover is a special election field with the CRA…
Q: Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500…
A: Income Statement is a part of Financial Statements. It includes all the revenues earned and expenses…
how much is the total credit and debit balances?
Step by step
Solved in 2 steps with 1 images
- is there any chance these other calculcations could be done please? thank you :) Return on Capital Employed(v) Asset turnover(vi) Non-current asset turnover(vii) Current Ratio(viii) Quick Ratio(ix) Inventory days(x) Receivables days(xi) Payable days(xii) Interest coverAccount Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…HYPERINFLATIONARY FINANCIAL STATEMENTSProblem 42. Indicate whether the item is a monetary or non-monetary item:__Cash and Cash Equivalents__Loans and receivables__FAFVPL Bonds Receivables__FAAC Bonds Receivables__Investments in Shares of Stocks__Property, Plant and Equipment__Inventory__Investment Property__Prepaid asset__Intangible asset__Deferred tax asset__Accounts payable__Income tax payable__Deferred tax liability__Interest payable__Unearned revenue__Accrued expenses__Notes payable__Loans payable
- 7. Net Working Capital is the difference between Current Assets andLong-Term Liabilities. T/F 8. APR takes into consideration compounding, whereas EAR does notfactor in compounding. T/F27-Which one of the following is an example for 'Deferrals'? a. Provision for doubtful debt b. Depreciation c. Unearned revenue d. Outstanding expenses12) In the Allowance Method when we we collect on a previously written off receivableA) Assets stay the same, Net Income stays the same.B) Assets increase, Net Income increases.C) It dependsD) Assets decrease, Net Income decreases
- Match the following terms or phrases in (a–g) with the explanations in 1–8. Terms or phrases may be used more than once. Question 11 options: Current assets/Current liabilities Probable likelihood and estimable liability Measures the “instant” debt-paying ability of a company Current assets – Current liabilities (Cash + Temporary investments + Accounts receivable)/Current liabilities Cash + Temporary investments + Accounts receivable Probable likelihood of a liability but cannot be estimated Remote contingent liability Reasonably possible likelihood of a liability 1. Current ratio 2. Working capital 3. Quick assets 4. Quick ratio 5. Record an accrual and disclose in the notes to the financial statements 6. Disclose only in notes to financial statements 7. No disclosure needed in notes to financial statementsCurrent LiabilitiesPROBLEM 1: TRUE OR FALSE4. Financial liabilities other than FVPL liabilities are initiallymeasured at fair value plus transaction costs.5. Amortized cost financial liabilities are subsequently measuredat the present value of the cash outflows from the instrument.6. Financial liabilities may be subsequently reclassified betweenthe amortized cost and fair value measurement categories.7. Trade payables and other liabilities that are part of an entity'sworking capital may be presented as current liabilities even ifthey are expected to be settled beyond one year.8. According to PAS 1, a currently maturing debt that the entity'smanagement intends to refinance is presented as noncurrent.9. According to PFRS 15, if an entity expects that a portion of giftcertificates sold will not be redeemed, the entity recognizes theexpected breakage amount as revenue in proportion to thepattern of rights exercised by customers.10. Unearned revenue is revenue that is earned but not yet…FAST PLZ - Which of the following is a contra-liability account? a. Notes Payable b. Discount on Notes Payable c. Accumulated Amortization d. Taxes Payable
- T 0r F 53. When debt is retired prior to its maturity date, a gain or loss must be recognized for the difference between the carrying amount of the debt security and the amount paid. 67. A provision should never be discounted to the present value of the expected cash outflows needed to settle the obligation 75. A contingent asset is an accrued account. 42.According to PAS 37, an entity shall recognize contingent assets that are probable.212. Subject : - Accounting I understand everything except what category Gain on Debt Extinguishment should be under on the income statements?Question 4Each of the following is determined according to IFRS exceptSelect one: a.taxable income. b.income for book purposes. c.income for financial reporting purposes. d.income before taxes. Question 5An assumption inherent in a company’s IFRS statement of financial position is that companies recover and settle the assets and liabilities atSelect one: a.the amount that is probable where “probable” means a level of likelihood of at least more than 50%. b.their reported amounts c.the present value of future cash flows. d.their net realizable value. Question 6Machinery was acquired at the beginning of the year. Depreciation recorded during the life of the machinery could result in Future Future Taxable Amounts Deductible AmountsSelect one: a.Yes No b.No Yes c.Yes Yes d.No No