Pass Journal entries. Prepare the Balance Sheet of the company.
Q: Record the business transactions listed below in the journal entry format( debit and credit),…
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A: The transactions in the financial accounting are primarily reported to Journal and are then posted…
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A: Ledgers are the T accounts that are being prepared in the business, that are used for classifying…
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Q: A chart of accounts is a(an) O Flowchart of all the transactions O Accounting procedure manual O…
A: Solution 1: A chart of accounts is a list of all the accounts in the general ledger of a company. In…
Q: a. Prepare the journal entries for the above transactions. b. Prepare general ledger by using…
A: Journal Entry It is used to account the financial transaction of the business
Q: :All the accounts of a company are maintained in a
A: Journal is known as books of original entry, is a basic book of accounting in which transactions are…
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A: Balance Sheet: It is a financial statement prepared by an organization at the end of the trading…
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A: Worksheet means the sheet which is prepared to make few year end adjustment and find out the balance…
Q: The general journal organizes accounting information in:
A: In any business entity , whenever any event occurs or a transaction takes place it is recorded in a…
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A: Footing means totaling both debit and credit sides of an account. The balancing means displaying the…
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A: The ledger that contains the financial statement accounts of a company is the General Ledger option…
Q: The ledger that contains the financial statement accounts of a company is the Choose General journal…
A: In terms of accountancy, a ledger can be defined as an accounting book that contains all…
Q: a period for which accounting records of a business or a company is maintained
A: Answer is option a) Accounting period
Q: Required: Journalize the above business transactions in general journal form.
A: Journal entries recording is the first step in accounting cycle process, under which atleast one…
Q: What is the journal entry for the following business transactions without the amount?
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Q: Give its general ledger and financial statements
A: General Ledger
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Q: Journalize the entry or entries that should be made by the company. Refer
A:
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Q: Journalize the following transactions in the accounts of BBH inc.,
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A: Solution: To prepare financial statements for a company using periodic system, financial statements…
Q: Create a business transaction journal using these following transactions.
A: Journal Entry is the most important part of the accounting as its a basis for further preparation of…
Q: 2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
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A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: Describe the flow of accounting information from the business transaction to the ledger.
A: The accounting process includes identifying, recording and classifying the business transactions.
Q: List the preset ways in which QuickBooks Accountant can present a balance sheet.
A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…
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A: A balance sheet, which is popularly known as the statement of financial position is a statement,…
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A: Special Journal: A special journal is an accounting journal used by an enterprise to record a…
Q: Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: Which of the following is not one of the general ledger and reporting activities? A. Updating the…
A: General ledger: It is the T-accounts prepared for every journal entry and get recorded in their…
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A: General Journal The purpose of preparing the general journal entry which is the transaction which…
Q: Make a journal entries for the parent company
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- Southwestern Wear Inc. has the following balance sheet: The trustees costs total 281,250, and the firm has no accrued taxes or wages. The debentures are subordinated only to the notes payable. If the firm goes bankrupt and liquidates, how much will each class of investors receive if a total of 2.5 million is received from sale of the assets?At the beginning of the year 1, Down Under Company raises $60 million of equity and uses the proceeds to buy a fixed asset. Operating profits before depreciation (all received in cash) and dividends for the company are expected to be $40 million in year 1, $50 million in year 2, and $60 million in year 3, ath which point the company terminates. The firms pays no taxes. Assuming stright line depreciation to zero (of 20 million per year) the firm's profits thus equal $20 in year 1, $30 million in year 2 and $40 milion in year 3. If the cost of equity is 6%, the value of the firms equity is: Use the Discounted Dividend Valuation MethodS Ltd is considering buying the business of R Ltd the final accounts of which for the last 3years were as follows: (in image) S ltd wishes the offer to be based upon trading cash flow rather than book profits. Trading cash flow is the cash received from debtors less cash paid to creditors and for business expenses (excluding depreciation), together with an allowance for average annual expenditure on fixed assets of Rs 15,000 per year. The cost of capital is 12.5 %. The actual expenditure on fixed assets is to be ignored and also any cash received or paid out onthe issue or redemption of shares or debenture.S Ltd wishes the trading cash flow to be calculated for the years 2011, 2012, 2013 and for these to be combined using weights of 30% for 2011, 20% for 2012 and 50% for 2013 to given anaverage annual trading cash flow.
- At the beginning of the year 1, Down Under Company raises $60 million of equity and uses the proceeds to buy a fixed asset. Operating profits before depreciation (all received in cash) and dividends for the company are expected to be $40 million in year 1, $50 million in year 2, and $60 million in year 3, ath which point the company terminates. The firsms pays no taxes. Assuming stright line depreciation to zero (of 20 million per year) the firm's profits thus equal $20 in year 1, $30 million in year 2 and $40 milion in year 3. If the cost of equity is 6%, the value of the firms equity is: Use the Abnormal Earnings Valuation Method Hint: Book Value per year is affected by the 20 million every yearABC had capital balances of P40,000, P25,000 and P5,000 respectively with profit sharing ratio of 3:2:1 respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for P37,000 cash. After settlement of all liabilities amounting to P12,000, they still have P28,000 cash left for distribution. What was the loss on the realization o the non-cash assets?Zaata Ltd decided to repurchase 500,000 of its ordinary shares under a buy-back scheme for $5.70 per share. At the date of the buy-back, the equity of the company consisted of: Share capital (6,000,000 shares fully paid) General reserve Retained earnings $ 12,000,000 1,360,000 2,460,000 The costs of the buy-back scheme amounted to $7,600. Instructions: A.Prepare the journal entries to account for the buy-back, assuming: (i)that the original amount of the shares is eliminated from Share Capital, and then any remaining buy-back price adjusted equally against the General Reserve and Retained Earnings accounts. (ii)that the buy-back is not adjusted against share capital, but is adjusted firstly against the General Reserve account, then any remaining against the Retained Earnings account. B.Assume now that the buy-back price per share was equal to $2.40 and that the company had no General Reserve account, and retained earnings of only $1,040,000. Further, assume that the company…
- The Distance Plus Partneship has the following capital balances at the beginning of the current year: Tiger (50% of profit loses) 135,000 Phil (20%) 105,000 Ernie (30%) 120,000 A. If Sergio invest 150,000 in cash in the business for a 20 percent interest,what Journal ENtry is recorded. Assume that the bonus method is used. B. If Sergio invest $80,000 in the business for a 20percent, what journal entry is recorded? Assume that the bonus method is used. C. If Sergio invest $100,000 in cash in the business for a 20percent,what journal entry is recorded? Assume that the goodwill is used.In return for equipment with a fair worth of 150,000, Travis Co. chose to form a corporation and issue 5000 shares of ordinary stocks with a par value of P20 that trade at P25 on the stock market. Similar equipment was purchased by Travis Co. for $60,000 and is used similarly. The equipment has no salvage value and is depreciated over a 5-year period using the straight-line approach. How much does the first year's depreciation cost?Bombay Company's book and market value balance sheets are as follows: (NWC = net working capital; LTA = long term assets; D = debt; E = equity; V = firm value): Book Values Market Values NWC 200 500 D NWC 200 500 D LTA 2,300 2,00 E LTA 2,800 2,500 E 2,500 2,500 V 3,000 3,000 V According to MM's Proposition I corrected for taxes, what will be the change in company value if Bombay issues $200 of equity and uses it to make a permanent reduction in the company's debt? Assume a 21 percent marginal corporate tax rate. Multiple Choice A) +$70 B) −$42 C) $0 D) +$140 Please show your work
- An entity is planning to sell the business to new interests. The cumulative net earnings for the past five years amounted to P16,500,000 including expropriation loss of P1,500,000. The normal rate of return is 20%. The fair value of net assets of the entity at current year end was P10,000,000. 1. What is the purchase price if goodwill is measured by capitalizing excess earnings at 25%?2. What is the purchase price if goodwill is measured by capitalizing average annual earnings at 25%?A company has a share capital of RM1,000,000 fully paid. However, it has made losses and now has a retained loss of RM600,000. Explain why you would consider that a capital reduction scheme would be appropriate, and briefly explain the process of undertaking such a scheme.Radcliffe, Sonders, and Towers, who share in income and losses in the ratioof 2:3:5, decided to discontinue operations as of April 20 and liquidate theirpartnership. After the accounts were closed on April 20, the following trialbalance was prepared:Cash 5,900Noncash Assets 109,900Liabilities 26,800Radcliffe, Capital 14,600Sonders, Capital 27,900Towers, Capital 46,500Total115,800 115,800
