PERRY Company reported Unearned Income beginning balance of P917,000 and ending balance of P762,000. The Company received P2,342,000 advance payments during the year. What is the amount of revenue that the Company reported during the year?

Q: Cisco Company has the following account balances in its accounting system at year end： Advertising…

A: The net profit or loss is calculated as difference between revenue and expenses of the current…

Q: 25. At the start of the period, a business has total assets of P500,000 and total liabilities of…

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A: The closing  journal entries are made at the end of the year to shift the balances of temporary…

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A: Times Interest earned Ratio Times interest earned ratio is the ratio which shows the ability of the…

Q: On December 31, Year 1, BIG Company had accrued salaries $ 10,500. a. Record in general journal…

A: Adjusting entries are prepared at the end of each accounting year to ensure the accrual basis…

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A: The revenues and expenses are adjusted on the basis of accrued expenses and revenues.

Q: The Unearned Revenue account of Melrose Incorporated began 2018 with a normal balance of $5,500 and…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: 11. The following items are taken from an adjusted trial balance of Gazi Company at year-end,…

A: Total revenue = Service revenue + rent revenue = 68100+6500 = 74600 Total expenses = Utilities…

Q: CERISE Company uses accrual basis of accounting. Wages expense account had a balance of P255,000 at…

A: Cash paid for wages can be calculated by adding up wages expense and deducting ending wages payable…

Q: 38

A: Unearned revenue: It is an advance made by the buyer before receiving the product or service. In…

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A: The financial statements are the statements of a corporation that are the financial records and are…

Q: On December 31, 2022, Ditka Incorporated had Retained Earnings of $271,800 before its closing…

A: Closing entries are prepared at the year end while preparing financial statements. It is through the…

Q: 7- Presented below is selected information related to Sultan Company at December 31, 2020. Sultan…

A: >Assets are the financial resources or investment of an entity on which it has control and these…

Q: Given the following transactions for the year, prepare the income statement for World Co. for the…

A: Statement of operations, profit and loss statement, and statement of earnings are all terms used to…

Q: A company reports the following:   Income before income tax $565,120   Interest expense 88,300…

A: Income before Interest and Tax=Income before tax+Interest expense=$565,120+$88,300=$653,420

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A: Net income: The bottom line of income statement which is the result of excess of earnings from…

Q: Critz Company was started on January 1, Year 1. During the month of January, Critz earned $8,600 of…

A: a. Determine the balance in the retained earnings account as of January 31, Year 1: Answer: $0 b.…

Q: ABC Co. received $1,000 in December for services it will perform in the following month. ABC uses…

A: On the basis of accrual concept for accounting in revenue should be recognized when it is received…

Q: A Company has beginning balance of owner's equity of 163,000. This increased to P500,000 at…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: 7- Presented below is selected information related to Sultan Company at December 31, 2020. Sultan…

A: The net income is calculated as difference between revenue and expenses of the current period.

Q: On September 1, Year 1, Zelda Company collected $120,000 cash for services to be provided for one…

A: Given, Cash collected for the services to be provided in one year = $120,000 The fiscal year of the…

Q: On February 1, 2X16, the balance of the retained earnings account of Blue Power Corporation was…

A: Retained earnings are the accumulated profits of the business that are held in reserve for the…

Q: Bolitho Company is a service firm. It established a Deferred Revenue account because prepayments are…

A: The deferred revenue is the revenue that is received but not earned yet. The Accrued Expense is the…

Q: 44. During the year, Maldives Company, in its trial balance reported revenues of P130,000 and…

A: Income means the difference between revenue and expenses on accural system of accounting . Accural…

Q: On September 1, Baxter Inc. reported Retained Earnings of $136,000. During the month of September,…

A: Retained earning means amount of profit remain after all the adjustment of expense and various…

Q: 3. The following items are taken from an adjusted trial balance of Gazi Company at year-end,…

A: Total revenue = Service revenue + rent revenue = 68100+6500 = 74600 Total expenses = Utilities…

Q: Vaughn Manufacturing started the year with total assets of $304000 and total liabilities of $244000.…

A: Net income reported for the year = Revenue - Expense

Q: An entity had the following transactions during the quarter ended March 31: Advertising costs of P2…

A: Solution: total amount to be recognized in the entity’s profit or loss = Advertising costs + typhoon…

Q: Barack Company reported operating expenses in two categories namely distribution and general…

A: Distribution costs are those costs incurred by the producer to distribute the goods produced to the…

Q: Income Statement: Р Со. Income Statement, for the two months ended on 31st March, 2021 (Baht)…

A: From the question, its assumed that you need to know how the figures in Income statement is derived.…

Q: Presented below is selected information related to Sultan Company at December 31, 2020. Sultan…

A: Formula: Net income = Revenues - expenses.

Q: Problem 1: During the first year of operations, a calendar year company received $14,400 in cash…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The adjusted trial balance of Amborse Corporation at December 31 shows that sales revenue for the…

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…