PRACTICAL EXERCISE 1.3 Using the information given in the table below, calculate the total amount payable by the company to the employees using a formula. E B C Services Company Ltd Overtime Details Hours Worked 1 Rate Amount 3 Date Name 70 350.00 Kennedy Kennedy Mary Lewis 4 26-Nov 100 500.00 5. 26-Nov 6. 26-Nov 100 500.00 100 100 70 26-Nov 4 400.00 300.00 Judy Kennedy Lewis 8. 30-Nov 30-Nov 6. 420.00 10 30-Nov 100 500.00 4 70 280.00 11 12 Kennedy Judy Lewis 30-Nov 30-Nov 100 500.00 13 30-Nov 100 500.00 4 02-Dec Judy 4. 70 280.00 Total Amount
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- Exercise 1-35 Accounting Concepts OBJECTIVE 06° A list of accounting concepts and related definitions is presented below. Concept Definition 1. Revenue a. Owners claim on the resources of a company 2, Expense b. The difference between revenues and expenses 3. Net income (1055) c. Increase in assets from the sale of goods or services 4, Dividend d. Economic resumes of a company 5. Asset e. Cost of assets consumed in the operation of a business 6, Liability f. Creditors' claims on the resources of a company 7. Stock holders, equity g. Distribution of earnings to stockholders Required: Match each of the concepts with its corresponding definitionReturn on assets Pfizer Inc. (PFE) discovers, produces, and distributes medicines, including Celebrex and Lipitor. Ford (F) Motor Co. develops, markets, and produces automobiles and trucks. Microsoft Corporation (MSFT) develops, produces. and distributes a variety of computer software and hardware products including Windows, Office, Excel, and the Xbox. The following data (in millions) were taken from recent financial statements 01 each company: Pfizer Ford Microsoft Compute the return on assets for each company using the preceding data, and rank the companies’ return on assets from highest to lowest. Round the return on assets to one decimal place.Final Exam Review for ACC100 1) know the difference between a service business and a manufacturing business. 2) What does journalizing mean? 3) Know what Accounts Payable is 4) What is a T account 5) How many accounts are affected by each transaction 6) What is posting 7) Do adjusting entries have to be posted? 8) What is in the Income Statement column on the 10-column worksheet 9) How do you close an expense account 10) What is a sole proprietorship, a partnership, and a corporation 11)What is net income 12) What entry is made when a sale on account is made 13) What is a trial balance 14) What does it mean when a transaction is in balance 15) What are source documents 16)What is the journal used for? 17) How many accounts will a journal entry have an effect on? 18) Adjusting entries never affect which account 19) What is the basic equation 20) What does summarizing mean? 21) What does net loss mean? 22) Understand WIRE 23) Which financial statement will you find liabilities? 24) If…
- SERVICE COMPANY WORKSHEET P1WORK LEARNING OBJECTIVES * Prepare a worksheet for a proprietorship service firm. * Prepare financial statements from a worksheet. * Compare expense levels to national averages. * Alter the worksheet to include an additional adjusting entry. * Create a chart showing the amount of all expenses. PROBLEM DATA The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is below: Wikki Cleaners Trial Balance December 31, 2012 Cash $13,200 Cleaning Supplies 22,000 Prepaid Insurance 5,400 Equipment 206,000 Accumulated Depreciation $…WRITTEN TASK 6. Critical ThinkingDirections: Read carefully the following situation and determine the Assets, Liabilities, and Equality of this situation:1. The business was put up from a cash of ₱200,000, the initial capital of the owner. Then, ₱40,000 of the cash wasused to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of₱20,000. How much are the total assets of the business? (10 points)Solution:2. The business is a trading business. For the period, it purchased goods for sale valued at ₱100,000. The goodswere all sold for a total price of ₱120,000. For the sale only 10% was received as down payment, 60% werelater collected, and at the end of the year 30% are still for collection. How much is the business income? (10points)Solution:Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 15,140 Cash withdrawals by owner $ 830 Accounts receivable 12,720 Consulting revenue 12,720 Office supplies 2,110 Rent expense 2,380 Land 46,010 Salaries expense 5,620 Office equipment 16,780 Telephone expense 780 Accounts payable 7,360 Miscellaneous expenses 600 Owner investments 82,890 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: The owner’s initial investment consists of $36,880 cash and $46,010 in land. The company’s $16,780 equipment purchase is paid in cash. Cash paid to employees is $370. The accounts payable balance of…
- Question 1Identify whether the following group of people belongs to internal or external users ofannual reports for a company. Eexplain their need for financial information.a. Johari, investment banker of CIMB Investment Bank.b. Daisy Ong, purchasing manager of the company.c. Happy Berhad, supplier of the company.d. Great Sdn Bhd, regular customer of the company.e. Amy, officer from Inland Revenue Board.1. OBJECTIVES: 1. Prepare Statement of Comprehensive Income of a Merchandising Business Using a Multi-Step Approach II. 2. Prepare a multi-step Statement of Comprehensive Income for the following accounts taken from Tin's Ready to Wear Companyfor the period ended of December 31, 2019 Net Sales Php 75,000.00, Cost of Sales Php 30,000.00, General and Administrative Expenses Php12,000.00 Selling Expenses Php25,000.00 (Please refer to the 2nd picture for more information.)Preparation of SCI for a Service Business Using the Single-Step Approach Prepare a Statement of Comprehensive Income for the year ended December 31,2020 using the following account titles listed. You may use any desired business name. Revenues ₱860,000 Rent expense ₱120,000 Salaries expense ₱360,000 Utilities expense ₱180,000 Supplies expense ₱10,000 Depreciation expense ₱10,000 Read and understand each question carefully. Write the letter of the correct answer on the space provided each number. _________1. On 2020, an entity made cash sales of ₱3,000,000. It paid ₱1,000,000 in expenses and owed ₱300,000 for services it received in 2020 but payable in 2021. What is the profit for 2020? A. ₱1,200,000B. ₱1,700,000C. ₱2,000,000D. None of the above _________2. Calculate for the profit given the data below: Sales ₱2,000,000Prepaid Rent Expense (2 months…
- QUESTION THREE You have been hired to prepare a Statement of Comprehensive Income for the year ended 31st December 2021 and a Statement of Financial Position as at 31st December 2021 from the following Trial Balance. Additional Notes are to be taken into account. Lumwi Farms Ltd Trial Balance as at 31st December, 2021 Amounts in Zambian Kwacha DR CR Sales 1,900,000 Purchases 780,000 Consultancy expenses 75,000 Plant hire 150,000 Rent 15,000 Electricity 20,000 Insurance 35,500 Advertising 45,000 Equipment Repairs and maintenance 95,000 Wages and Salaries 160,000 Overtime allowances 43,000 Bank Charges 3,000 Farming Equipment at cost 4,500,000 Accumulated Depreciation - Farming equipment 1,500,000 Trade Debtors 500,000 Trade Creditors 450,000…Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31Juice World Jamaica Limited, a leading juice manufacturing company has recently hired you asan Accounting Officer. As per job description, you are required to assist in the preparation of thefinancial statements. The Accounts Manager has extracted a list of balances as at December 2021for you to review. $ Revenue 7 600 010Administrative Expenses 2 300 000Distribution Costs 980 231 Interest paid on loan 125 000Purchases 4 500 330Inventories at 1 January 2021 1 018 900Trade receivables 630 340Provision for doubtful debts at Jan 2021 19 634Bad debts 70 110Non- current Investment 300 900Additional notesi. Provide for…