Problem 1-4 Langga Realty had the following balance sheet accounts and balances: Accounts Payable P600,000 Accounts Receivable 100,000 Building ? Cash 300,000 Equipment 700,000 Ashley Langga, Capital ? Land 700,000 1. If the balance of the Langga, Capital account was P2,100,000, what would be the balance of the Building account? a. P2,500,000 b. P400,000 c. P900,000 d. P2,100,000 2. If the balance of the Building account was P1,700,000, what would be the total of liabilities and owner's equity? a. P1,700,000 b. P2,700,000 c. P3,200,000 d. P3,500,000 3. If the balance of the Building account was P1,500,000 and the equipment was sold for P700,000, what would be the total of owner's equity? a. P1,500,000 b. P1,600,000 c. P2,700,000 d. P3,300,000

Problem 1-4 Langga Realty had the following balance sheet accounts and balances: Accounts Payable P600,000 Accounts Receivable 100,000 Building ? Cash 300,000 Equipment 700,000 Ashley Langga, Capital ? Land 700,000 1. If the balance of the Langga, Capital account was P2,100,000, what would be the balance of the Building account? a. P2,500,000 b. P400,000 c. P900,000 d. P2,100,000 2. If the balance of the Building account was P1,700,000, what would be the total of liabilities and owner's equity? a. P1,700,000 b. P2,700,000 c. P3,200,000 d. P3,500,000 3. If the balance of the Building account was P1,500,000 and the equipment was sold for P700,000, what would be the total of owner's equity? a. P1,500,000 b. P1,600,000 c. P2,700,000 d. P3,300,000

Name: Problem 1-4Langga Realty had the following balance sheet accounts and
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Description: Problem 1-4Langga Realty had the following balance sheet accounts and balances:Accounts Payable P600,000Accounts Receivable 100,000Building ?Cash 300,000Equipment 700,000Ashley Langga, Capital ?Land 700,0001. If the balance of the Langga, Capital ac

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 22CE: Cornerstone Exercise 2-22 Transaction Analysis The Mendholm Company entered into the following...

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Cornerstone Exercise 2-22 Transaction Analysis The Mendholm Company entered into the following transactions: Performed services on account, 521,500. Collected $9,500 from client related to services performed in Item a. Find $500 dividend to stockholders. Paid salaries of $4,000 for the current month. (Continued) Required: Show the effect of each transaction using the following model:
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Problem 2-1 Balance Sheet (LG2-1) You are evaluating the balance sheet for Goodman's Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities = $850,000, accounts receivable = $1,700,000, inventory = $2,200,000, accrued wages and taxes = $580,000, accounts payable = $880,000, and notes payable = $680,000. Calculate Goodman Bees' net working capital. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.) net working Captial
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Q1. Presented here are the accounts of KPMS Delivery for the year ended December 31, 2018. Owner investment,2018 $ 32,000 Land $ 7,000 Accounts payable $ 14,000 Notes payable $ 30,000 Accounts receivable $ 1,700 Property tax expense $ 2,900 Advertising expense $ 17,000 KPMS, drawing $ 32,000 Building $ 137,900 Rent expense $ 13,000 Cash $ 6,000 Salary expense $ 69,000 Equipment $ 17,000 Salary payable $ 500 Insurance Expense $ 2,000 Service revenue $ 192,000 Interest Expense $ 6,000 Supplies $ 8,000 KPMS, Capital 12/31/2018 $ 51,000 Requirements: 1. Prepare KPMS Delivery’s income statement. 2. Prepare the statement of owner’s equity. 3. Prepare the balance sheet. 4. Answer these questions about the company: a. Was the result of operations for the year a profit or a loss? How much? b. How much in total economic resources does the company have as it moves into the new year? c. How much does the company owe to creditors? d. What is the dollar amount…
Q1. Presented here are the accounts of KPMS Delivery for the year ended December 31, 2018. Owner investment,2018 $ 32,000 Land $ 7,000 Accounts payable $ 14,000 Notes payable $ 30,000 Accounts receivable $ 1,700 Property tax expense $ 2,900 Advertising expense $ 17,000 KPMS, drawing $ 32,000 Building $ 137,900 Rent expense $ 13,000 Cash $ 6,000 Salary expense $ 69,000 Equipment $ 17,000 Salary payable $ 500 Insurance Expense $ 2,000 Service revenue $ 192,000 Interest Expense $ 6,000 Supplies $ 8,000 KPMS, Capital 12/31/2018 $ 51,000 Requirements: Prepare KPMS Delivery’s income statement. (3 Marks) Prepare the statement of owner’s equity. (3 Marks) Prepare the balance sheet. (3 Marks) Answer these…
Q2 The following was the Balance sheet of A, B and C sharing profits and losses in the proportion of 5:3:2 Liabilities Amount (RO) Creditors Bills Payable General Reserves Capital Accounts A B с Assets 120,000 Cash at Bank 48,000 Stock 60,000 Debtors 240,000 Furniture 210,000 Land and Buildings 150,000 828,000 Goodwill already appears in the books Furniture is to be written down by Stock is to be depreciated by Land and Buildings is to be appreciated by They Admit D into Partnership giving him 1/5th share of profits on the following terms: D brings in his capital Provision is be made for outstanding expenses Creditors Bills Payable General Reserve Capital Accounts. X Y Z Write the Necessary Journal Entries. Prepare Revaluation Account, Capital Accounts and Balance sheet of the firm as newly constituted. Amount (RO) Q3 X, Y and Z were partners sharing profits in the proportion of 3:2:1. Y Retires from the business. The Balance sheet of the firm on the date of retirement was as follows…