REQUIRED (a) (b) Prepare the statement of financial performance for the year ended 30 November 2019. Prepare the statement of financial position as at 30 November 2019.
Q: Distinguish between the concepts of expense and asset.Support your answer by using an example to…
A: Expense: An organization will incur costs in the course of doing its business, which will be…
Q: Recording a Note Payable Issued for Non-Cash Consideration Lathrop Inc. purchased equipment on…
A: Given, fair value of the equipment on January 1, 2020= $352,733 (-) cash= $97,500 fair value of the…
Q: Josh Edwards was judged at fault in an automobile accident. Three others were awarded damages of…
A: INTRODUCTION: An insurance policy that defends an insured is referred to as a "liability insurance"…
Q: Which of the following statements is true? Direct costs are allocated to cost objects using a…
A: There are two type of costs incurred and accounted for in business. It can be direct costs or…
Q: Tequila Mockingbird, Inc. has total costs of $70,000 when it sells 10,000 units. If total fixed…
A: Cost: Cost in accounting can be explained as the amount that is borne by a company or an…
Q: Question: A company uses a perpetual system to record inventory transactions. The company purchases…
A: A journal entry is frequently used to record a companies will focus in a company's accounting…
Q: 6. It is a redistribution of income and wealth through government making a payment,without goods or…
A: Here asked for multi question as per guideline we will solve for first question for you. If you…
Q: Par for the Course produces and sells 2,000 sets of golf clubs. Selling price per unit Variable cost…
A: Contribution margin: The difference between the sales and the variable costs is called contribution…
Q: Outose Concept manufactures small tables in its Processing Department. Direct materials are added at…
A: INTRODUCTION: WIP Inventory (Work-in-Progress) is a critical line item on a manufacturer's balance…
Q: accounting should Citation Builders, Inc adopt for its single-family houses? 6. What will Citation…
A: Here discuss about the details of the completion contract method which can be incurred the revenue…
Q: You have a lawn mowing business. You plan to work 250 hours per month and charge your customers $24…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: Compute Akita’s U.S. income tax assuming that the other jurisdictions were the states of Montana,…
A:
Q: Aug. 1 3 6 10 13 15 17 22 24 27 29 31 Paid $430 cash for advertising in local newspapers.…
A: A journal entry is a recording of a commercial transaction in a company's accounting system. Journal…
Q: Twisted Pretzel, Inc. had beginning Work-in-Process Inventory (WIP) of $10,000 and makes only one…
A: Cost of goods manufactured in case of work in process = Opening work in process + Conversion costs -…
Q: On January 1, 2020, PS ind issued P600,000 of 7% bonds, due in 10 years. The bonds were issued for…
A: Introduction: Journal entries are the basis of double accounting rules, which have been used for…
Q: S Corporation provided the following data for calendar year ending December 31, 2016: (1$ = P50)…
A: Income Tax : It is the charge on income of the individual or group or company levied by the…
Q: An audit of business's financial reports, preformed by a third party to validate that it is an…
A: Auditing is a process in which the audits of all financial statements of the company are done. The…
Q: Lucky Company's direct labor information for the month of February is as follows: Actual direct…
A: Introduction: In standard costing, direct labor efficiency variance is used to know whether labor…
Q: QUESTION 32 Pasta Disasta, Inc. is preparing its master budget for its first quarter of business. It…
A: A cash budget is prepared to estimate the total cash received and total cash disbursement. It is…
Q: Each family member in the Wise family received a large unexpected inheritance from a long-lost uncle…
A: The tax-free retirement account [TFRA] programmed allows you to save for retirement in a manner that…
Q: Identify the difference between the risks considered when measuring volatility. Provide at least 3…
A: INTRODUCTION: Volatility is a measure of the rate of change in the price of an investment over time.…
Q: Braburt Co. issued $700,000 worth of six-year, five percent bonds on January 1st, 2021. Interest is…
A: A bond is a document of the bond issuer's obligation to the bondholders. Municipal bonds and bond…
Q: poration owns 70 percent of Schedule Company's voting 596 each and sold 12,000 of them to Schedule…
A: Cost of good sold COGS are the direct costs paid in producing the goods that a company sells. This…
Q: The production manager at ABC Inc. is responsible for formulating the budget for his department. He…
A: The cost means the amount spent on the production of the products. The cost consists of all the…
Q: DEPLORABLE BAD Co. acquired a machine on October 5, 20x1 for a total cost of ₱160,000. The machine…
A: The Sum of years digit method is a depreciation calculation method that is allowable by various tax…
Q: When a debt investment at FVOCI is reclassified to FVPL, an entity will a. Remeasure the investment…
A: A contract entered into between two parties that give rise to a financial asset for one party and a…
Q: An investor buys a five-year, 7.5% annual coupon bond priced to yield 5%. The investor plans to sell…
A: Purchase Price=Future Value of reinvested coupons+Present Value of remaining coupon and Face Value…
Q: Chicken Wings Company has 60,000 shares of Fried Chicken Company ordinary share as equity…
A: Here discuss about the details of the equity investment which are in the fair value through other…
Q: Jacob Mills has provided you with the following information: Taxable capital gains on sale of…
A: Capital gain- The increase in the value of an investment and the positive difference between the buy…
Q: Ted's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the…
A: Principal amount P = $18,500 Interest rate r = 4% Semi annual interest s = 4%/2 = 2% Principal…
Q: Question: A Company purchases a machine at the beginning of the year at a cost of $66,000. The…
A: Introduction: The double-declining balance technique is an expedited type of depreciation that…
Q: Question 12 of 20: Select the best answer for the question 12. Financial statements report financial…
A: The financial statements of the business includes the income statement and balance sheet of the…
Q: A company produces 500,000 units of a product per year and are being sold for P4,000,000. It incurs…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: Pasta Disasta, Inc. is preparing its master budget for its first quarter of business. It expects to…
A: A budget is a forecast of future business activities. In a business, various budgets, namely cash…
Q: Question 17: Why sort table data? Answer: A. B. C. D. O You want to display only the table rows that…
A: Sorting means to arrange data in ascending or descending order. It can also be used to arrange data…
Q: Ventura uses a just-in-time (JIT) manufacturing system for all its materials, components, and…
A: Given details of material: Standard quantity for actual output= 10,000 square feet Standard…
Q: Shellhammer Company's inventory records show the following data for the month of September:…
A: First-In, First-Out (FIFO): The accounting system known as "First In, First Out" (FIFO) requires…
Q: i) ii) Tina owns a retail business called Tina Trading. The following balances were extracted from…
A: Tina Trading…
Q: find the amount of money owed at the end of four years if 60,000 is well at 5% per year compounded…
A: Future value refers to the amount of money which is owed by the person after a time frame on an…
Q: Which of the following would not explain the difference between current and non-current assets?…
A: What are currents assets and non current assets let us understand that first. Current assets are…
Q: Total Assets. Liabilities Corporation. Cash Total Tuohy Incorporated b $5,800 $26,600 $5,200 Oher…
A: Cash to non-cash ratio shows how much is cash available with the company. a piece of property that…
Q: O'Reully,Ltd,had the following transactions during the month of July: 1.Sold merchandise for…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: Towns a machine that was purchased three years ago that cost $180,000 and accumulated depreciation…
A: Here discuss about the details of the Section 1231 of federal taxes which are applied for the gains…
Q: Question: What is the Federal Reserve Board's most popular strategy for trying to impact the economy…
A: INTRODUCTION: The Federal Reserve has recently changed its monetary policy approach to account for…
Q: 1. Anton wants to have a portion of ownership of a certain company. Which of the following should he…
A: Hi student Since there are multiple questions, we will answer only first question. There are…
Q: Business On October 1st, a borrowed $25,000 from a bank. The loan has a period of 120 days and an…
A: Interest expense is the monetary obligation of the borrower to pay regularly towards the sum…
Q: Calculate Jamie's net pay
A: Vacation pay means the amount that is paid for the employee's vacation. In this, the employee gets…
Q: Direct Labor Costs August, Carrothers Company accumulated 790 hours of direct labor costs on Job 50…
A: Total direct labor cost: Job 50 (790 hours * $ 15) $ 11,850 Job 56 (500 hours * $ 13) $ 6,500…
Q: planning to in preferred -controlled private corporation, paying a come taxable at the low corporate…
A: Income Tax : Its is the charge on the income of the receiving person levied by the govt. in the form…
Q: Question 1: a) Differentiate between Partnership and Corporation. (Write any 4) b) Explain about…
A: A partnership is a legally binding contract between two or more people to manage and operate a…
Step by step
Solved in 2 steps with 1 images
- In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.Farah Youssef operates as a sole trader. Below is a trial balance extracted from her books as at 31 December 2020. Trial balance for Farah Youssef as at 31 December 2020 Debit Credit £ _ . £ Sales revenue 695,000 Inventory (as at 1 January 2020) 105,800 Purchases 625,200 Non-current assets at cost: Equipment 100,000 Motor vehicle 80,000 Accumulated depreciation: Equipment 10,000 Motor vehicle 10,000 Insurance 14,700 Rent 30,000 Heating and lighting 10,000 Salaries and wages 40,000 Motor expenses 15,300 Miscellaneous expenses 28,500 Receivables 110,000 Allowance for receivables 4,000 Payables 101,500 Cash 71,000 Bank loan 100,000 Capital 310,000 Total 1,230,500 1,230,500 Additional information is provided for use in…Farah Youssef operates as a sole trader. Below is a trial balance extracted from her books as at 31 December 2020. Trial balance for Farah Youssef as at 31 December 2020 Debit Credit £ _ . £ Sales revenue 695,000 Inventory (as at 1 January 2020) 105,800 Purchases 625,200 Non-current assets at cost: Equipment 100,000 Motor vehicle 80,000 Accumulated depreciation: Equipment 10,000 Motor vehicle 10,000 Insurance 14,700 Rent 30,000 Heating and lighting 10,000 Salaries and wages 40,000 Motor expenses 15,300 Miscellaneous expenses 28,500 Receivables 110,000 Allowance for receivables 4,000 Payables 101,500 Cash 71,000 Bank loan 100,000 Capital 310,000 Total 1,230,500 1,230,500 Additional information is provided for use in preparing the company’s…
- Samke Limited sells new equipment and repairs equipment for their regular customers. The following information was extracted from the accounting records for the financial year ended 30 June 2021 Extracted from the Pre-Adjustment Trial Balance at 30 June 2021: R Fixed deposit 160 000 nie in nie Asset Inventory: Trade goods 219 800 nie in nie Asset Debtors control 39 090 nie in nie Asset Machinery 224 000 Accumulated depreciation: Machinery 130 000 Long term borrowing: Finhouse 281 200 liability nie in nie Sales 1 680 000 Debtors allowances/bad debt 17 000 Cost of sales 1 050 000 Service fee income (in respect of repair services) 297 140 Rent income 105 000 Interest income 11 200 Salaries and wages 294 640 Audit fees 30 000 Directors fees 230 000 Consumable stores 51 100 Bank charges 5 240 Travel and entertainment - Directors 15 910 Adjustments and additional…The following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers’ salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020?Jock (LTD) is a manufacturer of Stationery. The Following information is given regarding Jock Ltd for 2021 and 2022 Income tax Expense for 2021 is R9 565 and for 2022 is R8 575 The Income tax for 2021 according to the final assessment for SARS is R9 800.00 Total Dividends declared for 2021 is R5 000. The dividends tax rate is 15% Prepare the journal entries for the year ended 31 December 2021 and 2022 (Include journal narrations)
- On Jan 1,2020, Kim Co. supplies amounted to P2,500. During the year, thecompany purchased P1,200 worth of supplies. Because of some defects, theyreturned P300 to the suppliers. At year end, the supplies amounted to P1,800.What is the amount of supplies expense?The following transaction relate to Tool Company’s contingencies. The financial statements are dated December 31, 2023 and were issued on March 31, 2024. a. Tool’s products carry one –year warranty against manufacturer defects. Based on past experience, warranty costs are expected to be 4% of sales. Sales for 2023 were P2,000,000 and actual warranty cost incurred was P30,000. b. In December 2023, an NGO filed suit against Tool seeking penalties for violation of clean air laws. Tool’s counsel advised that is probable that the entity will lose the case and that the amount of penalty is P2,000,000. Appropriately, the entity recorded the liability. On January 15, 2024, Tools reached a settlement to pay P1,500,000 in penalty. c. Tools is the plaintiff in a P4,000,000 suit filed against a supplier. The attorney advised that it is probable that the entity will win the case and that the award is P2,500,000. On March 15, 2024, the court ruled in favor of Tools and received P2,000,000.…The following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers’ salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020? * P210,000 P284,000 P330,000 P404,000 answer not given
- The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $325,000; cost of goods sold, $168,000; salaries expense, $45,000; rent expense, $20,000; depreciationexpense, $30,000; and miscellaneous expense, $12,000. Prepare an income statement for 2021.How to solve these? The following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers' salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020? On May 1, 2020, GAL Co. purchased a short-term P2,000,000 face value, 9% debt instruments for P1,860,000 including the accrued interest and classified it as a trading security. The debt instruments mature on January 1, 2023, and pay interest semi-annually on January 1 and July 1. On December 31, 2020, the fair market value of the instruments is 98%. On March 2, 2021, GAL Co. sold the trading security for P1,980,000. How much will be recognized as income on the 2020 income statement? Selected data for ABC Co. for 2020 are as follows: Decrease in merchandise inventory: P20,000 increase in accounts payable: P50,000 Disbursements for purchases of merchandise: P580,000. How…Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balancesextracted from the books of the business on 30 June 2020: Account Name RM RMAccount Receivable and Account Payable 165,520 72,440Carriage inwards 3,520Inventory as at 1 July 2019 65,980Carriage outwards 4,360Discount allowed and discount received 2,680 60Utilities 25,100Loan from Miko bank 80,000Returns inwards and return outwards 3,840 3,580Bank 10,400Premises 160,000Motor Vehicles 56,000Furniture and fittings 27,600Cash 2,160Accumulated depreciation as at 1 July 2019 Motor vehicles 20,160 Furniture and fittings 8,280Salaries and wages 68,600Bad debts 2,940Rent received 7,500Printing and stationery 9,400Drawings 3,560Insurance expenses 18,200Purchases and Sales 592,380 844,300Allowance for doubtful debts 5,920Capital as at 1 July 2019 180,0001,222,240 1,222,240 Additional information as at 30 June 2020:(i) Provision for depreciation are to be provided based on the following. Motor vehicles 20%…
