Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500 Equipment 29,100 Accumulated depreciation-equipment 6,300 Accounts payable 4,500 Owner's drawings 3,800 Service revenue 61,100 Depreciation expense 4,500
Q: sond with a face value of $5,000 pays quarterly interest of 1.5 percent each period. Twenty-two inte...
A: Solution Given Face value 5000 Quarterly interest rate 1.5% Quarterly interest amoun...
Q: Ray Electric Company purchased a 10,000 ft2 office space for $1,000,000 torelocate its engineering o...
A: Depreciation would be described as the systematic lowering of the reported cost of a fixed asset til...
Q: Heather, an individual, reported the following items of income and expense during the current year: ...
A: Working notes :- Alimony , Post -TC &J...
Q: . The Cherry Company's physical inventory on December 31, 2021 showed that merchandise with a cost o...
A: Correct inventory that should appear in Cherry Company's statement of financial position at December...
Q: 3.Which of the following pairs of inventory terms would NOT usually go together? a. Periodic inven...
A: In the periodic inventory, method inventory is updated at a specific time period, while in the perpe...
Q: sells T Shirts emblazoned with the school’s name and logo. The shirts cost $2,000 each and managemen...
A: i.) At EOQ as,
Q: How do you view goodwill on the balance sheet - specifically, if certain levels of it would cause co...
A: 1.) I see the goodwill on the balance sheet as synergies , which was estimated at the time of the aq...
Q: 5. Alexander owns an art gallery. He accepts paintings and sculpture on consignment and then receive...
A: Variable Cost - This is vary with the number of show/ number of units produced. if more number of un...
Q: 10.In periods of rising prices (inflation), the use of which of the following inventory cost flow me...
A: Under first in first out method, the goods which are brought into the inventory first are sold first...
Q: Calculate the asset efficiency - receivables, inventory, fixed asset and total asset turnover ratios
A: Ratios refer to establishing the relationship between the two numbers. In accounting, the ratio is u...
Q: CH11_HW_QA2_PIR Required 1: 1-a. Compute the throughput time for each month. 1-b. Compute the man...
A: Throughout time This was the Managerial Accounting techniques to find out the production time of the...
Q: A loaned B P100,000.00, which in turn produced an interest of P6,000.00 per annum. All else being eq...
A: Passive income would be earned from a rental property, a limited liability partnership, and any othe...
Q: principal 12,000, interest 9%, date borrowed April 5, date repaid April 9, what is the number of day...
A: Principal = 12000 Interest rate = 9% Period from April 5 to April 9 = 4 Days
Q: Atty. Guazon owns 30% of the capital and profits of his law office. The law office reported P5,000,0...
A: Sec 26 of Income Tax Code of Phillipines exempts professional partnership firms ...
Q: A concrete pavement on a street would cost 10000 and would last for 5 years with a negligible repair...
A: solution given Initial cost 10000 Annual repair cost 1000 Life 5 years Interes...
Q: On September 30, 2020, a fire at Cherimoya Company's warehouse caused severe damage to its entire in...
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...
Q: Kiko Company has the policy of valuing inventory at the lower of cost and net realizable value using...
A: Net realisable value is the replacement value of the inventory that can be received from selling the...
Q: .Your review of ABC Company's inventory and related records for the year revealed the following info...
A: Gross profit ratio = Gross profit / Sales where, Gross profit = Sales - Cost of goods sold
Q: On March 15, 2014, Rex Company paid property taxes of P180,000 on the factory building for calendar ...
A: Given that property tax for the calendar year 2014 paid on March 15, 2014 is P180,000 Property tax p...
Q: 7. Atheena, controller for the Malabon plant of Zalucki, Inc., wanted to determine the cost behavior...
A: In Cost Accounting, the high-low method is a technique used to split mixed costs into Variable cost...
Q: 16.15 (LO 3) (Accounting for Restricted Shares) Lopez SpA issues 10,000 restricted ares to its CFO, ...
A: To keep track of the financial transactions, journal entries are used. You enter transaction informa...
Q: At September 1, 2017, Five-O Inc. reported retained earnings of $136,000. During the month, Five-O g...
A: The retaining earnings is a credit balance account which shows the profits earned over operational y...
Q: 2.Costs that are incurred in bringing the inventories to their present location and condition are ca...
A: Introduction:- Any Costs incurred in bringing the inventories to their present location and conditi...
Q: Practice Problem 9 Job No.206 incurred the following costs: Wages: Department X - 400 labor hours @ ...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Complete the accounting equation, and journal entries for the transactions given below. Complete the...
A: Accounting Equation Transaction Assets = Liabilities + Capital C Can...
Q: Presentation) On January 1, 2022, Cage Company contracts to lease equipment for 5 years, agreeing to...
A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three sub-pa...
Q: da qualified education prog = torn ACL in his knee.
A: In 2021, 9 individual income tax provisions which expired in 2020 were re-introduced or extended in ...
Q: Adjusting journal entry December 31 2021: Dr. Insurance Expense 24000 Cr. Pre-Paid Insur...
A: Opening balance of prepaid insurance = 1500 Purchase of prepaid insurance = 30000 Consumption of pre...
Q: Give example of personal assets
A: An asset is a resource owened by individual or business that provides p...
Q: Current Attempt in Progress At December 1, 2022, Tamarisk, Inc. Accounts Receivable balance was $174...
A: Formula: Balance on December 31, 2022 = Balance on December 1, 2022 + Credit sales during December –...
Q: 11. T, a 40% owner, has a basis in a S Corporation's stock of $12,000 and in a note receivable from ...
A: Adjusted Basis Adjusted basis which is described as net cost of the assets after made the tax adjust...
Q: Karen finds that many claim forms were rejected because important information was omitted. How might...
A: Insurance appears to be a contractual covering in which one party promises to repay or insure anothe...
Q: Required information [The following information applies to the questions displayed below.] Jeremy ea...
A: Taxable Income is the net amount of income on which tax is imposed or determined using appropriate t...
Q: ash, Accounts receivable, supplies, Accounts payable, unearned service revenue, common stock, servic...
A: In this question, we have given some transactions which we have to post in the ledger account. A led...
Q: 22.Which inventory costing method has a stabilizing effect on profit, such that during a period of r...
A: There are four Methods of issue of material 1.First-in, first-out method 2. Last-in, first-out ...
Q: asset value not given
A: Acquisition goodwill is the difference between the consideration paid and the fair value of the net ...
Q: ancelot is a dealer of household appliances. He reported the following in 201 | 2019 P500,000 P800,0...
A: Accrual Basis of accounting means recording transaction on Accrual basis i.e. as and when they inten...
Q: Direct labor and direct materials are a. period costs and expensed when the goods are sold b. ...
A: The different costs related to productions and selling are classified as product and period cost res...
Q: Describe the responsibilities of an accounts payables specialist in a freight forwarding company.
A: Accounts payable specialist is the person who has the responsibility of financial processing of busi...
Q: 2. Consider "Optimal Taxation Theory" a) What is its objective? b) Summarize the main principles in ...
A: The study of creating and executing a tax that optimizes a social welfare metric under economic limi...
Q: Beginning inventory: P186,196 at cost; P302,250 at retail Purchases: P703,740 at cost; P...
A: Answer-Banana company using retail method of inventory valuation.The estimated cost of the ending in...
Q: aughn Company completed its first year of operations on December 31, 2022. Its initial income statem...
A: Cash outflow and cash inflows gives the net cash provided by the operating activities.
Q: Requirement 1. Identify the components of the overview diagram of Henderson's job-costing system. (A...
A: Job Costing system Job order costing which is described as it helps to measure the cost which are as...
Q: After the accounts have been adjusted at October 31, the end of the fiscal year, the following balan...
A: Closing Journal Entry: Closing journal entries are passed at the end of the accounting period. In th...
Q: 3. Mr. A has a P36 loan receivable from Green Corp. The loan is secured by an asset with a carrying ...
A: Liquidation is a last resort option for any business, it refers to shut down the business and pay of...
Q: The inventory records of Cattle Company show the following purchases during the first quarter operat...
A: FIFO means the first in first out which means that goods purchased first will be sold first. Weight...
Q: BBM Company lost most of its inventory in a fire in December, 2021, just before the year-end physica...
A: Gross profit ratio = Gross profit / Sales where, Gross profit = Sales - Cost of goods sold
Q: On January 1, 2020, Seabreeze Construction Company owned 4 dump trucks, 2 excavators and other const...
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as D...
Q: Based on the data given, Determine the Net Income in 2017 You discovered the following errors in con...
A: Accrual concept of accounting says that all incomes and expenses of the business for the particular ...
Q: Determine the Retained Earnings in 2017
A: Retained earnings are those earnings which the company is having retained means which the company do...
Step by step
Solved in 2 steps with 1 images
- Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. MachineryUnearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.s office buildings. Jennifers received 4 months' service fees in advance on signing the contract. Required: 1. Prepare Jennifers journal entry to record the cash receipt for the first 4 months. 2. Prepare Jennifers adjusting entry at December 31, 2019. 3. CONCEPTUAL CONNECTION How would the advance payment (account(s) and amounts(s)] be reported in Jennifers December 31, 2019, balance sheet? How would the advance payment [account(s) and amount(s)] be reported in Lolas December 31, 2019, balance sheet?Accruals and Deferrals For the following situations, indicate whether each involves a deferred expense (DE), a deferred revenue (DR), an accrued liability (AL), or an accrued asset (AA). Example: DE Office supplies purchased in advance of their use __________ 1. Wages earned by employees but not yet paid __________ 2. Cash collected from subscriptions in advance of publishing a magazine __________ 3. Interest on a customer loan for which principal and interest have not yet been collected __________ 4. One years premium on life insurance policy paid in advance __________ 5. Office building purchased for cash __________ 6. Rent collected in advance from a tenant __________ 7. State income taxes owed at the end of the year __________ 8. Rent owed by a tenant but not yet collected
- ACCOUNTS PAYABLE 14,500.00ACCOUNTS RECEIVABLE 7,500.00CAPITAL STOCK 20,000.00CASH 21,000.00CONSULTING REVENUE 18,000.00OFFICE EQUIPMENT 13,000.00OFFICE SUPPLIES 500.00RENT EXPENSE 9,000.00UTILITIES EXPENSE 1,500.00Above is a list of balances for Iron Works Construction as at 31st December 2021 .The following additional information was provided :1. Depreciation Charge on Office Equipment is $2,0002. All Office Supplies were used during the period.3. Rent Expense includes $1000 for January 20224. $200 was still owing on Utilities Expense Prepare the adjusted Trial Balance as at31st December ,2021Account Title Balance ($) Accounts Payable 11,700Accounts Receivable 69,000Accumulated Depreciation - Building 44,200Building 439,500Cash 28,000Depreciation Expense - Building 8,750Insurance Expense 2,500Miscellaneous Expense 6,200Prepaid Insurance 2,500Repairs Expense 3,000Rent Expense 48,000Rent Revenue 12,000Salaries Expense 522,100Salaries…SHERIDAN COMPANYWorksheet (partial)For the Month Ended April 30, 2020 Adjusted Trial Balance Account Titles Dr. Cr. Cash 12,000 Accounts Receivable 7,500 Prepaid Rent 2,200 Equipment 22,800 Accumulated Depreciation—Equip. 5,100 Notes Payable 5,800 Accounts Payable 5,000 Owner’s Capital 29,440 Owner’s Drawings 3,800 Service Revenue 15,100 Salaries and Wages Expense 10,700 Rent Expense 700 Depreciation Expense 740 Interest Expense 40 Interest Payable 40 Totals 60,480 60,480
- Assuming salaries payable at the beginning and at the end of the period amounted to P17,000 and P38,000 respectively. Salaries paid during the period totaled P155,000. What would be the amount of salaries expense to be recognized for the period?a. P176,000 c. P134,000b. P155,000 d. P100,000Cash$ 9,000Depreciation expense$ 4,000Building98,000Wages expense45,000Accounts payable8,000Insurance expense3,000Services revenue60,000Supplies expense2,000Interest revenue5,000Utilities expense1,000 Use the following selected accounts and amounts with normal balances from Buildex Company’s adjusted trial balance to prepare its income statement for the year ended December 31. Hint: Not all accounts need to be used.A property company received cash for rent totalling $838,600 in the year ended 31 December 20X6.Figures for rent in advance and in arrears at the beginning and end of the year were:31 December 20X5 31 December 20X6$ $Rent received in advance 102,600 88,700Rent in arrears (all subsequently received) 42,300 48,400What amount should appear in the company's statement of profit or loss for the year ended 31December 20X6 for rental income?
- Selected accounts of Noteworthy Communications at December 31, 20X6, follow:Accounts payable $15,100 Lori Stone, capital $67,100Accounts receivable 6,600 Note payable, long-term 27,800Accumulated depreciation - equipment 37,800 Other assets 3,600Accumulated depreciation- computers 11,600 Other current liabilities 4,700Equipment 114,400 Prepaid insurance 1,100Cash 16,500 Prepaid rent 6,600Service revenue 93,500 Salary expense 24,600Computers 22,700 Salary payable 3,900Interest payable 600 Supplies 2,500Unearned service revenue 5,400Required:i) Prepare Noteworthy’s classified balance sheet in report form as at4December 31, 20X6. Show totals for total assets, total liabilities andowner’s equity.CERISE Company uses accrual basis of accounting. Wages expense account had a balance of P255,000 at year end. The wages payable account had a P11,500 and P22,500 beginning and ending balance, respectively. How much cash was paid for wages during the year? A. ₱ 244,000 B. ₱ 240,000 C. ₱ 250,000 D. ₱ 254,000D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?