What is the amount of total Assets to report on the Balance Sheet for Pack Company?
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- Net income and dividends The income statement of a corporation for the month of February indicates a net income of $32,000. During the same period, $40,000 in cash dividends were paid. Would it be correct to say that the business Incurred a net loss of $8000 during the month? Discuss.Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was 226,800. Rent expense for 20X2 was 472,500. Required: 1. What amount of cash was paid for rent in 20X2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarems statement of cash flows?On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
- Blum Services has the following unadjusted balances at year-end.Cash $12,900Prepaid insurance 2,000Office supplies 1,300Office equipment 10,500Accumulated depreciation–office equipment 3,500Accounts payable 2,900Salaries payable -0-Unearned service revenue 4,500A.L.Blum, capital 11,750A.L.Blum, drawing 5,600Service revenue 13,350Salary expense 3,700Depreciation expense -0-Supplies expense -0-Insurance expense -0-The following information is available to use in making adjusting entries.a. Office supplies on hand at year-end: $250b. Prepaid insurance expired during the year: $325c. Unearned revenue remaining at year-end: $2,500d. Depreciation expense for the year: $1,800e. Accrued salaries at year-end: $900From the above information prepare the adjusted trial balance for the company (NB.Worksheet must include unadjusted trial balance, adjustments, and the adjusted trialbalance.FDN Accounting Services purchased office supplies for P31,000 on terms 20% down payment and the balance 2/10 n/30. How much is the increase in the total assets of the business?How do you make a income statment? POST COMPANYADJUSTED TRIAL BALANCE Debit Credit Cash 80,000 Accounts Receivable 12,000 Prepaid Insurance 2,000 Equipment 4,000 Accumulated Depreciation 100 Supplies 400 Accounts Payable 800 Wages Payable 200 200 Unearned Revenue 1,200 Contributed Capital 82,400 Retained Earnings…
- Cash$ 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.Some of the accounts are extracted from the trial balance of the company as follows: Cash P300,000; Inventories P250,000; Fixed Assets P500,000; Accounts Payable P350,000; Unearned Income P25,000; Rent Revenue P800,000; Prepaid Expenses P30,000; Operating Expenses P450,000. Based on the above given information, how much is the Capital balance of the business? P730,000 not given P700,000 P675,000In its first year of operations, Roma Company reports the following. ∙ Earned revenues of $45,000 ($37,000 cash received from customers). ∙ Incurred expenses of $25,500 ($20,250 cash paid toward them). ∙ Prepaid $6,750 cash for costs that will not be expensed until next year. Compute Roma’s first-year net income under the cash basis and the accrual basis of accounting.
- 1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000R. Davis Company has the following accounts and balances at the end of the year:Cash, $1,200Accounts Receivable, $280Office Equipment, $3,000Accounts Payable, $1,400Income from Services, $3,500Rent Expense, $670Salaries Expense, $1,000R. Davis, Capital at the beginning of the year was $2,050. Rob Davis also withdrew $800 from the company during the year. What is the amount of total assets reported on the balance sheet? a.$4,480 b.$1,480 c.$9,800 d.$3,080Indicate on the columns effected the value of increase or decrease for each accounting element: ASSETS LIABILITIES OWNER’S EQUITY DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT The owner invested P50, 000 cash to start the business. Purchase office supplies on account, payable next week, P2, 000. Collected P10, 000 cash for services rendered to customer. Purchase office machine, 15, 000, P5, 000 down, balance issued with promissory note. Rendered P20, 000 services, collectible next week. Paid the account in number 2. Paid P500 electric bill for electric consumed in conduct of business. Collected the account in number 5. Paid P5, 000 personal drawing of the owner. Received P200 water bill,…
