The following balances have been excerpted from ABC Company's balance sheets: 12/31/2017 12/31/2016 Prepaid Insurance P6,000 P7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 ABC Company pair or collected during 2017 the following items: Insurance Premiums paid P41,500 Interest collected 123,500 Salaries paid 481,000

The following balances have been excerpted from ABC Company's balance sheets: 12/31/2017 12/31/2016 Prepaid Insurance P6,000 P7,500 Interest Receivable 3,700 14,500 Salaries Payable 61,500 53,000 ABC Company pair or collected during 2017 the following items: Insurance Premiums paid P41,500 Interest collected 123,500 Salaries paid 481,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following balances have been excerpted from Edwards' balance sheets: December 31, 2013 December 31, 2012Prepaid Insurance $ 6,000 $ 7,500Interest Receivable 3,700 14,500Salaries Payable 61,500 53,000 Edwards Company paid or collected during 2013 the following items: Insurance premiums paid $ 41,500Interest collected 123,500Salaries paid 481,000 The insurance expense on the income statement for 2013 was Group of answer choices $40,000 $55,000 $28,000 $43,000
These items are taken from the financial statements of Bonita Industries at December 31, 2017. Buildings $99,452Accounts receivable 11,844Prepaid insurance 3,008Cash 11,130Equipment 77,456Land 57,528Insurance expense 733Depreciation expense 4,982Interest expense 2,444Common stock 56,400Retained earnings (January 1, 2017) 37,600Accumulated depreciation—buildings 42,864Accounts payable 8,930Notes payable 87,984Accumulated depreciation—equipment 17,597Interest payable 3,384Service revenue 13,818 Prepare a classified balance sheet. Assume that $12,784 of the note payable will be paid in 2018. (List current assets in order of liquidity and property plant and equipment in order of land, buildings and equipment.)
A selection of account balance from blue corp. are listed below. All balances are as of December 31,2017, except where noted:Accounts payable $7500Accounts receivable, 1/1/17 $5,250Accumulated depreciation $21500 building 65000Cash 12200Common stock 50000Delivery truck 9500Depreciation expenses 10750Dividends 3650Marketable equity securities 2400Account receivable 12/31/17 7125Inventory, 1/1/17 3050Supplies 5200Salaris 10400Salaris expenses 10400Net sales 61365Rent expenses 7850Retained earnings 1/1/17 25010Equipment 15700Prepaid expenses 2000Cost of goods sold 16350Notes payable (due 2019) 4400Inventory 12/31/17 4750 1) Determine the gross profit ratio?2) Determine the account receivable turnover?3) Determine the inventory turnover?4)Determine the debt to equity ratio as of December 31,2017?
The following items were identified to comprise CHI company’s liabilities as of December 31, 2016 Accounts payable P500,000 6% notes payable – due January 15, 2017 750,000 7% notes payable – due January 31, 2017 1,200,000 8% notes payable – due January 31, 2017 1,500,000 The following information was made available at the time the 2016 financial statements were being prepared: The accounts payable balance included a P150,000 advance from the company’s president which is due on June 30, 2018 The board decided unanimously that it would refinance its 6% notes from bulls lending company. On December 31, 2016. CHI Company completed an agreement with bears financing company to refinance its existing note 7% with another one maturing on January 31, 2018. At January 2, 2017 CHI company completed an agreement with cubs financing company rescheduling the maturity date of the 8% notes to January 31, 2018. Requirement: a). How…
The following items were identified to comprise CHI company’s liabilities as of December 31, 2016 Accounts payable P500,000 6% notes payable – due January 15, 2017 750,000 7% notes payable – due January 31, 2017 1,200,000 8% notes payable – due January 31, 2017 1,500,000 The following information was made available at the time the 2016 financial statements were being prepared: The accounts payable balance included a P150,000 advance from the company’s president which is due on June 30, 2018 The board decided unanimously that it would refinance its 6% notes from bulls lending company. On December 31, 2016. CHI Company completed an agreement with bears financing company to refinance its existing note 7% with another one maturing on January 31, 2018. At January 2, 2017 CHI company completed an agreement with cubs financing company rescheduling the maturity date of the 8% notes to January 31, 2018 How much is the total…
Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Requirement: Based on the above information, determine the insurance expense on the income statement for 2020. Choices; P381,000 P543,000 P453,000 P471,000
Multiple Company had the following liabilities on December 31, 2021:Accounts payable after deducting debit P 500,000balances in supplier’s accounts of P100,000 Accrued liabilities 150,000Note payable – due March 31, 2022 1,000,000Note payable – due May 1, 2022 800,000Bonds payable – due December 31, 2023 2,000,000On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022. 1. Compute the total non-current liabilities as of December 31, 2021 2. Compute the total current liabilities as of December 31, 2021
Included in Adams Company’s December 31, 2017, trial balance are the following accounts: Accounts Payable $220,000, Pension Liability $375,000, Discount on Bonds Payable $29,000, Unearned Rent Revenue $41,000, Bonds Payable $400,000, Salaries and Wages Payable $27,000, Interest Payable $12,000, and Income Taxes Payable $29,000. Prepare the current liabilities section of the balance sheet.
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION2017 and 2018 Balance SheetsAssetsLiabilities and Owners' Equity 20172018 20172018 Current assets Current liabilities Cash$ 10,400 $ 10,450 Accounts payable$ 72,250 $ 62,750 Accounts receivable28,000 27,200 Notes payable47,000 47,750 Inventory63,900 63,100 Total $ 119,250 $ 110,500 Total $ 102,300 $ 100,750 Long-term debt$ 63,000 $ 64,700 Owners' equity Common stock and paid-in surplus$ 83,000 $ 83,000 Fixed assets Retained earnings 157,050 190,550 Net plant and equipment$ 320,000 $ 348,000 Total$ 240,050 $ 273,550 Total assets $ 422,300 $ 448,750 Total liabilities and owners' equity $ 422,300 $ 448,750 Based on the balance sheets given for Just Dew It, calculate the following financial…
De Meaning Corporation issued a one-year 6% $400,000 note on April 30, 2017. Interest expense for the year ended December 31, 2017 was: Group of answer choices $24,000. $18,000. $16,000. $14,000.
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #1: Based on the above information, determine the cash received for interest during 2020. Choices: P1,900,800 P2,101,000 P2,065,800 P2,136,200
2 Presented here are liability items for Carter Inc. at December 31, 2017. Prepare the liabilities section of their balance sheet. Accounts payable $167,000 FICA taxes payable $ 7,800 Notes payable 20,000 Interest payable 40,000 (due May 1, 2018) Notes payable (due 2019) 80,000 Bonds payable (due 2021) 900,000 Income taxes payable 4,500 Unearned rent revenue 240,000 Sales taxes payable 1,700 Discount on bonds payable 41,000