The owner of ABC Company invested cash to the business amounting ₱500,000 and office furniture and equipment which has a fair market value of ₱210,000. During the year, the owner made an additional investment of ₱150,000 to increase the working capital of the firm. On December 1, the owner issued a company check for ₱250,000 to settle his personal loan from Union Bank. Revenues in 2021 totaled ₱305,000 and expenses amounted to ₱420,200. How much was owner’s capital as of December 31, 2021?
Q: 15. In 2021, Edwards Corporation incurred research and development costs as follows: Materials and…
A: R&D costs are directly tied to a company's goods or services being researched and developed, as…
Q: TIME VALUE OF MONEY (use BAII Plus Financial Calculator to answer questions 25 – 30). If you do not…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Marital Aid Inc, owned by four individual shareholders, shows the following result for the year just…
A: In this question, we will find out the Personal Holding Company Income for Marital. There are…
Q: Use the following to answer questions 19 – 24 The following balance sheet items, listed in…
A: Solution Total assets is the assets which include both current assets and non current assets .
Q: 9. Statement 1 – In installment liquidation, cash priority program and schedule of safe payment…
A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…
Q: will be able to invest in only one of them. Project A is to purchase a machine that will enable…
A: ln the capital budgeting decisions which are comes on which long term decisions of form regarding…
Q: If the partnership’s cash is 25,000, the net assets are 250,000 and the total claim of the outside…
A: The net assets is calculated as difference between total assets and liabilities. Net assets = Total…
Q: for example on this question. Received bill from the water and sewer department for services,…
A: Operating Utilities Expenses: A utility expense is the cost of energy, heat, sewage, and water use…
Q: The 2021 comparative balance sheet and income statement of Auga Company Ltd, have just been…
A: Balance Sheet includes: Assets accounts Liabilities accounts Equity accounts As per accounting…
Q: A company provides each of its directors with a car. It has purchased these at £35,000 each. After 4…
A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…
Q: The 2021 comparative balance sheet and income statement of Auga Company Ltd, have just been…
A: Comparative balance sheet is a balance sheet that is prepared for more than one period end and a…
Q: Tom Watson uses dollar value LIFO. If Watson has total purchases of 300,000 in 2023, what is his…
A: It is the method of valuation the physical ending inventory in value of dollar price instead of…
Q: Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…
A: Job costing is a method of costing that determines the costs associated with each job or project.
Q: Paid $43 for an oil change. Paid $405 to install special shelving units, which increase the…
A: Journal entry: A journal entry is the act of recording or keeping track of any financial or…
Q: Party Supply is trying to decide whether or not to continue its costume segment. The information…
A: Variable costing is based on the distinction between fixed and variable costs. Explanation -…
Q: Explain the following of Section 34—Fiduciary Relationship of Partners. (1) Partners shall stand in…
A: A fiduciary relationship is a relationship under which a person is obliged to act for the benefit of…
Q: The transfer price is a revenue to sales devision and cost to the buying devision. Say true or False…
A: Transfer price is a price at which a transaction of two related divisions of the same corporation…
Q: a) What finance charge will Jack pay? b) What is the APR to the nearest half percent?
A: In this question, we have to compute the finance charge and APR by subtracting the cash price from a…
Q: January 25 Received $1150 cash for laundry services provided in January 2022. JOUonal eny xy
A: Cash receipts of any kind are counted as accounting transactions. This is true whether a cash basis…
Q: Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the…
A: An equivalent unit of production is an expression of the work done by a manufacturer on partially…
Q: B. 20 BP = 0.2% C. Basel I is increasing the amount of capital that banks are required to…
A: The basel norms are a fought to co-ordinate the banking regulation around the world as it is…
Q: The New Zealand Equivalent to the IASB Conceptual Framework for Financial Reporting (2018) states…
A: As per the Valuation of Inventory the Inventory will be valued at lower of two:- (i) Cost; or…
Q: M Peru's company. Test bor- produce 340 tons per year of car period. d hydrated zircon gemstones.…
A: Net present value is the net present worth of a project computed by deducting the initial cash…
Q: At the start of the period, ABC Company has total assets of ₱500,000 and total liabilities of…
A: Given: Total assets owned by ABC company - 500,000 Total liabilities of Abc company - 300,000 Total…
Q: January 25 Received $1150 cash for laundry services provided in January 2022. JOUonal eny xy
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: AA, BB and Cc are partners with average capital balances during 2021 of 360,000, 180,000 and 120,000…
A: Partnership means where the two or more partners agree to do the business together and share the…
Q: The following business transactions relate to John Clark (financial planner) for his first month of…
A: 1. Accounting equation = Assets = Liabilities + Equity The affect of revenue and loss affect the…
Q: On the basis that the main selection criterion is the product that offers the largest safety margin…
A: Product C
Q: January 25 Received $1150 cash for laundry services provided in January 2022.
A: Amount received from laundry services is service revenue
Q: 1. The sales department has pitched the idea to the owner that increasing the annual sponsorship to…
A: This question is based on the calculations and we will calculate : (1) What is total difference…
Q: X Company manufactures a single product. Monthly production costs incurred in the manufacturing…
A: Classification of Costs as Variable, Fixed or Semi Variable Particulars 24000 units 72000 units…
Q: 2. Alex needs to repay a $ 8500 debt. His bank offers personal loans with terms from one to five…
A: EMI = P × r × (1 + r)n/((1 + r)n - 1)
Q: Auga Company Ltd Income Statement Year Ended December 31,2021 Revenues and gains: 2,450,000 103,200…
A: Cash Flow Statement includes: Cash flows from operating activities Cash flows from investing…
Q: Bacalso and tenajeros have respective partnership capital balances of 48,000 and 24,000 on Jan 1.…
A: Average capital balances = (Beginning capital balances + ending capital balances ) / 2
Q: If the power of taxation is an inherent power and therefore there is no need for constitutional…
A: Tax is the amount which has to be paid to the government and the same has been computed on the basis…
Q: nny borrowed $546
A: The Fringe Benefit Tax (FBT) is a tax that an employer must pay in lieu of compensation provided to…
Q: M3
A: we have to calculate base price for bidding Assumptions Equipment have three years life Straight…
Q: JJ and KK are partners who share profits and losses in the ratio of 60%:40% respectively. JJ’s…
A: Residual income = Total Income - Salary paid to partners - Interst on partner's capital Total…
Q: A company pledged its entire accounts receivable amounting to P2,500,000 to a financing institution…
A: Pledged accounts refer to those accounts or assets against which a business organization borrow a…
Q: Explain the following of the section 34 of act 152, on partnership law.
A: section 34 of act 152, on partnership law. Sec. 34-152. Sharing of profits and losses
Q: Rough Stuff makes 2 products: khaki shorts and khaki pants for men. Each product passes through the…
A: Total cost is the total amount of money spent to produce some form of result. Accounting-wise, the…
Q: 27. $ was advertised at $3,000,000 (based on annual payments of $100,000 for 30 years). Your choice…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: On August 1, Isada and Ureta pooled their assets to form a partnership , with the firm to take over…
A: Partnership Characteristics includes: Existence of an agreement Existence of business Sharing of…
Q: income: (Loss ) At the division level before the ad ) At the investment level. ) At the division…
A: In this question, we have to compute ROI for each division by dividing operating income by operating…
Q: Tax as a source is classified as?
A: Solution Concept Tax is the major source of revenue oto the government of any nation There can…
Q: Selling price per unit Variable cost per unit Total fixed costs $250 $100 $120.000
A: Solution: Contribution margin is the margin which is the sales price in excess of variable costs.…
Q: 2. Lordinel Trading is owned by Mr. Gamad. As of January 1, 2019, Mr. Gamad's capital balance is…
A: solution concept The colsing capital of a sole properiotership can be calculated as =opening capital…
Q: The cost data for Evencoat Paint for the year 2019 is as follows: Month Gallons of Paint Produced…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: physical inventory of Liverpool Company taken at December 31 reveals the following.
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Use these factors to answer the following questions. i PV$1 FV$1 PVA FVA 3 8% 0.79383 1.25971 2.5771…
A: In case of multiple questions, we are allowed to answer only the first question. If you want other…
The owner of ABC Company invested cash to the business amounting ₱500,000 and office furniture and equipment which has a fair market value of ₱210,000. During the year, the owner made an additional investment of ₱150,000 to increase the
How much was owner’s capital as of December 31, 2021?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?Johnson, Incorporated, had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for extraordinary repairs Depreciation expense recorded for the year is $15,000. If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Johnsons balance sheet resulting from this years transactions? What amount did Johnson report on the income statement for expenses for the year?Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?
- Taehyung started operating a service proprietorship on April 1, 2021 with an initial cash investment of P100,000. The business provided P58,500 of services in April and received full payment in May. The business incurred expenses of P20,300 in April which were paid in June. During May, Taehyung drew P4,300 against his capital account. What was the income to be reported for the 2 months ended May 2021 under cash basis?Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form. Q2Select any five financial transactions of your choice and make journal entries for the same. Q3 There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.On January 1, 2010, the capital of Delta Company was P1,700,000 and on December 31, 2010, the capital was P2,400,000. During the current year, Delta withdrew merchandise costing P100,000 for personal use and with sales value of P180,000, and paid a P1,000,000 note payable of the business with interest of 12% for six months with a check drawn on a personal checking account. What was the net income or loss for 2010? Choices; 260,000 income 260,000 loss 180,000 income 180,000 loss
- On September 1, 2021, Feeling Company began a service proprietorship with an initial investment of P400,000. Feeling rendered P800,000 worth of services during September. Collections were made except for P200,000 which were collected the following month. Expenses were incurred in the amount of P400,000, including P100,000 which are to be paid next month. The owner withdrew P60,000 for personal use. In September 30, 2021 financial statement, what amount of capital should be reported under the cash basis accounting? P640,000 P800,000 P740,000 P840,000Mr. Wa Is started a service business on October 1,2020 with an initial investment of P400,000. During 2020, he provided P800,000 worth of services to customers of which P200,000 were collected during January 2021. Expenses incurred amounted to P400,000 including P100,000 which were paid during January 2021. Mr. Wa Is withdrew P60,000 during 2020.How much should be the capital balance of Mr. Wa Is on December 31,2020 under the cash basis of accounting? *A. P640,000B. P740,000C. P800,000D. P840,000E. answer not givenPTI Inc., located in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the company spent $2, 800,000 to install solar panels for electricity in the building. The building was sold for $40,000,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,200,000. b. A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle was sold in 2021 for $4.5 million. c. Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021 for 1 million. d. Purchased a government bond for $5,000,000 in 2018 and sold it for $7,500,000 in 2021.The company is entitled to Annual Exemption of $500,000. Capital losses as at 1 January 2021 was $3,500,000. Calculate the capital gains tax in 2021, assuming a capital gains tax of 20%.
- OMG is in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the companyspent $2,000,000 to install solar panels for electricity in the building. The building was sold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,500,000. b. A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle was sold in 2021 for $4.5 million. c. Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021 for $10 million. d. Purchased a government bond for $5,000,000 in 2018 and sold it for $7,500,000 in 2021.The company is entitled to an Annual Exemption of $500,000. Capital losses as of 1 January 2021 were $1,500,000. Calculate the capital gains tax in 2021, assuming a capital gains tax of 15%. Part CJohn Peter is aware that there is no Capital Gains tax in Jamaica.…On January 1, 2021, Super Balut Co. establishes a branch for an initial cash investment of P10,000,000. The subsequent transactions are as follows: a. On January 3, 2021, the home office acquires land and building to be used by the branch for a total cost of P30,000,000. The branch records the assets in its books. The fair value of the land is P11,000,000, while the fair value of the building is P22,000,000. The building has an estimated useful life of 20 years and no residual value. The company uses the straight-line method of depreciation. b. On February 14, 2021, the home office transfers inventory worth P20,000,000 to the branch. The home office pays freight of P500,000. c. On March 1, 2021, the home office transfers additional inventory worth P5,000,000 to the branch. This time the branch pays the freight of P100,000. d. On March 31, 2021, the branch acquires equipment for P900,000 cash. The equipment will be carried in the home office’s books. The equipment has a useful life of…On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,316 cash. The new company, Sheffield Sales and Service, has the following transactions during January. 1. Pays $12,000 in advance for 3 months rent of office, showroom, and repair space. 2. Purchases 42 personal computers at a cost of $1,664 each, 8 graphics computers at a cost of 5 2,664 each, and 27 printers at a cost of $464 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $13,916 in salaries and wages during January, of which $4, 316 was still payable at the end of January. 4. Sells 32 personal computers at $2,714 each, 6 graphics computers for $3, 764 each, and 17 printers for $664 each; 576,316 is received in cash in January, and $44, 404 is sold on a deferred payment basis. 5. Other operating expenses of $9, 716 are incurred and paid for during January: $3,316 of incurred expenses are payable at January 31. (a) Using.…