"The Statement of Financial Position of Charles Corporation shows Total Assets of P1,500,000, Current Liabilities of P400,000, and Non-current Liabilities of P700,000. Assuming it has no drawings, then it has ending Capital balance of P400,000. O True O False
Q: he information presented here represents selected data from the December 31, 2019, balance sheets…
A: Balance sheet is also known as statement of financial position considered as one of most important…
Q: During 20X5, X co. had the following income and expenses: Gross income from…
A: Dividend is the amount which is paid by a company to its shareholders. When a company generates…
Q: The following information relates to the Gates Corporation: Net assets, end of year P650,000…
A: The net assets are calculated as difference between total assets and liabilities. Hence, net assets…
Q: Maxey Company had current and noncurrent liabilities of $50,000 and $150,000, respectively. The…
A: Given the following information: Current liabilities: $50,000 Non current liabilities: $150,000…
Q: The total assets of KJC are $1,200,000 and its liabilities are equal to 1/4 of the total assets.…
A: Introduction: Owner's equity is owner's claim over the net assets of the organization. Owner's…
Q: Following data are from the statement of changes in financial position of Quezon Co. for the year…
A: Net income, per income statement, P75,000 Operating Activity Acquisition of equipment, P4,000…
Q: Pinaasa Company had total assets of P4,000,000 and shareholder’s equity of P2,080,000 at the…
A: Opening equity = P2,080,000 Change in assets = P520,000 Change in liabilities= P-820,000
Q: lossom Limited reported the following selected information for the year ended March 31, 2021:…
A: In this question, we have to calculate Income Statement and statement of Comprehensive Income
Q: The trial balances for Walla Corporation and Au Inc. at December 31, Year 4, just befo described…
A: Goodwill is an intangible asset that is recorded while acquiring an asset. Iris subject to…
Q: The following are the Statements of Financial Position of Yomi Limited for the years ended December…
A: Cash flows statement shows the inflows and outflows of cash balance and it does not consider the non…
Q: The assets of Face&Masks associates consist entirely of current assets and net plant and equipment.…
A: Given information: Total assets of P2.5 million, Net plant equipment is P2 million, Notes payable is…
Q: Sheridan Homes Ltd., a private company reporting under ASPE, reported the following for the year…
A: The question is related to Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…
Q: e following is the statement of financial position of PQR sharing profits and losses in the ratio of…
A: A partnership is a type of business in which two or more persons sign a legal agreement to be…
Q: Use the following information for the next three questions: The ledger of COLTISH UNDISCIPLINED Co.…
A: Current Assets:- These are those assets of the company which get received within 1 year and recorded…
Q: The balance in the capital account of Han Ji Pyung Co. at the beginning of the year was P650,000.…
A:
Q: The following information was extracted from the accounting records of Brankov Company: Beginning…
A: Stockholders equity consists of Equity share capital + Reserves and surplus - Treasury stock
Q: Our company shows, among other things, the following items at the beginning and end of 2020 in tsek:…
A: Calculation of opening capital : Balance sheet as on 01.01.2020 Liabilities Amount Assets Amount…
Q: Riccarton Ltd has non-current assets of £9,000, non-current liabilities of £5,000, current…
A: The current assets of the business can be calculated with the help of accounting equation.
Q: please see the following financial information for Company A and B respectively. Company A…
A: Company A: ROA=12%Net IncomeTotal Assets=12%Net Income250 million=12%Net Income=12%×250 million=30…
Q: Assume that the Current Assets for Rain Co. as of Decebmer 31, 20Y8, are listed below. A. Assume…
A: In this numerical has covered the concept of Working Capital. Working Capital is a difference…
Q: The following is the statement of financial position of PQR sharing profits and losses in the ratio…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: The following statements of financial position were extracted from the books of two companies as at…
A: fair value of assets=Net assets-Change in retained earnings =88000-50000-(18000-4000) =24000
Q: On the statement of financial position, Hernandez Company had retained earnings of USD 650, 000, but…
A: 1. Retained Earnings - Retained earnings is the accumulated balance earned by the company over a…
Q: the total liabilities of brown enterprises are 987,560 representing one-fourth of the total equity.…
A: Equation: Accounting equations are on the basis of the dual aspect concept of accounting. It means…
Q: Presented below is selected data from the financial statements of Morgan Corporation for the current…
A: The debt ratio is a financial ratio that tells about the percentage of total assets of company with…
Q: The following information pertains to BTS Co. for the year. · Net assets, Jan.1, 2021-…
A: Increase in Net assets = Net assets, Dec. 31. 2021 - Net assets, Jan.1, 2021 = P2,112,960-1,008,480…
Q: K2 Corporation has assets of $2,400,000, common stock of $624,000, and retained earnings of…
A: We have the following information: Assets: $2,400,000 Common Stock: $624,000 Retained Earnings:…
Q: N3 corporation has assets of 4200,000, common stock of 1092,000 and rretained earnings of 665,000…
A: Creditor: Creditor is a person or a company who has provided fund or loan, and hence, have a claim…
Q: APA Co. is insolvent and its statement of affairs shows the following information: P1,440,000…
A: Given data, Estimated gains on realization of assets =P1,440,000 Estimated losses on realization of…
Q: The total assets and the total liabilities of Paragon Services are shown below. During the year, no…
A: Accounting equation says that total assets should always be equals to total liabilities and…
Q: Martinez Company at December 31 has cash $46,500, noncash assets $212,000, liabilities $130,000, and…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Jack Company is a corporation that was organized on July 1, 2015. The June 30, 2020, balance sheet…
A:
Q: On January 1, 2021, the balance of Owner's Capital of FDN Company is P440,000. During the year the…
A: Owners capital balance indicates the total investment balance of the owner in the company. It can be…
Q: account
A: TOTAL CURRENT LIABILITIES = fixed assets + current assets -long term debt - retained earnings -…
Q: How much is the total noncurrent liabilities as of January 1, 20x1?
A: Assets = Liabilities + Equity Equity as on Jan 20X1 is 1,700,000. Current assets + Noncurrent…
Q: At the beginning of the year, Grouper Company had total assets of $794,000 and total liabilities of…
A: Stockholders Equity is the total amount attributable to the shareholders of the company. This is…
Q: ssom Limited reported the following selected information for the year ended March 31, 2021:…
A: The income statement explains the financial performance of the company for a particular period of…
Q: On january 1, christian company showed total assets of 5,000,000, total liabilities of million and…
A: solution : first let us calculate the balance of reserve and surplus on January 1 Total assets…
Q: 31st Dec 2010 Liabilities RO Assets RO Creditors Outstanding Expenses Bills Payable Capitals: P…
A: A partnership is a type of business in which two or more persons sign a legal agreement to be…
Q: Entity A had total assets, liabilities, and equity of ₱150M, ₱90M and ₱60M, respectively, at the…
A: According to the accounting equation, the firm's total assets equaled the sum of its own liabilities…
Q: The year-end balance sheet of Star Inc. shows total assets of $12,407 million, operating assets of…
A: Formula: Net operating Assets = operating assets - operating liabilities
Q: The year-end balance sheet of Star Inc. shows total assets of $6,617 million, operating assets of…
A: Net operating assets are a business's operating assets minus its operating liabilities. Formula…
Q: White Company’s assets total $780,000 and its owners’ equity consists of capital stock of…
A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…
Q: In 2021, ABC Corp., established in 2015 reported the following information: Balance Sheet: Asset -…
A: Answer: Gross sales : P50,000,000 Less: Cost of sales…
Q: How much is the total free assets? The following data were taken from the statement of affairs of…
A: The above question will be solved by the basic accounting equation. Assets = Equities and…
Q: BE1-4 Use the accounting equation to answer each of the following questions. (a) The liabilities of…
A:
Q: Watt Ltd has equity of £150,000, current assets of £60,000, current liabilities of £45,000,…
A: Non-current liabilities are the long-term liabilities of the company. The long-term liabilities are…
Q: Black Company has beginning total assets of P200 million and ending liabilities of P110 million.…
A: An owner does withdraw from the business for personal use.
Step by step
Solved in 2 steps
- Angela Corporation has the following selected assets and liabilities: Given the said data, determine the company’s net working capital. (check the photo) Choose the letter of correct answer a. P35,000.00b. P39,000.00c. P33,000.00d. P72,000.00e. P52,000.00Determine the effects of the following transactions on Current assets, Current liabilities, and Working Capital. Write “Inc” for an Increase, “Dec” for a Decrease, or “NE” if there is No Effect. Write your answers in the blanks provided. Current Asset Current Liability Net Working Capital 1. Sale of merchandise on account 2. Acquired shares of ABS CBN for cash 3. Pays the long-term debt of P150,000 4. Sells old machine for P10,000 cash 5. Issued shares of stock to cash investors 6. Declared cash dividends 7. Payment of advance rentals (asset method) 8. One year loan from a bank 9. Issued shares of stock to pay short term loan 10. Collection of receivables 11. Cash redemption of bonded debt 12. Six months interest received in advance(liability method is used) 13. Issued stock dividends 14. Payment of cash dividends declared in #6 15. Sell of equipment for P50,000;…Some selected financial statement items belonging to PXR Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Receivables 18,500 Total Assets 120,000 Current Liabilities 42,000 total liabilities 75,000 Profit after Tax 15,000 Select one: a. The correct answer not available b. 0.205 c. 0.137 d. 0.150 e. 0.125
- (Multiple Choice) Kahula Corporation was started in 2020. In 2020, it had a Net Loss of $10,000 and in 2021 it had a net income of $140,000. In 2021, it paid dividends of $25,000. Therefore, Kahula Corporation had _______ of ______ at the end of 2021. 1. Retained Earnings, $105 000 2. Shareholders' Equity, $105 000 3. None of the answers are correct 4. Retained Earnings, $130 000 5. Contributed Capital, $130 000Excelsior Corporation has the following headings on its December 31, 2019 Balance Sheet:Total Current Assets $200,000Total Assets $500,000Total Current Liabilities $156,500Total Non Current Liabilities $300,000On January 2020 Excelsior sells temporary investments to pay off $48,900 in long term debt Required 1: How much will working capital increase (decrease) by when comparing December 2019 with January 2020? $ Required 2: If no other transaction took place in January 2020, the current ratio at the end of January 2020 is: Required 3: If no other transaction took place in January 2020, the debt to equity ratio at the end of January 2020 is: Required 4: If no other transaction took place in January 2020, the financial leverage in January 2020 is (calculate the Equity Ratio and not the Equity Ratio percentage): Required 5: If last 12 month sales as of January 2020 amount to $480,000, the working capital turnover for the period ended January 31st 2020 is:1.The changes in account balances of ENIGMA Co. during 2020 are as follows: Assets: P133,500 increase Liabilities: P40,500 decrease Ordinary share capital: P90,000 increase Share premium: P9,000 increase. Assuming there are no changes in retained earnings except for net income and a dividend payment of P19,500, how much is the net income (net loss) for 2020? 2.The financial records of DISGRASYA Inc. were destroyed by fire at the end of 2020. Selected information gathered are the following: Inventory on January 1 was P92,000 and decreased by 20% during the year. Sales discount amounted to P17,000. Interest expense is P20,000. Cost of sales is P500,000. Administrative expenses amounted to 20% of cost of sales but only 8% of gross sales. Two thirds of operating expenses relate to sales activities. The company is subject to 30% income tax. How much is the net income (net loss) during 2020? Thank You!
- Excelsior Corporation has the following headings on its December 31, 2019 Balance Sheet: Total Current Assets $200,000 Total Assets $500,000 Total Current Liabilities $169,000 Total Non Current Liabilities $300,000 On January 2020 Excelsior sells temporary investments to pay off $56,400 in long term debt Required 1: How much will working capital increase (decrease) by when comparing December 2019 with January 2020? Required 2: If no other transaction took place in January 2020, the current ratio at the end of January 2020 is: Required 3: If no other transaction took place in January 2020, the debt to equity ratio at the end of January 2020 is: Required 4: If no other transaction took place in January 2020, the financial leverage in January 2020 is (calculate the Equity Ratio and not the Equity Ratio percentage): Required 5: If last 12 month sales as of January 2020 amount to $480,000, the working capital turnover for the period ended January 31st 2020 is:1) The total assets of X firm is P350,000 of which P50,000 is accounts receivable. Subsequently, P22,500 of accounts receivable was collected. What is the new balance of its total assets? a. P377,500 b. P322,000 c. P350,000 d. P400,000 2) The net asset (capital of Y) was P125,000. An account payable of P11,700 was paid. What is the new balance of Y’s net asset? a. P136,700 b. P133,300 c. P125,000 d. P101,600Blossom Political Consultants management has decided to discontinue all of the firm's business operations. The firm has total debt of $5.90 million, and the liquidation value of its assets is $11.00 million. If the book value of the firm's equity is $5.50 million, then what will be the amount of the liquidating dividend when the firm liquidates all of its assets? (Round answer to 2 decimal places, e.g. 15.25.)
- 1. Based on the preceding information, what amount will be present in the revaluation capital account, when eliminating entries are prepared?A. $0B. $65,000C. $60,000D. $15,000 2. Based on the preceding information, the write-up of buildings and equipment will:A. increase Sirius's reported net income for 2009 by $5,000.B. decrease Sirius's reported net income for 2009 by $5,000.C. increase Sirius's reported net income for 2009 by $50,000.D. have no affect on Sirius's reported net income for 2009.20 In 2021, ABC Corp., established in 2015 reported the following information: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 50,000,000 Cost of sales – Php 40,000,000 Operating Expenses - Php 20,000,000 Until when can ABC Corp carry-over the loss against its gross income? Group of answer choices 2023 2024 2025 2026XYZ Co. has current assets of OR 75000 and total assets of OR 210000. It has current liabilities of OR 45000 and total liabilities of OR 110000. If during the year he had drawings OR 7500, retained earnings OR 34000 & Net Profit for the year OR 12500. What will be the amount of XYZ's Opening Capital?