The transactions they had for December 2020 is advanced view of what is to come for the shop in 2021:
Q: What are the aspects of Taxation?
A: Taxation Taxation is important for the country which can be generate revenue to the government to me...
Q: Problem 1. Mr. Amer started his Car Repair Business in Muscat in June 2020. During the month of June...
A: Book of Accounts: A book of accounts contains exchange records for business accounts. Twofold passag...
Q: On January 1, 2020, ABC Company granted share options to each of the 300 employees working in the Ac...
A: Employee stock options (ESOs) are a type of equity compensation given to employees and executives by...
Q: According to the National Baseball Hall of Fame, at the end of 1979, the pitcher Nolan Ryan signed w...
A: Given that average CPI for 1980 was 82.383 Average CPI for 2020 was 258.838 Given that average earni...
Q: 12. A 90-day, 15% interest-bearing note receivable is sold to a bank with recourse after being held ...
A:
Q: a. What is the percentage rate of return for these 298 dairies? percent. b. The other two dairies ha...
A: Solution:- Given, Farms in local dairy market = 300 Cost structure = 298 Generates profit = $24 for ...
Q: Which of the following is incorrect related to the purchasing and cash disbursement cycle? Group o...
A: Purchasing and cash disbursement cycle is a combination of activities related to business for proces...
Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of ...
A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also ...
Q: Distinguish between Lifeblood Theory and Necessity Theory.
A: Lifeblood theory is the importance of taxation. It states that why it is important for the governmen...
Q: A Board of Directors duty is to: a) Safeguard the interest of a firm's stakeholders b) Protect a F...
A: A Board of Directors duty is to formulate a company's strategy.
Q: On January 1, 2020, ABC Corporation granted an employee an option to purchase 3,000 shares of ABC’s ...
A: Intrinsic value(30-20) = 10 ( market value for January 2020 is 30 and purchase value is 20,w...
Q: a. Prepare the relevant journal entries in the first year of the lease. b. Prepare the relevant fina...
A: Leasee Magnitude Ltd Term of Lease 3 years Use full life of Plant 7 years Lease Rental ...
Q: 13.8 15.9 13.8 15.9 105.8 121.7
A: Valuation of the company: Rapid Growth Scenario There are several methods that can be used to valu...
Q: On January 1st, XYZ Co. prepays $1,500 for one year of prepaid insurance. What is the amount of insu...
A: Formula: Monthly insurance expense = Total prepaid insurance / 12 Months
Q: Vells Leasing Company signs an agreement on January 1, 2020, to lanchester Company. The following in...
A: In this question, we have to calculate the an=mount of annual rental payment required.
Q: On January 1, 2020, ABC Company granted to employees a share-based payment with cash and share alter...
A: Share premium will be recorded on the basis of the price of issuance date. Since shares are issued o...
Q: Doll Company is selling sounds and lights equipment. The company's fiscal year ends on March 31. The...
A: Calculation Amount (P) Accounts payable balance before adjustment 1,670,000 Add:...
Q: Selected financial statement information and additional data for Stanislaus Co. is presented below. ...
A:
Q: Palladium Enterprises Ltd leased a machine on January 1, 2018. At the date of the lease agreement, t...
A: The lease where the lessee bears all the expenses related to the asset is known as a capital or fina...
Q: What is the reason for the understatement of the net income reported by the branch in its separate i...
A: Solution Cost of good sold is the cost acquiring or manufacturing the product that a company sells d...
Q: The purchases and disbursements cycle usually begins when Group of answer choices A user department ...
A: A disbursement seems to be the transfer of funds from one account to another, whether for a purchase...
Q: determine its capitalized cost.
A: Capitalized cost is the cost which is measured by the company which is equal to the present value of...
Q: How did the Accounts Receivable write-off affect GENERAL MILLS' financial statement? (in millions) A...
A: Account receivables shows the amount which are due from customer. It is shown as an asset of the com...
Q: What are the principles of a sound tax system? Briefly explain each
A: Introduction:- The tax system is described as a legally controlled system of public relations based ...
Q: State the rules in case the thing to be delivered deteriorates with the debtor's fault or without hi...
A: A debtor seems to be a person or corporation who promises to repay. The debtor is generally describe...
Q: which of the following account will be least likely involved in the purhasing sub-process of the pur...
A: Purchasing of transaction involves checking at various stages such as receiving the goods and invoic...
Q: OG Corporation’s balance sheet and income statement is listed below. Balance Sheet ...
A: Lets understand the basics. Working capital is a current assets less current liabilities. It shows h...
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units a...
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sold ou...
Q: EXERCISES: 1. XYZ Corporation's most recent balance sheet and income statement appear below: XYZ Cor...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Olongapo Sports Corporation distributes two premium golf balls-Fight Dynamic and Sure Shot. Monthly ...
A: The question is based on the concept of Cost Accounting.
Q: Problem: The following statement of financial position is presented for the partnership of Maia, Che...
A: Partnership means where two or more person comes together to do some common business activity and ea...
Q: Katy invests $13,000 at 6% simple interest for 38 years. Round your answers to the nearest cent. How...
A: In Simple Interest Method, Interest = Principal x Rate x Time in Years Future Amount = Principal + I...
Q: with a face value of P1,000 per bond (total proceeds received from issuance of the bonds are P1,000,...
A: Given as, PV of 1 for 4 periods PV of Ordinary Annuity for 4 periods 6% 0.79209 3....
Q: In 2021, ABC Company issued 5,000 premiums coupons that can be redeemed for prizes. Each coupon if s...
A: Estimated liability at year end shall be towards coupons left to be redeemed. Out of 5000 premium co...
Q: From these particulars prepare a Bank Reconciliation Statement of Brindha Ltd. by taking Balance as ...
A: Bank Reconciliation Statement is a internal control measure to identify and reconcile the difference...
Q: If a partnership has a profit of P44,000 and Partner Ship is to be allocated a bonus of 10% of profi...
A: Suppose B is the amount of the Bonus. Therefore, B = 10% x (Profit - B)
Q: 10. Chop and Suey are partners who share profits and losses after salary and interest allowances in ...
A: Suey is getting interest on capital P4,000 and Salary P10,000 But his total Share is P40,000. Diff...
Q: Activity 4.a - Balance the Expanded Accounting EquatIon Enter the missing value to balance the equat...
A: Basic accounting equation Assets = Liabilities + Owners, Capital - Owners, withdrawals + Revenues - ...
Q: CCC Company purchased a building for S500,000 on January 1, 2016. The building is estimated to have ...
A: Formula: Straight line method depreciation = (Asset cost - Salvage value ) / Useful life
Q: Required Information Use the following Information for the Exercises 3-7 below. (Algo) [The followin...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub-parts for y...
Q: The directors of Transport Ltd produced the following Statement of profit or loss account for 2017 a...
A: Cash flow from operating activities Net income 82000 Add(subtract) item that affects net inco...
Q: Share certificates are issued to subscribers upon-
A: Shares are the capital for the company that is issued by the company in order to fulfill its capital...
Q: Riverbed Industries and Marin Inc. enter into an agreement that requires Marin Inc. to build three d...
A: Lease arrangement is the arrangement where the lessor gives the right to the lessee to use the asset...
Q: What are the top two most important rations when analyzing the financial statements and why?
A: Financial statements are those statements which are prepared at the end of accounting period for the...
Q: Delta Airlines Air France–KLM A3. Refer to the balance sheet and compare it to your U.S. airline’s ...
A: An Introduction: Business organizations have adhered to accounting standards for ensuring the organi...
Q: Taxpayer: Gregory and Brenda Morris, filing 1040 Filing Status: married, filing jointly Exemptions...
A: Federal Taxes For Calculating the federal taxes which can be use the details of the gross income and...
Q: During 2021, Garth has a job as a civil engineer where he earns a salary of $120,000. He also has do...
A: FICA taxes include social security taxes and Medicare tax. Social security tax wage limit is $ 14280...
Q: alll 40% Olongapo Sports Corporation distributes two premium golf balls-Flight Dynamic and Sure Shot...
A: The question is related to Marginal Costing. The Contribution Margin is calculated with the help of ...
Q: Depreciation and amortization expense $ 130 Cash dividends declared and paid 165 ...
A: A cash flow financial statement that outlines a company's cash inflows from ongoing operations and e...
Q: Problem 3 On January 1, 2022, ABC Company signed into a leasing arrangement with XYZ Company for a m...
A: a.) Calculation of gross income of ABC Company Date Opening Balance Interest (Note 1) Annual Paym...
Show the Following
Journalizing on Transactions
Step by step
Solved in 2 steps
- The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000Service Revenue Softball Magazine Company received advance payments of $75,000 from customers during 2019. At December 31, 2019, $20,000 of the advance payments still had not been earned. Required: After the adjustments are recorded and posted at December 31, 2019, calculate what the balances will be in the Unearned Magazine Revenue and Magazine Revenue accounts. Use the following information for Cornerstone Exercises 5-23 and 5-24: Bolton sold a customer service contract with a price of S37 000 to Sammys Wholesale Company. Bolton offered terms of 1/10, n/30 and expects Sammy to pay within the discount period.Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: *All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny.) 2. CONCEPTUAL CONNECTION Jet would like to hire a new employee at a salary of $65,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $9,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 25% of gross pay, what will be the total cost of this employee for Jet?
- TDC Company is preparing its financial statement for the year ended December 31, 2020. Accounts Payable amounted to P 1,200,000 before any necessary year-end adjustments related to the following:• At December 31, 2020, ABC Company has P200,000 debit balance in its accounts payable to DEF, a supplier, resulting from a P 200,000 advance payment for goods to be manufactured to ABC's specifications.• Checks in the amount of P300,000 were written to vendors and recorded on December 29, 2020. The checks were picked up on January 5, 2021.• Checks in the amount of P 150,000 were written to vendors and recorded on December 30, 2020. The checks were received by the vendors on December 31, 2020.What amount should ABC Company report as accounts payable in its December 31, 2019 balance sheet?Dexter Company is preparing its financial statement for the year ended December 31, 2020. Accounts Payable amounted to P 1,200,000 before any necessary year-end adjustments related to the following: • At December 31, 2020, Dexter Company has P200,000 debit balance in its accounts payable to DEF, a supplier, resulting from a P 200,000 advance payment for goods to be manufactured to Dexter's specifications. . Checks in the amount of P300,000 were written to vendors and recorded on December 29, 2020. The checks were picked up on January 5, 2021 • Checks in the amount of P 150,000 were written to vendors and recorded on December 30, 2020. The checks were received by the vendors on December 31, 2020. What amount should Dexter Company report as accounts payable in its December 31, 2019 balance sheet?ABC Company is preparing its financial statement for the year ended December 31, 2020. Accounts Payable amounted to P 1,200,000 before any necessary year-end adjustments related to the following:• At December 31, 2020, ABC Company has P200,000 debit balance in its accounts payable to DEF, a supplier, resulting from a P 200,000 advance payment for goods to be manufactured to ABC's specifications.• Checks in the amount of P300,000 were written to vendors and recorded on December 29, 2020. The checks were picked up on January 5, 2021.• Checks in the amount of P 150,000 were written to vendors and recorded on December 30, 2020. The checks were received by the vendors on December 31, 2020.What amount should ABC Company report as accounts payable in its December 31, 2019 balance sheet?
- On December 31, 2020, $300 of salaries has been accrued. Total amount before accrued $27500. The next payroll to be paid on Feb 3, 2021, for the $6500. Do the following. A. Journalize and post the entry using T accounts. B. Journalize and post the reversing entry on Jan 1, 2021 C. Journalize and post the payment of the payroll. Cash has a balance of $13500 before the payment of payroll on Feb 3, 2021.The balance in Milk Tea Company’s accounts payable at December 31, 2021 was P2,500,000 before considering the following information:· On December 27, 2021, Milk Tea wrote checks to creditors totaling P500,000. The checks were released and recorded on January 3, 2022.· On December 28, 2021, Milk Tea received goods from suppliers amounting to P350,000, terms 3/10, 2/15, n/30, FOB Destination. The related invoice was received and recorded on January 2, 2022. The company uses the net method to account for cash discounts.· Milk Tea’s supplier erroneously billed a purchase made on cash. The invoice cost was P500,000, terms 2/10, n/30. The related invoice was received and recorded on December 22, 2021.· A debit balance in a supplier’s account amounting to P50,000 was charged against the accounts payable ledger balance. The amount represents advance payments for goods to be delivered in January 2022.· A credit balance in a customer’s account amounting to P37,500…Multiple Company provided the following information on December 31, 2020: Accounts payable after deducting debit balances in supplier's accounts of P100.000 Accrued liabilities Note payable - due March 31. 2021 Note payable - due May 31, 2023 Note payable - due December 31, 2022 P500.000 P50.000 P1.000.000 P800.000 P2.000.000 On December 27, 2020 the note payable of P1,000,000 was replaced by an 18-month note for the same amount. During November 1, 2020, the Company breached a covenant pertaining to the May 31, 2023 note, making it due and demandable. On December 24, 2020, the creditor agreed to not to demand payment for 13 months from the date of breach. The note payable maturing on December 31, 2022, which was acquired on June 30, 2018. The creditor has the right to call the note 36 months from issuance How much is the total current liabilities as of December 31. 2020?
- Show the solution in good accounting form Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment and which excludes P5,000 inventories out on consignment. How much is the inventories in a combined balanced sheet as of December 31, 2021?The following information pertains to Yoyo Projects for the three months ended 31 May 2020:ActualBudgetedMarchRAprilRMayRRevenue (20% for cash and 80% on credit)360 000380 000400 000Purchases (10% for cash 90% on credit)240 000280 000320 000Salaries and wages paid40 00060 00060 000Cash expenses24 00028 00032 000Depreciation2 0002 0002 000Additional Information:a) It is expected that debtors will settle their accounts as follows:• 20 % in the month of invoice• 70% in the month after the month of invoice, and• 5% in the second month after the month of invoice• The remaining 5% is usually written off as bad debts.b) Trade creditors are paid in the month after purchase at a discount of 5%.c) 50% of the salaries and wages are weekly wages. Since wages are paid weekly, usually 10% of the wages are paid in the month following the month in which they were incurred.d) Expenses are paid as they arise.e) The favourable bank balance on 1 April 2020 was R 21 000.RequiredPrepare the Cash Budget of…You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What total amount must be paid on Feb 5 to settle the remaining balance on all the invoices?
