total expense for the third quarte
Q: Dark Inc. paid P72,000 to renew the only insurance policy for three years on March 1, 2021, the…
A: Prepaid insurance is the amount of insurance premium paid before it becomes due.
Q: · Payment of quick response insurance premium for calendar year (payment was made during the…
A: Solution: Total expenses for a particular quarter is based on expenses incurred in that period which…
Q: The following information is available for ABC Inc. on April 30 for the year just ended. a. Unpaid…
A: Adjusting journal entries are those journal entries which are passed at the end of the period for…
Q: On March 1, 2021, Special Company paid P500,000 for the calendar year's property taxes. Advertising…
A: Income statement is one of the financial statement which shows all incomes and all expenses of the…
Q: An insurance company received advance payments of $12,000 from clients during the current year. At…
A: In the beginning when cash is received ,the journal entry will be Cash A/c 12000 Unearned…
Q: On August 1, 2018, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000…
A: Month from August 1, 2018 to December 31, 2018 = 5 months
Q: 4. Orange Enterprises had the following transactions: On December 28, 2021, paid property taxes for…
A: The expense recognition is based on the concept of accrual accounting. Property taxes paid for the…
Q: On September 1, 2021, Time Magazine received $240,000 for six month subscriptions covering the…
A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…
Q: ABC Company acquired a fire insurance on Nov. 1, 2021. The company paid P12,000 for the said annual…
A: The prepaid expenses are the expenses paid but not due yet for payment. These are recorded as…
Q: ve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective…
A: Insurance policy is an expenses of business and will be recorded as debit item. All expense of…
Q: Below are Mine’s transactions for the third quarter: · Payment of quick response insurance…
A: Solution: Insurance premium is for whole year, therefore it should be recognized equally in each…
Q: For each of the above transactions, prepare the journal entry to record the initial transaction.…
A: Journal: Journal is prepared for recording all the business transaction, these transaction are…
Q: n December 31, 2021, Sad Inc. had a P3,000,000 balance in advertising expense account before any…
A: The prepaid expenses are the expenses incurred in cash in advance but not yet due for payment.
Q: 5. CRS Co. is preparing its December 31, 2018, The following information was gathered. - The bill…
A: Accrued Liabilities are the liabilities that are due for payment but have not been paid yet.
Q: The Piper Ventura Illustrators presented the following information pertaining to accounts that will…
A: Adjusting entries are entries passed at the end of the period to accurately reflect income,…
Q: On July 1, 2021, HAZELNUT Company acquired machinery worth ₱2,500,000 from PINE NUTS Corporation.…
A: Current liabilities are the liabilities the obligation relating to which are required to be…
Q: Iginla Inc. has a fiscal year end of December 31, 2024. Below are transactions that occurred during…
A: Adjusting entries are those entries which are passed at the end of accounting period to accurately…
Q: In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 in…
A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…
Q: total amount of expense
A: Property taxes for the quarter Annual property taxes/4 Annual property taxes P120,000…
Q: The following accounts are extracted from the worksheet of X Company on December 31, 2020: Income…
A: Income from Discontinuing Operations: It is one of the part on income statement of a company . It…
Q: Tyndal Company had the following items that required adjustment at December 31, 2019.a. Purchased…
A: Adjusting entries: Adjusting entries are those journal entries that are passed at the end of the…
Q: Fay Company had the following transactions during the quarter ended March 31, 2020. Loss from…
A: Income statement is a part of financial statement that determines how profitable business was over…
Q: The Mazzanti Wholesale Food Company's fiscal year-end is June 30, 2024, for the following…
A: The journal entries are prepared to record the transactions on the regular basis. The adjustment…
Q: The Jamesway Corporation had the following situations on December 2021. On December 10, 2021,…
A: Adjusting entries are the entries recorded at the end of an accounting year to record any expenses…
Q: On June 1, 2020, Jayhawk Company paid $9,600 for a two-year insurance policy on its building.…
A: Introduction: Prepaid insurance: Prepaid insurance is a current Asset. Amount paid in advance called…
Q: The adjusted trial balance of ABC Co. included the following expenses for 2020: Accounting and legal…
A: Administrative expenses are not related directly to any function such as sales or manufacturing.…
Q: Fay Company had the following transactions during the quarter ended March 31, 2020. Loss from…
A: Quarterly reports are prepared to provide the updated financial information to the investors; so…
Q: Dark Inc. paid P72,000 to renew the only insurance policy for three years on March 1, 2021, the…
A: Prepaid expense is the amount of expense that is paid before the due date or paid in advance.
Q: Company H started its business on January 1, 2011. It has purchased 3-insurance policies for various…
A: Unexpired expenses are those expenditures which are made for future period expenses, but payment has…
Q: An Plant and Machinery loss of $200,000 from market decline occurred in October 2019. Smart Co.,…
A: This is depends on what is the company's ending period As per the valuation section if assets value…
Q: Hyland Ltd commenced operation on 31 March 2020. The company balances its accounts at month-end and…
A: The question is related to General Journal Entries for the year 2020 ans 2021
Q: CVN Services purchased a 1-year insurance policy on March 1, 2020 for 240,000. The amount of…
A: Prepaid insurance is that insurance expense that is already paid but expenses are not incurred. So…
Q: The adjusted trial balance of ABC Co. included the following expenses for 2020: Accounting and legal…
A: Administrative expense: It is an expense that is not tied up with the function like production or…
Q: On May 1, 2020, Zuhoor Muscat Company agreed to provide services for SQU of RO 220,000 over the next…
A: As per matching principle, all revenues and expenses of a particular period should be recorded in…
Q: lint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance…
A: solution : 1 Date Accounts and explanation Debit credit December 31,2021 Supplies…
Q: Baby Corp. paid P72,000 to renew its only insurance policy for three years on February 1, 2021, the…
A: solution given Amount paid for 3 years 72000 Date of payment Feb 1 2021 the…
Q: 4. Orange Enterprises had the following transactions: On December 28, 2021, paid property taxes for…
A: As per accrual basis of accounting, Income and expenditures are to be recognized as and when they…
Q: a customer for services to be rendered during the months of November, December, January, and…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: In an analysis of the statement of ABC Company for the year ended December 31, 2021, the following…
A: Retained earning means the amount of profit that has not been distributed to shareholder as divided.…
Q: In an analysis of the statement of ABC Company for the year ended December 31, 2021, the following…
A: Retained earning means the amount left in business after paying all expenses and dividend to…
Q: Masterfalls Corporation purchased a one-year insurance policy in January 2017 for $36,000. The…
A: Insurance is an expense of business but when insurance is paid for next year also , then as per…
Q: On November 1, 2019, C Laguna Company paid P36,000 to renew its insurance policy for 3 years. On…
A: Solution: Required balance in prepaid insurance on Dec 31, 2019 = P36,000 * 34/36 = P34,000
Q: Tea Tree Ltd records the following expenses and income for the year ended 30 June 2021. (S000)…
A: A statement of profit and loss is a statement showing the profit or loss calculated by deducting the…
Q: a. A review of insurance policies showed that P6,800 is unexpired at the year-end. b. An inventory…
A: The adjustment entries are prepared to adjust the revenue and expense for the current period.
Q: The following accounts are extracted from the worksheet of X Company on December 31, 2020: Income…
A: 1. Discontinued Operations - Discontinued Operations are the those operation those are discontinued…
Q: The Piper Ventura Illustrators presented the following information pertaining to accounts that will…
A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…
Q: Below are DCI & Co.’s transactions for the third quarter: · Payment of quick response…
A: Solution: Insurance premium is for whole year, therefore it should be recognized equally in each…
Q: On March 1, 2021, Special Company paid P500,000 for the calendar year'sproperty taxes. Advertising…
A: Income statement is that financial statement which shows all incomes and all expenses of the…
Below are ABC's transactions for the nine months ended September 30, 2021.
2/28 Payment of quick response insurance premium for calendar year- P400,000
5/31 Advertising cost paid for 1 month air of TV Commercial (expected to benefit the company for 6 months)- P1,200,000
7/4 Loss from catastrophe- P640,000
8/15 Write-down of inventories (loss on P/L)- P290,000
In addition,
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- Fay Company had the following transactions during the quarter ended March 31, 2020. Loss from typhoon - P350,000 Payment of fire insurance premium for calendar year 2020 - 50,000. What amount should be included in the income statement for the quarter ended March 31, 2020? a.Casualty loss - P350,000 Insurance expense - P50,000 b.Casualty loss - P350,000 Insurance expense - P12,500 c.Casualty loss - P 87,500 Insurance expense - P12,500 d.Casualty loss - P 0 Insurance expense - P50,000On March 1, 2021, Special Company paid P500,000 for the calendar year's property taxes. Advertising costs of P1,000,000 and paid P300,000 in unanticipated ordinary repairs to machinery were also incurred on March 31, 2021. What total amount of these expenses should be reported in the quarterly income statement ending June 30, 2021? A. 0 B. 1,425,000 C. 1,800,000 D. 125,000A Company reported the following balances on its unadjusted trial balance as of December 31, 2021:Assets P870,000Liabilities 250,000Equity 110,000Revenues 630,000Expenses 120,000 The following adjustments were noted: a. The total premium paid on March 31, 2020, was P40,000 for a four-year fire insurance policy. This was initially recorded as an asset.b. Depreciation of office equipment purchased on October 1, 2021 with a depreciable amount of 50,000, useful life of 5 years based on straight line method and a residual value of P5,000.c. The Company issued a note for P30,000 for its September 1 purchase of merchandise. The note is dated on the same date, matures in 6 months and bears 5% interest. d. Rent income received from tenant on November 1, 2021 representing four months’ rent amounted to P20,000. This was recorded as a credit to a real account.e. An allowance for doubtful accounts of 1% of the accounts receivable is to be established. Accounts receivable amounted to…
- Dark Inc. paid P72,000 to renew the only insurance policy for three years on March 1, 2021, the effective date of the policy. On March 31, 2021, the unadjusted trial balance showed a balance of P3,000 for prepaid insurance and P72,000 for insurance expense. What amount should be reported for prepaid insurance on March 31, 2021?a. 55,000b. 70,000c. 65,000d. 60,000Below are DCI & Co.’s transactions for the third quarter:· Payment of quick response insurance premium for calendar year (payment was made during the 1st quarter)- P400,000· Loss from earthquake- P980,000· Writedown of inventories (loss in P/L)- P720,000How much is the total expense for the third quarter?Below are Mine’s transactions for the third quarter:· Payment of quick response insurance premium for calendar year (payment was made during the 1st quarter)- P400,000· Loss from earthquake- P980,000· Writedown of inventories (loss in P/L)- P720,000How much is the total expense for the third quarter?
- Mega Company has a December 31 year-end. All of the following events occurred between December 31, 2021, and March 1, 2022 when its financial statements were issued. Which is a recognized subsequent event? Answer a. A key supplier declared bankruptcy as a result of uninsured flood damage that occurred in February 2022. b. A lawsuit for which the company had accrued a contingent liability at December 31,2021 of $1,000,000 was settled for $900,000 in January 2022 c. Employees at one of the company’s plants went on strike in late January 2022. d. Additional shares of 3%, $100 par preferred stock were issued for $5,000,000 in February 2022.On September 1, 2020, Eureka, Inc. paid $24,000 for a 12-month insurance policy covering its major assets and business operations. The insurance policy runs from September 1, 2020 to August 31, 2021. The bookkeeper recorded this purchase (the original entry) in the insurance expense account. The year-end (December 31) adjusting entry would be: debit insurance expense $16,000; credit prepaid insurance $16,000debit prepaid insurance $8,000; credit insurance expense $8,000debit prepaid insurance $16,000; credit insurance expense $16,000debit insurance expense $8,000; credit prepaid insurance $8,000n December 31, 2021, Sad Inc. had a P3,000,000 balance in advertising expense account before any year-end adjustments. Radio and television advertising spots broadcast during December 2021 were billed to Happy on January 5, 2022. The invoice cost of P400,000 was paid on January 20, 2022. Included in the P3,000,000 is P600,000 for newspaper advertising for January 2022 sales promotional campaign. How much is prepaid newspaper advertising as of December 31, 2021?a. 400,000b. 600,000c. 200,000d. 300,000
- The Trial Balance of BMR Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($) . . . . ||| . . . . Accounts …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 130000 . . . . ||| . . . . Loss on Sale of Property …. …. …. …. 7680Accumulated Depreciation-Equipment….…. 36000 . . . . ||| . . . . Merchandise Inventory …. …. ……. 230000Additional Paid in Capital-Common Stock.. 233000 . . . . ||| . . . . Mortgage Loan …. …. …. …. …. …… 114000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 . . . . ||| . . . . Rent Revenue …. …. …. …. …. …. … 53000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 401000 . . . . ||| . . . . Retained Earnings …. …. …. …. …… 52600Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 204340 . . . . ||| . . . . Salaries and Wages Expense …. …. 106000Common Stock ($2 each)…. …. …. …. …. ….. 113000 . . . . ||| . . . . Sales …. …. …. …. …. …. ….. ….. …….…The Trial Balance of BMR Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($) . . . . ||| . . . . Accounts …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 130000 . . . . ||| . . . . Loss on Sale of Property …. …. …. …. 7680Accumulated Depreciation-Equipment….…. 36000 . . . . ||| . . . . Merchandise Inventory …. …. ……. 230000Additional Paid in Capital-Common Stock.. 233000 . . . . ||| . . . . Mortgage Loan …. …. …. …. …. …… 114000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 . . . . ||| . . . . Rent Revenue …. …. …. …. …. …. … 53000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 401000 . . . . ||| . . . . Retained Earnings …. …. …. …. …… 52600Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 204340 . . . . ||| . . . . Salaries and Wages Expense …. …. 106000Common Stock ($2 each)…. …. …. …. …. ….. 113000 . . . . ||| . . . . Sales …. …. …. …. …. …. ….. ….. …….…ABC Company acquired a fire insurance on Nov. 1, 2021. The company paid P12,000 for the said annual insurance. ABC uses asset method. What is the amount of Prepaid Insurance to be reflected on ABC Company Statement of Financial Position at the end of the year? A. P10,000 B. P0 C. P2,000 D. P12,000
