Under the accrual basis, Operating Expenses to be reported by Lady G for the year 2021 amounts
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Lady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows:
Dec. 31, 2020 Dec. 31, 2021
Prepaid expenses------------------ 25,000 ----- 18,000
Accrued expenses ----------------- 17,000 ------ 24,000
Service fees receivable------------- 18,000 ------ 35,000
Unearned service fees ------------- 46,000 ------- 12,000
Under the accrual basis, Operating Expenses to be reported by Lady G for the year 2021 amounts to
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- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- Canine Couture is a specialty dog clothing boutique that sells clothing and clothing accessories for dogs. In 2019, they had gross revenue from sales totaling $86,500. Their operating expenses for this same period were $27,500. If their Cost of Goods Sold (COGS) was 24% of gross revenue, what was their net operating income for the year?Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.Lady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows: Dec. 31, 2020 Dec. 31, 2021Prepaid expenses------------------ 25,000 ----- 18,000Accrued expenses ----------------- 17,000 ------ 24,000Service fees receivable------------- 18,000 ------ 35,000Unearned service fees ------------- 46,000 ------- 12,000Under the CASH basis, the net income of Lady G beauty shop for the year 2021 amounts to
- Lady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows: Dec. 31, 2020 Dec. 31, 2021Prepaid expenses------------------ 25,000 ----- 18,000Accrued expenses ----------------- 17,000 ------ 24,000Service fees receivable------------- 18,000 ------ 35,000Unearned service fees ------------- 46,000 ------- 12,000Under the CASH basis, service Fees to be reported by Lady G for the year 2021 amounts toThe following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…
- The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…
