Using the following accounts in Table (1) below, prepare a Balance Sheet for Bali Tour Sdn.Bhd. as at 31.12.2012. Long term liabilities S1,275,000 | Paid in Capital $3,000,000 Other Current Liability Accumulated Depreciation 1,590,000 1,185,000 Building 3,250,000 Inventories 380,000 Account Payable 1,460,000 Common Stock 750,000 Cash 587,500 Land 1,957,500 Furnishing and Equipment 1,850,000 Account 675,000 Receivables Notes Payable 335,000 Prepaid insurance 170,000 Marketable 840,000 Retained Earnings 115,000 Securities
Q: On January 1, 2021, the Allegheny Corporation purchased equipment for $187,000. The estimated…
A: GIVEN On January 1, 2021, the Allegheny Corporation purchased equipment for $187,000 The estimated…
Q: 50 River, Inc. issued bonds with a maturity amount of P450,000 and a maturity ten years from date…
A: Solution Concept In case of issuance of bond If nominal rate is greater than market rate of interest…
Q: Bookworm Corporation maintains ending inventory for each month at 5% of the following month's sales.…
A: Units produced in March = Units sold in March + Desired Ending inventory - Beginning inventory…
Q: Apex Company sells a product for $220 per unit. The variable cost is $170 per unit, and fixed costs…
A: The Break-even point is the point where the company does not earn profit nor does it incur a loss in…
Q: January 1, 2017, an entity disclosed the following balances: Land 4,000,000 Land…
A: The answer is stated below:
Q: Changes in Accounting Principles On January 1, year 1, Brenda Company purchased for P2,400,000 a…
A: Double Declining Method of Depreciation: Double Declining Balance Method is one of the accelerated…
Q: Flint Company is preparing its direct labor budget for 2022 from the following production budget…
A: Formula: Direct labor budget = Budgeted hours required for production x wages rate per hour where,…
Q: Rembrandt Company acquired a plant asset at the beginning of Year 1. The asset has an estimated…
A: Given, First year depreciation under double declining balance = $20,000 Double declining rate =…
Q: Which statements are correct concerning measurement of cost of property, plant and equipment?
A: Concerning measurement of cost of property, plant and equipment Property, plant, and equipment are…
Q: A customer is suing Ephiyu Company for P550,000 in damages because her child was injured in November…
A: A provision shall be recognized when:(a) an entity has a present obligation (legal or constructive)…
Q: CC Company sold inventory with a cost of P40,000 to its 90%-owned subsidiary, RR Corp., for P100,000…
A: Lets understand the basics. When there is transfer of inventory from parent company to its…
Q: Statement 1; The balance of allowance for uncollectible account as of December 31, 2021 is P34,000.…
A:
Q: Cullumber Bucket Co., a manufacturer of rain barrels, had the following data for 2019. Sales…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Balanced scorecards use both financial and nonfinancial measures to evaluate employees. The four…
A: Balanced scorecards use both financial and nonfinancial measures to evaluate employees. The four…
Q: On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000.…
A: Cost of inventory includes Purchase cost, transportation cost of bring the inventory from seller to…
Q: Decision
A: A longer decision-making process is required when buying a high-priced object. You conduct…
Q: cash in bank of AA Company in BB (Bank) had a balance per book of P1,920,000 as of December 31,…
A: The bank balance as per books given we need to calculate according to bank. 1) the check of P66800…
Q: 4. Anderson Bros., Chennai has a branch at Agra. All goods required for sale at Agra are supplied…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Selected accounts from Lue Company's adjusted trial balance for the year ended December 31 follow.…
A: Statement of income means the statement which shows all the nominal account and balancing figure is…
Q: Question 1 A company produces a single product called the Fidget. The following information relating…
A: Contribution per unit Contribution / total number of units $360,000/15000 $24 Selling price per unit…
Q: A jewelry store sells diamond rings, silver charms, gold bracelets and pearl necklace. The…
A: Solution Introduction Mark up on cost Mark up on cost means the profit margin is added as a…
Q: Organic Food Company's Cash account shows a $7,500 debit balance and its bank statement shows $6,560…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: On January 1, 2022, AA Company sold an equipment costing P5,000,000 and accumulated depreciation of…
A: GIVEN On January 1, 2022, AA Company sold an equipment costing P5,000,000 and accumulated…
Q: Mordica Company's standard labor cost per unit of output is $21.00 (2.10 hours x $10.00 per hour).…
A: Standard labor hours = Standard labor hours for Actual production
Q: Entries for equlty investments: 20%-50% ownership At a total cost of $1,104,000, Herrera Corporation…
A: The investment into other company by acquisition of shares is recorded as current asset into the…
Q: create a sources and use of funds statement with the following information Startup cost: $900…
A: The fund flow statement helps to track the change in the financial position that is the reason for…
Q: 1. What amount should Warren report as the cumulative effect of this change? 2. On January 1, year…
A: A change in depreciation method is no longer given cumulative effect treatment on the income…
Q: Chamberlain & Co. has income from operations of $232,800, invested assets of $970,000, and sales of…
A: profit margin= profit /sales = 232800/3880000*100 = 6% investment turnover = Sales/ invested…
Q: Long-term debt that matures within one year and is to be converted into shares should be reported…
A: Current Liability: Current liabilities are financial commitments owed by a corporation that are due…
Q: The following items appear on the balance sheet of a company with a one year operating cycle.…
A: Current Liability- These are those liabilities which are required to be paid within a period of 12…
Q: Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each…
A: Taxable income would be any remuneration received by an individual or corporation that would be used…
Q: 23. Ethical challenges for management accountants include:( A.Whether to accept gifts from…
A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first…
Q: Please answer with explaination and tell me why others are incorrect ___________________________…
A: Introduction:- Budget is the process of estimation of revenue and expenses over a specified future…
Q: Do the balance sheet, income statement, and statement of cash flows contain all the information you…
A: The balance sheet is one of the three basic financial statements that are required for both…
Q: Sycamore will record interest revenue in 2022 of?
A: Interest = 92278*0.10/2 - 100000*0.08/2 =P614
Q: Beech has budgeted fixed overhead of $402,500 based on budgeted production of 17,500 units. During…
A: Budgeted Fixed overhead rate is calculated in the beginning of the period (i.e., a year). Such…
Q: lessee incurred costs to construct office space in a leased warehouse. The estimated useful life of…
A: As per IFRS 16 leases, In case if lessee incurs lease hold improvements during the lease term and…
Q: newly develop product 60,000 e. Cost incurred for search of alternatives…
A: The question is related to Accounting for Intangible Assets. As per the Standard the development of…
Q: Check my work mode : This shows what is correct or incorrect for the work you have completed so far.…
A: Depreciation is an accounting word that refers to a way of allocating the cost of a tangible or…
Q: Erie Company began the accounting period with $15,700 in accounts receivable. The ending balance in…
A: The account receivables are reported in the balance sheet as the current assets of the business.
Q: Problem 20-4 (ATCPA Adapted) Koral Company incurred the following costs during the current year:…
A: Research and Development (R&D) is a process by which a company obtains new knowledge and uses it…
Q: _______ This statement reveals the financial position of the firm.
A: A balance sheet is a financial statement that displays a corporation's assets, liabilities, and…
Q: chase price (the old building has no fair value) ment of property taxes on the land for 2022 and…
A:
Q: hich of the following should be recorded in Accounts Receivable? Group of answer choices Receivables…
A: Accounts Receivable means the amount to be received from customers in respect of sales effected or…
Q: f i 5.8% per semiannual, compounded monthly, What is the nominal quarter rat
A: solution concept semi annual rate means the rate that is quoted for 6 months in compound interest…
Q: Denver, Incorporated, has sales of $27 million, total assets of $24.9 million, and total debt of…
A: Net income is the amount of accounting profit that a firm has left over after paying all of its…
Q: de Incorporated declared and paid dividends of P250,000 in 2021 and reported net income of…
A: Tan Beda acquired 10% voting shares in Taint Dude . 10% is very low amount for controlling…
Q: 4. Teal Mountain provides one-year warranties on the laptops it sells. During the year, Teal…
A: Warranty is a stipulation provided by the seller to repair the goods sold in a future period of…
Q: Assets received in donation should Group of answer choices be depreciated based on the their book…
A: Assets are the rights and resources being held by the business organisation. These can be current…
Q: Truman Company acquired machinery on January 1, 2017 which it depreciated under the straight-line…
A: The change in estimated useful life of a fixed asset is a type of change in accounting estimate.
Step by step
Solved in 2 steps with 1 images
- Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): Using your answers to MBA 1-3, compare the markup percentages and return on assets for Hershey and Tootle Roll.What is the amount of ending capital shown on the balance sheet for Floress Catering? a. 22,000 b. 20,000 c. 45,500 d. 32,800Athenian Venues Inc. just reported the following selected portion of its financial statements for the end of 2020. Your assistant has already calculated the 2020 end-of-year net operating working capital (NOWC) from the full set of financial statements (not shown here), which is 13 million. The total net operating capital for 2019 was 50 million. What was the 2020 net investment in operating capital? Athenian Venues Inc.: Selected Balance Sheet Information as of December 31 (Millions of Dollars)
- From the following particulars, prepare a balance sheet of HME Sdn Bhd as at 30Jun 2022Capital RM80,000Goodwill RM20,000Prepaid Expenses RM10,000Investment RM20,000Debtors RM6,400Creditors RM14,200Loan from bank RM20,000Cash at bank RM17,200Furniture RM5,665 mango and oil RM50,000Outstanding Expenses RM10,000Net profit RM21,300General reserve RM1,000Closing stock RM14,800Bills Receivable RM25,000Bills Payable RM20,000Advance Income RM5,000Drawings RM4,400Presented below is the balance sheet for HHD, Inc., at December 31, 2018.Balance sheetpreparation● LO3–2 , LO3–3Current assets $ 600,000Investments 500,000Property, plant, and equipment 2,000,000Intangible assets 200,000Total assets $3,300,000Current liabilities $ 400,000Long-term liabilities 1,100,000Shareholders’ equity 1,800,000Total liabilities and shareholders’ equity $3,300,000The captions shown in the summarized statement above include the following:a. Current assets: cash, $150,000; accounts receivable, $200,000; inventories, $225,000; and prepaid insurance, $25,000.b. Investments: investments in common stock, short term, $90,000, and long term, $160,000; and restrictedcash, long term, $250,000.c. Property, plant, and equipment: buildings, $1,500,000 less accumulated depreciation, $600,000; equipment,$500,000 less accumulated depreciation, $200,000; and land, $800,000.d. Intangible assets: patent, $110,000; and copyright, $90,000.e. Current liabilities: accounts payable,…created balance sheet for HME Sdn Bhd From the following particulars, prepare a balance sheet HME at 30 Jun 2022Capital RM100,000Goodwill RM20,000Prepaid Expenses RM30,000Investment RM20,000Debtors RM30,400Creditors RM30,200Cash at bank RM100,000Furniture RM5,665Outstanding Expenses RM10,000Net profit RM6,242Closing stock RM25,000Bills Receivable RM8,689Bills Payable RM8,000Advance Income RM20,000Drawings RM5,000
- The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaidexpenses. The 2018 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000; longterm assets, $2,400,000; and shareholders’ equity, $2,500,000. The current ratio at the end of the year was 2.0 andthe debt to equity ratio was 1.4.Required:Determine the following 2018 amounts and ratios:1. Current liabilities2. Long-term liabilities3. Accounts receivable4. The acid-test ratioFrom the following particulars pertaining to Assets and Liabilities of a company calculate and interpret: a. Current Ratio; b. Liquidity Ratio; c. Proprietary Ratio; d. Debt-Equity Ratio; e.Capital Gearing Ratio. Balance Sheet as on 31st December 2020 Liabilities Amount (Rs) Assets Amount (Rs) 5,000 Equity Shares of Rs 10 each 5,00,000.00 Land & Building 5,00,000.00 8%, 2000 Preference Shares of Rs 100 each 2,00,000.00 Plant & Machinery 6,00,000.00 9 % Debentures of Rs 100 each 4,00,000.00 Sundry Debtors 2,00,000.00 Reserves & Surplus 3,00,000.00 Stock 2,40,000.00 Sundry Creditors 1,50,000.00 Cash in hand 55,000.00 Bank Overdraft 50,000.00 Prepaid Expenses 5,000.00 TOTAL 16,00,000.00 TOTAL 16,00,000.00 don't give hand written answersImagine you are the financial accountant of Happiness Ltd. You have the following final balances for the different accounts on 31st December 2021 (the accounting-year end): Value (£) Buildings 300,000 Transportation element 148,000 Accumulated depreciation (buildings) at 01/01/2021 52,500 Accumulated depreciation (transportation element) at 01/01/2021 36,800 Salary expense 16,500 Share premium 7,200 Capital 20,000 Retained earnings at 31/12/2020 97,900 Long term debt 190,300 Cash 60,000 Trade receivables 62,500 Inventory at 31/12/2020 40,000 Purchases 10,000 Sales 200,000 Allowance for trade receivables 2,500 Accrued Expenses 19,500 Trade payables 10,300 Required: a)Prepare the Trial Balance corresponding to the above information. b)Considering the following additional information, prepare the Income Statement for Happiness Ltd. on 31/12/2021. Additional…
- The 2018 balance sheet for Hallbrook Industries, Inc., is shown below.HALLBROOK INDUSTRIES, INC.Balance SheetDecember 31, 2018($ in thousands)AssetsCash $ 200Short-term investments 150Accounts receivable 200Inventories 350Property, plant, and equipment (net) 1,000Total assets $1,900Liabilities and Shareholders’ EquityCurrent liabilities $ 400Long-term liabilities 350Paid-in capital 750Retained earnings 400Total liabilities and shareholders’ equity $1,900The company’s 2018 income statement reported the following amounts ($ in thousands):Net sales $4,600Interest expense 40Income tax expense 100Net income 160Required:Determine the following ratios for 2018:1. Current ratio2. Acid-test ratio3. Debt to equity ratio4. Times interest earned ratioDetermine 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;…The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000;long-term assets, $2,400,000; and shareholders’ equity, $2,500,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.4.Required:Determine the following 2021 amounts and ratios:1. Current liabilities2. Long-term liabilities3. Accounts receivable4. The acid-test ratio