Which of the following transactions would reduce net income for the period and why?
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Which of the following transactions would reduce net income for the period and why?
a.
b. Paid $1,600 cash for raw material cost
c. Paid administrative salaries of $2,500
d. Purchased $5,000 of merchandise inventory
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- Ngo Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to $1,200; and one-year registration of the truck was $100. What is the total amount of costs that should be capitalized? A. $60,600 B. $66,100 C. $54,000 D. $59,400Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?Prepare journal entries for the following transactions: a. A machine with a cost of 10,000 and accumulated depreciation of 8,000 was sold for 2,500. b. A machine with a cost of 10,000 and accumulated depreciation of 8,000 was traded for a new machine with a market value of 12,000. Cash of 9,500 was also paid.
- Consider the following situations and determine (1) which type of liability should be recognized (specific account), and (2) how much should be recognized in the current period (year). A. A business depreciates a building with a book value of $12,000, using straight-line depreciation, no salvage value, and a remaining useful life of six years. B. An organization has a line of credit with a supplier. The company purchases $35,500 worth of inventory on credit. Terms of purchase are 3/20, n/60. C. An employee earns $1,000 in pay and the employer withholds $46 for federal income tax. D. A customer pays $4,000 in advance for legal services. The lawyer has previously recognized 30% of the services as revenue. The remainder is outstanding.The following Statement of Financial Position is related to Jeff Berhad. Additional information: (1) During the year, depreciation for machinery is RM22,750. Machinery with a net value of RM2,760 was disposed at a profit of RM2,000. (2) Depreciation for office equipment during the year is RM5,520. Office equipment with cost of RM24,300 was sold for RM18,780. Loss on disposal of office equipment is RM2,760. (3) The net profit before tax is RM41,770. Tax charge for the year is RM17,250. (4) The cash dividends declared were RM26,910. In addition, the company received cash from issuance of share capital and debenture during the year. Required: (a) Based on the above information, prepare the Statement of Cash Flows for the year ended 31 December 2020 for Jeff Berhad using the indirect method. (b) Based on your understanding, discuss which method is the better way to present the Statement of Cash Flows: Direct Method or Indirect Method?The following balances were extracted from the books of Chanda at 31/12/19 K Buildings at cost 240,000 Plant at cost 160,000 Accumulated Depreciation a 01/01/19 On buildings 40,000 On Plant 76,000 Purchases 500,000 Sales 808,800 Inventory at 01/01/19 100,000 Discounts allowed 36,000 Discounts Received 9,600 Returns inwards 4,400 Returns outwards 30,000 Wages and salaries…
- Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P112,000 Accumulated depreciation P 36,000 Accounts Receivable 64,000 Accounts payable 40,000 Finished Goods 48,000 Income tax payable 9,000 Work in process 36,000 Share Capital 500,000 Raw materials 52,000 Retained Earnings 207,000 Property and Equipment 480,000 The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000…The following transactions has transpired during 2021: a. Furniture & fixtures was purchased on credit for Php50,000. b. Merchandise costing Php202,560 was bought, 50% was paid in cash and the remaining on account. c. Sold merchandise for Php150,000. The company maintains a mark-up of 60% based on cost. d. Utility bills for the year is Php5,368. Additional Information: e. The following fixed assets are as follows: Initial Cost Accumulated Depreciation (as of Dec. 31, 2020) Estimated Useful Life Residual Value Building & Equipment 84,800 16,000 5 yrs. 4,800 Furniture & Fixtures 50,000 0 5 yrs. 1,000 All fixed assets are depreciated using straight line method. f. Unexpired insurance at the end of the year is Php14,000. g. Wages of employees worth Php2,500 was paid in cash. This includes the wages from last year. h. Last year, Dazzle Corporation received an offer from local business owner to rent the unused portion of its land.…Un Company sold office equipment with a cost of $42,880 and accumulated depreciation of $39,583 for $5,010. Required What is the book value of the asset at the time of sale? What is the amount of gain or loss on the disposal? How would the sale affect net income (increase, decrease, no effect) and by how much? How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much? How would the event affect the statement of cash flows (inflow, outflow, no effect) and in what section?
- Make the single step and multi-step statement of the following. Sales 417,500 Cost of goods sold 210,000 Salaries expense 38,000 Depreciation expense- building 40,000 Advertising expense 12,300 Office supplies Expense 3,500 Gains on disposal of store Equipment 3,000 Interest expense 1,000The following is information for Charles Company for the current year Cost of Goods Sold Operating Expenses Other Income and (Expenses) Gain on Sale of Equipment Loss on Disposal of Equipment Descontinued Operations Gain Income Tax Expense What is the company's net income for the year? $214,000 151.000 19,000 7.000 (6,000) 2,000 40%Ina Corp. sold equipment costing P1,200,000 for P2,500,000. Old equipment was accepted as down payment with trade –in value of P600,000. Total collections for the year was P1,500,000, it was also ascertained that the trade in resulted in over-allowance of P100,000. How much is the realized gross profit for the year just ended?
