Problem 2. The accounts for the financial statements of Billy Pogi, CPA, are as follows: Php Accounts Payable Accounts Receivable 63,500 198,000 Accumulated Depreciation-Building Accumulated Depreciation-Office Equipment Auditing Revenues Building 110,000 120,000 1,361,500 750,000 Cash 118,500 Depreciation Expense-Building Depreciation Expense-Office Equipment Pogi, Capital 1/1/2021 Pogi, Drawings 55,000 60,000 1,193,500 165,000 Land 75,000 Notes Receivable 60,000 Office Equipment Office Supplies Expense 362,500 96,000 28,000 Office Supplies Professional Development Expense Rent Expense Salaries Expense Salaries Payable Travel Expense Utilities Expense 86,500 52,500 735,000 30,500 41,000 18,000 Required: Statement of Comprehensive Income for the year ended 2021.

Problem 2. The accounts for the financial statements of Billy Pogi, CPA, are as follows: Php Accounts Payable Accounts Receivable 63,500 198,000 Accumulated Depreciation-Building Accumulated Depreciation-Office Equipment Auditing Revenues Building 110,000 120,000 1,361,500 750,000 Cash 118,500 Depreciation Expense-Building Depreciation Expense-Office Equipment Pogi, Capital 1/1/2021 Pogi, Drawings 55,000 60,000 1,193,500 165,000 Land 75,000 Notes Receivable 60,000 Office Equipment Office Supplies Expense 362,500 96,000 28,000 Office Supplies Professional Development Expense Rent Expense Salaries Expense Salaries Payable Travel Expense Utilities Expense 86,500 52,500 735,000 30,500 41,000 18,000 Required: Statement of Comprehensive Income for the year ended 2021.

Name: Problem 2. The accounts for the financial statements of Billy Pogi, C
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Problem 2. The accounts for the financial statements of Billy Pogi, CPA, are as follows:Accounts PayablePhp63,500Accounts Receivable198,000Accumulated Depreciation-BuildingAccumulated Depreciation-Office EquipmentAuditing RevenuesBuildingCash110,000

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 39RQSC

See similar textbooks

Similar questions

Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.
Please help me with part c in the general ledger for the depreciation expense -building & equipment and the accumulated depreciation - building & equipment where you will see the red X please. Make sure to round to the next dollar please and thank you. I have attached a picture.
Make a schedule for all the examples for the following Depreciation Method through excel: a. Straight Line Method b. Sinking Fund Method c. Matheson’s Formula (2 problems) d. Double Declining Balance Method e. Sum of the Years Digit Method
The following accounts relate to Warlito Blanche Graphic Arts: Accounts Payable P 122,500Accounts Receivable 219,000Accumulated Depreciation-Building 60,000Accumulated Depreciation-Equipment 60,000Advertising Expense 105,000Art Revenues 1,437,500Building 450,000Cash 36,200Depreciation Expense-Building 30,000Depreciation Expense-Equipment 30,000Equipment 217,000Interest Expense 37,000Land 120,000Miscellaneous Expense 24,600Mortgage Payable 395,000Notes Payable 213,000Office Supplies 17,200Blanche, Capital, 1/1/2009…
IV. The net income reported on the income statement for the current year was P255,800. Depreciation recorded on equipment and a building amounted to P53,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of the year Beginning of the year Cash P 42,000 P 44,200 Accounts receivable (net) 56,400 67,000 Inventories 125,900 112,600 Prepaid expenses 5,800 6,000 Accounts payable (merchandise creditors) 61,400 67,500 Salaries payable 8,300 7,900 Required: Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method.
Which of the following items should be accounted for as a capital expenditure?a. The monthly rental cost of an office buildingb. Costs incurred to repair leaks in a building’s roofc. Maintenance fees paid with funds provided by the company’s capitald. Taxes paid in conjunction with the purchase of office equipment
Choose from the following accounts: Accounts Payable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicle Overhaul Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Gain on Disposal of Buildings Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles Gain on Vehicle Overhaul Gain or Loss in Value of Investment Property GST Receivable Interest Expense Interest Payable Inventory Investment Property Land Land Improvements Legal Expense Loss on Disposal of Buildings Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Vehicles Loss on Vehicle Overhaul Machinery Mineral…
USING THE FOLLOWING DATA, CALCULATE THE DOLLAR AMOUNT ($) OF TOTAL INTANGIBLE ASSETS DEPRECIATION EXPENSE-BLDG 5. SALARIES AND WAGES PAYABLE LAND 800 200 ACCUMULATED DEPRECIATION -BUILDING 35 UNEARNED SALES REVENUE 360 SHORT TERM INVESTMENTS 93 PATENTS 69 NOTES PAYABLE 180 PREPAID LEGAL EXPENSE 18 BUILDING 990 MORTGAGE PAYABLE 510 LONG TERM NOTES RECEIVABLE 30 MEDICAL SUPPLIES 25 GOODWILL 18 BONDS PAYABLE 103 LAND HELD FOR FUTURE USE 720 COST OF SALES 280 UNEARNED INTEREST FEES 14 INTEREST INCOME 3 LAND HELD FOR FUTURE USE 45 INVENTORY 387 COPYRIGHTS 170 PENSION OBLIGATIONS 122 PREPAID ADVERTISING 20 RENTAL FEES 15 LONG TERM NOTES PAYABLE 50 180 ACCRUED LIABILITIES 10 TRADEMARK A Moving to the next question prevents changes to this answer. MacBook Air
Hello! I need help with the following accounting question regarding the calculation of the amount of depreciation expenses calculated under the assumtpions attatched below. Thank you in advance!
5 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ? a) 191 VAT Deductible 72.000 TL (Creditor) B) 250 Land and Lands Hs. 400.000 TL (Creditor) NS) 391 Calculated VAT Hs. 72.000 TL (Borrower) D) 252 Buildings Hs. 72.000 TL (Borrower) TO) 250 Land and Lands Hs. 400.000 TL (Borrower)
SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM. THANK YOU. What amount should be recorded as depreciation for 2021? A. 270000 B. 546000 C. 466000 D. 582500
When writing journal entries for recording assets, what is the end result in the account: Group of answer choices Aggregate cost of the asset Cost, net of preparation costs. Proceeds paid to employees Only the net depreciable costs