What is the total amount of liabilities in his business? a.R1 397 600 b.R1 122 300 c.R1 147 600 d.R1 454 000
Q: What is the beginning balance of cash account assuming that Ordinary ShareCapital is P1,500,000 and…
A: Realization and liquidation of a company are done at the time of insolvency of the company or at the…
Q: An aging of a company's accounts receivable indicates the estimate of uncollectible receivables…
A: d. debit to Bad Debt Expense for $5,249
Q: Oriental Furnitures makes three types of quality wooden furniture. Information for these three…
A: In order to obtain Margin of Safety, first we need to calculate Total Sales and Break even sales of…
Q: A local partnership has assets of cash of $5,000 and a building recorded at $80,000. All liabilities…
A: The profit in a partnership form is distributed among the partner according to the capital…
Q: if the net sales is P200,000 and the average accounts receivable is P50,000, what is the accounts…
A: it indicates the efficiency of the management because the greater the ratio the better the…
Q: Explain the difference of an audit of specialized industries and other in
A: Auditing refers to the process of collecting and checking all the financial documents of a company…
Q: 1 KPT Enterprises 2 COMPARITIVE INCOME STATEMENT 3 for years ended 31 December 4 5 Revenues and…
A: Net income is the amount earned by an entity after deducting the expenses from the revenues.
Q: Accounts receivable Prepaid insurance Equipment Depreciation expense Dividends Advertising expense…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation…
A: Total cost of job is the amount of cost incurred on providing the job. It includes the direct…
Q: Below are data from Peekay Chewing Gum Company’s operating budgets. The company’s financial year…
A: Lets understand the basics. Cash inflow and outflow calculated by the management for the purpose of…
Q: Proceeds from the sale of equipment by Perkins Nonprofit were $100. The equipment had a historical…
A: This question requires us to state the section or part of Indirect Method Cash Flow Statement which…
Q: Annie Brown owns a construction designing firm called Achi Design. The unadjusted trial balance on…
A: Adjusting Entries passed: Date Account…
Q: Jan. 8Purchased merchandise on account at a cost of 14,000. (Assume a perpetual inventory system.)…
A: Balance sheet is a financial statements where an company prepares for the period which contains…
Q: Why does a certified audit present a high degree of risk for a CPA? A. They are difficult to…
A: Ans. Certified audit is auditing of financial statements to give an opinion on the true and fair…
Q: Xavier Davis is preparing the statement of cash flows using the indirect method for the National…
A: In the context of the given question, we need to find the right option from the available options.…
Q: Based on the above information what is the budgeted
A: Fixed cost is the cost that remains the same at every level of activity. The company can produce any…
Q: 18.On January 1, 2021, REEDY SLENDER Co. purchased fixtures at an installment price of ₱520,000.…
A: Fixed assets means the assets which is used for many years in business and depreciated over the…
Q: Equipment was acquired at the beginning of the year at a cost of $76,380. The equipment was…
A: Equipment is the non-current asset which is used by the entity for day to day operations so as to…
Q: a. Determine the amount of deffered tax liability at December 31, 2020b. Compute the total amont of…
A: Lets understand the basics. Deferred tax arise due to taxable temporary difference arise due to book…
Q: A, B, C, and D are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21,…
A: Liquidation of Partnership: It means the end of the partnership and all the accounts are closed and…
Q: Exercises: a. The standard deviation of returns is 0.30 for Stock A and 0.20 for Stock B. The…
A: Hi There, Thanks for choosing Bartleby, as per the Honor guidelines we are supposed to give the…
Q: Who is not one of the common players that engages in due diligence Projects? A. Private equity…
A: Due diligence is conducted in order to cheak the future worth and financials of the acquiree company…
Q: Question: The following information relates to the inventory of Margaret's Megamart Ltd during…
A: Introduction: Goods acquired first are sold first under the FIFO approach. The term FIFO means for…
Q: LO 6.1 Record journal entries for the following transactions of Furniture Warehouse. 1. July 5:…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Cash Debit balances 10,700 Credit balances
A: Introduction: Trial balance: All the final ledger accounts balances are posted in trial balance to…
Q: 4.ABC Co received from a customer a 3-year non-interest bearing note of P120,000 on Jan 1, 20X1.…
A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…
Q: Maroon Company's contribution margin ratio is 27%. Total fixed costs are $98,550. What is Maroon’s…
A: Given that, Total fixed costs = $98,550 Contribution margin ratio = 27%
Q: The 2021 income statement of Adrian Express reports sales of $19,710,000, cost of goods sold of…
A: The company is less profitable then industry as its profitability ratios are less than that of…
Q: The ledger of Novak Corp. on July 31, 2017, includes the selected accounts below before adjusting…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: Is there a difference between relevant costs and incremental costs? Explain
A: Relevant cost: Relevant cost is the cost which is relevant in decision making of a project, and…
Q: Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that…
A: As per the Rules of Journal entry there are 3 golden rules. Debit what comes in Credit what goes…
Q: Use this information for Train Corporation to answer the question that follow. The following…
A: The income from operations is determined by deducting the operating expenses from the operating…
Q: Calculate the weighted average unit contribution margin, assuming a constant sales mix.
A: Contribution margin or gross profit refers to the profit earns by the company for selling goods and…
Q: Hartley's Meat Pies is considering replacing its existing delivery van with a new savings in…
A: Lets understand the basics. Relevant cost is a cost which affects your decision making. For example…
Q: Required: 1. Identify whether each investment should be classified as a short-term or long-term…
A: Long Term Investment :— Investment Hold for More than 1 year. Short Term Investment:— Investment…
Q: Calculate the vehicle deduction for 2021 Income Tax purposes when the UCC on a class 10 vehicle was…
A:
Q: How much is the loss on fire at Nov 6, 20X1? a. 3,900 b. 9,150 c. 13,000 d. 30,500
A: Loss on fire :- Inventory on 6th Nov 2021 * 30% Closing inventory on 6th Nov 2021 :- (opening…
Q: The following are not considered items of "Cash and Cash equivalents", except Select the correct…
A: Cash and cash equivalents means the assets which are available in the form of cash or can be readily…
Q: Amalgamated General Corporation is a consulting firm that also offers financial services through its…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: 8 The following Trial Balance was extracted from the books of Tom Nik Trading, a wholesaler as at 31…
A: Trial balance is before adjustments. So, first we need to record adjustments and make adjusted trial…
Q: The following information relates to noncurrent investments that High Corp. placed in trust as…
A: A sinking fund refers to sum accumulated by the company for the purpose of repayment of debt/…
Q: On January 1, a company issues bonds dated January 1 with a par value of $560,000. The bonds mature…
A: Interest expense is the amount of interest recompensed in a period. It is the amount paid as return…
Q: Which two of the following would generally be regarded as non-current (or fixed) assets? a. A…
A: The asset refers to the resource of the entity that helps in generating the revenue. The assets can…
Q: At the end of 2020, ABC Company had the following balances: $300,000 was paid for the sold…
A: Net income = Revenue - Expenses
Q: Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: One drawback of ETFs is that investors: a) are forced to pay higher cost and fee as compared to…
A: ETF(Exchange Traded Funds) is an investment fund which includes stocks, bonds etc. They are traded…
Q: be's Renovations utilizes the direct write-off method of accounting for uncollectible receivables.…
A: Journal entries should not be used to record routine transactions such as customer charges and…
Q: purchased a Van on credit from Lang's £5,000. The correct entry will be
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: 16.Sunshine Company has the following assets: Land sold in the ordinary course of business…
A: IAS 16 Property plant and Equipment Provisions : Property, plant and equipment are tangible items…
Q: ming an LLC similar to forming a corporation? ) a) As with corporations, there are no documents to…
A: LLC refers to the form of a business structure type which helps the owner to safeguard their…
What is the total amount of liabilities in his business?
a.R1 397 600
b.R1 122 300
c.R1 147 600
d.R1 454 000
Step by step
Solved in 2 steps
- You obtained the following information on the current account of Par Company during your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P 306,000 . Among the bank credits in November was customer’s noted for P 100,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were costs of checkbooks amounting to P 1,200 and a P 40,000 check which was charged by the bank in error against Par Company account. Also in November, you ascertained that there were deposits in transit amounting to P 80,000 and outstanding checks totaling P 170,000. The bank statement for the month of December showed total credits of P 416,000 and total charges of P 204,000. The company’s books for December showed total debits of P 735,600 , total credits of P 407,200 and a balance of P485,600. Bank debit memos for December were: No. 121 for service…Wonderland Inc. has introduced new accounting software and have been facing lot of challengeswith reconciling its bank statement and have asked you to help them to identify the differencesbetween bank balance and the bank statement.Wonderland bank with DB Bank (DB) and is wondering if bank statement reflect accurateinformation.Following are the details for the month of July 2021 Balance as per DB as at July 31st was $103,220 Cheque amounting to $5,579 was issued to Carry over Corp on 28th July which was notpresented to the bank Cheque amounting to $2,425 was received on 30th July 2021 which was deposited in thebank on July 31st, cashier confirmed that the cheque was deposited before the closinghours but bank statement did not have deposit of this amount Surex Ltd issued the cheque amounting to $1,998 and $3,593 that were deposited on July31st. cheque were not recorded by the bank The below two cheques were issued to Matra Inc. but were still outstandingChq Date Issued Amount10009…The following information pertains to jeng Company: Balance per bank statement, Dec. 31, 2013, P73,350Cash ledger balance, Dec. 31, 2013, P63,675Proceeds of a customer’s note collected by the bank including P50 interest, P6,525Bank service charges, P45Deposit in transit, P4,158NSF check of customer deposited and returned, P378Outstanding checks, P7,731 Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries
- Calculate the profit of a bank by preparing income and expenditure statement. -Assume that you are an accountant in a PNZ Bank. From the following particulars, prepare the profit and loss account of bank PNZ for the year ended 31-03-2020. Particulars OMR Particulars OMR Locker rent Discount on bills discounted Director and auditor fee Establishment Expenses Interest on loan Interest on fixed deposit Interest on cash credit Sundry expenses Impairment for credit loss Transfer fee Fee and commission expenses Provision for doubtful debts Decrease in net changes in face value of sale of investment 70,000 2,100,000 50,000 600,000 2,800,000 2,980,000 2,400,000 20,000 2,000 5,000 25,000 300,000 900 Interest on current account Interest on over draft Interest on savings bank account Postage and telegram Printing and stationary Discount on bills discounted Rent and taxes Income tax expenses Depreciation Fee and commission income Profit on exchange difference arising on foreign…From the following particulars, prepare a bank reconciliation statement of Mr. Jones as on 31st March, 2015 and arrive at the balance as per the Pass Book. 1. On 31st March, 2015, the bank balance as per the cash book was $ 15000. 2. Cheques deposited into the bank on 28th march but were not collected by the bank by 31st march, $ 1000. 3. Cheques issued but were not presented for the payment by 31st March, $ 1,550. 4. The bank credited a dividend of $ 2000 on 31st March but the intimation was received by the trader on 5th April 2015. 5. A cheque of $ 500 was received from a customer and was entered in the bank column of Cash book on 25th March, but was paid into the bank on 1st April.In the process of your examination of the financial statements of the Malu-oy Company for the year ended December 31, 20X6, you obtained the following data on its current account. The bank statement on November 30, 20X6 showed a balance of P76,500. Among the bank credits in November was a customer’s note for P25,000 collected for the account of the company which the company recognized in December among its receipts. Included on the bank debits were cost of checkbooks amounting to P300 and a P10,000 check which was charged by the bank in error against Malu-oy Company account. Also in November, you ascertained that there were deposits in transit amounting to P20,000 and outstanding checks totaling P42,500. The bank statement for the month of December showed total credit of P104,000 and total charges of P51,000. The company’s books for December showed total receipts of P183,900, disbursements of P101,800 and a balance of P121,400. Bank debit memos for December were: No. 14334 for service…
- On 30th June, 2015, D’s Cash Book showed that he had an overdraft of $ 300 on his Current Account at the bank. On checking the Cash Book with the bank statement you find the following: (a) Cheques drawn amounting to $ 500 had been entered in the Cash Book but had not been Presented; (b) Cheques received, amounting to $ 400, had been entered in the Cash Book but had not been credited by the bank ; (c) On instructions from D the bank had transferred interest, $ 60, from his deposit account to his current account recording the transfer on 5th July 2015. This amount had, however, been credited in the Cash Book as on 30th June, 2015. (d) Bank charges, $ 35, shown in the Bank statement had not been entered in the Cash Book; (e) The payment side of the Cash Book had been undercast by $ 10 ; (f) Dividends amounting to $ 200 had been paid direct to the Bank and not entered in the Cash Book ; (g) A cheque of $ 50 drawn on deposit account had been shown in…On 30th June, 2015, D’s Cash Book showed that he had an overdraft of $ 300 on his Current Account at the bank. On checking the Cash Book with the bank statement you find the following: (a) Cheques drawn amounting to $ 500 had been entered in the Cash Book but had not been Presented; (b) Cheques received, amounting to $ 400, had been entered in the Cash Book but had not been credited by the bank ; (c) On instructions from D the bank had transferred interest, $ 60, from his deposit account to his current account recording the transfer on 5th July 2015. This amount had, however, been credited in the Cash Book as on 30th June, 2015. (d) Bank charges, $ 35, shown in the Bank statement had not been entered in the Cash Book; (e) The payment side of the Cash Book had been undercast by $ 10 ; (f) Dividends amounting to $ 200 had been paid direct to the Bank and not entered in the Cash Book ; (g) A cheque of $ 50 drawn on deposit account had been shown in the Cash Book as drawn…As the accountant of the popular Italian restaurant, Magical Sicily, you have been requested to assist the bookkeeper to prepare the bank reconciliation statement at 31 March 2019. The following information is provided: The bank balance as per the general ledger at 31 March 2019 is an R5 158 in overdraft. The bank balance as per the bank statement as at 31 March 2019 is a debit of R5 924. The following transactions were identified to be on the bank statement and were not accounted for by the bookkeeper: Bank charges amounted to R1 230. Interest was paid on the overdraft to the value of R840. The monthly debit order for the insurance premium to the value of R1 200. A fixed deposit for R6 400 has matured. The capital sum plus interest of R300 had been transferred into the bank account. The following items were identified in accounting records (general ledger bank account) that were not reflected on the bank statement: The following cheques were issued during…
- The accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.The accountant of Sophia Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Sophia Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.Universal Bhd had a debit balance of RM56,500 in the cashbook on 31 December 2021. TheBank Statement received for the month showed a credit balance of RM76,710. On comparingthe cashbook with the Bank Statement, the following were discovered:A deposit entry of RM19,500 which appears in the cashbook at 31 December 2021 hadnot yet been credited in the bank statement.The bank had collected on the firm's behalf a check for RM30,360 being proceeds of asale.A check amounting to RM10,500 which was recorded as a receipt in the cashbook wasreturned to the firm by the bank, stamped with the word"insufficient funds'The last check entered in the cash payment, No 1234, for RM3,630 appears in the bankstatement as RM3,600. An examination of the cashbook reveals that the bank figure iscorrect.Check No 1236 for RM3,180 has been correctly debited in the bank statement but notshown in the cashbook of the firm.6The checks No1237 RM9,000 and No1238 RM21,000 drawn by the firm have not yetbeen presented to…