15. Mr. Independence started a T-shirts business to be known as "Independence T- shirt". He has provided you with the following information from his first month of operations: N$ Inventory 45 000 Accounts payable 30 000 45 000 Accounts receivable Capital 150 000 Printing equipment ?? Determine the value of total assets including printing equipment.
Q: You have completed the field work in connection with your audit of Carla Corporation for the year en...
A: Cash flow statement refers to the financial statement which provides the details related to the cash...
Q: QUESTION TWO IFA Corporations had Net Income of $780,000 and the following information for January 2...
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for...
Q: December 31 Y1, the Company ARL develop a Product: Master 3D. The disbursement associate to the Prod...
A: Solution Explanation - 1- Under US GAAP Entire research and development cost i.e (6000000+4000000) ...
Q: If a business is owned by three partners, how many drawings accounts are required on the books? Why...
A: If a business is owned by three partners, it is required to have separate drawing account for each p...
Q: Sage Industries and Pronghorn Inc. enter into an agreement that requires Pronghorn Inc. to build thr...
A: The given lease should be classified as finance lease due to the following 2 reasons: There is a tr...
Q: is believed to have a book value of 28. Mr. Sanchez bought a machine costing 60000 P24500.65 at the ...
A: In the declining balance method of depreciation, depreciation is not charged at an equal amount ever...
Q: A construction company agreed to lease payments of $427.14 on construction equipment to be made at t...
A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the exac...
Q: (Political Motivations for Policies) Ever since the unethical actions of some employees of Enron Cor...
A: Accounting policies refers to the rules and regulations which is implemented on the management of th...
Q: provide complete solution
A: The formulas needed for the upper limit and tolerance limit are:- The formula for prediction interva...
Q: If the total depreciation on year 5 is 31,164 and the book value on the same year is 120,565 and the...
A: SLM method is straight line method of depreciation, under which equal amount is being charged as dep...
Q: The following is the accounts found in the trial balance of Mei, Inc., an SME: Lease liabilities ...
A:
Q: Spiro Company manufactures molded candles that are finished by hand. The company developed the follo...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: A).What is the inventory for zooey corporation B).what is the notes payable for zooey corporation in...
A: Calculation of Inventory. Inventory Turnover = Cost of goods sold/ Inventory. Cost of goods sold= Sa...
Q: What is the impact on the accounting equation when a current month’s utility expense is paid?A. both...
A: Accounting equation is one of the important concept used in accounting. Three elements of accounting...
Q: Citi Company purchased factory equipment on March 10, 2010. The company `accountant revealed the fol...
A: Introduction Depreciation means decrease in value of assets due to obsolete and old conditions
Q: Bushard Company (buyer) and Schmidt, Inc. (seller), engaged in the following transactions during Feb...
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...
Q: Mountain equipment co op wants to price a new backpack. the backpack can be purchased for at list pr...
A: In the case of a question with more than three subparts, the first three sub-parts are solved. The r...
Q: During production, how are the costs in process costing accumulated?A. to cost of goods soldB. to ea...
A: Cost accounting is one of the useful branch of accounting that is being used for the purpose of cost...
Q: Risk Insurance Inc. has a board of eight directors. Risk’s bylaws do not state any quorum requiremen...
A: Solution For the board of directors, a quorum ia the Majority of members of the board. When Quorum i...
Q: Tamarisk is unable to reconcile the bank balance at January 31. Tamarisk’s reconciliation is as foll...
A: We should reduce NSF check and bank charges to get adjusted cash balance.
Q: C. Give an example and explain securities fraud in violation of the Securities Act of ‘33. D. Ex...
A: Securities fraud, also called stock or investment fraud, is a serious form of crime that can be comm...
Q: publications
A: Tax Governments impose taxes on consumers to earn profit for projects that would improve the countr...
Q: American Importers reports net income of $50,000 and sales revenue of S625,000. If the company's gro...
A: Formula: Gross profit = Sales revenue - cost of goods sold
Q: Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and ...
A: Solution:- Preparation of The journal the entries to record the absorption of Quaney’s capital defic...
Q: Helsinki Inc. produces premium bottled water. Helsinki purchases artesian water, stores the water in...
A: As per Bartleby policy, only the first three interlinked parts are answered, if you want any specifi...
Q: ABC Company sells 75 units on June 3. The inventory data on that date are: Lot Date Acquired Units C...
A: FIFO is first in first out method of inventory valuation under which inventories which are purchased...
Q: Assume the following relationship for Woody Corp: Sales/Total Assets is 1.5x, ROA is 3%, and ROE is ...
A: Return on assets = Margin of profit * 1.5 Let margin of profit be x 0.03 = 1.5x x = 0.03/1.5 x= 0.02...
Q: Noble Company’s accounting records provided following changes in account balances and other informat...
A: The cash flow statement (CFS) is a fiscal statement that shows the movement of cash and cash equival...
Q: (B) construction of the shopping complex commenced on 01st April 2017. The following information rel...
A: Construction contract: A construction contract refers to a mutually accepted contract between two or...
Q: Which of the following is the primary source of revenue for a manufacturing business?A. the producti...
A: Manufacturing business are those type of business which are indulged in production of goods in the b...
Q: REQUIRED: a. How much is the partnership profit during the period? b. Prepare a Statement of Partner...
A: Answer:
Q: An entity has the following owner's equity, drawings and assets: Capital N$120 000; withdrawals N$25...
A: Total assets = Total liabilities + Net capital where, Net capital = Capital - withdrawals
Q: Walter Company is planning to sell and produce the units below for July, August, and September July ...
A: Budgets are the estimates or forecasts that are made for future period of time. Examples of budgets ...
Q: Each of the following are true of relevant information except O different alternatives can be compar...
A: Accounting is the process of recording, classifying, summarising and reporting accounting informatio...
Q: Measures of liquidity, Salvency, and Profitability The comparative financial statements of Marshal I...
A: Ratio analysis helps to analyze the financial statements of the company. The management can take dec...
Q: Overhead costs are assigned to each product based on ________.A. the proportion of that product’s us...
A: Overhead is a term used to describe ongoing business expenses that are not directly tied to the manu...
Q: Nevada Corporation has 68,200 shares of $25 par stock outstanding that has a current market value of...
A: Shares is an important source of capital for the business. Stock split means when one share of the c...
Q: Project L requires an initial outlay at t = 0 of $35,000, its expected cash inflows are $8,000 per y...
A: Answer:
Q: Prepare a statement of income for April 2016
A: Statement of income is one of the financial statement which shows all incomes and all expenses of th...
Q: Sandy Kupchack just graduated from State University with a bachelor's degree in history. During her ...
A: In the given question, the amount is to be paid quarterly. Therefore, the effective rate to be used ...
Q: prepare the adjusting entry for April 30
A: Journal entries means the book of prime entry including debit and credit item. Adjusting entry means...
Q: y paid t
A: Given Information Office Equipment was acquired at the beginning of 2019. Depreciation on Straight...
Q: Meagley Company presents the following condensed income statement and balance sheet information for ...
A: Vertical Analysis - Common Size Statement is also known as the vertical analysis method. The Company...
Q: Boriales Company provided the following transactions relating to its raw materials inventory during ...
A:
Q: A musical group plans to sell T-shirts bearing their logo at an upcoming concert. They find a suppli...
A: Formula: Logo charges = ( Number of T shirts ordered x Per T shirt charge ) + Set up charge
Q: What are subsidiary ledgers and control accounts,and why are they used? Describe how they work.
A: An accounting ledger is an accounting account or record that keeps track of activities on the balanc...
Q: Prepare the necessary journals for the given transactions 1. Cash paid to Sara BD 600 2. Sold Furnit...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: 3.16 After six months of operations, the partnership of Pat, Neri, and Cip made a profit of P 372,00...
A: The statement of partner's capital is a financial report that shows the changes in total partners' c...
Q: Which statement is not correct? a. Related-party income is taxable b. Related-party losses are non-...
A: The correct answer is given in the following steps for your reference.
Q: Novak Company at December 31 has cash $44,500, noncash assets $214,000, liabilities $120,000, and th...
A: Preparation of the schedule of cash payment is as follows:
Step by step
Solved in 2 steps
- The following transactions were extracted from the books of Kwabeng enterprise for February 2020 February Commenced business with a capital of GHC15,000 cash 05 03 Purchased good GHC6,000 Purchased goods on credit from S & Co. GHC3,000 07 10 Purchased furniture GHC2,400 Returned goods to S & Co. GHC600. Sold goods GHC3,900 10 11 12 Received an invoice from Smith GHC5,000 15 Sold goods on credit to DD GHC2,250 Paid salaries GHC960 20 22 Purchased a van GH€50,000 on credit from Silver Star Auto Ltd. 24 Received commission GHC75 25 Goods returned by DD GHC450 25 Received cash from DD GH€1,500 26 Paid to S & Co. GH€1,800 Withdrew from business GHC900 for personal use Borrowed from KK GHC1,500 27 28 Required: 1. Record the above transactions in the appropriate journals 2. Post entries to relevant ledger accounts 3. Prepare a trial balance.need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: Provided P100,000 cash as initial investment. Obtained a P50,000 loan .. Acquired furniture and fixtures for P80,000 cash. Acquired inventory on account for P60,000. (Use perpetual inventory system) Sold goods on cash basis for P200,000. The cost of sales is ?20,000. Sold goods on account for P300,000. The cost of sales is ?30,000. Paid supplies expense for P20,000 cash. Paid rent expense of P180,000. Paid utilities expense of P40,000. Collected P240,000 accounts receivable. Paid P30,000 accounts payable. Made total drawings of P25,000.
- Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: 1. ProvidedP100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. (Use perpetual inventory system) 5. Sold goods on cash basis for P200,000. The cost of sales is P20,000. 6. Sold goods on account for P300,000. The cost of sales is P30,000. 7. Paid supplies expense for P20,000 cash. 8. Paid rent expense of P180,000. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable. 12. Made total drawings of P25,000.T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…Mr. Mohammed starts a business on 1st January. cash MOR 50000, inventory MOR5000 and building MOR 250000 as his capital. Which of the following the journal entries Select one: Account Debit Credit cash Dr 50000 building Dr 25000 inventory Cr 5000 capital Cr 70000 Account Debit Credit cash Dr 50000 Inventory Dr 5000 25000 30000 building Cr capital Oc. Debit Credit Account cash Dr Inventory Dr 25000 5000 Building Dr 50000 capital Cr 80000 Account Debit Credit cash Dr 50000 Inventory Dr 5000 capital 55000
- Q3: Prepare Income Statement and Balance Sheet from the following Trial Balance Saadah Merchandized Company Trial Balance June 2021 Debit Credit Cash 19000 Machinery 16000 Opening Inventory 30000 Interest 6000 Salaries 10000 Furniture 12000 |Long term loans 13200 Accounts payable 7000 Сapital 51000 Service Revenue 8000 Sales 20000 Drawings 1200 Purchases 9000 Telephone Expenses 8000 Total 105200 105200 Adjustment information: 1] Depreciation on Machinery 20% per annum and on furniture 10% per annum |2] Closing Inventory for merchandise is RO 15000 3] Accrued (outstanding) telephone expense is RO 250 4] Service revenue earned but not yet collected are RO 2000Aboagye Mensah started business on January 1, 2009 with a capital of GHE16,000. The following transactions were camied out during the morth of January Purchased fumiture by cash GHe2400. Purchased stationery GH200 cash. Purchased goods by cash GH3,500. Purchased goods on credit Adoa GHE5.000. Sold goods for cash GHe6.000. Sold goods to Kwame on credit GHe2.400. Paid advertisement expenses Ghe200 cash. Januaryt 3 15 18 20 25 Paid Adjoa GH3,500 cash being part of settlements of goods purchased Paid rent in cash GH300 Paid salaries and wages GHg600 cash You are requinred to write up Ledger Accounts recording the above transactions and extract 28 31 a Trial BalanceYou opened a novelty store called "The Awesome Shop" on January 2, 2018. The following were the transactions during the year: 1. Provided P100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. 5. Sold goods on cash basis for P200,000. The cost of sales is P20,000. 6. Sold goods on account for P300,000. The cost of sales is P30,000. 7. Paid supplies expense for P20,00o cash. 8. Paid rent expense of P180,00o. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable. 12. Made total drawings of P25,000. REQUIREMENTS: a. Record the transactions in the journal. b. Post the transactions in the ledger. c. Prepare the unadjusted trial balance on December 31, 2018.
- Adam’s Car Repair Shop started the year with total assets of RO 60000 and total liabilities of RO 40000. During the year, the business recorded RO 100000 in car repair revenues, R0 55000 in expenses, and drawings of RO 10000. The net income reported by the shop for the year was ____________ Select one: a. RO 35000 b. RO 90000 c. RO 20000 d. RO 45000If a business has the following balances, what would be the amount of total liabilities?ASSETSCash $ 5000Accounts Receivable 2575Equipment 14000OWNER'S EQUITYAnne Miller, Capital 2600Can you please help me answer number 3? The person who helped me earlier today gave me an answer of 19.9 (rounded) and it was wrong. Question 3 is on the screen shot, and below are the financial statements and additional info. Thank you. The financial statements for Castile Products, Inc., are given below: Castile Products, Inc.Balance SheetDecember 31 Assets Current assets: Cash $ 23,000 Accounts receivable, net 180,000 Merchandise inventory 310,000 Prepaid expenses 8,000 Total current assets 521,000 Property and equipment, net 900,000 Total assets $ 1,421,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 260,000 Bonds payable, 9% 340,000 Total liabilities 600,000…