Summarized transactions for January 2018 were as follows: On January 1, 2019, issues 10,000 shares of common stock for cash. On January 5, 2019, purchases equipment on account for 2,500, payment due within the month. On January 8, 2019, receives 3,000 cash in advance from a customer for services not yet rendered.
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- SM Investments Corporation had the following account balances at December 31, 2019:Cash on hand and in bank P2,500,000Cash restricted for bonds payable dueOn June 30, 2020 1,000,000Time Deposit 3,000,000Savings deposit set aside for dividendsPayable on March 31, 2020 500,000* The cash in bank included a customer’s check of P50,000 outstanding for 16 months.* Check of P80,000 in payment of accounts payable was dated and recorded on December31, 2019 but mailed to creditors on January 12, 2020.* Check of P20,000 dated January 31, 2020 in payment of accounts payable was recordedand mailed December 31, 2019.*The reporting period is the calendar year. The cash receipts journal was held open untilJanuary 15, 2020 during which time P 100,000 was collected and recorded on December31, 2019.In the current assets section of SM’s December 31, 2019 balance sheet, the amount reportedas cash and cash equivalents is __________Problem 6The December 31,2019 trial balance of Aboitiz Equity Ventures, Inc.,…SM Investments Corporation had the following account balances at December 31, 2019:Cash on hand and in bank P2,500,000Cash restricted for bonds payable dueOn June 30, 2020 1,000,000Time Deposit 3,000,000Savings deposit set aside for dividendsPayable on March 31, 2020 500,000* The cash in bank included a customer’s check of P50,000 outstanding for 16 months.* Check of P80,000 in payment of accounts payable was dated and recorded on December31, 2019 but mailed to creditors on January 12, 2020.* Check of P20,000 dated January 31, 2020 in payment of accounts payable was recordedand mailed December 31, 2019.*The reporting period is the calendar year. The cash receipts journal was held open untilJanuary 15, 2020 during which time P 100,000 was collected and recorded on December31, 2019.In the current assets section of SM’s December 31, 2019 balance sheet, the amount reportedas cash and cash equivalents is __________Dashboard VitalSource Booksh... Spotify-Web Pla E5.8 (LO1, 2) (Current vs. Non-Current Llabilides) Pascal Corporation is preparing Its December 31, 2019, statement of financial position. The following items may be reported as either a current or non-current liability 1. On December 15, 2019, Pascal declared a cash dividend of $2.00 per share to shareholders of record on Decenber 31, The dividend is payable on January 15, 2020 Pascal has ssued 1.000,000 ordinary shares of which 50,000 shares are held in treasury. 2. AL December 31, bonds payable of $100.000 000 are outstanding The bonds pay 8% interest every September 30 and mature in instaliments of $25,000,000 every September 30, beginning September 30, 2020. 3. Al December 31, 2018, customer advances were $12 000.000 During 2019. Pascal collected $30.000,000 of customer advances advances of $25.000.000 represent performance obligations, which have been satisfied. Instructions For each item above. indicate the dollar amounts to be…
- Balance off the accounts and extract a trial balance for sole trader Airman Co. as at 30 September2020:DR CR£ £Capital 306,070Drawings 26,500Cash at bank 20,000Cash in hand 8,500Accounts receivable (Debtors) 70,000Accounts payable (Creditors) 16,000Inventory (Stock): 30 September 2019 36,000Van 16,000Fixtures and Fittings 32,000Sales 80,000Purchases 150,000Return inwards (Sales Returns) 2,000Carriage inwards 720Returns outwards (Purchase Returns) 600Carriage outwards 400Motor expenses 1,200Rent 5,000Telephone charges 620Wages and salaries 32,000Insurance 830Office expenses 600Sundry expenses 300402,670 402,670Inventory as at 30 September 2020 was £120,000.Required a. Draft an Income Statement for Airman Co. for the year ending 30th September 2020 b. The records show that the Airman Co. has been profitable during 10 years since 2009. Due to COVID-19 outbreak, explain the possible impact of COVID-19 on company Income statement items.On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…The trial balance of Beta Limited as at 31st December, 2019 is as follows: Debit Credit GH¢ GH¢ Sales and Purchases 20,000 50,000 Inventory 8,000 Distribution costs 8,000 Administration expenses 15,550 Trade Receivables and Payables 12,400 20,000 Cash and bank 8,100 Ordinary shares (GH¢0.50) 52,000 Revaluation reserve 8,000 10% Redeemable preference shares (GH¢1) 9,000 10% Loan Notes 8,000 Property, Plant and Equipment 75,000 Investment property 10,000 Rental income from investment property 1,000 Retained profits at 1st January, 2019 3,000 Loan note interest 400 Preference dividend 450 Interim ordinary dividend 1,600 Corporate Tax 500 Suspense 8,000 159,500 159,500 The following is to be taken into account: The inventory at cost on 31st December, 2019 was…
- Situation You are the assistant accountant for Tyler Corporation. It is mid-January 2020 and you are helping to prepare Tylers balance sheet for December 31, 2019. Tyler will publish this balance sheet on March 1, 2020, after the auditors have completed their work. Tyler has a 100,000 note payable that was issued in 2018 and that is due March 6, 2020. On January 5, 2020, Tyler sold 2,000 shares of its 10 par common stock for 80,000. Its intent is to use these proceeds (plus 20,000 cash it already has on hand) to repay the note payable on March 6. The head accountant says Im not sure how to classify the 100,000 note payable on the December 31, 2019, balance sheet. Check this out for me. Directions Research the related generally accepted accounting principles and prepare a short memo to the head accountant that explains how Tyler should report the 100,000 note payable on its December 31, 2019, balance sheet.Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.On December 31, 2021, Yohan Company provided the following information: Accounts Payable, Including deposits and advances from customer of P250,000 1,250, 000 Notes payable, including note payable to bank due on December 31, 2022 of 500,000 1.500,000 Share dividend payable 400,000 Credit balances in customer's account 200,000 Serial bonds payable in semi annual installment of 500,000 5,000,000 Accrued interest on bonds payable 150,000 Contested BIR tax assessment - possible obligation 300,000 Unearned rent income 100,000 Required: Compute the total current liabilities on December 31,2021
- On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…Tesla, Inc. Annual Report on Form 10-K for the Year Ended December 31, 2020. 8 Feb. 2021 sec.gov. Accessed 16 Feb. 2021. Prepare journal entries, applying current US GAAP, to account for the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. b. On January 26, 2021, Bitcoin's price increased to $32,000 per coin. c. On January 27, 2021, Bitcoin's price dropped to $29,500 per coin. d. On January 31, 2021, Bitcoin's price recovered to $33,650 per coin. View transaction list Journal entry worksheet 1 2 On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. 3 4 Note: Enter debits before credits. Date January 24, 2021 Record entry General Journal Clear entry Debit Credit View general journalIn 2021, Bank Muscat reported the following amounts in its Balance sheet and Income Statement. Assets 1032600 OMR Liabilities 805500 OMR Interest Revenue 602300 OMR Interest Expense 404000 OMR Earning assets are 75% of Total Assets. Interest Bearing Liabilities are 80% of Total Liabilities. What is the Spread of Bank Muscat? Select one: Oa. 2.54 % Ob. 15.08 % Oc. 8.17 % Od. 27.62 %