Week 4 Tutorial Questions

A. You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.Required:Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.

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SCORE: SECTION: PROFESSOR: Problem #21 Preparation of Financial Statements 2019: Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Allowance for Uncollectible Accounts Cash Calamba, Capital Calamba, Drawing Equipment Transportation In General Expenses (control) Interest Expense Merchandise Inventory, December 31 Notes Payable Prepaid Insurance P 677,820 545,070 462,870 18,790 132,310 612,000 326,400 753,150 224,880 149,390 35,000 1,320,420 299,000 7,350 5,407,160 43,050 259,600 499,600 Purchases Purchases Discounts Purchases Returns and Allowances Santiago, Capital Santiago, Drawing Sales Sales Returns and Allowances 244,800 7,155,000 375,750 385,880 Selling Expenses (control) There were no changes in the partners' Capital accounts during the year. The merchandise inventory at the beginning of the year was P1,440,590. The partnership agreement provides for salary allowances of P330,000 for Calamba and P290,000 for Santiago. It also stipulates an interest allowance…

Forward solutions has the following balances as at September 30 2019

Types of accounts answer choices: Asset Equity Expense Liability Revenue Normal balance answer choices: Credit Debt Increase (Dr. or Cr.) Credit Debt

Trial Balance 30 June 2020 Account Name Debit ($) Credit ($) Cash at Bank 6 820   Accounts Receivable 20 000    Prepaid Insurance 6 000   Property, Plant and Equipment (PP&E)  270 000   Accumulated Depreciation – PP&E   50 000 Office Computers  64 000   Accumulated depreciation – Office Computers   10 000 Accounts Payable   11 528 Unearned Sales Revenue   16 000 Bank Loan   48 000 P. Clayton, Capital (1 July 2019)   188 142 P. Clayton, Drawings 10 900   Sales Revenue   319736 Other Revenue     Inventory (1 July 2019) 50 786   Purchases 150 800   Purchases Returns and Discount   26 890 Rent Expense 34 050   Gas and Electricity Expense 10 870   Office Cleaning Expense 6 530   Wages and Salaries Expense 25 900   Telephone Expense 2 700   Insurance Expense 8 440   Advertising Expense 2…

Shawna Sikes, Registered DieticianTrial BalanceJuly 31, 2024BalanceAccount Title Debit Credit Cash$30,000Accounts Receivable8, 700Office Supplies 1,600 Prepaid Insurance2, 800Equipment21,000 Accounts Payable$3,400Unearned Revenue 6,214 Notes Payable 25, 000Sikes, Capital 21,000Sikes, Withdrawals2, 000Service Revenue13, 186Salaries Expense1, 400Rent Expense800Utilities Expense500Total$ 68,800$68,80 Prepare A balance sheet based off the info provided

Saved e Quiz: Accounting for Current Liabi... A Required information Knowledge Check 01 The records of Pippins, Incorporated, included the following information: Net sales 475,000 Gross margin Interest expense Income tax expense Net income 000'0 000'0 Compute the times interest earned ratio, rounded to the nearest decimal. O 4.8 O 6.4 O7.4 O 20.0 *********** II F3 F5 F6 F8 F4 #3

Segining od year Service Revenwes - 200,000 160,o00 40,000 R00 salary expenseses Rent expenses Insurance expenses Orowings O Close Books ? @Net income ? what is ending Owner's equity ? 20,000