3. Prepare a single-step Statement of Comprehensive Income using the following:Revenues – P20,000Rent expense – P3,000• Salaries expense – P4,0000Utilities expense – P2,000Note: Learners can use any business name and the end of the current year for theheading.

Business entities are required to prepare the income statement, so as to known how much Gross profit…

Answered: 3. Prepare a single-step Statement of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Below are accounts were taken from the books of Enrique Hill Cross School Security Services for April. Given the following data. School Security Income P 380, 000.00 Salaries Expense P 55, 000.00 Rent Expense P 18, 000.00 Utility Expense P 12, 000.00 Supplies Expense P 10, 000.00 Accounts Payable P 25, 000.00 How much is the total income of Enrique Hill Cross School Security Services for the month of April? Оа. Р38,000. 0 ОБ. Р405,000. 00 O c. P355, 000. 00 O d. P 380, 000. 00
Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
Hh1. Account
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Compute the following for Stanley Limited. Round your answers to two decimal places. All answers MUST be expressed in the unit as specified in the question, if any. Show your workings. (a) Gross Profit Rate (in %) (b) Current Ratio (c) Quick Ratio B Stanley Limited Statement of Financial Position 31 December 2021 ($ in million) Stanley Limited Income Statement For the year ended 31 December 2021 ($ in million) Question B5 (continued) (d) Accounts Receivable Turnover Rate (e) Return on Equity (%) (f) Debt Ratio (in %) (g) Price-Earnings Ratio
A) Prepare the 2024 combined common-size, common-base year balance sheet. B) Calculate the following financial ratios for each year. Comment on each ratio and interpret the changes from 2023 to 2024. A. Current ratio B. debt to equity ratio C. total asset turnover D. ROE C) Use the DuPont analysis on each year and interpret your results.
Hi, coudl you help me fill this up please. The nature of teh account is between either; asset, liability, revenu and expense.
Please answer only to question b) Ratios calculations and Financial statements are below: Anne's business for October 2021 Net profit Margin = net profit/sales = (210)/5600 = - 3.75% Gross profit margin = gross profit/sales = 770/5600 = 13.75% Current ratio= current assets/current liability= 15,840/5,150= 3.08 Acid test ratio = (cash+ accounts receivable) / current liability = (7,340+8030+150)/5,150 = 3.02 Accounts receivable collection period = Receivables / Average daily credit sales = 150/ (5600/360 days) = 9.64 days or 10 days Accounts payable payment period = Accounts Payable / Average daily purchases = (5,150/ (5,150/360 days) = 360 days
A summary of selected ledger accounts appears as follows for Alberto's Plumbing Services for the current calendar year-end. Alberto, Capital 12/31 Clos. 8,541 1/1 Bal. 6,926 12/31 Clos. 13,530 Alberto, Drawing 6/30 2,512 12/31 Clos. 8,541 11/30 6,029 Net income for the period is a.$13,530 b.$32,457 c.$6,926 d.$18,927
Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A. Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.
Day 7 (8) Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIESComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 440 $ 190 Accounts receivable 470 250 Inventory 620 380 Land 625 575 Building 800 800 Less: Accumulated depreciation (200 ) (170 ) Equipment 2,800 2,510 Less: Accumulated depreciation (451 ) (420 ) Patent 1,600 1,800 $ 6,704 $ 5,915 Liabilities Accounts payable $ 720 $ 470 Accrued liabilities 210 165 Lease liability—land 130 0 Shareholders' Equity Common stock 2,650 2,500 Paid-in capital—excess of par 500…
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…

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3. Prepare a single-step Statement of Comprehensive Income using the following: Revenues – P20,000 Rent expense - P3,000 Salaries expense – P4,000 • Utilities expense – P2,000 Note: Learners can use any business name and the end of the current year for the heading.