9:17 OA 51%Activity 1.3 Identify Me T-accountsState whether the following T-accounts have normal balance or not.1.2.CASHACCOUNTS RECEIVABLE12345,000.0010,800.0010,000.003,000.0015,000.008,000.001,000.0013,000.0015,000.0020,000.002,000.006,000.00379,000.0011,800,00367,200.004.ACCUM. DEPRN -BLDG125.000.00125,000.00LAND250,000,00250,000.006.SERVICE REVENUE5.34,500.0030,000.001,000.00CRUZ, CAPITAL500,000.00500,000.0018,000.0083,500.007.8.RENTAL EXPENSESSALARIES EXPENSE5.000.006,000.0010,000.001,000.001.000.009,000.0010.INTEREST EXPENSETAXES AND LICENSES2,000.005,000.002,300.003,000.002,300.00

The Different accounts in accounting are classified with debit and credit balances.

Answered: 345,000.00 10,800.00 10,000.00 3,000.00…

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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18
Question 16 of 30: A provision of % should be made on loss assets 50% O 100% O 150% O 75%
CP 13–5The following data are taken from the records of Cronkite Corp.:2019$2,5201,890630510$ 1202018$1,440960480430$ 50SalesCost of goods soldGross profitOther expensesNet incomeRequired: Perform horizontal analysis on the above date and interpretyour results
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 54,400 lb. at $1.70 Standard: 53,300 Ib. at $1.65 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance Unfavorable Quantity variance Unfavorable Total direct materials cost variance Unfavorable b. The direct materials price variance should normally be reported to the Purchasing Department - V. If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the Production Supervisor V. If the favorable use of raw materials had been caused by the purchase of higher- quality raw materials, the variance should be reported to the Purchasing Department
i 1:50 O O *UN 40 80% 5 The company dseouteda P10.000, 0 ay, 6 ne on November 15, 2019, Orgnal entry Adisting ertry PHACTICAL EXERCISE testruction: Lung the ecerse mettod tis tare, p te ongral entry ot the tregoing ransations and the neonsary adjuing ery at the end of the acrting pered. Der. 31,201a Protiem Tha trai talance ot the Mabils Fapar Shop appean below at the and f in calondar penad MABLIS REPAR SHOP Trial Balance Decenter 31, 2019 Cash an tand Accounta Recevable Estnand Uncotectbie Accourta 10.000 25.000 P. 1.000 30.000 750 Ns Receivatie Shop Equohert Actumuuted Depreciafen-Shep Egipmert Furte and Fature Acrumuuted Deorsaton-Fuinture ard Fatue Accourts Poyable tows Payable Lenes Capits Leynes, Driwing Service ncome Salares Expanse Rant Expense Suopies Erper Tann and Liman Ligt and Water Expenua 2000 .000 5.000 11.000 12.000 44.750 1.000 30 D00 8000 4000 1.500 1000 105.500 105.S00 A4ssoral ielomation 1. Urpad taxes P600 2 Acorued satarien P1000 1 Acortued interst on netes…
Provide a paragraph summary of the following figures
Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals Credit $ 129,000 11,400 10,400 4,400 34,000 240,000 54,000 440,000 340,000 17,000 34,000 4,400 $923,200 $923,200 Debit $11,400 144,000 5,400 27,000 340,000
Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000
119il 12.6KB/s 8:48 VOLTE 60% Q2.pdf 1 The following is the Schedule of balances as on 31.3.1988 extracted from the bo Gavaskar, who caries on business under the name and style of Messrs Gavaskar Visuanin Co., at Bombay: Dr. Cr. Amount Amount Particulars Rs Rs 1,400 S Cash in Handr. •Cash at Bank Cn S Sundry Debtors lor, 2,600 86,000 Stock as on 1.4.1987– 62,000 Furniture & Fixtures 21,400 Office Equipment Buildings 16,000 60,000 Motor Car 20,000 Sundry Creditors Loan from Viswanath 43,000 30,000 Reserve for Bad Debts 3,000 Purchases u Purchase Returgs pr 1,40,000 2,600 Sales- Sales Returns 2,30,000 Salaries 4,200 Rent for Godown Pr 11,000 Interest on loan from Viswanath . 5,500 Rates and taxes 2,700 Discount allowed to Debtors 2,100 Discount received from Creditors 2,400 Freight on Purchases Carriage Outwards Drawings Printing & Stationery Electric Charges 1,600 1,200 2,000 12,000 1,800 2,200 Contd.... 1/2
Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Job A319: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour During the current month the company started and finished Job A319. The following data were recorded for this job: Direct labor-hours Direct materials Direct labor cost Milling 60 20 $ 655 $ 400 Milling 18,000 4,000 $ 113,400 $ 1.60 Customizing 10 60 $ 305 $ 1,200 Customizing 13,000 7,000 $ 64,400 $ 3.90 If the company marks up its manufacturing…
Q14: The following are the Condensed statement of Financial Position of Company A and on december 31,2020. A В Current Assets. 2562500 7639375 Plant and Equipment 768500 22918125 Current liability 555000 300,000 long Term Debt. 2220000. 500,000 Share Premium 1250,000 100,000 Retained Earning. 1609000. 425000 Additional Paid-in 1516000. 437500 Сapital 79 Company C acquires the Net Asset of Both A and B. Paying Cash in Amount of 185000 and by issuing 198500 shares to A, Paying of 72000 and by issuing 54350 shares is 30 to B' Par cash in the amount by issuing 54350 Shares value of Share is 30 and market value on acquisition is 40. Requirments: a) Entry that made in the Book of A. b) Entry that made in the Book of B. c) Entry that made in the Book of C.
5c

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