Accounts Receivable Equipment Accounts Payable re the transactions of Jab Less Services. ab invested P125,000 in the business Purchased equipment from X. Co.; P35,000 on account tendered services on account to various customers P75,000 "aid salary for the month P15,000 Paid utilities for the month P2,300 tion: reciation of equipment is P1,000 tful accounts at year end are estimated to be P800 Service Income Salary Expense Utilities Expense
Q: (1)A company issued 20,000 shares of $3 par common stock for cash for $60 per share. (2) A month…
A: Journal is a book in which all the business transactions are recorded first, therefore journal book…
Q: Estimate the capital that will be required in establishing a one-hectare fruit farm based on the…
A: The capital required to begin a business shall be equal to at least the minimum expenses which will…
Q: Prepare a worksheet.
A: Trial balance is the summary of all general ledger account balances in the business. Total of debits…
Q: The Marchetti Soup company entered into the following transactions during the month of June: (1)…
A: Answer:- Journal entry meaning:- A journal entry is the act of maintaining or producing records of…
Q: • The standard labour budget for CTF of 800 units with detail information as follows: 3hours/unit…
A: We need to set up flexible budget in this case because of this question gives standard data for 800…
Q: The comparative balance sheet of Beta Communications Corporation Appears below: BETA COMMUNICATIONS…
A: Under horizontal analysis figure from one year is compare with figures of base year. From that we…
Q: Question 12 At the 15 January 2019, the amount of Retained earnings reported by Moon Corporation is…
A: Retained earning is the accumulation of the net income earned by the organization after deduction of…
Q: Department A is the first stage of Lovely Company's production cycle. The following information is…
A: Cost accounting is one of the important branch of accounting. Under this, various type of costs are…
Q: The following balances are shown in the shareholders' equity of tamarind company on December 31,…
A: Introduction: Shareholders' equity is owners' equity who has claim over the net assets of the…
Q: On January 1, 2016, Colt Co. issued ten-year bonds with a face amount of $1,000,000 and a stated…
A: Introduction: A bond is a fixed responsibility issued by corporations or government entities to pay…
Q: The general objectives of international auditing standards a. Defining the responsibilities B. audit…
A: Financial statements are those statements which are prepared at the end of accounting period.…
Q: Which of the following terms does not refer to the amount that is paid by the note issuer to the…
A:
Q: Quality-Value, Inc. maintains a gross margin of 75% on all of its merchandise. In September the…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Komfwe’s Bibbentucke full cost statements appears as follows: Cost centre Cost (ZMW) Direct…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Company Y has the following inventory data: August 1 Beginning inventory 20 units at $10 Purchases 8…
A: When average cost method is used in perpetual system average unit cost is calculated each time a…
Q: Barger Corporation has the following data as of December 31, 2024: Total Current Liabilities $36,210…
A: The debt-equity ratio is a financial ratio that indicates the firm's ability to meet its outstanding…
Q: owing A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections…
A: In Philippines Vat rate is 12% in general. It is charges at 12% on sale of goods and properties. It…
Q: MARKDOWN AND MARKDOWN RATE In March, Swim and Sport purchased designer bathing suits for P2 500.00…
A:
Q: Your answer is correct. Using time value of money tables, a financial calculator, or Excel…
A: Lease refers to a contract between two parties under which one party who is the real owner of an…
Q: An insurance company notifies an insured thal $50 of lhe insured's physician's charge is above he…
A: Normally the insurance companies cover only the UCR rates that is the usual, customary and…
Q: What is the total amount to be reported in gross income subject to regular tax?* a. 406,000 b.…
A: The lender means the person who lends money to other persons. The amount he lends to others is known…
Q: Corporation was authorized to issue 60,000, P100 par ordinary share capital on November 3, 2021. The…
A: Authorized share capital—also known as "authorized stock," "authorized shares," or "authorized…
Q: describe the structure of a bank bill. In your explanation, clearly distinguish the roles of the…
A: Introduction: An invoice of barter is a criminal assumption that binds one party to pay another a…
Q: Juma and Jenala each carry on business as wholesalers of the same product. Their respective…
A: Profitability ratios refer to the financial ratio determined by the company to compare its revenue…
Q: What are the benefits and drawbacks of FIFO?
A: Introduction: First-in-First-Out: In First-in-First-Out method, the costs of the initially…
Q: Company Y has the following inventory data: August 1 Beginning inventory 20 units at $10 130 units…
A: Inventory is one of the current asset of the business. It includes inventory of raw materials, work…
Q: Calculate the quick assets (in $) and acid test ratio for the given company. Round ratios to the…
A: Quick assets includes such current assets that can immediately be converted into cash. It assess…
Q: $1.350.000 422.000 Cak 0.000 r the fr valrof173,000 pait s cash to the Company Prirpare the ondry…
A: Goodwill- Goodwill is the net difference between the fair value of all assets acquired and the…
Q: • 2 shares in Tom Ltd for every 5 shares in Jerry Ltd. Jerry Ltd had one million shares outstanding.…
A: Journal entries are maintained with appropriate proofs of receipt, bill, etc. This is so that the…
Q: DCF Enterprises Inc.'s capital structure consists of 18 million shares of common stock and 1 million…
A: Market value of common stock =18x$26=$468MillionsProceeds in to the company by share warrants =…
Q: Activity IV COMPUTATION. Compute for the following problems. NO SOLUTION MEANS WRONG. 1. CellFown…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Buster Industries pays weekly salaries of $30,900 on Friday for a five-day week ending on that day.…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: 1. Depreciation on the company's equipment for the year is computed to be $18,000. 2. The Prepaid…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:…
A: Introduction: Net income refers to the amount an individual or business makes after deducting costs,…
Q: Presented below is information related to Muharraq Company. Cost $484,000 Retail $500,000 Beginning…
A:
Q: Example: The budgeted sales of SM Ltd were 740 units at a selling price of $21. The actual sales…
A: Activity variance refers to difference between actual sales and budgeted sales due to difference in…
Q: a the
A: Cash Flow Statement: It is the statement of inflow and outflow of cash during the given period of…
Q: carry the right to a fund recorded in th How should the pre answer. Your answer to this
A: Firstly, let us understand who fund Managers and preference shares are. Fund Managers are investment…
Q: What exactly are ESOPs? What are some of its benefits and drawbacks?
A: Introduction: ESOP: Employee stock ownership plan is retirement plans for employees of the company…
Q: LSP Joint[1] LSP pellets were made by the secret process of mixing LSD with opium in the optimum…
A: You have posted a multi-part question, so as per our policy only the first three subparts are…
Q: What are some of the importance of financial management to procurement managers?
A: A procurement manager is in charge of sourcing goods and services for their company. Another title…
Q: PROBLEM NO. 3– Lessor and Lessee (Lessor, Direct Financing Lease) Assimilator Corp. is in the…
A: Lease refers to the contractual agreement where one party known as as lessor agrees to rent the…
Q: The balance in the prepaid rent account before adjustment at the end of the year is $15,764, which…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: When the selling price of treasury shares is greater than its cost, the company credits the…
A: The treasury stock includes the own shares of the company purchased from the shareholders.
Q: What do we mean by a lump-sum Problem?
A: A lump-sum payment is a substantial amount of money paid all at once as opposed to in installments.…
Q: Nike, Inc., with headquarters in Beaverton, Oregon, is one of the world’s leading manufacturers of…
A: Introduction: The fundamental accounting equation depicts the relationship between an investor's…
Q: 1. The income statements for Mavis Manufacturing Inc. are provided for two recent years.…
A: Particulars 2022 2021 Revenue 100% 100% Cost of goods sold 40% 40% Gross Profit 60% 60%…
Q: Which of the following stalements is required by Long- Term care insurers when referring lo…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…
Q: If an entity has elected to use the fair value option for a financial liability; a. It is measured…
A: IAS 39 recognize two classes of financial liabilities:1. Financial liabilities at fair value through…
Q: To enroll in Medicare Part C, an individual must A. also enroll in Medicare Part D B. have an…
A: The question requires us to choose the correct option regarding prerequisites to enroll in Medicare…
Step by step
Solved in 3 steps
- US Kiumel, finamclal Accounting, Se Hele I Syotem Aenouncements CALLAT Briel Exercise 8-11 he 20117 financial staternents of 3M Company report net sales of $25.3 billion. Accounts receivable (net) are $3.00 billion at the beginning of the year and $3.24 billion at the cde Compute 3M Company's receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Compute 3M Company's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period days Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 usecowing income statement accounts in the popup window, E t for the year. ow for the year. Data Table nt for the year. at below. (Round to the nearest dollar. (Click on the following icon in order to copy its contents into a spreadsheet.) ncome Statement Income Statement Accounts for the Year Ending 2017 Balance nding December 31, 2017 Account Cost of goods sold Interest expense Taxes Revenue Selling, general, and administrative expenses Depreciation $341,000 $75,000 59,600 S743,000 $62,000 $116,000 Print Done %24 %24 %24View Policies Current Attempt in Progress The financial statements of winery Andrew Peller Limited reported net sales of $342606 thosand for s year ended March 31. 2017. Accounts receivable were $26.973 thousand at March 31, 2017. and $2223 thousand at Marth 31,2016 Calculate the company's accounts receivable turnover ratio and the average collestion peried for accouts receivite inys Oo answers to 2 decimal places ng 15.25. Ue 365 days for caloulation) times Accounts receivable turnover ratio day Average collection period for accounts receivable in days e Textbook and Media Attempts:0 of 3 used SutAm Save for Later OT5ZenBook
- Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.termediate Accounting 1.docx Open with Google Docs For Nos. 20-21 Nabangst Corporation reported the following recelvables on December 31, 2018: Accounts recelvable, net of P520,000 allowance for doubtful accounts Interest receivable P3,840,000 190,000 4,000,000 Notes receivable Additional Information: The notes recelvable comprised of the following: P3,000,000 note dated March 31, 2018, with principal and 8% interest payable on March 31, 2019. P1,000,000 note dated October 31, 2018, with principal and interest payable on October 31, 2019. During 2019, sales revenue totaled P21,200,000, cash collected from customers amounted to P19,800,000, and P410,000 in accounts receivable were written off. All sales are made on credit basis. Doubtful accounts expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. 20. What amount should be reported as interest income for 2019? P240,000 d. P110,000 a. P80,000 C. b. P60,000 21. What…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
- 1. Use ratios to analyze a company's liquidity and solvency. Calculate Select Ratios - Excel FILE НОМE INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 A A % Alignment Number Conditional Format as Formatting - Table - Paste I Cell Cells Styles - Clipboard Font Styles B36 fx A B C D 1 Condensed financial statements for Games Galore are summarized below: 2 3 Balance Sheet 2016 2015 185,000 $ 80,000 4 Cash $ 143,000 59,000 134,000 5 Accounts Receivable, Net 6 Inventory 104,000 7 Prepaid Insurance 11,900 5,880 Total Current Assets 380,900 341,880 9 Property and Equipment, Net 514,500 407,000 10 Total Assets $ 895,400 $ 748,880 11 12 Current Liabilities 2$ 85,300 $ 96,800 13 Long-term Liabilities 284,000 224,000 Total Liabilities 369,300 299,000 320,800 299,000 14 15 Contributed Capital 16 Retained Earnings Total Stockholders' Equity 227,100 129,080 428,080 17 526,100 18 Total Liabilities and Stockholders' Equity $ 895,400 $ 748,880 19 20 Income Statement $ 3,031,000…T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
- d 1 5 rint GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 erences Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) Graw July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,860. July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee Company and…istructions alance sheet for Sandpiper Corporation as of December 31, 2020 using column 2 3 for nets, sub-totals, & totals on the 4-column accounting paper provided online. e the units, tens, hundreds, thousands, etc. in the proper mini column, and leave o commas are necessary when you use the accounting paper properly. Dollar signs f the column and after a total line. o present the following ratios to the nearest tenth: ratio, Debt to assets ratio, Ratio of fixed assets to long-term liabilities, Ratio of total ders' equityThe following information is taken Aiello Corporation's fiscal 2016 annual report. Selected Balance Sheet Data 2016 2015 Inventories........................ $221,418 $226,893 Accounts Receivable........... $121,333 $122,087 Assume that Aiello Corporation had $1,003,881 sales on credit during fiscal year 2016. What amount did the company collect from credit customers during the year? a. $1,003,881 b. $1,004,635 c. $1,003,127 d. $1,247,301