ACCT 2A&B: Accounting for Partnership & Corporation BCSV Debit 710,000 335,000 225,000 Credit Cash Accounts Receivables PPE Accounts payable Julia, Capital Julia, Drawing Joshua, Capital Joshua, Drawing Sales Sales returns Purchases 300,000 625,000 100,000 375,000 150,000 1,525,000 25,000 980,000 300,000 Operating expenses Additional information as of March 31, 2014: 1. Inventories: Supplies, P12,500; Merchandise, P365,000 2. Prepaid taxes and insurance, P 5,000 3. Accrued expenses, P 7,500 4. Depreciation on PPE, 20% per annum 5. Income tax rate is 30% Determine the following: 6. Net Income (loss) 7. Joshua's share in net income (loss) 8. Julla's share In net Income (loss) 9. Joshua's ending capital balance

ACCT 2A&B: Accounting for Partnership & Corporation BCSV Debit 710,000 335,000 225,000 Credit Cash Accounts Receivables PPE Accounts payable Julia, Capital Julia, Drawing Joshua, Capital Joshua, Drawing Sales Sales returns Purchases 300,000 625,000 100,000 375,000 150,000 1,525,000 25,000 980,000 300,000 Operating expenses Additional information as of March 31, 2014: 1. Inventories: Supplies, P12,500; Merchandise, P365,000 2. Prepaid taxes and insurance, P 5,000 3. Accrued expenses, P 7,500 4. Depreciation on PPE, 20% per annum 5. Income tax rate is 30% Determine the following: 6. Net Income (loss) 7. Joshua's share in net income (loss) 8. Julla's share In net Income (loss) 9. Joshua's ending capital balance

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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Assets Cash Joel de Paris, Incorporated Balance Sheet Beginning Balance $ 136,000 339,000 579,000 Ending Balance $ 126,000 475,000 Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity 846,000 409,000 251,000 $ 2,560,000 $ 375,000 1,043,000 1,142,000 481,000 858,000 426,000 251,000 $ 2,617,000 $ 332,000 1,043,000 1,242,000 $ 2,560,000 $ 2,617,000 Joel de Paris, Incorporated Income Statement Sales $ 4,800,000 Operating expenses Net operating income 4,032,000 768,000 Interest and taxes: Tax expense Interest expense Net income $ 125,000 193,000 318,000 $ 450,000 The company paid dividends of $350,000 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%. Required: 1. Compute…
Problem From the following ledger balances, prepare trial balance, income statement, and balance sheet:Mr. X’s capital is 500,000Drawing 20,000Purchase 200,000Loan 100,000Machinery 50,000Return to suppliers 50,000Sales 400,000Return inward 600,000Carriage outward 20,000Bad debts 5,000Sundry Drs. 100,000B/R 20,000Sundry Crs. 50,000Carriage inward 10,000Salary and wages 5,000Depreciation 20,000Cash in hand 100,000Sale of scrap 5,000Closing stock 50,000Prepaid tax 10,000Outstanding wages 5,000 do not give solution in image
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K The balance sheets of Prima Ltd. and Donna Corp. on December 31, Year 5, are shown below: Mc Graw Hill Cash Accounts receivable Inventory Plant Patents Current liabilities Long-term debt Common shares Retained earnings Cash Accounts receivable Inventory Plant Prima $ 374,200 84,200 100,400 514,800 104,400 $1,178,000 Trademarks Patents Current liabilities Long-term debt $ 164,800 262,000 356,800 394,400 $1,178,000 The fair values of the identifiable net assets of Donna Corp. on this date are as follows: $ 10,650 22,800 85,000 197,000 30,000 60,000 36,400 78,000 Donna $ 10,650 26,800 69,600 166,000 26,800 $ 299,850 $36,400 68,000 102,000 93,450 $ 299,850 In addition to the assets identified above, Donna owned a significant number of Internet domain names, which are unique alphanumeric names used to identify a particular numeric Internet address. These domain names can be sold separately and are estimated to be worth a total of $58,000. On January 1, Year 6, Prima Ltd. paid $315,000 in…
You are provided with the following information for Crane Company, effective as of its April 30, 2025, year-end. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land $ 838 (21) 910 560 1,330 16,800 1,050 Mortgage payable (long-term) Notes payable (short-term) Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable 375 310 2,490 1,800 160 130 380 550 950 13,925 3,000 Sales revenue Stock investments (short-term) 4,100 62 50 2,000 800 290 5,000 1,700
Question # 02A, B and C were partners. They share profit and losses in the ratio of 2:1:2. Their balance sheet was as under:AssetsCash and Bank Accounts Receivable Merchandise InventoryFurniture and FixtureEquities33,000 Accounts Payable 29,000 Notes Payable 26,000 A’s Capital24,000 B’s Capital C’s Capital112,0004,000 8,000 40,00020,000 40,000 112,000The partner decided to dissolve the firm.Required:Given entries in general journal to record the dissolution of the firm considering the following transaction.a) Cash Rs. 25,000 was collected from debtors in full settlement.b) Cash Rs. 72,000 received from the sale of inventory and furniture and fixture.c) Paid off the liabilities in full.d) All the available balance of cash after considering the above transaction distributed among thepartners.
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E2-11 Presented below is the ledger for Sparks Co. Ltd. Journalize transactions account data and prepa No. 101 Share Capital-Ordinary No. 311 trial balance. Cash 5,000 10/4 650 10/12 3,000 10/15 500 10/30 2,000 | 10/31 Accounts Receivable No. 112 1,100 10/20 5,000 (LO 4, 7) 2,000 10/1 400 10/1 10/10 1,500 10/25 10/10 280 Dividends No. 332 10/20 300 10/30 300 10/25 600 Service Revenue No. 400 10/6 500 10/6 1,100 10/10 650 940 10/20 940 10/20 Supplies No. 126 Salaries and 10/4 400 Wages Expense 600 No. 726 Equipment No. 157 10/31 10/3 2,000 Rent Expense No. 729 Notes Payable |10/10 No. 200 10/15 280 3,000 Accounts Payable No. 201 1,500 10/3 10/12 2,000 Instructions (a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. (b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2017.
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