Activity #6: SFP PreparationsInstructions: Prepare a Statement of Financial Position, after which answer thequestions that follows.CASE X-Ngiting Tagumpay CompanyNgiting Tagumpay CompanyTrial Balance31 December 2018DEBITCREDITACCOUNTS45 000.00CashNotes ReceivableAccounts Receivable360 000.00156 000.0021 000.00Office SuppliesInterest Receivable24 000.00300 000.00Land1 590 000.00BuildingAccumulated Depreciation -Building292 000.002 150 000.00EquipmentAccumulated Depreciation - EquipmentAccounts Payable735 000.00213 000.0014 000.00Salaries PayableUnearned Consulting RevenuesInterest IncomeMr. D, CapitalMr. D, DrawingsConsulting RevenuesSalaries ExpenseOffice Supplies UsedRepairs ExpenseDepreciation ExpenseMiscellaneous Expense300 000.0024 000.002 655 000.00600 000.002 258 000.00889 000.0042 000.00116 000.00161 000.0037 000.00TOTAL6 491 000.006 491 000.00020 | Page Not Applicabl16. UWner s CapitalActivity #6: Accounting Equations15,500,000. What is the amount of liabilities?respectively. What is the amount of the assets?c) The liabilities of Mindanao Farms equal one-third of the assets, and the oWnersequity is 16,000,000. What is the amount of the liabilities?d) At the beginning of the year. LVM Consulting assets were 27,500,000, and itsowner's equity was 15,000,000. During the year, assets increased 7,500,000 andliabilities decrease 2,250,000. What is the owner's equity at the end?19 | PageInstructions: Use the accounting equations to answer the following:b) The liabilities and owner's equity of Visayas Tours are 7,200,000 and 7,950,00,a) The assets of Luzon Petroleum are 40,000,000, and the owner's equity is

Financial statement means the trading and profit and loss account and balance sheet of the company…

Answered: Acti Instructions: Prepare a Statement…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Courses =HCS380 Week 1 Terminology Matching Accounts Receivable Terminology Matching Note Payable Bonds Payable Common Stock Income Statement Balance Sheet Retained Earnings Statement Statement of Cash Flow Basic Accounting Equation multimedia.phoenix.edu Annual Report View Assessment HCS/380: Week 1 - Terminology Matching - Academic Resources Owed to a bank for the money borrowed Bill customer/patient for services HCS Debt securities sold to investors that must be repaid at a particular date in the future A AOL PASSV REQUIRED Enter your password for "kaylakı Accounts. Prepared by corporate management to present financial information, management discussion, notes, and auditor's report Used by creditors to determine if they will be paid Assets Liabilities+Stockholder's Equity Used by creditors and investors to analyze the organization's cash position Used by investors to evaluate the organization's history of paying high dividends The total amount paid in by stockholders for the share…
6. Record the following transactions in Tally Prime Date Amount (in RO) 2021 Jan 1 Cash A/C 42,000 50,000 Building A/C Machinery A/C Orix trading LLC A/C Loan from Bank A/C Capital A/C 25,000 15,000 (Dr) 12,000 ? Deposited into Bank Purchased goods and paid by cheque Purchased goods from Musandam Trading Co. and got 5% Feb 2 20,000 7,500 6,000 Mar 1 Mar 2 trade discount Brought additional capital into business Received from Orix Trading LLC in full settlement by cheque Goods distributed as free samples Cash purchases Mar 31 25,000 Apr 1 Apr 2 Мay 1 May 2 14,000 2,000 3,500 9,000 Sold goods to Oman International Trading LLC and offered 7% trade discount May 31 Goods returned to Musandam Trading Co. Goods taken by proprietor for personal use 1,000 June 1 2,000 Paid Insurance premium Purchased Furniture from Taghleef Industrial Company Sold goods to Tomoor Oman and offered 10% cash June 2 250 July 1 July 2 20,000 10,000 discount July 31 Cash Sales 6,000 2,500 1,200 3,000 4,000 Aug 1 Aug 2…
"A Sticky Patch: Completing the Accounting Cycle for ROYAL JELLY TRADING" ROYAL JELLY TRADING, which follows GAAP and uses the periodic inventory system, is a merchandising business that buys and sells various kinds of jelly candies. Its trial balance as of fiscal year-end September 30, 2020, before any adjustments, can be found on the next page: Information for adjusting entries are as follows: 1. Interest has accrued on the customer's P20,000 60-day 12% note dated August 21, 2020 and this remained unrecorded as of year-end. 2. Rent for the month of September amounting to P15,000 has not been received as at year-end. 3. The company pays its employees their salaries every Friday for work done Monday to Friday of that week. Weekly pay is P10,000 for office salaries and P15,000 for store salaries. September 30, 2020 falls on a Wednesday. 4. At year-end, unused office supplies were P18,000, while unused store supplies amounted to P12,000. 5. One-fourth of the Prepaid Insurance Expense…
Create the income statement from the adjusted trial balance
Please help me
Income statement?
Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Capital accounts: Lorato 100000 Loago 50000 Current accounts: Lorato 200 Loago 600 Cash drawings for the year: Lorato 15000 Loago 10000 Freehold premises at cost 50000 Inventory at 1 January 2021 75000 Fixtures and Fittings at cost 15000 Purchases and purchase returns 380000 12000 Bank 31600 Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500 Carriage outwards 3000 Staff salaries 42000 VAT 8700 Office expenses 7500 Provision for doubtful debts 2000 Advertising 5000 Discounts received 1000 Discounts Allowed 1200 Bad debts 1400 Rent and business rates 2800 Accumulated provision for depreciation offixtures and fittings 3000 720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…
Required: a. Prepare a Trial balance as at 30 June 2022.
Data for adjustments: • Accrued interest on loans payable 18,000
Question Description SABRINA CORPORATION UNADJUSTED TRIAL BALANCE DECEMBER 31, 2019 DEBIT CREDIT CASH 36,868 FV-NI Short Term INVESTMENTS 30,300 ACCOUNTS RECEIVABLE 425,755 ALLOWANCE FOR DOUBTFUL ACCOUNTS 8,400 INVENTORY 402,912 NOTES RECEIVABLE 30,000 OFFICE BUILDING 500,000 ACCUMULATED DEPRECIATION (OFFICE BUILDING) 280,000 OFFICE EQUIPMENT 120,000 ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT) 0 ACCOUNTS PAYABLE 205,258 DIVIDENDS PAYABLE 7,328 NOTES PAYABLE 60,000 PREFERRED STOCK, 30,000 OUTSTANDING ON DECEMBER 31, 2019 100,000 COMMON STOCK, 100,000 OUTSTANDING ON DEC 31, 2019 185,000 RETAINED EARNINGS 280,623 SALES REVENUE 3,590,524 SALES…
68 )

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS