Find the adjusted total assets as of march 2021 and find the adjusted total expenses for the month ended March 31 2021. Show the complete solution. At the end of March 2021, the first month of operations, the following selected unadjusted data were takenfrom the financial records of Dal-Mi Business:Total assets P85,000Initial capital P32,500Total expenses P44,700Net income P23,400In preparing the financial statements, the following adjustments were overlooked:• Store supplies consumed during the month, P3,500• Unbilled sales as of March 28, P18,200• Depreciation of store equipment for the month, P9,450• Expired insurance for the month, P6,500• Accrued salaries for this month, P13,400• Accrued interest on notes issued, P1,050

Accounts need to be adjusted with new information to get arrive at the correct balance of state of…

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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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Prepare a statement of profit and loss allocation, capital account, current account, and extract of statement of financial position at that date from the following for the year ending December 31, 2020: i) A net gain of RM30,350 ii) Capitalized interest to be assessed: Halim paid RM900, Wong RM2,000, and Pang RM1,500. iii) Drawings for Wong, Pang, and Halim will each be subject to RM240 in interest. iv) Salary credits to be given: RM2,000 for Pang; RM3,500 for Halim. v) Wong will receive 50% of the profit, Pang 30%, and Halim 20%. vi) Current account b/f: Halim RM717, Pang RM946, and Wong RM1,860 vii) Capital account between Wong, Pang, and Halim: RM40,000; RM30,000; and RM18,000 viii) Drawings: Halim RM6,900; Wong RM 9,200; Pang RM 7,100
a. Identify the following transactions as either Capital Expenditure or RevenueExpenditure.i). Pay salary and wages for November 2020 amounting to RM6,200.ii). Purchase vehicle for business use amounting to RM145,000.iii). Depreciation expense for financial year ended 2020 amounting to RM21,000.iv). Purchase stationery for office use amounting to RM450.v). Acquire a building amounting to RM520,000.vi). Repair office door amounting to RM800.
Required: Explain how each of the following events or series of events and the related adjustments will affect the amount of net income and the amount of cash flow from operating activities reported on the year-end financial statements. Identify the direction of change (increase, decrease) and the amount of the change. Organize your answers according to the following table. The first event is recorded as an example. If an event does not have a related adjustment, record only the effects of the event. Note: Not all cells require entry. Do not round intermediate calculations and round your final answers to nearest whole dollar amount. Paid $2,300 cash on October 1 to purchase a one-year insurance policy. Purchased $1,100 of supplies on account. Paid $850 cash on accounts payable. The ending balance in the Supplies account, after adjustment, was $250. Provided services for $7,700 cash. Collected $10,400 in advance for services to be performed in the future. The contract called for…
1. How much is the gross profit for the year ended December 31, 2021? 2. How much is the gain on sale of delivery equipment for the year ended December 31, 2021? 3. How much is the operating expenses (EXCLUDING DEPRECIATION) incurred for the year ended December 31, 2021? 4. How much is the depreciation expense for the year ended December 31, 2021? 5. How much is the net income before income tax for the year ended December 31, 2021?
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Using horizontal analysis , calculate the percentage of the base- year amount, using 2019 as the base year. please answer do not image.
A revenue was earned in 2019 but payment is not received until 2020. Using the accrual basis of accounting, the revenue should appear on: A. the 2020 income statement B. the 2019 income statement C. both the 2019 and 2020 income statements D. neither the 2019 nor 2020 income statement
A ___________________________is a detailed plan for acquiring and using financial and other resources over a specifiedtime period.
1.32. Creating Balance Sheets and Income Statements. Using the information in the below table, prepare a classified balance sheet for Erie Company as of December 31, 2019 and December 31, 2020, along with multi-step income statements for the years then ended
Please help me find the following numbers. Please find the Sales, COGS, Other Operating expenses, and Depreciation & Amortization for the years 2020, 2021, and 2022 for Humana Inc and The Cigna Group. Thank you! Please show me where you found the numbers (links if possible!)

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