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- Multiple choice: 1. The drawing account should be used to show A. The amount the owner has invested in the Business B. The amount the owner has taken out of the business C. The amount the business has earned D. The amount yhe business has spent 2. The purchase of an asset on account and making a partial payment results in all of the following EXCEPT A. An increase in an asset account B. A decrease in the Cash account C. A balanced accounting equation D. An increase in owner's equityJust answer letter D and EOn May 1, Soriano Company reported the following account balances along with their estimated fair values: Carrying Amount $ 245,300 79,200 Fair Value $ 245,300 79,200 505,500 658,000 125,500 875,000 $ 1,325,000 $ 1,488,000 $ 253,000 729,800 Account Receivables Inventory Copyrights Patented technology Total assets Current liabilities Long-term liabilities Common stock Retained earnings $ 253,000 740,000 100,000 232,000 $ 1,325,000 On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $100,000 to an investment banking firm. The following information was also available: • Zambrano further agreed to pay an extra $71,200 to the former owners of Soriano only if they meet certain revenue goals during the next two years. Zambrano estimated the present value of its probability adjusted expected payment for this contingency at $35,600. • Soriano has a research and…
- 1. From the following balances of Kalam Plc., as at 31.12.20 Prepare Financial statement. DEBIT CREDIT RO'000 RO'000 Trade receivables - Trade payables - Administration expenses Selling and Distribution Expenses - Dividend paid Interest paid - Audit fees Rent for office Revenue- Cost of sales- Motor vehicles (cost) Accumulated depreciation: Motor vehicles (1.1.20) Equipment (31.12.20) Accumulated depreciation: Equipment (1.1.20) Bank loan (10%) Retained earnings (1.1.20) Reserves and surplus Cash at bank Inventories (31.12.20) Share capital (£1) 2070 1800 2835 360 450 1440 162 22437 12960 15390 3519 32967 3240 5670 4500 4002 1200 54 2430 7290 62388 62388atement this account. or Balance Account Name Account Type (*) Is this account part of Retained Earnings? Yes or No Normal Balance You increase with a Debit or Credit Write DEBIT or CREDIT. Financial Statement where you find this account. Write: Income Statement or Balance Sheet Prepaid Maintenance Prepaid Supplies Property Tax Property, plat & Equipment Rent Expense Retained Earnings Sales Sales Allowances Sales Discount Sales Revenue Sales Tax Payable Service Revenue Short Term Debt Telephone Expense Trademarks Travel Treasury Stock Utilities Wages Payable Work in Process Inventoryg In | Federa x M UMassD Logor X EQuickLaunch -x K myCourses Da: x Univ of Mass - X * Cengage Die education.com mework i Saved View transaction list Journal entry worksheet 1 4 6 7 8 9. 10 cearch 近
- Calculate the missing amounts (for company c the number 19100 replace it with 119100 to calculate and solve) Please avoid solution image based thanxREQUIRED: • Income Statement using function of expense method (multi-step approach) • Answer the 10 items below. Note: • should have heading and title • currency sign and double spacing • identify respective amounts of the given databad debt expense is relevant into the followings cycles: a. capital acquisition and payments b. Inventory and warehousing c. payroll and personnel d. sales and collection أخلِ اختياري سؤال 2 غير مجاب عليه بعد الدرجة من 1.00 علِّم هذا السؤال نص السؤال CPA Ellen Stout performs the audit of the local symphony society. Because of her good work, she was elected an honorary member of the board of directors. This action does not violate the independency of the auditor إختر واحداً: صح خطأ سؤال 3 غير مجاب عليه بعد الدرجة من 1.00 علِّم هذا السؤال نص السؤال The two characteristics of the appropriateness of evidence are a. relevance and reliability. b. relevance and timeliness. c. relevance and accuracy. d. reliability and accuracy.
