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d. Property, Plant, and Equipment e. Cost of Sales f. Selling Expenses g. Administrative Expenses

d. Property, Plant, and Equipment e. Cost of Sales f. Selling Expenses g. Administrative Expenses

FINANCIAL ACCOUNTING
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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Required From ""D"" to onward
Income Tax Expense Miscellaneous Expense Inventory, beg. Purchases Freight-in Purchase Returns Purchase Discounts Additional Information: Requirement: a. Ending Inventory is P90,447 b. Three-fourths of the salaries, rent, and depreciation expenses pertain to the non-sales personnel/department. The sales department does not share in the other expenses. Compute the following: a. Cash and Cash Equivalents b. Trade and Other Receivables 51,834 9,457 87,500 524,007 36,599 c. Prepaid Expenses d. Property, Plant, and Equipment e. Cost of Sales f. Selling Expenses g. Administrative Expenses 15,524 27,241 Prepare the following: a. Statement of Financial Position using the account form. b. Statement of Comprehensive Income
Transcribed Image Text:Income Tax Expense Miscellaneous Expense Inventory, beg. Purchases Freight-in Purchase Returns Purchase Discounts Additional Information: Requirement: a. Ending Inventory is P90,447 b. Three-fourths of the salaries, rent, and depreciation expenses pertain to the non-sales personnel/department. The sales department does not share in the other expenses. Compute the following: a. Cash and Cash Equivalents b. Trade and Other Receivables 51,834 9,457 87,500 524,007 36,599 c. Prepaid Expenses d. Property, Plant, and Equipment e. Cost of Sales f. Selling Expenses g. Administrative Expenses 15,524 27,241 Prepare the following: a. Statement of Financial Position using the account form. b. Statement of Comprehensive Income
GENERAL INSTRUCTIONS: 1. READ THE QUESTIONS CAREFULLY AND WRITE YOUR ANSWERS ON THE ANSWER SHEET PROVIDED ON THE LAST PAGE. 2. DOUBLE RULE YOUR FINAL ANSWERS. Chill Ka Lang Company's adjusted trial balance on December 31, 2019 shows the following account balance: Accounts Cash Accounts Receivable Allowance for Bad Debts Notes Receivable (trade) Inventory Prepaid Supplies Prepaid Rent Prepaid Insurance Land Building Accumulated Depreciation-Building Service Vehicle Accumulated Depreciation-Service Vehicle Accounts Payable Notes Payable-short term loan Notes Payable (nontrade)- long term loan (P50,000 due within one year) Interest Payable Salaries Payable Utilities Payable Unearned Income Owner's Capital Income Summary Sales Gains Interest Income Freight-out Sales Commission Expense Advertising Expense Salaries Expense Rent Expense Depreciation Expense Utilities Expense Supplies Expense Insurance Expense 3 P Debit 789,826 151,040 18,000 90,447 25,040 35,870 20,660 1,000,000 2,200,000 750,000 25,524 13,097 70,254 100,784 90,902 147,556 21,004 10,528 38,282 P Credit 25,077 1,500,000 250,000 150,040 200,000 1,400,000 55,000 145,007 38,000 45,000 590,000 682,759 1,520,080 152,788 104,007
Transcribed Image Text:GENERAL INSTRUCTIONS: 1. READ THE QUESTIONS CAREFULLY AND WRITE YOUR ANSWERS ON THE ANSWER SHEET PROVIDED ON THE LAST PAGE. 2. DOUBLE RULE YOUR FINAL ANSWERS. Chill Ka Lang Company's adjusted trial balance on December 31, 2019 shows the following account balance: Accounts Cash Accounts Receivable Allowance for Bad Debts Notes Receivable (trade) Inventory Prepaid Supplies Prepaid Rent Prepaid Insurance Land Building Accumulated Depreciation-Building Service Vehicle Accumulated Depreciation-Service Vehicle Accounts Payable Notes Payable-short term loan Notes Payable (nontrade)- long term loan (P50,000 due within one year) Interest Payable Salaries Payable Utilities Payable Unearned Income Owner's Capital Income Summary Sales Gains Interest Income Freight-out Sales Commission Expense Advertising Expense Salaries Expense Rent Expense Depreciation Expense Utilities Expense Supplies Expense Insurance Expense 3 P Debit 789,826 151,040 18,000 90,447 25,040 35,870 20,660 1,000,000 2,200,000 750,000 25,524 13,097 70,254 100,784 90,902 147,556 21,004 10,528 38,282 P Credit 25,077 1,500,000 250,000 150,040 200,000 1,400,000 55,000 145,007 38,000 45,000 590,000 682,759 1,520,080 152,788 104,007
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