Using the tabular analysis of business transactions, prepare, in good form, the income statement and balance sheet of IE Company for the year ended December 31, 2022. The balances ofspecific accounts for IE Company as of December 31, 2021 are presented below.Cash12.582Accounts receivable155,865184,378Merchandise inventoryPrepaid asset30.000Land500.500Banking360,000Accum depa-building - 120.000Equipment123.200Accum depn.-equipment12.320Accounts payable148.756Accrued expenses48.732Short-term loan payable80,000240.000Long-term loan payableCapital stock500,000Retained eamings216,717The following transactions occurred in1. IE Company sold merchandise worth P30,000 at 100% margin. The customer paid in cash.2. IE Company sold, on credit, merchandise worth P60,000 for P105,000.3. IE Company bought merchandise worth P50,000 paying 25% in cash and the remainder under credit.4. IE Company recorded salaries expense amounting to P25,000 in 2022. All but 10% remain unpaid as of year-end.5. The accrued expenses as of end-2021 pertains to unpaid utilities. The entire amount was subsequently paid in 2022.6. The prepaid asset pertains to a three-year insurance policy covering 2022, 2023 and 2024. P10,000 for the insurance coverage in 2022 was recognized as expense.7. The entity took out a four-year loan in 2021 payable in equal annual installments of P80,000. The short-term portion recorded as of end-2021 was fully paid in 2022. Correspondinginterest payment amounting to P6,000 was also made. (Hint: In preparing the balance sheet, recognize and present separately the portion of the loan maturing within the next 12 months ascurrent.)8. The building and equipment recorded depreciation of P120,000 and P24,640 during the year.9. IE Company collected P225,000 of accounts receivable and paid P58,000 of accounts payable.

Income statement and balance sheet are two important financial statements which are prepared for the…

Answered: ding 500.500 360,000 120.000 123.200…

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

12:25 Y Y AN • l 78% This document has 24 pages. Any blank pages are indicated. DC (LO) 213850 O UCLES 2021 [Turn over 1 Rahat is a trader. The following transactions took place in March 2021. March 3 Cash sales, $580, were paid directly into Rahat's business bank account Paid insurance, $360, by direct debit Paid $196 to GH Limited by telephone transfer, having deducted 2% cash discount from the amount due 13 Paid $75 cash for stationery 17 Cash sales, $140 27 Sold old office equipment to Burgess, who paid $50 by cheque in full settlement 30 Paid $340 to Colin by cheque in full settlement of a debt of $350 REQUIRED (a) Complete Rahat's c Balance the cash book and bring down the balances on 1 April 2021. s cash book on the page opposite. e UCLES 2021 7707/21/MJ/21 3 II
The balance sheet of Cattleman's Steakhouse shows assets of $104,400 and liabilities of $30,000. The fair value of the assets is $112.500 and the fair value of its liabilities is $30,000. Longhorn paid Cattleman's $140,000 to acquire all of its assets and liabilities. Longhorn-should record goodwill on this purchase of: Muitiple Choice $27,500. $41.100. $98,600.
kai.9
Chavez Corporation reported the following data for the month of July: Inventories: Raw materials Work in process Finished goods Additional information: Raw materials purchases Direct labor cost Beginning Ending $40,000 $36,500 $22,500 $30,000 $38,500 $53,500 $72,500 $97,500 $65,500 Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The cost of goods manufactured for July is: $10,600 $64,500
Ee 52.
* 24 Study the below and answer the questions that follow. Table 2.4 (Millions Company A Company B / Company C Now- Current Assets R136 822 & 124 948 104 516 Total Asset R231945 8227291 256 718 Inventories R5412 26454 Rio 343 Non-Current Liabilities 245232 R34 142 R53 434 Total Liabilities R75231 285 010 R95 010 Calculate the quick ratio of all companies using table
Atlanta Nashville 51140 51720 53266 44721 51640 37428 46430 51538 53016 45369 51486 42094 50527 46485 53329 46382 50453 48729 50793 39082 54128 49598 47195 44898 50716 46644 48061 48002 50396 51977 51785 51484 51940 49696 52761 47568 44403 44429 47681 44862 53890 40744 48296 50419 53179 48397 51066 47135 54052 43176 49708 44619 49947 48468 50268 52096 46947 49513 52345 41278 The worksheet shows the salaries for 30 new teachers in Atlanta and 30 new teachers in Nashville. In a report, use the sample information to determine whether the average salary in Atlanta is greater than Nashville's average salary. Use a reasonable level of significance for the tests. Discuss any assumptions that you made for the analysis. (Note: You might need to investigate some additional information about Atlanta or Nashville!) the report must have a statistical analysis with at least one visual support (table or graph).
When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place fresh flowers on her grave every Sunday as long as he lived. The week after she died in 1962, a bunch of fresh flowers that the former baseball player thought appropriate for the star cost about $5. Based on actuarial tables, "Joltin' Joe" could expect to live for 33 years after the actress died. Assume that the EAR is 10.4 percent. Also, assume that the price of the flowers will increase at 3.8 percent per year, when expressed as an EAR. Assuming that each year has exactly 52 weeks, what is the present value of this commitment? Joe began purchasing flowers the week after Marilyn died.
Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals Credit $ 129,000 11,400 10,400 4,400 34,000 240,000 54,000 440,000 340,000 17,000 34,000 4,400 $923,200 $923,200 Debit $11,400 144,000 5,400 27,000 340,000
(The chart included is figure 3)
Imagine an emerging market with only 15 years of data. Compute the historical ERP using the geometric mean. (Hint: Compute the annual ERP=Rm- Rrf first and then calculate the geometric mean of it). Save the data to answer Question 2. Rm Rrf 0.100 0.035 0.120 0.045 3 0.300 0.068 4 0.200 0.060 5 0.050 0.030 6 -0.030 0.020 7 0.050 0.010 0.100 0.030 0.450 0.060 10 0.230 0.050 11 0.150 0.040 12 0.100 0.030 13 0.060 0.020 14 0.020 0.020 15 -0.100 0.010 1 2
119il 12.6KB/s 8:48 VOLTE 60% Q2.pdf 1 The following is the Schedule of balances as on 31.3.1988 extracted from the bo Gavaskar, who caries on business under the name and style of Messrs Gavaskar Visuanin Co., at Bombay: Dr. Cr. Amount Amount Particulars Rs Rs 1,400 S Cash in Handr. •Cash at Bank Cn S Sundry Debtors lor, 2,600 86,000 Stock as on 1.4.1987– 62,000 Furniture & Fixtures 21,400 Office Equipment Buildings 16,000 60,000 Motor Car 20,000 Sundry Creditors Loan from Viswanath 43,000 30,000 Reserve for Bad Debts 3,000 Purchases u Purchase Returgs pr 1,40,000 2,600 Sales- Sales Returns 2,30,000 Salaries 4,200 Rent for Godown Pr 11,000 Interest on loan from Viswanath . 5,500 Rates and taxes 2,700 Discount allowed to Debtors 2,100 Discount received from Creditors 2,400 Freight on Purchases Carriage Outwards Drawings Printing & Stationery Electric Charges 1,600 1,200 2,000 12,000 1,800 2,200 Contd.... 1/2

SEE MORE QUESTIONS

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

ding 500.500 360,000 120.000 123.200 12.320 148.756 48.732