Directions: Read the given transaction below. Analyze, which of the amountscited above do you think will be included in the business' financial reports? Whyand what are reasons for including them?Mr. Susano, a business owner of a Travel Agency invested 100 Million for additionaltwenty Electric Jeepneys worth P2,000,000.00 which the owner only paid half and availthe Auto Loan from Suzuki Motors worth P 1,000.000.00. He acquired a 1 hectare lotworth 15 Million for his automobiles, construct a small office spaces for his staff andinstalled solar panels and paid 10 Million for the construction company including the laborand solar panel. Secured all the Permit and Licenses worth P69,000.00.During the first month of operation, he then paid the Salaries and Wages of his threeoffice staffs and twenty-five drivers worth P80,000. Paid Insurance for his employeesworth 29,000. The business consumed water worth P28,000.For one month, the business generated P1,000,000.00 revenue. lolil

Financial reports are the financial statements which a company prepares at the end of the financial…

Answered: Directions: Read the given transaction…

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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25)Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? (Hint: Owner can contribute both cash and non-cash item to his own company.) Group of answer choices Debit Cash $70,000; debit Land $130,000; credit Haddon, Capital, $200,000. Debit Assets $200,000; credit Haddon, Capital, $200,000. Debit Haddon, Capital, $200,000; credit Cash $70,000, credit Land, $130,000. Debit Cash and Land, $200,000; credit Haddon, Capital, $200,000.
Write down the source document and journal related to each transaction mentioned below. • · · • • . • Sold 02 laptops to Bimal for 150,000 each on cash • Purchased a motor vehicle for 1,500,000 on credit from Indra Traders • 7/24/2023 . Owner brought 1,000,000 as initial capital Purchased 10 laptops worth 100,000 each from Laptop.lk Obtained a loan of 500,000 from Kasuni Purchased a building for the shop worth 500,000 Purchased 05 laptops worth 100,000 each from laptop.lk on credit Sold a laptop to Aruni on credit for 150,000 Paid the salary of 25,000 for the accountant Paid 250,000 for Laptop.lk Sold a part of the building for 250,000 on Credit to Nimal Received the electricity bill of 5,000 for January
El Granado established the EG Data Encoders on May 15, 2014. The following transactions accurred during the manth. a. El Granado invested P157,000 cash to establish the business b. Bought office desks and filing cabinet for cash, P15,150. El Granado invested in the business her personal computer with a fair c. value of P57,500. Bought computer software for use in the business from Dela Torre Computer Center for P39,000 paying P15,000 down; the balance is due in d. thirty days. Paid rent for the month, P5,300. Received cash for services rendered, P5,160. e. f. g. Ordered a panaflex sign for P9,000 from Royal Bright Enterprises, with P5,000 as down payment and the balance due when installed. Received bill for advertising from Buy and Sell newspaper, P3, 320. 1. Bought print paper and stationary on account, P2,290. j. Received and paid electric bill, P1,240. Paid bill for advertising recorded previously in transaction (h). 1. Received cash for services rendered, P10, 900. Paid salaries ta…
25)Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? (Hint: Owner can contribute both cash and non-cash item to his own company.) Group of answer choices Debit Cash $70,000; debit Land $130,000; credit Haddon, Capital, $200,000. Debit Assets $200,000; credit Haddon, Capital, $200,000. Debit Haddon, Capital, $200,000; credit Cash $70,000, credit Land, $130,000. Debit Cash and Land, $200,000; credit Haddon, Capital, $200,000.
The business bought from leyes Machines Corporation, several Car Repair Equipment at P50,000, half of which was paid in cash, The company issued to Reyes Machines Corp. two promissory notes for P12,500 each for the balance. Dr Cr To record
Sub :AccountingPls answer very fast.I ll upvote. Thank You Peroni Corporation sold a parcel of land valued at $300,000. Its basis in the land was $250,000. For the land, Peroni received $150,000 in cash in the current year and a note providing Peroni with $150,000 in the subsequent year. What is Peroni's recognized gain in the current and subsequent year, respectively? Group of answer choices $0, $50,000 $10,000, $40,000 $25,000, $25,000 $50,000, $0 None of the choices are correct.
The owner of Total Care Trading received the amount loaned personally from a bank amounting to P1,500,000 and invested P400,000 of it into the business. How much is the increase in the total assets of the business? (show ur solution/explanation)
Sub :AccountingPls answer very fast.I ll upvote. Thank You Peroni Corporation sold a parcel of land valued at $300,000. Its basis in the land was $250,000. For the land, Peroni received $150,000 in cash in the current year and a note providing Peroni with $150,000 in the subsequent year. What is Peroni's recognized gain in the current and subsequent year, respectively? Group of answer choices $0, $50,000 $10,000, $40,000 $25,000, $25,000 $50,000, $0 None of the choices are correct.
Mrs. C-hammer, the owner of Tura innovations, invests N$140 000 in her business. She also approaches a bank that lends her N$60 000. Calculate the value of her business. Answer:
solution and answer. ASAP please thank you Initial capital of the owner to the business is $80 000.00. At the end of the year, the total assets of the business amounted to $90 000.00, $40 000.00 of which is cash and $50 000.00 is total cost of equipment. By then, the only obligation of the business is the outstanding balance for the equipment amounting to $25 000.00. How much is the owner’s equity at year-end?
Do requirement no. 3 only.
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