Gladstone Ltd began the financial year with rent payable owing of £100. During the year, the business paid £3,100 in rent and at the end of the year the business had paid £800 rent in advance. What was the rent payable expense for the year to be shown in the income statement (profit and loss account)? O A. £2,100 O B. £2,300 OC. £2,200 OD. £2,400

Gladstone Ltd began the financial year with rent payable owing of £100. During the year, the business paid £3,100 in rent and at the end of the year the business had paid £800 rent in advance. What was the rent payable expense for the year to be shown in the income statement (profit and loss account)? O A. £2,100 O B. £2,300 OC. £2,200 OD. £2,400

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

During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (%) was sold for N$10 000 during May. In addition, rental and insurance for the month amounted to N$2 000 and N$500 were incurred, respectively. Compute the net profit. Answer:
A company has profit before interest and tax of £66000Interest payable is £6000Tax is payable at 25% What is the profit after Tax? £
York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of…
State the accounting entries required if a business made sales on credit of $10,000, on which it must account for sales tax at the rate of 20%.
ces For the year just completed, Hanna Company had net income of $90,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 55,000 $ 152,000 $ 451,000 $ 12,000 $ 356,000 $ 8,000 $ 35,000 Beginning of Year $ 83,000 $184,000 $ 343,000 $ 14,000 $ 400,000 $ 11,500 $ 27,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) +
PE.17-07B - Times interest earned A company reports the following: Income before income tax $8,000,000 Interest expense 500,000 Determine the number of times interest charges are earned.
What are the accounting entries required to record sales on credit of $10,000, on which sales tax is applied at the rate of 20%?
1. During December, A Company started doing business and had gross credit trade sales of $800,000, terms 2/10 Net 30. The cost of goods sold of $480,000, selling general administration costs of $100,000, Interest Expense of $10,000; and an income tax rate of 30%. a. Prepare an income statement b. Prepare journal entries Assuming gross method and all payments for the trade sales were made within 10 days.
Denger
4. The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution Pbilbealth Pag-ibig Witholding taxes 425,000 85,000 85.000 2,125,000 Determine the following: A. Accrued payroll B. Amount charged to Worked in Process account
In January, Lily Bhd sold goods at a quoted price of RM10,000 with a credit term of 2/10, net 90. Show the journal entries and amount to be measured in the receivables account; i）When cash discount of 2% is to be applied. ii）At initial measurement iii）During the year, a customer of Lily Bhd was deemed uncollectable. Give examples of any five situations where a debtor can be declared as Uncollectable Receivables.