The data below pertains to the earnings of Juan Manuel for the week ended June 15, 2020: Hours and rate42 hours worked at P40/hrEarnings to dateP14.00Overtime rate1 and % times the regular rate for hoursworked in excess of 40 hours3% of gross earnings2% of gross earnings1% of gross earnings1% of gross earningsWithholding taxSSS contributionsPhil. Health contributionsPag ibig contributionsWhat is net pay for Juan Manuel for the week?

1. Normal Wages Are for 40 hours 2. Regular wages = 40 x 40 = 1,600 2. Overtime has been paid for 2…

Answered: Hours and rate 42 hours worked at…

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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During the year ended june 30, 2020, a ceramic manufaturing unit earned $439,000. After paying out $225,794 in dividends, the balance went into retained earnings. Total earnings was $842,180 at the end of the year 2020, what will be the retained earnings on balance sheet on July 1 ,2019?
Here is financial information for Vaughn Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings Assets Current assets Plant assets (net) Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Stockholders' Equity Common stock, $1 par December 31, 2022 $124,600 Retained earnings Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) Total stockholders' equity Total liabilities and stockholders' equity 395,010 eTextbook and Media 88,111 135,198 166,838 129,463 2022 $124,600 395,010 $88,111 135,198 223,309 166,838 129,463 December 31, 2021 $100,000 296,301 $519,610 330,000 73,000 87,000 2021 $519,610 $430,000 119,000 151,000 VAUGHN INC. Condensed Balance Sheets December 31…
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Assume Metro Company had a net income of $2,100 for the year ending December 2018. Its beginning and ending total assets were $30,000 and $18,000, respectively. Calculate Metro's return on assets (ROA). (Round your percentage answer to two decimal places.) A. 7% B. 11.67% C. 4.38% D. 8.75%
the retained earnings for the end of a year should be calculated as the retained earnings at the end of the previous year minus earnings retained for the year. TRUE OR FALSE?
2. Prepare the investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash flows from investing activities: Purchase of equipment Sale of equipment Sale of long-term investment Net cash flow from investing activities $ (37)
Prepare a statement of profit and loss allocation, capital account, current account, and extract of statement of financial position at that date from the following for the year ending December 31, 2020: i) A net gain of RM30,350 ii) Capitalized interest to be assessed: Halim paid RM900, Wong RM2,000, and Pang RM1,500. iii) Drawings for Wong, Pang, and Halim will each be subject to RM240 in interest. iv) Salary credits to be given: RM2,000 for Pang; RM3,500 for Halim. v) Wong will receive 50% of the profit, Pang 30%, and Halim 20%. vi) Current account b/f: Halim RM717, Pang RM946, and Wong RM1,860 vii) Capital account between Wong, Pang, and Halim: RM40,000; RM30,000; and RM18,000 viii) Drawings: Halim RM6,900; Wong RM 9,200; Pang RM 7,100
The following information has been taken from Sacha's accounts. Income Statement for the year ending 31st December 2019.” “ £ Revenue 1,372,008 Cost of Sales (916,502) Gross Profit 455,506 Selling and distribution expenses (excluding depreciation) (110,000) Administration expenses (excluding depreciation) (86,000) Operating expenses (90,540) Depreciation (84,480) Operating Profit 84,486 Interest receivable 7,428 Interest payable (3,714) Profit for the year 88,200” “Statements of financial position as at 31st December 2018 and 31st December 2019. “ “2018 2019 £ £ £ £…
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses. Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds $852,000 27,000 7,400 12,000 42,000 $3,006,000 1,944,000 1,062,000 940, 400 $ 121,600 VIRTUAL GAMING SYSTEMS Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable. Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Balance Sheets December 31 2021 $180,000 75,000 99,000 11,400 99,000 204,000 264,000 (63,000) $869,400 $ 60,000 4,800 12,000 279,000 294,000 219,600 2020 $138,000 54,000 129,000…
Prepare an income statement for Simpson Ltd for the month ended 31 July 2021
Following are selected accounts for Best Buy, Inc., for the fiscal year ended February 2, 2019. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). Best Buy, Inc. ($ millions)Amount Classification Sales $42,879 Answer B I Accumulated depreciation 6,690 Answer B I Depreciation expense 770 Answer B I Retained earnings 2,985 Answer B I Net income 1,464 Answer B I Property, plant & equipment, net 2,510 Answer B I Selling, general and admin expense 8,015 Answer B I Accounts receivable 1,015 AnswerB I Total liabilities 9,595 Answer B I Stockholders' equity 3,306 Answer B I (b) Using the data, compute total assets and total expenses. Total Assets Answer Total Expenses Answer answer complete and correct and in detail with all work

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