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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Using the following Balance Sheet summary information, for the two years presented calculate the working capital for 2018 and 2019 respectively: Current Assets 12/31/2018 is $101,600/ 12/31/2019 is $97,350 current liabilities 12/31/2018 is $33,650/ 12/31/2019 is $32,800
Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5 %.) SHERIDAN CORPORATION Condensed Income Statements For the Years Ended December 31
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 £ £ £ £…
Prepare an income statement for Simpson Ltd for the month ended 31 July 2021
The following ratios and other data pertain to the financial statement of the Bulacan for the year ended December 31, 2019: Current ratio ----------------------------------------------------------------------------- 1.75 to 1 Acid – Test ratio ------------------------------------------------------------------------- 1.27 to 1 Working Capital ------------------------------------------------------------------------- P33,000 Fixed asset to equity ratio ------------------------------------------------------------0.625 to 1 Inventory turnover (based on cost of closing inventory) --------------------- 4X Gross profit percentage -------------------------------------------------------------- 40% Earnings per share------------------------------------------------------------------------ P.50 Average age of outstanding accounts receivable (based on calendar Of 365 days) ---------------------------------------------------------------------------- 73 days Share capital outstanding…
What is the balance of the retained earnings account as of 31 December 2019?
Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2, 189 that were applicable to payrolls for the year then ended. Exercise 7 - 9 (Algo) Part c c. Assume that when the payroll taxes were paid in October 2022, the payroll tax expense account was charged. Assume that at September 30, 2023, the accountant again neglected to accrue the payroll tax liability, which was $2,660 at that date. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30 2023
# 4) Using the following Company X information, prepare a Retained Earnings Statemen Retained earnings balance January 1, 2019, $121,500 Net income for year 2019, $145,800 Dividends declared and paid for year 2019, $53,000
Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional information was made available; Accounts receivable, December 31, 2019 P1,250,000; Accounts receivable, December 31, 2020, P1,375,000. Under the accrual basis, how much should Wynn Company report as revenue for 2020?
Make a Horizontal Analysis and briefly explain the findings.

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