How much is the cash balance after all transactions were taken into account? 2. How much is the accounts receivable balance after analyzing all transactions. 3. How much is baking supplies left after taking into account all transactions.
Q: In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which cos...
A: Normally for accounting we follow two methods viz Cash Basis and Ac...
Q: reports income by the percentage of completion method. In 2019, Crevar started a P2,000,000 construc...
A:
Q: A. The existence of loans. B. The completeness of loans. C. Related disclosures pertaining to asse...
A: Assertions are claims made by the management of the company which are further verified by the audito...
Q: the audit of loans payable, which of the following audit procedure would be most likely performed to...
A: Assertion is representation made by the management . it ensure that the financial records are accu...
Q: Required information Problem 6-9B Record transactions and prepare a partial income statement using a...
A: Solution Concept Journal entry is a book where the business transactions are recorded It is recorde...
Q: How much is the balance of the note payable as of December 31, 2021 arising from the purchase of mac...
A: Down payment for machinery=100000 Notes payable 4 of 250000 each Total Notes payable of 10,00,000
Q: Sales 60000 Variable Costs Fixed Costs 36000 20000 Earnings Before Interest and Taxes 4000 3000 1000...
A: The contribution margin is calculated as difference between sales and variable costs. The total cos...
Q: 33. On January 2, 2017 Skysong Company leases a machine with a fair value of $35,000 from Snead, In...
A: Lease It is an agreement between the two parties i.e. lessor and the lessee. In which the lessor has...
Q: XYZ Corporation has a lower and an upper limit for its savings account at P40,000 and P70,000 respec...
A: Solution Concept Miller-Orr Model As per this model -when cash balan...
Q: true or false: 1. The matching principle states that expenses are recognized when incurred in genera...
A: Accounting principles are those rules, regulations and policies which are used for accounting, recor...
Q: Under the cash basis of accounting, revenue is recorded When earned When realized ...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: An analysis of the cash book and other records of Byle Corporation shows the following data: Account...
A: The income statement is prepared to record the revenues and expenses of the current period. The inco...
Q: With regard to segregation of duties, rule one is that transaction authorization and transaction pro...
A: Answer: One of most important part of internal control is segregation of duties. It includes that tr...
Q: How does Declan's Designs' Bank Loan impact its 2022 Statement of Cash Flows? Question 27 options...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: Assume your organization has the following inventory changes during the year: Beginning inventory...
A:
Q: Upon further investigation, you have found that the amount of account payables for Companies A and X...
A: Ratio Analysis: Under Ratio analysis, various items of financial information in the financial stat...
Q: Baldacci Inc. has a casting machine that is used for three of the company’s products. Each machine s...
A: In case of multiple sub-parts, only first 3 sub-parts shall be answered, kindly re post the question...
Q: Assuming there have been no intercompany transactions, which of the following is an incorrect statem...
A: Consolidation is the process of combining two or more entities' assets, liabilities, and other finan...
Q: ratio: 2.61x quick ratio: 2.56 cash ratio: 0.85 2. Accounts receivable turnover: 4.08 Ave collectio...
A: working capital Management is important for company to operate smoothly and efficiently. A good amo...
Q: You are currently working as a planner in a construction company. The company is currently running 4...
A: The actual value of work done is given for each project and direct cost. The overhead is indirect co...
Q: LeBron James (LBJ) Corporation agrees on January 1, 2020, to lease equipment from Cullumber, Inc. fo...
A: Lease is an agreement or arrangement between two parties, in which one party provides its asset for ...
Q: O D. Running an advertisement during the Super Bowl. Question 22 22. The components of Stockholders'...
A: Solution.. In order to calculate stockholders equity we must consider the components of stockhol...
Q: nd of 3,000,000 for a fund set aside for operating expenses. The cost to transfer funds into this ac...
A: Optimum cash balance: It is the balance wherein the cost of depositing the fund is minimum if we com...
Q: Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The...
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for yo...
Q: Partially correct answer icon Your answer is partially correct. Carla Corporation enters into a 7-ye...
A: SOLUTION WORKING - COMPUTING PRESENT VALUE OF LEASE LIABILITY- YEAR PAYMENTS PV OF $1 PV 0 3730...
Q: Rich Goma Corporation failed to file its income tax return for the fiscal year ending August 31, 202...
A: In Philippines interest for late filing of income tax return is levy at 12% per year from the date t...
Q: An auditor's engagement letter most likely would include a statement regardıng: 1. Conditions under ...
A: Auditing involves an independent examination of financial records of an entity with a view to provid...
Q: Sunland Company specializes in leasing large storage units to other businesses. Sunland entered a co...
A: GIVEN te Lease Payment Interest (9%) onOutstanding Lease Receivable Reduction ofLease Rec...
Q: On December 31, 2021, The Essence Finance Company had P5,000,000 note receivable from Galena Company...
A: When there are certain indications that the recoverable amount from the asset has been declined belo...
Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: . What is the amount of sales under cash basis? 7. What is the amount of purchases under cash basi
A: Solution Concept Sales under cash basis =cash sales made + collection from debtors Purchase under ...
Q: 1. Paid 1,000 cash to his payables. 2. Harry potter paid 150 cash for telephone bill. Choices: a.) A...
A:
Q: Declan's Designs Balance Sheet Declan's Designs Income Statement ASSETS Current Assets For the Year ...
A: The dividend is declared to the shareholders from the retained earnings of the business.
Q: Guasha Corp. factored P600,000 of accounts receivable to Stalactite Corp. on October 1, 2020. Contro...
A: Accounts receivable is the balance of the amount due to the company for goods or services provided t...
Q: The following data were taken from the records of Browntree Corporation at the end of the fiscal yea...
A: Multi Step Income statement is that income statement which shows all incomes and all expenses of the...
Q: 1. Borrowed money amounting to 5,000 from Baguio city bank for business purpose. 2. Some food produc...
A: Accounting equation of the business says that total assets must be equal to total liabilities and eq...
Q: Which of the following relationships held by your spousal equivalent may impact your independence? S...
A: Introduction:- Employment connections are contractual in nature and consist of an agreement between ...
Q: 1. Given below are adjustmentd made in December 31, 2021. Provide the original entries. a. Prepaid...
A: Income and expenses are required to be recorded on accrual basis in the books of accounts. So for al...
Q: 1. Companies present sufficient financial information so the creditors and reasonably prudent invest...
A: Accounting principles are those rules, regulations and guidelines which are used by the accountant f...
Q: On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of...
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...
Q: 3,000,000 Dividends declared 1,000,000 Sales ...
A: Expenses refer to the costs bear by a company while producing or selling its products or services.
Q: changes with the type of company is:
A: Balance Sheet is the statement showing financial position of the busi...
Q: Which of the following activities in not an element of a CPA firm's quality control system to be con...
A: The effectiveness of a company's quality control system is primarily reliant on its employees' abili...
Q: 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 tot...
A: Net Sales = 20,00,000 Purchases = 12,00,000 Opening Inventory = 2,00,000 Closing Inventory = 3,00,00...
Q: Robinson Products Company has two service departments (S1 and S2) and two production departments (P1...
A: Calculation of missing information: S1 total cost allocation to P2 = 100% - 10% - 20% ...
Q: Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on...
A: Solution: Purchases to be reported by first computing purchases on accounts. Then purchases on accou...
Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January ...
A: solution concept provision The interest penalty is levied @ 20% pa of the tax due after April 15 of ...
Q: Consider the following information about a project: PROJECT YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 $160,...
A: Year benefits cost net income PVFactor @10% PV of cash inflows 1 400000 (43000) 357000 .909 324...
Q: 20.... . . . Your answer is incorrect. On December 31, 2019, Sandhill Company leased machinery fro...
A: Leases is a form of contract or arrangement between two parties under which one party provides it's ...
Q: Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution form...
A: Operating leverage is used to measure the degree to which the firm can increase its operating income...
1. How much is the cash balance after all transactions were taken into account?
2. How much is the accounts receivable balance after analyzing all transactions.
3. How much is baking supplies left after taking into account all transactions.
Step by step
Solved in 2 steps with 1 images
- Choy, after recelving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Patries. She completed the following transactions soon after the start of the business. Choy began her business with a P150,000 cash investment, which she deposited in the bank and alaptop and printer worth P35,000. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. Choy does her baking at their home and she only needed a display and sales outlet for her products. Purchased an oven worth P70,000 in cash. Purchased baking supplies on account worth P50,000. Purchased baking paraphernalia like pans, etc.worth P20,000, in cash. Received cash for cakes and pastries sold, P40,000 for the month. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. Paid utilities for the month worth P5000. b. C. d. e. f. h. 7. Paid her parents for the space being used as baking area at their home, P5000. Determined that baking…Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Pastries. She completed the following transactions: a. Choy began her business with a P150,000 cash investment, which she deposited in the bank and a laptop and printer worth P35,000. b. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. c. Purchased an oven worth P70,000 in cash. d. Purchased baking supplies on account worth P50,000. e. Purchased baking paraphernalia like pants, etc. worth P20,000 in cash. f. Received cash for cakes and pastries sold, P40,000 for the month. g. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. h. Paid utilities for the month worth P5,000. i. Paid her parents for the space being used as baking area at their home, P5,000. j. Determined that baking supplies is now worth P30,000 for the month. k. From letter D transaction, Choy paid P20,000. l. Customer from…Lucy Sdn Bhd. is a food production company which began operations on January 1, 2021. At the beginning of the year, Lucy brings in RM100,000 to her business's bank account and apply a long-term business loan with the amount of RM80,000 with an interest of 10 percent per year. Lucy decided to utilize her business's bank account only for all transaction for the year. Three months later, her business loan application is successful. She hired five permanent staff and she is agreed to pay each of them a total of RM14,440 per annum. At the end of the year, a total of RM10,800 was used to pay for utility bill. Lucy recorded a total of RM 1,080,000 sales, 30 percent from it derived from credit sales. A total of RM 24,000 was used to pay for office's annual rental fees. Lucy purchases a total of RM500,000 inventory and 20 percent from it derived from credit purchase. and the value of ending inventory was RM150,000. At the beginning of the year, Lucy purchases an equipment which cost her…
- Angel De Jesus, a business graduate student who was working as a mere employee in a company called Think Computer, decided to become an entrepreneur and put up an internet shop. The following are the transactions for the start-up transactions for March: 1 Angel started an internet shop called "Playnet.com" by investing her savings of P50,000 and the proceeds from the sale of her car which amounted to P300,000. 5 Angel hired two workers to assist her in the shop for a monthly salary of P6,000 each worker. 10 Lessor (owner) of the shop required her to pay two months' rent deposit in cash, P10,000 15 She paid cash of P8,000 for furniture bought from Alexis Furniture Store. 18 She bought an aircon unit from Abbe Appliances for P45,000 promising to pay the account within three months. 20 She purchased supplies and paid cash of P1,500. 25 The shop was ready for the installation of the computer units. Angel purchased 12 units of computer hardware from Think PC She paid 50% in cash P125,000…Michael and Roberta registered a hospitality company to serve travelers. 3 months ago, on 1st July 2018 they purchased a Café with 5 accommodation cabins in a bush location 60 minutes West of Sydney. The area is popular with bush walkers and nature lovers. Michael and Roberta took out an interest only loan of $250,000 to purchase the business – at an annual interest rate of 6% with interest payable monthly and they contributed $50,000 of their own cash to the business. After purchasing the business, Michael and Roberta discovered that the previous owners had not been completely truthful with the condition of the cabin beds, lounges and Air conditioners / heaters. Michael and Roberta are considering replacing these items in 3 of the cabins, and this will cost a total of $15,000. All of the equipment that was included in the purchase is depreciated at $3,200 per month. On 1st July 2018, Michael and Roberta purchased a 12 month insurance policy for public liability, fire and flood…Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in the month of January: Jan Borrowed RM100,000 cash and signed a 12-month, RM100,000 note. Interest is in addition to the face value, at the rate of 15%. 1 2 Bought a factory for RM200,000, paying RM80,000 in cash and the balance is on account. 3 Sold RM104,000 of furniture and billed customers. 5 Bought goods from Bob Shop with purchase invoice amounted to RM10,500. Terms of purchase is 5/10, n30. 14 Make payment to Bob Shop for the balance due by cash. 20 Received a 50% deposit in cash from a customer on a RM20,000 order to be filled next month. 25 Mr. Alex took RM2,000 cash to buy washing machine for his wife. 28 Paid utility bill for the current period in the amount of RM1,200 using cash. 31 Made the end-of-year adjusting entry to accrue interest expense on a 12-month, RM100,000 note. Required: a) Journalise the above transactions b) Prepare cash account and show the cash balance as…
- Angela de Dios, a business graduate student who was working in Think Computer, a company selling all kinds of computers, decided to become an entrepreneur and put up an internet shop. The following are the transactions for the month of March: 1 - Angela started an internet shop called “Playnet. com” by investing her savings of ₱ 50,000 and the proceeds from the sale of her car of ₱ 300,000 5 - Angela hired two workers to assist her in the shop. 10 - Two month rent deposit was paid in cash, ₱10,000 15 - Paid ₱15,000 for building materials to fix the shop, ₱8,000 for furniture, ₱ 45,000 for one unit of aircon and two units of electric fan. 20 - Purchased supplies for cash, ₱1,500 25 - The shop was ready for the installation of the computer units. Angela purchased 12 units of computer hardware from Think PC. She paid 50% in cash for ₱ 125,000 and a note for the balance payable in 24 monthly installments starting April 20.Angela de Dios, a business graduate student who was working in Think Computer, a company selling all kinds of computers, decided to become an entrepreneur and put up an internet shop. The following are the transactions for the month of March: 1 - Angela started an internet shop called “ Playnet.com” by investing her savings of ₱ 50,000 and the proceeds from the sale of her car of ₱ 300,000 5 - Angela hired two workers to assist her in the shop. 10 - Two month rent deposit was paid in cash, ₱10,000 15 - Paid ₱15,000 for building materials to fix the shop, ₱8,000 for furniture, ₱ 45,000 for one unit of aircon and two units of electric fan. 20 - Purchased supplies for cash, ₱1,500 25 - The shop was ready for the installation of the computer units. Angela purchased 12 units of computer hardware from Think PC. She paid 50% in cash for ₱ 125,000 and a note for the balance payable in 24 monthly installments starting April 20. The transactions using the following accounts for asset and…After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after recelving her degree in Hotel and Restaurant Management began her own business called Choy Cakes and Patries. She completed the following transactions soon after the start of the business. Choy began her business with a P150,000 cash investment, which she deposited in the bank and a laptop and printer worth P35,000. Paid one month's rent on a sales outlet space for her business. Rent is P10,000 per month. Choy does her baking at their home and she only needed a display and sales outlet for her products. Purchased an oven worth P70,000 in cash. Purchased baking supplies on account worth P50,000. Purchased baking paraphernalia like pans, etc.worth P20,000, in cash. Received cash for cakes and pastries sold, P40,000 for the month. Billed a customer for the cakes and pastries ordered for a birthday party, P15,000. Paid utilities for the month worth P5000. a. b. C. d. e. f. B- h. Paid her parents…
- Pita purchased a small roadside inn in April with inheritance money he received from his wealthy aunt. Help him prepare his T accounts for his first month of operations using the information provided. a. Pita invested P5,000,000 cash in the inn.Cash Owners’ Equityb. Pita purchased a P50,000 point of sale (POS) system with P5,000 cash and P45,000 notes payable.Cash POS system Notes Payablec. Pita generated P75,000 in revenues with P52,000 cash and P23,000 accounts receivable.Cash Accounts Receivable Revenuesd. Pita paid utilities of P750 in cash.Cash Utilities ExpenseIn early December Alice and Bob decided to open Sample Cafe with $14,000 of their own money and $19,000 borrowed from a friend. They have spent $11,000 on equipment and furniture, and they have purchased $2,800 worth of cups for cash which they expect will be used over the next three months. Having put down a $2,400 deposit for a location on Main St., they will pay the first month’s rent when they open their doors on January 1. In the balance sheet template below, fill in the appropriate values as of December 31.Erica has just purchased a new personality from I Spy a New You, LLC for $1250. She put exactly 25% down and financed the rest for 10 years at 21% APR. She financed The monthly loan payment is rounded up to afull dollar. She paid interest and principal at the end of month 2, leaving an outstanding balance of Express all answers to the penny. Note: I recommend that you answer the question using hand calculations rather than a spreadsheet.