Fill in the blanks:Total revenues earned by the company during the year is P900,000 while the expenses incurred were: Salaries Expense, P75,000; Utilities Expense, P90,000; ad Rent Expense, P120,000. During the year, the ownermade an additional investment of P100,000 but made a cash withdrawal of P220,000. The NET INCREASE in the owner's equity account during the year is Fill in the blanks:The beginning capital balance is P301,000. At the end of the year, results of operations showed a net income of P96,000. During the year the owner withdrew P18,900 for personal use. The owner made anadditional investment of P50,000. The ending capital balance is

Amount Revenue 900,000 Less: Expenses Salaries Expense 75,000 Utilities Expense…

Answered: in the blanks Total revenues earned by…

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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Similar questions

Allen Company's 2022 income statement reported total revenues, $890,000 and total expenses (including $44, 000 depreciation) of $760,000. The company's accounting records showed the following: accounts receivable - beginning balance, $54,000 and ending balance, $43, 600; accounts payable - beginning balance, $26,000 and ending balance, $31,600. Therefore, based only on this information, how much was the 2022 net cash provided by operating activities? Multiple Choice $190,000. $ 178,800. $125, 200. $169, 200
The income statement of Barela Corporation for 2020 included the following items: Interest income P100,000; Salaries expense 85,000; Rent expense 18,000; The interest receivable, salaries payable and prepaid rent for the year were increased by P12,000, P3,000 and P 2,000 respectively. The cash paid for salaries during 2020 was Choices; 85,000 88,000 82,000
Beginning owner’s equity amounted to P300,000. Net loss for the year totaled P45,000. No additional investments and withdrawals for the period. Compute for total increase and/or decrease in equity for the year.
mashed Pumpkins Company paid $112 in dividends and $547 in interest over the past year. The company increased retained earnings by $456 and had accounts payable of $558. Sales for the year were $16, 160 and depreciation was $708. The tax rate was 25 percent. What was the company's EBIT?
During 2009 Valley Sales, Inc., earned revenues of $500,000 on account. Valley collected $510,000 from customers during the year. Expenses totaled $420,000, and the related cash payments were $400,000. Show what Valley would report on its 2009 income statement under the: a. Cash basis. b. Accrual basis. Compute net income under both bases of accounting. Which basis measures net income better?
The balance sheet of Pacific Ocean Resort reports total assets of $660,000 and $810,000 at the beginning and end of the year, respectively. The return on assets for the year is 16%. Calculate Pacific Ocean's net income for the year.
During a company's first year of operation, the following occurs: A company is started via the owners investing SEK 800,000 of their own money in the company. Then he goes to the bank and borrows SEK 800,000 (amortization over 2 years starting in December year 1). During the first year, the company has revenues of SEK 3,200 thousand (all paid in cash) and current payments forpurchased products of SEK 2,750,000 (all paid in cash). At the end of the year, there are goods in stock of SEK 250,000. The company also makes a cash-paid investment during the year of SEK 900,000 during the year (depreciation period 3 years). Enter the amounts after closing financial statements, year 1, for the following items a. Closing balance for cash ...... SEK thousandb. Total assets ...... SEK thousandc. Results of the financial year .....
Walter Mart has net assets of P3,358,000 after liabilities of P1,267,000 at the end of the year. What is Walter Mart's equity at year-end?
Denger
Black Company has beginning total assets of P200 million and ending liabilities of P110 million. Black had a beginning capital of P50 million and ending capital of P90 million. If the Company generated total revenues of P150 million and incurred total expenses of P90 million during the year, how much was the withdrawal made by the owner during the year, if any?
At the beginning of the year, Quaker Company's liabilities equal $55,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease by $17,000 during the year. What are the beginning and ending amounts of owners' equity?

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