PLEASE ANSWER IT ASAP and CORRECTLY for an upvote. Thank you. Kiara MerchandisingStatement of Finandal PositionFor the Years Ended December 31VerticalHorizontal Analy sisPercentage ofAnalysisIncreaseIncrease(Decrease)2019P575,000.00 P360,000.0040,000.00Assets2018(Decrease)Cash in bankAccounts Receivable65,000.00Inventories78,500.0011,000.0053,000.009,000.00SuppliesFurniture and Fixtures100,000.0070,000.00100,000.0045,000.00Catering EquipmentAccumulated Depreciation - Catering EquipTotal Assets(11,200.00)P863,300.00 P624,500.00(7,500.00)Liabilities and Owner's EquityP89,700.00 P50,000.00Accounts PayableUtilities PayableSalaries PayableCorpuz, CapitalTotal Liabilties and Owner's Equity15,000.0020,000.0030,000.00728,600.00P863.300.00 P624,500.0015,000.00539,500.00Kiara MerchandisingStatement of Comprehensive IncomeFor the Years Ended December 31VerticalHorizontal Analy sisPercentage ofAnalysisIncreaseIncrease20192018(Decrease)(Decrease)SalesLess Cost of Goods SoldGross profitLess Operating ExpensesNet income before taxIncome TaxNet Income710,000.00345,670.00364,330.0088,235.00276,095.00852,000.00298,470.00553,530.00123.450.00430,080.0060,000.00370,080.0030,000.00246,095.00

Under horizontal analysis, each number is compared with previous year number in absolute amount and…

Kiara Merchandising Statement of Finandial Posiion For the Years Ended December 31 Vertical Horizontal Analy sis Percentage of Increase (Decrease) Analysis Increase (Decrease) Assets 2019 P575,000.00 P360,000.00| 40,000.00 2018 Cash in bank Accounts Receivable Inventories Supplies Furniture and Fixtures Catering Equipment Accumulated Deprediation - Catering Equip 65,000.00 78,500.00 11,000.00 100,000.00 70,000.00 53,000.00 9,000.00 100,000.00 45,000.00 (7500.00) (11,200.00) P863,300.00 P624,500.00 Total Assets Liabilities and Owner's Equity Accounts Payable Utilities Payable Salaries Payable Corpuz, Capital Total Liabiltes and Owner's Equity P50,000.00 20,000.00 P89,700.00 15,000.00 30,000.00 728,600.00 P863,300.00 P624,500.00 15,000.00 539,500.00 Klara Merchandising Statement of Comprehensive Income For the Years Ended December 31 Vertical Horizontal Analysis Percentage of Increase (Decrease) Analysis Increase (Decrease) 2019 852,000.00 298 470.00 553,530.00 123,450.00 430,080.00 60,000.00 370,080.00 2018 710,000.00 Sales Less Cost of Goods Sold Gross profit Less Operating Expenses Net income before tax Income Tax Net Income 345,670.00 364,330.00 88,235.00 276,095.00 30,000.00 246,095.00

Kiara Merchandising Statement of Finandial Posiion For the Years Ended December 31 Vertical Horizontal Analy sis Percentage of Increase (Decrease) Analysis Increase (Decrease) Assets 2019 P575,000.00 P360,000.00| 40,000.00 2018 Cash in bank Accounts Receivable Inventories Supplies Furniture and Fixtures Catering Equipment Accumulated Deprediation - Catering Equip 65,000.00 78,500.00 11,000.00 100,000.00 70,000.00 53,000.00 9,000.00 100,000.00 45,000.00 (7500.00) (11,200.00) P863,300.00 P624,500.00 Total Assets Liabilities and Owner's Equity Accounts Payable Utilities Payable Salaries Payable Corpuz, Capital Total Liabiltes and Owner's Equity P50,000.00 20,000.00 P89,700.00 15,000.00 30,000.00 728,600.00 P863,300.00 P624,500.00 15,000.00 539,500.00 Klara Merchandising Statement of Comprehensive Income For the Years Ended December 31 Vertical Horizontal Analysis Percentage of Increase (Decrease) Analysis Increase (Decrease) 2019 852,000.00 298 470.00 553,530.00 123,450.00 430,080.00 60,000.00 370,080.00 2018 710,000.00 Sales Less Cost of Goods Sold Gross profit Less Operating Expenses Net income before tax Income Tax Net Income 345,670.00 364,330.00 88,235.00 276,095.00 30,000.00 246,095.00

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 42P

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1. Accounts receivable balance as of December 31, 2020 2. Allowance for doubtful accounts as of December 31, 2020 3. Net realizable value, December 31, 2020 4. Doubtful accounts expense for 2020
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B1
1. Tranvia Company revealed the following information on December 31, 2020:Cash in checking account 350,000Cash in money market account 750,000Treasury bill, purchased November 1, 2020maturing January 31, 2021 3,500,000Time deposit purchased December 1, 2020maturing March 31, 2021 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020? 2. Affable Company provided the following information at year-end comprising the cashaccount:Cash in bank – demand deposit 5,000,000Cash on hand 400,000Postage stamps unused 5,000Certificate of time deposit 1,500,000Money order 50,000Manager check 100,000Traveler check 1,000,000Postdated customer check 500,000 What total amount should be reported as cash at year end? 3. Thor Company provided the following data on December 31, 2020:Checkbook balance 4,000,000Bank statement balance 5,000,000Check drawn on Thor’s account, payable to supplier,dated and recorded on December 31, 2020 but notmailed until January 31, 2021…
D Question 6 An entity reported the following data on December 31,2019: Cash in bank, net of bank overdraft of 100,000 1200,000 PCF, including unreplenished expenses of 10,000 50,000 Notes receivables 750,000 A/R net customers account with credit balances of 200K 2,000,000 Inventory, excluding unrecorded purchase of 300,000 on account in transit shipped FOB SP on 12/31/19 2500,000