Light Co. reported rent income of P600,000 under cash basis accounting for 2020. Additional information as follows: Unearned rental income, December 31, 2019, 50,000 Unearned rental income , December 31, 2020, 75,000 Accrued rental income , December 31, 2019, 30,000 Accrued rental income, December 31, 2020, 40,000 How much is the rental collection on 2020

Q: Allowance for Doubtful accounts beginning and ending balance of P45,000 and P64,000, respectively.…

A: Bad debts expense/doubtful account expense: Bad debts expense is recognized in the books of the…

Q: If a company purchases merchandise on terms of 1.1/20, n/30, the cash discount available (assuming a…

A: Calculating Cost of credit Days when payment is normally due - Days to avail credit = 30-20=10 360…

Q: At the end of 2020, the business has a notes payable with maturity value of TL60.000. The maturity…

A: Discount on notes payable  = Maturity value x rate of discount x no of months/12 = TL 60000 X 20% X…

Q: The following pre-tax amounts pertaining to AMSTERDAM Company for the year ended December 31, 2021:…

A: Net profit means the difference between the income and expenses.Net profit after taxes means the…

Q: On June 30, 2021, Casio Sony Company sold a property carried in inventory at a cost of P1,894,200…

A:

Q: GIVEN: THE ESTIMATED PERCENTAGE OF UNCOLLECTIBLE ACCOUNTS RECEIVABLE FOR THE YEAR 2020 IS 5% THE…

A: Bad debt expense is required to be recorded if it is estimated by the company that a % of gross…

Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent):…

A: Income and balance sheet statements:

Q: In 2020, the Wisner Corp. recorded credit sales of $427, 305. The state in which Wisner operates has…

A: Sales, in a business context, refer to the activities related to selling goods or services in…

Q: On December 31, 2022, the lender on a $5,400, 120-day, 12% note dated November 5, 2022, will…

A: The interest receivable is the amount of revenue which is earned but not received yet.  It is…

Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent):…

A: The  "cash flow from creditors" means the financial exchanges that take place between a business and…

Q: Assume the following information regarding a note received by HEERHUM YU Company: Principal amount…

A: The note receivable is a current asset, which is issued by the debtors of the company as a…

Q: Xanax Inc expects the following transaction in 2020. Their first year of operations. ·…

A: Cash balance can be calculated by adding all proceeds and deducting all expenses. Proceed from sale…

Q: Miller Company reported the following information in its 2020 financial statements ($ in millions)…

A: Accounts receivable are the part of assets of the entity and are classified under the category…

Q: If Pepper would report according to FIFO method, what would be the reported inventories, net income…

A: Inventories can be defined as the current assets held by the business entity for the purpose of…

Q: Under accrual basis, rental income of Kamahal-Mahal Company for the year 2020 is P600,000.…

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…

Q: tioh pertain to installment sales of Lapillus Variety Store: payment: 20% ment sales: P545, 000 in…

A: Unrealized Gross Profit: It is profit which is not earned but expected as per the market value of…

Q: Lappy Company disclosed the following information on December 31, 2021:   Accounts Payable P20,000…

A: Accrued interest on December 31, 2021 = Face value of notes payable x rate of interest x no. of…

Q: 1) Remaining VAT accounts of our company as of the end of January 2021 are as follows. 191…

A: Given,   Deducible VAT (Input) = TL 10.000   Debit Calculated VAT (Output) = TL 8.000   Credit…

Q: 1. What is the interest income for 2021? 2. What is the carrying value of the loan receivables to be…

A: Impairment Loss arises when carrying value as at the beginning is greater than the recoverable…

Q: A debt of P20, 000 is due on December 1, 2020. What was the value of this debt on December 1, 2018…

A: Time value of money (TVM) refers to the concept which proves that the value of money today is higher…

Q: A debt of P20, 000 is due on December 1, 2020. What was the value of this debt on December 1, 2018…

A: The value of debt on Dec 1, 2018 is calculated as present value of debt.

Q: Additional information: i. Supplies as at 31st December 2019, RM34,500. ii. Insurance expense at the…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: 1 On December 31, 2021, what total amount should be reported as current iabilities? 14% Notes…

A: Current liability  is an obligation that is payable within one year.

Q: TIKTOK Company which began business on January 1, 2020, appropriately uses the installment sales…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66…

A: Adjustment in accounting is a business transaction that has not yet been included in the accounting…

Q: X Company, the buyer, re ovember 2020. If the term discount period, what am

A: Formula: Amount paid = Total Invoice amount - Discount amount.

Q: A 13.2% P600,000 note payable was issued by Robin Company on March 1, 2020. The principal and…

A: It is pertinent to note that liabilities that are not settled with in 12 months from the end of the…

Q: X Corporation expects the following transaction in 2020. Their first year of operations. ·…

A: Solution: Cash balance at Dec 31, 2020 = Collections - Payments As this is first year of operations,…

Q: Cardinal Company, a dealer in lawn equipment, accepted a 6 month note receivable from a customer on…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66…

A: LIFO - It is a method of inventory valuation in which goods received recently (last batch) is sent…

Q: On March 1, 2019, Seymour Inc assigns its accounts receivable of 300,000 to Minnesota financing…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: How much is the impairment loss?   2. What is the AJE to record the loan impairment loss for 2020?…

A: Impairment loss occurs when carrying value is greater than the realisable value. realisable value is…

Q: tive expenses, P84,000 p00 280,000

A: Retained earnings: Retained earnings refer to the sum value of money remaining at a company after…

Q: The books of Blue moon bank as on 31/12/2019 showed the following information: Rebate on bills…

A: Rebate on bills discounted means discount received in advance.  It is portion of discount which…

Q: December 31, 2020 Sy General Services has an estimated uncollectible 1% of its accounts receivable.…

A: According to principle of conservatism, a business can make provision for future losses or expected…

Q: henron, Inc. had pre-tax accounting income of P1,350,000 and a tax rate of 40% in 2020, its first…

A: PARTICULARS    AMOUNT IN (P) Pre-Tax Accounting income           P1,350,000…

Q: What is the exact simple interest earned on P 35, 000 for the period from April 3, 2020 to October…

A: Principal amount (P) = P35000 Period from April 3,2020 to October 14,2020 (d) = 163 days Interest…

Q: KPL Ltd has a year end of 31 March 2021. During the year it paid £1,600 for rent. At the start of…

A: Amount that charged to the income statement is amount that accrued during the year. Assuming KPL ltd…

Q: Mackenzie Corp, is preparing the December 31, 2020, year-end financial statements. Following are…

A: Adjusting Entries :— It is the journal entry made at the ending the accounting period to adjust the…

Q: Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are…

A: Adjusting Entries :— It is the journal entry made at the end of the accounting period to adjust the…