ListenShown below is an adjusted trial balance for Debrose Enterprises Ltd. at the end of its accounting period,October 31, 2020.Cash.Accounts receivable..Inventory.......Prepaid expenses.Building..Accumulated depreciation-building..Accounts payable...Common shares..Retained earnings, Nov 1, 2019..Dividends declared...Sales revenue.....Cost of goods sold..Wages expense..Supplies expense...Depreciation expense..Insurance expense...Totals........DEBROSE ENTERPRISES LTD.Adjusted Trial BalanceOctober 31, 2020Debit$4,6006,20012,5005,000140,000A/5,0001168,00053,0002,0006,2001,000$403,500Credit$20,00020,5005,00078,000280,000RequiredIn the space provided below, what is the Net Income For the Year Ended October 31, 2020?(do not include a $ in your answer)$403,500

The objective of the question is to calculate the net income for Debrose Enterprises Ltd. for the…

Answered: Listen Shown below is an adjusted trial…

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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Following are the financial statements and other supplementary information for Summer Corporation for its year-ended December 31, 2022: Sales Cost of goods sold Gross Margin Depreciation Expense Wage Expense Other operating expenses Interest Expense Loss on Sale of Equipment Income Before Tax Income Tax Expense Net Income Current Assets Cash Accounts receivable Inventory Prepaid Expenses Non-Current Assets Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Income Taxes Payable Wages Payable barnet Davable $1,055,000 (545,000) 510,000 (37,000) (103,000) (55,000) (25,000) (Z.800) 282,200 (112,880) $169,320 2022 $102,560 98,000 85,900 6,700 275,000 (54,000) $514,160 $32,500 5,600 8,800 6,500 Long-Term Liabilities and Shareholders' Equity LT Notes Payable Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 6,500 2021 $145,000 -42,440 110,000 -12,000 43,000 42,900 1,200 5,500 Change 125,000 150,000 (25,000) 29,000 $399,200 114,960…
What is the adjusting journal entry on December 31, 2019? Debit Unrealized Holding Gain/Loss (P&L), P200,000; Credit Retained Earnings, P200,000 Debit Financial Asset FVPL, P500,000; Credit Retained Earnings, P500,000 Debit Retained Earnings, P100,000; Credit Financial Asset FVPL, P100,000 Debit Retained Earnings, P300,000; Credit Unrealized Gain (P&L), P300,000 Debit Retained Earnings, P200,000; Credit Unrealized Holding Gain/Loss (P&L), P200,000 None of the choices
How do you determine retained earnings? Assets=$52,000 & Liabilities=$24,000 The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; Salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000.Determine the year-end balance in retained earnings for K and J Nursery, Inc.
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Simone Inc. reported revenue of P3,000,000 in its accrual basis income statement for the year ended December 31, 2019. Additional information are as follows: Accounts receivable, December 31, 2018, P600,000 and Accounts receivable, December 31, 2019, P1,000,000. Under the cash basis, how much should Simone Inc. report as revenue for 2019?
Assume that Lululemon Athletica Inc. reported the following summarized data at December 31, 2020. Accounts appear in no particular order. Revenues: $275, Other Liabilities: $38, Other assets: $101, Cash and other Current assets: 53, Accounts Payable: $5, Expenses: $244, Shareholder's equity: $80. Prepare the Trail Balance of Lululemon at December 31,2020. List the accounts in proper order, as shown on "in class" practice. How much was Lululemon's net income or net loss?
Please help me
Use the following information to prepare, in good form, an income statement, a statement of changes in equity, and a statement of financial position for Geelin Industries Ltd. for the month ended August 31, 2018: ...... Accounts payable.......................................................... $ 9,375 ...... Accounts receivable...................................................... 5,500 ...... Bank loan payable........................................................ 13,750 ...... Cash.............................................................................. 58,750 ...... Common shares............................................................ 94,375 ...... Dividends declared....................................................... 6,250 ...... Income tax expense...................................................... 17,375 ...... Insurance expense........................................................ 2,125 ......…
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(For all requirements, Input all answers as positive.) a. Remeasurement b. Translation adjustment
1）Statement profit or loss and other comprehensive income for the year ended 31 january 2020 2) Statement of financial position as at 31 january 2020

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