Net income?AccountsDebitCredit(OMR)(OMR)Cash120,000Capital100,000Prepaid insurance5600Salary expense1000Service Revenue21000Commission revenue41000Machinery12400Automobiles16400Wages expense1200Utilities expense1500Miscellaneous expense 500Rent expense600Retained earningsAdvertising expense4000Dividend10000Note payableShort term loanInterest PayableAccounts receivable21200Furniture3000Long term Loan1974001120010000108004003000197400

Dividend does not effect the profit and loss account. It's impact shareholders equity section.…

Net income? Accounts Debit Credit (OMR) Cash Capital 100,000 Prepaid insurance Salary expense Service Revenue 21000 Commission revenue 41000 Machinery Automobiles Wages expense (OMR) 120,000 5600 1000 12400 16400 1200

Net income? Accounts Debit Credit (OMR) Cash Capital 100,000 Prepaid insurance Salary expense Service Revenue 21000 Commission revenue 41000 Machinery Automobiles Wages expense (OMR) 120,000 5600 1000 12400 16400 1200

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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Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
Given the following data; TOTAL PURCHASES 150000 CASH PURCHASES 45000 PURCHASE RETURN 5000 OPENING CREDITORS 30000 CLOSING CREDITORS 20000 What will be the Creditors Turnover Ratio (TOR)? a.4 b.6 c.3 d.8
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1.) How much is adjusted Interest Expense on December 31, 2021? - 37,500 2.) How much is adjusted Notes Receivable on December 31, 2021?
Net income for the year 2022
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Please help me. Thankyou.