p9 On December 31, 2021, Utilities expense for the year as appropriately reported in the statementof comprehensive income of Kwek-Kwek Inc. is P117,000. The statement of financial position as ofDecember 31, 2020 reported accrued utilities expense of P9,000. Total payments for utilitiesduring 2021 were P108,000 which were fully charged to Utilities expense. The companyappropriately prepared a reversing entry on January 1, 2021.Which of the following is the correct adjusting entry related to the utilities in 2021? *O Dr. Utilities Expense- P9,000; Cr. Utilities Payable- P9,000O Dr. Utilities Payable- P9,000; Cr. Utilities Expense- P9,000O Dr. Utilities Expense- P18,000; Cr. Utilities Payable- P18,000O Dr. Utilities Payable- P18,000; Cr. Utilities Expense- P18,000

Total payments of P108,000 includes the payment of P9,000 that was due for 2020. So amount paid for…

Answered: On December 31, 2021, Utilities expense…

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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Fans Company has two service departments-product design and engineering support, and two production departments - assembly and finishing. The distribution of each service department's efforts to the other departments is shown below: Design SERVICE DEPARTMENT Product Design 0% Engineering Support 20% The direct operating costs of the departments (including both variable and fixed costs) were as follows: Product Design Engineering Support Assembly Finishing Multiple Choice $1,863,265 SERVICES PROVIDED TO Support 10% 0% $623,878 $1,036,122 Assembly 30% 45% $100,000 $ 200,000 $540,000 $ 820,000 The total cost accumulated in the assembly department using the reciprocal method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar) Finishing 60% 35% D
13 THE 3 PS (PEOPLE. PLANET. PROFIT)
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4G+ 12:43 PM 12.6KB/s © l 61 00:17:22 Remaining Multiple Choice The cost of intangible asset acquired by way of government grant is recorded at Fair value Nominal amount plus directly attributable costs Fair value or nominal amount plus directly attributable costs, whichever is lower Fair value or nominal amount plus directly attributable costs, representing an accounting policy choice by the entity 7 of 25 レ

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Q 9.53: Which term refers to the systematic and rational allocation of cost related to a plant asset? A Depreciation Amortization Obsolescence Asset revaluation Stud - App plant Confidence SUBMIT O Mark for Review F10 P8 F6 %23 R
37. Choices: a. P7,092,000, P1,110,130, and P756,130 b. P9,616,000, P1,791,610, and P1,437,610 c. P9,616,000, P1,653,370, and P756,130 d. P9,104,000, P1,653,370, and P1,299,370
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Q 5. [A] From the following data, indicate the effect that the changes in the relevant items will have on the working capital: Particulars Jan 1, Dec 31, Particulars Jan 1, Dec 31, 2020 2020 2020 2020 Land 44000 68000 Goodwill 13000 13000 Debentures 20000 25000 Prepaid Expenses 70 300 Stock 30000 28000 Bills Payable 1500 900 Machinery 180000 180000 Bills Receivable 3000 2000 Trade Creditors 8000 5320 Mortgaged Loan 50000 40000 Cash 29000 9000 Equity Share Capital 100000 120000 Long Term Investments 10000 6250 Preference Share 120000 75000 Сapital Accrued Expenses 350 160 Trade Debtors 19000 20000 Short-term Debt 3220 5170 Your answer must indicate the overall and individual effect of changes in relevant items. [B] A Company's reported current year profit is Rs. 70000 after incorporating the following: Particulars Amount Particulars Amount Loss on Sale of Equipment 9000 Gain from sale of Assets 40000 Premium Redemption of 1500 Provision for Tax 22000 on Debentures Discount on issue of…
CHALLENGE (Questions 20-22) Net Fixed Assets and Depreciation [LO4] On the balance sheet, the net fixed assets (NFA) account is equal to the gross 20. fixed assets (FA) account (which records the acquisition cost of fixed assets) minus the accumulated depreciation (AD) account (which records the total depreciation taken by the firm against its fixed assets). Using the fact that NFA = FA – AD, show that the expression given in the chapter for net capital spending. NFAcad - NFAeg + D (where D is the depreciation expense during the year), is equivalent to FAend - FAser Use the following information for Taco Swell, Inc., for Problems 21 and 22 (assume the tax rate is 21 percent): 2017 2018 Sales S16,549 SI8,498 Depreciation 2.376 2.484 Cost of goods sold 5.690 6,731 Orher expenев 1,353 1,178 Interest 1.110 1.325 Cash 8.676 9.247 Accounts receivable I1.4SS 13,482 Short-term notes payable 1,674 1.641 Long-term debt 29.060 35.229 Net fixed asseta 72.770 77.610 Accounts payable 6,269 6.640…
That is not a possible solution. The possible anwsers are --> a. 122329.9877 b. 127159.8450 c. 122132.1253 d. 126907.4914 Please explain

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