Part 1: Starting the business The Happy Toddlers is a preparatory school for children three to five years old. Students are enrolled for a school vear. Operations started on June 1. Parents can pay the full tuition fee of P70,000 each at the start of the every semester (June 1 and November 1.) Of the 150 students enrolled, 80 are paid in full at the start of the year. The remaining students are on installment basis. One school year runs from June 1 to March 31. Required: Determine the tuition fee revenue for the period December 31. This is the first year of Happy Toddlers operations. Part 2: Determining the business expenses The Happy Toddlers (THT) is a preparatory school for children three to five years old. There are ten teachers employed by THT: five senior teachers with a salary of P30,000 a month and five junior teachers at P18,000 a month. There are also four administrators with average monthly salary of P35,000. Annual depreciation for furniture and fixtures amounted to P100,000. Utilities starting operation totals P200,000. Required: Examine and list down the expenses of THT as of December 31 by nature. Which type of expense is the highest and lowest? If the owner of THT consulted you on minimizing expenses and maximizing profit, what would you recommend? 2021.2.24 09:4
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
the happy toddlers is a property school for children 3 to 5 years old students are enrolled for our school year operation started june 21 parents can feed the full tuition fee of 70,000 pesos if at the start of the every semester june 1 to november 1 of the student hundred fifty students android hd are paid in full at the start of the year the remaining students are installment basis school runs june 12 march 1 determine the tuition fee revenue for the period december 31 this is the first year of happy toddlers operation the happy toddlers the preparatory school children 3 to 5 years old they are 10 teachers employed by tht 5 seniors teachers with salary of 30,000 pesos of a month and 5jr teachers at 15,000 there are also for administrators with average monthly salary of 35000 annual
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