Question 24Based on the following post-dasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year.P 10,000s0,000Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,00040,0002,000Notes PayableCashP 25,000 Accrued Insurance Expense50,000 Office EquipmentUnused SuppliesAccounts ReceivableAllow. for Bad Debts1,500 Furniture12,000 Accum Depreciation - Furniture2,000If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit?P 109,000P 101,000P 102.000P 121,000

The question is related to calculation of Net Profit for the period.

Question 24 Based on the following post-diasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year. P 25,000 Accrued Insurance Expense 50,000 Office Equipment P 10,000 s0,000 Notes Payable Cash Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,000 Unused Supplies Accounts Receivable 1,500 Furniture 12,000 Accum Depreciation - Furniture 2,000 40,000 2,000 Allow. for Bad Debts If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit? O a P 109,000 P 101,000 OO P 102.000 P 121,000

Question 24 Based on the following post-diasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year. P 25,000 Accrued Insurance Expense 50,000 Office Equipment P 10,000 s0,000 Notes Payable Cash Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,000 Unused Supplies Accounts Receivable 1,500 Furniture 12,000 Accum Depreciation - Furniture 2,000 40,000 2,000 Allow. for Bad Debts If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit? O a P 109,000 P 101,000 OO P 102.000 P 121,000

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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25
%24 %24 Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $735,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total $3,310,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful ACcounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
Subject: accounting
Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit $ 11,700 35,000 152,500 72,300 125,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings $ 2,300 10, 100 23, 200 205,000 155,900 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $396,500 $396,500 During January 2021, the following transactions occur: Borrow $105, 000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments Receive $31, 500 from customers on accounts receivable. January $2,030 are required at the end of ead onth for 6e months. January 4 January Pay cash on accounts payable, $16,000. 10 January Pay cash for salaries, $29,400. 15 January…
Financial Reporting and Analysis Jul22 Y1 S2 Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section Bad debts telephone Adjustment R 90 000 R 50 000 R 100 000 2 000 O A. R103 500 OB. R93 500 O C. R76 500 O D. R13 500 R R 500 1 500 Annual depreciation on equipment vehicles is calculated at 15% p.a. The carrying value of vehicles at the end of the year is:
25 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 - Accounts Receivable - BD2000 Equipment BD6000 Prepaid Rent BD4000 - Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700 - Furniture BD10000 - Use the previous information to question 25 to question 28: Required: Compute the amount and show solution steps of: 1- Total Revenues 2- Total Expenses *
18 A company understated its income and accounts receivable last year by $5,000 Which entry should be made in the current year to correct this material error? O Debit Sales for $5,000; Credit Retained Earnings for $5,000 O Debit Accounts Receivable for $5,000; Credit Retained Earnings for $5,000 Debit Retained Earnings for $5,000; Credit Accounts Receivable for $5,000 Debit Retained Earnings for $5,000; Debit Sales for $5,000
104-Principles of Management Acco y courses/ BUSS 104-2-20202 / TEST 2 SCHEDULED FOR 12TH APRIL 2021 IN CL The BCD Company had the following income statement on 31.12.2020 Deprecation 10000 Net income 190000 OMR The following accounts decreased during 2020: Accounts receivable 22000 inventory 15000 OMR. Rent payable 19000, Machinery 15000 OMR The following accounts increased during 2020:Notes receivable 14000 Accounts Payable 13000 long term Bonds payable 30000 OMR Calculate cash flows from operating activities Select one: O a. 245000 OMR O b. NONE OF THESE Oc. 217000 OMR O d. 249000 OMR Next page page s unit 4 Jump to.. nned in se Moor Rakhit Almaschani na uth
Trial Balance as at 30 September 2021 Dr Cr $ $ Equity 2,300,000 Sales 4,281,923 Purchases 1,893,612 Carriage Outwards 43,000 Drawings 15,000 Rent & Rates 96,000 Stationery 25,962 Advertising 100,000 Salaries & Wages 325,711 Returns 5,296 3,481 Bad Debts 33,250 Rent Receivables 100,000 Provision for Depreciation -Building 390,000 -Motor Vehicle 160,000 -Equipment 450,000 Carriage Inwards 56,009 Bank 25,000 Inventory, 1 October 2017 120,000 Equipment – at cost 1,500,000 Building – at cost 2,600,000 Motor Vehicle – at cost 800,000 Land 1,500,000 Commission Receivable 6,200 Discounts 12,693 32,158 Trade receivables 298,730 Trade payables 226,501 Cash 50,000…
Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Sandhill Co. had credit sales of $3,208,100, of which $434,300 remained uncollected at year-end. The credit manager estimates that $19,120 of these receivables will become uncollectible. (a) Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepaid rent Accounts receivable Cash Comon stock Retained earnings Current assets Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet. Total assets otal current assets Long-term Investments Current labies BENNETT COMPANY Balance Sheet Long term is Total abilities December 31 Assets Liabilities $ 2,700 Accounts payable 18,500 Allowance for doubtful accounts 29,098 Notes payable (due in 10 years) 13,500 Notes receivable (due in 4 years) 24,200 Equity Total quity Total abilities and equity 5 S 0 0 $ 4,200 1,000 11,400 0
Question 12 The following data pertain to Gliezel company on December 31, 20B: Trade accounts payable, including cost of goods received on consignment of P180,000 is 1,620,000; Accrued taxes payable, 150,000; Customers' deposit, 120,000; Cherry company as guarantor, 240,000; Bank overdraft, 66,000; Accrued electric and power bills, 72,000; Reserve for contingencies, 180,000. How much should be shown as total current liabilities? CHOICES 2,208,000 2,088,000 1,980,000 1,848,000