Question: El Greco Corporation began operations on January 1, 2017. Presented below is selected information related to El Greco on December 31, 2017. pound pound Equipment 4,35,000 Utilities Expense 54,000 Cash 1,26,000 Accounts Receivable 1,23,000 Service Revenue 9,72,000 Salaries and Wages Expense 3,63,000 Rent Expense 1,17,000 Notes Payable 1,44,000 Accounts Payable 66,000 Dividends 1,35,000 Share Capital-Ordinary 2,52,000 Salaries and Wages Payable 24,000 Supplies 45,000 Advertising Expense 60,000 The statement of financial position on December 31, 2017 reports total liabilities of: a. pound 90,000. b. pound 234,000. c. pound 180,000. d. pound 357,000. t the end of the current accounting period, account balances were as follows: Cash $ 29,000 Accounts Receivable $ 40,000 Common Stock $ 20,000 Retained Earnings $ 14,000 Liabilities for the period were Joj Co. includes one coupon in each bag of dog food it sells. In return for four coupons, customers receive a leash. The leashes cost loj Euro 4.00 each. Mott estimates that 40 percent of the coupons will be redeemed. The number of Bags of dog food sold, Leashes purchased, and Coupons redeemed were as follows, respectively: 250,000, 18,000, and 60,000 in 2018, and 300,000, 22,000, and 75,000 in 2019. The premium liability at December 31, 2019, is: a. Euro 42,500. b. None of these answers. b. c. Euro 85,000. d. Euro 22,500. e. Euro 45,000.
Question: El Greco Corporation began operations on January 1, 2017. Presented below is selected information related to El Greco on December 31, 2017. pound pound Equipment 4,35,000 Utilities Expense 54,000 Cash 1,26,000 Accounts Receivable 1,23,000 Service Revenue 9,72,000 Salaries and Wages Expense 3,63,000 Rent Expense 1,17,000 Notes Payable 1,44,000 Accounts Payable 66,000 Dividends 1,35,000 Share Capital-Ordinary 2,52,000 Salaries and Wages Payable 24,000 Supplies 45,000 Advertising Expense 60,000 The statement of financial position on December 31, 2017 reports total liabilities of: a. pound 90,000. b. pound 234,000. c. pound 180,000. d. pound 357,000. t the end of the current accounting period, account balances were as follows: Cash $ 29,000 Accounts Receivable $ 40,000 Common Stock $ 20,000 Retained Earnings $ 14,000 Liabilities for the period were Joj Co. includes one coupon in each bag of dog food it sells. In return for four coupons, customers receive a leash. The leashes cost loj Euro 4.00 each. Mott estimates that 40 percent of the coupons will be redeemed. The number of Bags of dog food sold, Leashes purchased, and Coupons redeemed were as follows, respectively: 250,000, 18,000, and 60,000 in 2018, and 300,000, 22,000, and 75,000 in 2019. The premium liability at December 31, 2019, is: a. Euro 42,500. b. None of these answers. b. c. Euro 85,000. d. Euro 22,500. e. Euro 45,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
perfect answer givr for multiple q
Transcribed Image Text:Question:
El Greco Corporation began operations on January 1,
2017. Presented below is selected information related to El
Greco on December 31, 2017.
pound
pound
Equipment
4,35,000 Utilities Expense
54,000
Cash
1,26,000 Accounts Receivable
1,23,000
Service Revenue
9,72,000 Salaries and Wages Expense
3,63,000
Rent Expense
1,17,000 Notes Payable
1,44,000
Accounts Payable
66,000 Dividends
1,35,000
Share Capital-Ordinary
2,52,000 Salaries and Wages Payable
24,000
Supplies
45,000 Advertising Expense
60,000
The statement of financial position on December 31, 2017
reports total liabilities of: a. pound 90,000. b. pound
234,000. c. pound 180,000. d. pound 357,000.
t the end of the current accounting period, account
balances were as follows:
Cash
$ 29,000
Accounts Receivable
$ 40,000
Common Stock
$ 20,000
Retained Earnings
$ 14,000
Liabilities for the period were
Joj Co. includes one coupon in each bag of dog food it
sells. In return for four coupons, customers receive a leash.
The leashes cost loj Euro 4.00 each. Mott estimates that 40
percent of the coupons will be redeemed. The number of
Bags of dog food sold, Leashes purchased, and Coupons
redeemed were as follows, respectively: 250,000, 18,000,
and 60,000 in 2018, and 300,000, 22,000, and 75,000 in
2019. The premium liability at December 31, 2019, is:
a. Euro 42,500. b. None of these answers.
b. c. Euro 85,000. d. Euro 22,500.
e. Euro 45,000.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education