r balances of Nizwa Bank as on 31 st Dec.20 OMR (o00.) 2,500 Share Capital 1,500 Statutory Reserves 2 Profit (previous year) Bills Payable Sundry Creditors General reserve 000' 250 Borrowed from other banks a 4,800 Non-Banking assets Interest and Discount 3 3,250 Unclaimed Dividends 5 Loans, Overdrafts Payment to Employees (6 Discounted 9. Bills and Purchased 2,500 cost. btful debts
Q: Ludwig Company's prepaid rent was $9,000 at December 31, 2020, and $13,000 at December 31, 2021.…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: Compute requirements #7,8 and 9
A: The technique of replacing a projected cost for an actual cost in accounting records is known as…
Q: the taxpayer. S3: All deductions are based on actual expenses incurred. Group of answer choices c.…
A: •While filing tax returns with the Revenue authorities, the assessee is required to report his total…
Q: Prepare a Sales Budget, Purchases Budget and Forecasted Income Statement for 2022 third quarter of…
A: The production budget and sales budget are prepared to estimate the number of units to be produced…
Q: Chart of Accounts CHART OF ACCOUNTS Prepare the following: CODE Account Title 101 CASH 102 ACCOUNTS…
A: A ledger is a book containing accounts in which the classified and summarized information from the…
Q: On January 1, 2018, Alan Company purchased an equipment for P8,000,000. The equipment is depreciated…
A: Depreciation means a fall in the value of tangible assets due to wear and tear. Depreciation is…
Q: Time let Freddy runs a business selling clocks. He buys 894 clocks for $44 each (including GST) and…
A: GST Rate in Australia Goods and services tax (GST) is a tax of 10% on most goods, services and other…
Q: Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $20 per unit.…
A: Existing data: Selling price per unit 20 Less: Variable expenses per unit…
Q: On January 1, 2021, Raffy Company took out a loan of P24,000,000 in order to finance specifically…
A: Borrowing costs are capitalized on the assets when its directly attributable to the acquisition,…
Q: For the calendar year 2021, ABC Corporation a retailer, has gross sales of PI.4 billion, cost of…
A: The amount of income tax due is the difference between the net income received and the amount paid…
Q: George's Gameroom had two employees with the following earnings information: Gross Earnings for Week…
A: Social security tax is the one which is applicable on the payment of wages.
Q: 1. Compute the present value of a $2,000 deposit in year 1, and another $1,500 deposit at the end of…
A: Present value means the actual amount is adjusted with the interest rate so as to get the present…
Q: Sub Zero, Inc, an equipment manufacturer, leased a freezer to commercial Kitchen company on January,…
A: Journal entries represent the recording of transactions over the course of an accounting year, and…
Q: 8. How much interest income should Edward recognized in its December 31, 2022 statement of…
A: 8. ) The fair value of the leased asset on day of lease i.e. January 1, 2022 (This is the value at…
Q: The following is a statement about a multiple-step income statement, EXCEPT A. There is a section…
A: Multiple step income statement as the name suggests shows the calculation of income in various steps…
Q: Liam Byrne borrowed Php 1,500,000 at 3% interest from Erik Torsten on July 1, 2022, the promissory…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: How would the declaration and subsequent issuance of a small stock dividend affect share capital and…
A: Small stock dividend means the issue of shares less than 25% of the total outstanding shares in the…
Q: Calculate the following variances (i)Direct material total variances (ii)Direct labor total…
A: Variance analysis is used by the company to answer the various questions regarding about the actual…
Q: On January 1, 2021, a business paid $6.400,000 for land with mineral deposits. Over the following…
A: The process of defining, assessing, and reporting transactions to regulatory authorities, tax…
Q: TD ILK U 1. On a bank reconciliation, the amount of an unrecorded bank service charge should be: A.…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Juan Company purchased four convenience store buildings on January 1, 2015 for a total of…
A: Impairment loss = Carrying value of the assets - Recoverable value of the assets where, The…
Q: 6. Find the amount at the end of 15 years if P 55 000 is invested at an interest rate of 5%…
A: 5% compounded semi anually: Given data, P= 55,000 t=10 m =2 Therefore, n=tm =10*2 =20 i=5%/2 =0.025…
Q: A book keeper recorded the purchase of office supplies on accounts as follows: Dr. Supplies expense…
A: Purchase of office supplies on accounts should be debited to Supplies expense and credited to the…
Q: Determine the account and amount to be debited and the account and amount to be credited for the…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent…
A: Unavoidable fixed cost are not relevant for decision making, because they remain constant Even…
Q: On January 1, 2019, Chiz Company acquired equipment to be used in its manufacturing operations. The…
A: Depreciation is charged on asset due to wear and tear, obsolescence, new technology, etc.…
Q: What is the amount of ending retained earnings in the following case? Beginning retained earnings =…
A: Given information: Beginning retained earnings $200,000 Net income…
Q: X Corporation opted to deduct OSD. The following are the results of its operation: Net sales…
A: An OSD or Optional Standard Deduction is a standard deduction at the rate of 40% which taxpayers…
Q: Freeman Company's accounting records include the following information: Payments to suppliers $…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: The amount of gain (loss) on sale and leaseback transaction is: A. The difference of fair value and…
A: Gain is booked when money is received on the sale of the asset. leasing back can be assumed to be…
Q: 3. The freight on shipment of inventories from the home office to the branch that is paid by the…
A: Hi student Since there are multiple questions, we will answer only first question
Q: A liability in 2021 is reported for financial reporting purposes but not for tax purposes. When this…
A: Deferred tax is the amount of future tax payable due to difference in the taxable income of current…
Q: On January 1, 2020, Chamberlain Corporation pays $586,800 for a 60 percent ownership in Neville.…
A: As a result, the combined net income represents the sum of these companies' revenue and costs. The…
Q: In computing the current period’s manufacturing cost per equivalent unit, the FIFO method of process…
A: Calculating manufacturing cost per equivalent unit: FIFO method: Only the current period cost is…
Q: 0. Nicanor, single, received the following in 2022: Proceeds of his life insurance paid at annual…
A: Gross income refers to the income which involves the wages, retirement distributions, dividends,…
Q: Accounting A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If…
A: the correct option with proper explanation are as follows
Q: What is a Balance Sheet
A: A balance sheet's components Asset: Liability: Owner's equity:
Q: Ann files single and reports AGI of $40,000. This year she has incurred the following medical…
A: As per IRS, The medical expenses relating to knee surgery and over-the-counter drugs are not…
Q: It is the initial cost of acquiring an asset, plus sales tax, transportation and normal costs of…
A: Cost of the asset is the cost which has been paid by the company in order to buy the asset and on…
Q: On January 1, 2021, Raffy Company took out a loan of P24,000,000 in order to finance specifically…
A: Borrowing costs are capitalized on the assets when its directly attributable to the acquisition,…
Q: Which of the following would not be included as a reconciling item in reconciling the governmental…
A: Reconciliations helps in detecting the mistakes, errors, frauds by checking the accuracy of the data…
Q: Show the necessary adjustments.
A: Retirement of the partner is that the partner which has gone from the partner does not remain a…
Q: Problem 2) A profitable company making earth-moving equipment is considering an investment of…
A: The accounting approach used to disperse the cost of a tangible or physical asset over its useful…
Q: Question 8 of 50 -/1 E ! View Policies Current Attempt in Progress On January 1, Oriole Corporation…
A: Common stock dividend = shares outstanding × % of stock dividend × Market value on date of…
Q: Pension benefits contributed by the employer affects both the projected benefit obligation and…
A: A projected benefit obligation (PBO) is an actuarial measurement of what a company will need at…
Q: Put this transaction on the accounting equation: bought goods for R7000 less 10% discount
A: The accounting equation implies that assets are equal to sum of liabilities and equity.
Q: Identify the natural balance of each of the following accounts (DR = Debit, CR = Credit) - Inventory…
A: As per the Golden rules of accounting: • For Real Accounts, the rule follows as: debit what…
Q: Urgently required answer to following: The following information related to stock investments of…
A: calculation of balance in the fair value adjustment account as of December 31, 2020 after…
Q: Blair Madison Co. issues $2.9 million of new stock and pays $381,000 in cash dividends during the…
A: Cash flow from Financing activities: It include transactions relating to the debt, equity, and…
Q: BBB Corporation is a resident foreign corporation with total assets in the Philippines amounting to…
A: The income tax is payable on the earned income. The tax rates in Country P are different for the…
Step by step
Solved in 2 steps
- In 2021, Bank Muscat reported the following amounts in its Balance sheet and Income Statement. Assets 1032600 OMR Liabilities 805500 OMR Interest Revenue 602300 OMR Interest Expense 404000 OMR Earning assets are 75% of Total Assets. Interest Bearing Liabilities are 80% of Total Liabilities. What is the Spread of Bank Muscat? Select one: Oa. 2.54 % Ob. 15.08 % Oc. 8.17 % Od. 27.62 %Create a balance sheet with the following information. Create a balance sheet for the following information. Bank Accoutns recievable Equipement Accounts payable Long-term debt Capital Retained earning Withdrawis msi in ^ 00 C 4 I P JOOOOL K V B m 2050 6100 900 150 2000 5000 10900 9000 0 ALTOR inExercise No. (7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016, prepare income statement and Balance Sheet OMR OMR ('000) 3,250 | Share Capital 17,750 Statutory Reserves 38,750 Profit (previous year) ('000) Fixed Deposit Savings Deposit 2,500 1,500 Current Accounts 100 Money at call and short notice 2,400 | Bills Payable 15,500 Sundry Creditors 1,000 | General reserve 4,000 Investments 250 Interest accrued 700 General Expenses 50 Borrowed from other banks 4,800 Dividend 250 Non-Banking assets 1,200 Cash in hand 750 Interest and Discount 3,250 6,500 | Unclaimed Dividends 7,050 | Loans, Overdrafts 5,200 Payment to Employees Premises 50 Cash at Central Bank 35,000 Cash at Other Banks 400 Bills Discounted and Deposits from other banks 1.000 | Purchased 2,500 Rent, taxes 100 Additional Information: Rebate on bills discounted to OMR 25 а. b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for provision for doubtful debts с.
- Transactions 2019 Dec. 2020 Mar. Sep. Nov. Dec. Dec. 31 Estimated that bad debt expense for the year was 4 percent of credit sales of $384,500 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 26 Sold inventory to Melinda Monet, $10,400.00, on credit terms of 2/10, n/30. Ignore cost of goods sold. 15 Wrote off Melinda Monet's account as uncollectible after repeated efforts to collect from her. 10 Received $5,400 from Monet, along with a letter stating her intention to pay her debt in full within 30 days. Reinstated her account in full. 5 Received the balance due from Monet. 31 Made a compound entry to write off the following accounts as uncollectible: Bob Keffer, $2,000; Marilyn Lee, $870.00; and Rich Alton, $12,300. 31 Estimated that bad debt expense for the year was 3 percent of credit sales of $810,000 and recorded the expense. 31 Made the closing entry for the bad debt expense. Print Done XExercise No.(7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016 prepare income statement and Balance Sheet OMR OMR ('000) 3,250 ('000) 2,500 Share Capital Statutory Reserves 2 Profit (previous year) Bills Payable Sundry Creditors General reserve Fixed Deposit Savings Deposit Current Accounts 3 17,750 1,500 38,750 100 Money at call and short notice 3. 2,400 4,000 15,500 1,000 Investments 250 Interest accrued 700 General Expenses 16 50 Borrowed from other banks 4 4,800 Dividend 11 Non-Banking assets Interest and Discount 3 250 1,200 Cash in hand 750 3,250 Premises 10 6,500 Unclaimed Dividends 5 50 Cash at Central Bank 6 7,050 Loans, Overdrafts 35,000 Cash at Other Banks 5,200 Payment to Employees (6 400 Bills Discounted and Deposits from other banks 3 1,000 Purchased 141 2,500 Rent, taxes 16 100 Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for provision for doubtful debts1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?
- 1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…
- XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g. 52.75.): Current Ratio ? times…# 3 Category. Prior Year Current Year Accounts payable 3,136.00 5,904.00 Accounts receivable 6,838.00 9,068.00 Accruals 5,663.00 6,026.00 Additional paid in capital 20,182.00 13,570.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,844.00 18,591.00 Current portion long-term debt 500 500 Depreciation expense 955.00 1,036.00 Interest expense 1,275.00 1,169.00 Inventories 3,020.00 6,732.00 Long-term debt 16,947.00 22,144.00 Net fixed assets 75,056.00 74,173.00 Notes payable 4,022.00 6,569.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,957.00 34,753.00 Sales 46,360 45,431.00 Таxes 350 920 What is the firm's total change in cash from the prior year to the current year? Submit Answer format: Number: Round to: 0 decimal places.On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…