reipts: an from John ings
Q: Problem #3 Rules for the Distribution of Profits or Losses Elisa Diaz and Ma. Concepcion Manalo…
A: Partnership is the form of organization structure where two or more individuals shares ownership as…
Q: followed by one payment of $45,000 at the end of two years, which option would you recommend? The…
A: Present value is calculated by discounting the present cash flow of the projects by interest rate…
Q: Year 1 180,000 200,000 300,000 240,000 230,000 210,000 330,000 260,000 195,000 155,000 The company…
A: “Since you have asked to solve part D, E and F only, we will solve the same parts for you.” Capital…
Q: Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based…
A: Answer:- Activity based costing system meaning:- The process of allocating costs to goods or…
Q: Which among the following statements is INCORRECT regarding agency costs? a. The reason for agency…
A: Agency problems exist when there is a conflict of interest between the management and the…
Q: On July 1, 2018, Nokia Corporation issued 1,000 P10 par ordinary shares and 2,000 P10 par…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Assume that you bought 100 shares of stock X at $50 per share in your margin account that has an…
A: This question is asking about the concept of margin in a margin account. When you buy stock in a…
Q: Kimberley-Clark makes luxury hampers for sale in a chain of high-class department stores. The…
A: To produce goods, a company incurs both fixed and variable costs. Fixed costs are those costs which…
Q: Blue Devil Corp. reported Notes Payable of $122793 on its 2019 Balance Sheet. If the notes don't…
A: A note payable may be a long-term note payable or a short-term note payable. A long-term note…
Q: Flint Limited had the following financial statements: Flint Limited Income Statement For the Year…
A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how…
Q: On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation.…
A: A lease is an agreement between the lessor and the lessee where the lessor transfers the asset to…
Q: All Things Brass produces brass handles for the furniture industry in a four-stage process -Mixing,…
A: GIVEN All things brass produces brass handles for the furniture industry in a four-stage process…
Q: 1-A truck was purchased for $180,000 and it was estimated to have a $36,000 salvage value at the end…
A: The monetary value of an asset decreases over time due to usage, wear - and - tear, or degradation.…
Q: Kingbird Inc. manufactures cycling equipment. Recently, the company's vice-president of operations…
A: Organizations offer bonds to investors in order to acquire capital, and in exchange, the…
Q: Bramble Ltd. purchased a used truck from Trans Auto Sales Inc. Bramble paid a $3,200 down payment…
A: Purchase price of truck means the cost at which the truck is bought. The truck is an asset for the…
Q: Spouse A Spouse B Market wages 80,000/year 20,000/year Home production 12,000/year 40,000/year…
A: Using Expense approach Spouse B-----50,000/year Rate ---------- 3 Time -------- 25 years.
Q: Need help on A to C
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Exercise: Determine if Variable, Fixed or Mtxed 2000 units 5000 units 1. Depreciation 2. Materials…
A: The costs can be classified as variable, fixed and mixed costs. The variable cost per unit remains…
Q: Balance sheet (mi llions of $) Assets Cash and securities Accounts receivable Inventories Total…
A: Basic EPS = (Net income - preferred dividends) ÷ Total number of common shares outstanding during…
Q: John wants to buy a property for $127,500 and wants an 80 percent loan for $102,000. A lender…
A: The mortgage loans are the secured loans and these loans are paid by the monthly payments that carry…
Q: Jerry and Sherry own and operate a partnership. Jerry's capital balance is $50,000 and Sherry's is…
A: Partnership is the form of organization structure where two or more individuals shares ownership as…
Q: Can you please help me solve the subparts D,E,F. Thanks
A:
Q: r Corporation started operations on 2022. The following data are abstracted from the purchases and…
A: The cost of goods sold includes the cost of goods that are sold during the period. Using FIFO…
Q: On April 27, 2021, BatoBatoPik purchased for P6,000,000 a warehouse building and the land on which…
A: Allocation of Purchase Price Appraised Value Percentage of Total Appraised Value Total Cost of…
Q: Windsor Enterprises is using a discounted cash flow model. Identify which model Windsor might use to…
A: Present value Given a certain rate of return, present value (PV) is the current value of a future…
Q: After all revenue and expense accounts have been closed at the end of the fiscal year on 31 March…
A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…
Q: XYZ Company is constructing a building Construction began on January 1 and was completed on December…
A: Date of Payment Expenditure Incurred Capitalization Period Weight Weighted Expenditure A…
Q: Edmund spent the following amounts for the maintenance of the machine she bought: PhP 4,000 each…
A: Concept. Equivalent uniform annual cost is used by the firms in capital budgeting decisions. Cost of…
Q: (A) Irish Company uses the periodic inventory method and had the following inventory information…
A: FIFO indicates that the units purchased first would be sold first. Whereas, LIFO indicates that the…
Q: Answer amejarnty
A:
Q: RST LLC processes Product Z through two distinct processes - Process I and Process II. On…
A: Normal loss is the loss which is expected to be incurred in the process. It is inherited in the…
Q: 60. C. Seymour is a 64-year-old widower. He had iñcomé för 2019 ås föllöws: Tax Computa Pension from…
A: Pay as you earn system or tax deduction at source in some countries are the advance tax payment…
Q: 51. L0.4 Vito is the sole shareholder of Vito, Inc. He is also employed by the corpo- ration. On…
A: = Total loan borrowed × Federal Tax Rate × Time period= (Loan on June 30, 2019 + Loan on July 30,…
Q: ɔ. Kolt is organized as an LLC taxed as a partnership. Thirty percent of Kolt's loss is allocated to…
A: The taxable income or deductible loss for a taxpayer is determined using the tax laws and…
Q: Calculate Herbert's gross income.
A: Withdrawal of any sum from savings bank account Or borrowing any money from banks or NBFC’s are…
Q: Oman Company has a common stock of $5,500, a paid-in surplus of $8,200, tota liabilities of $6,600,…
A: Total assets = Fixed assets + current assets = 16900 + 7200 = $24,100
Q: Write a note on IFRS.
A: International Financial Reporting Standards (IFRS): The International Accounting Standards Board…
Step by step
Solved in 2 steps
- Ms. Arzel opened the The Baker's Box with cash investment of P200,000 on July 06, 2020. She opened a Checking Account with initial deposit of P65,000 at BDO. At the end of July 31, the ending balance of the account is P88,945. On Sept. 07, Ms. Arzel received the bank statement for the month of August. Below is a copy of the bank statement and the records of The Baker's Box of the Checking Account No. 88888. BDO Bank Statement Customer: The Baker's Box Address: Dasmarinas Account No.: 88888 Period: August 01 - 31, 2020 Date Check No. Amount Deposit Balance 1-Aug Balance 2-Aug 88,945 88,545 88,200 522 400 The Baker's Box 2-Aug 523 345 Per General Ledger: 3-Aug 5-Aug 6-Aug 2,874 91,074 Cash in Bank, Account No. 88888 526 15,788 7,932 75,286 Beg. balance 3-Aug 10-Aug 528 67,354 88,945 2-Aug 522 400 2-Aug 523 3-Aug 524 3-Aug 525 3-Aug 526 15,788 5-Aug 527 5-Aug 528 5-Aug 529 5-Aug 530 5-Aug 531 14-Aug 532 14-Aug 533 21-Aug 534 21-Aug 535 28-Aug 536 28-Aug 537 28-Aug 538 2,874 345 10-Aug…Mr. P's bank statement dated 31.12.2021 showed a balance with his Bank of $924, when checked with his Cash Book the following were noted :(a) During December, the Bank had paid $200 for a yearly contribution of Mr. P made to a local charity, as per his standing order. This amount appeared in the Bank statement but not in the Cash Book.(b) The Bank had credited his account with $28 interest and had collected on his behalf `$230 as dividends. No corresponding entries were made in the Cash Book.(c) A cheque of $65 deposited into the Bank on 28.12.2021 was not cleared by the Bank till after 31.12.2021(d) A cheque of $150 deposited into and cleared by the Bank before 31.12.2021 was not entered in the Cash Book, through an oversight.(e) Cheques drawn by and posted to parties by Mr. White on 31.12.2021 for $73, $119 and $46 were presented for payment to the Bank only on 3.1.2021.On 30 June 2023, Maximo’s cash book showed that he had an overdraft of K300 on his current account at the bank. A bank statement as at the end of June 2023 showed that Maximo was in credit with the bank by K65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to K500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to K400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Maximo the bank had transferred interest received on his deposit account amounting to K60 to his current account, recording the transfer on 5 July 2023. This amount had, however, been credited in the cash book as on 30 June 2023. (d) Bank charges of K35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by K10. (f) Dividends received amounting to K200 had been paid direct to the bank and not…
- Ms. Sara has started a Furniture Manufacturing Company and opened a Business bank account in Bank Muscat and every month end he checks his Cash book maintained by his accountant Mr. Ali in the company with the Bank book maintained by the banker. His Cash Book balance on 31st December 2019, was OMR 22,500, this did not agree with the balance as shown by the Bank Pass Book. In order to know why the balances are not equal in cash book and Bank book Sara asked his accountant Mr. Ali to do detail Examination of the Cash Book and Bank Statement. It reveals that the company has paid into bank on 26th December, four cheques of OMR 7,000; OMR 10,000; OMR 2,000 and OMR 13,000; of these the cheque of OMR 2,000 was credited in January 2020.Sara has invested money in shares of Al Maha Company and the bank has collected dividends and Credited in Bank Book, but not debited in Cash Book OMR 1,750.The Bank has debited Bank Charges in Bank book, not entered in Cash Book OMR 100.As per the instructions…Consider the information below for Julie's Candy Shop. When comparing her own Cash at Bank account with her banks record (ANZ Bank), at the end of March 2020, Julie discovers that her own accountant has made an error in her books: Accountants error: Julie's accountant has incorrectly recorded a $6,231 cheque drawn to pay the monthly wages of her employees, as a $2,631 credit in her 'Cash at Bank' account. The ANZ Bank has recorded this event correctly. Which of the following statements below is true, concerning the effect of this error? Select one: O a. Until fixed, the ANZ Bank account is overstated by $3,600. O b. Until fixed, Julie's Cash at Bank account is understated by $3,600. O c. Until fixed, Julie's Cash at Bank account is overstated by $3,600. O d. Until fixed, the ANZ Bank account is understated by $3,600.Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019: He provides you with the following information: Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751…
- Chulu own a retail shop. The following information is available from the few records kept for the beginning and end of 2020. 1 January 31 December K K Cash in shop till 350 250 Bank overdraft 800 300 Inventory 2,600 3,300 Owed by customers 4,500…Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.Natalie decides that she cannot afford to hire John to do her accounting. One way thatshe can ensure that her cash account does not have any errors and is accurate and upto-date is to prepare a bank reconciliation at the end of each month.Natalie would like you to help her. She asks you to prepare a bank reconciliation forJune 2020 using the following information.
- Jenna issued a check amounting to P50,000 on January 15, 2021 knowing that she has a balance of P25,000 on her checking account. The said check was post dated on January 30, 2021, thus, she has 15 days fund the account. The said check was issued to Ruben for the payment of 20 bags of Japanese rice. On April 10, 2021, Ruben encashed the check but it was dishonored by the bank for insufficiency of funds. Can Ruben file an action against Jenna for violating BP 22? A. No because the check was post dated and that Jenna has 5 banking days to fund the check from notice of dishonor. B. No, because Ruben failed to encsash within a reasonable period C. Yes, because Jenna issued with knowledge that she has no sufficient fund at the time of issuing the check D. Yes because Jenna failed to keep sufficient balance for a period of 90 days from the date appearing on the checkBev is completing the monthly bank reconciliation for her checking account for the month of October. The following facts apply: The balance per the bank on Oct 31st = $3,000 The balance per her checkbook on Oct 31st = $6,000 Deposits in Transit = $2,000 Outstanding Checks = $500 EFT’s ‘into’ her account = $4,000 EFT’s ‘out of’ her account = $5,500 No interest was earned on the account, and there were no bank fees during the month.Odum Corporation’s cash account showed a balance of $17,000 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,711.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $175.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $960.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March 31: Check # Amount 429 $57.40 432 147.50 433 210.80 434 191.90 A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank statement had been incorrectly…