The following are the selected ledger balances taken from the books of ABC Company for the year 2021: Accrued Rent Rent Expense Income 180,000 120,000 Accounts 126,000 Cash 112,000 Receivable Allowance for Bad 12,600 Prepaid Advertising 12,000 Debts Service Income 500,000 Salaries Expense 115,000 Office Equipment 430,000 Utilities Expense 49,000 Accumulated 75,000 Unused Supplies 18,000 Depreciation Representation 60,000 Owner, Capital 463,300 Expense Unearned Service 22,000 Accounts Payable 240,000 Income Accrued Interest Owner, Drawing 14,000 10,700 Expense Compute for the total assets of ABC Company.

The following are the selected ledger balances taken from the books of ABC Company for the year 2021: Accrued Rent Rent Expense Income 180,000 120,000 Accounts 126,000 Cash 112,000 Receivable Allowance for Bad 12,600 Prepaid Advertising 12,000 Debts Service Income 500,000 Salaries Expense 115,000 Office Equipment 430,000 Utilities Expense 49,000 Accumulated 75,000 Unused Supplies 18,000 Depreciation Representation 60,000 Owner, Capital 463,300 Expense Unearned Service 22,000 Accounts Payable 240,000 Income Accrued Interest Owner, Drawing 14,000 10,700 Expense Compute for the total assets of ABC Company.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

ChapterA2: Comprehensive Case Problems

Section: Chapter Questions

Problem 4.3CCP

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Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
BT21 Corp. collected P24,700 in interest during 2021. BT21 showed P3,700 in interest receivable on its December 31, 2021 statement of financial position and P10,600 on December 31, 2020. How much is the Interest Revenue reported on BT21 Company’s statement of comprehensive income for 2021?
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On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…
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