What will be the total office expense?a.47800b.60700c.48500d.All the options are wrong e.26700 The following balances are related to XYX LLC.Bank BalanceReturn InwardsSales16,000 Purchases1950004,000 Direct Wages18000425,000 Carriage Inwards35000Rent Received20,100 Return Outwards16000Interest Revenue15,600 office Expense15,000 office EquipmentMaintenance19,500Office Rent60004,200 Sales PromotionExpenseSalesman Salary4500Internet ChargesOpening StockOffice Insurance Expense6,500800Advertising Expense1800085000Dividend Income18200Commission Income20400Closing Stock55,000

The office expenses are all the expenses that relate to office including office rent, telephone…

The following balances are related to XYX LLC . 16,000 Purchases 4,000 Direct Wages 425,000 Carriage Inwards Bank Balance 195000 Return Inwards 18000 Sales 35000 Rent Received Interest Revenue Office Rent 20,100 Return Outwards 15,600 office Expense 15,000 office Equipment Maintenance 4,200 Sales Promotion Expense 16000 19,500 6000 Salesman Salary 4500 Internet Charges Opening Stock Office Insurance Expense6,500 Dividend Income 800 Advertising Expense 18000 85000 18200 Commission Income 20400 Closing Stock 55,000

The following balances are related to XYX LLC . 16,000 Purchases 4,000 Direct Wages 425,000 Carriage Inwards Bank Balance 195000 Return Inwards 18000 Sales 35000 Rent Received Interest Revenue Office Rent 20,100 Return Outwards 15,600 office Expense 15,000 office Equipment Maintenance 4,200 Sales Promotion Expense 16000 19,500 6000 Salesman Salary 4500 Internet Charges Opening Stock Office Insurance Expense6,500 Dividend Income 800 Advertising Expense 18000 85000 18200 Commission Income 20400 Closing Stock 55,000

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

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How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…
Incorporate the following data into Bank X's revenue statement. Each item should be labelled and placed in the proper category and order. Commission ,exchange and brokerage received.Income on InvestmentsInterest paid on depositsPayments to and provisions for employeesInterest paid on BBI/ interbank borrowingsInterest/discount received on advances/billsIncome from leasing/hire purchaseInterest paid-othersProfit on exchange transactionsRent, taxes, lightingInsuranceLaw chargesProfit on sale of land, buildings and other assetsMiscellaneous incomeAuditor’s fees and expensesPrinting and stationaryProfit on sale of investmentsDepreciation on bank’s propertyIncome by way of dividends and subsidiariesAdvertisement and PublicityInterest earned – othersDirector’s fees, allowances and expensesMiscellaneous incomeRepairs and maintenanceOther expensesPostage, telegram, telephone and other communication expensesInterest received on balances with RBI and interbank funds.
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
PROBLEM 1BABY Corporation provided the following information:Balance per book, August 31 P2,000,000Receipts per book for August 4,400,000Disbursements per book for August 3,600,000Balance per bank, August 31 1,860,000Bank receipts for August 5,000,000Bank disbursements for August 3,940,000August collection of P200,000 recorded by the entity as 20,000August check in payment of account payable for P600,000 recorded by the entity as 60,000Deposit of BABE Corporation erroneously credited by bank to BABY Corporation 200,000August check of BABE Corporation erroneously charged by bank to BABY Corporation 400,000NSF Check: July 100,000August 50,000Note collected by bank for BABY Corporation: July 200,000August 300,000Deposit in transit: July 31 600,000August 31 480,000Outstanding checks July 31 100,000August 31 650,000 Requirement:Prepare a proof of cash for the month of August.
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Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 Cash receipts from sales: On 2019 sales $295,000 $160,000 $ 30,000 On 2020 sales –0– 355,000 90,000 On 2021 sales 408,000 Cash payments for expenses: On 2019 expenses 185,000 67,000 25,000 On 2020 expenses 40,000a 160,000 55,000 On 2021 expenses 45,000b 218,000 a Prepayments of 2020 expenses. b Prepayments of 2021 expenses. Instructions a. Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the cash basis. b. Using the data above, prepare abbreviated income statements for the years 2019…
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Consider the balance sheet for Inspired to Thrive (IT) Bank below: Inspired to Thrive Bank Balance Sheet as at December 31, 2021 Assets SLiabilities and Owner's Equity 275 Deposits 1,105 Debts 660 Owner's Equity Reserves 1,550.00 Loans 340.00 Securities 150.00 2,040 2,040.00 What is the leverage ratio of IT bank? Why is this ratio significant to the bank's operation?
Question: What is the source documents for Payment made by the business X. option: a) invoice received by the business X. b) invoice issued by the business X. c) Receipts received by the business X. d) Receipts issued by the business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo. h) cash sales slip. i) Cheque butt. J) credit note issued by business X. reqiured: Please answer this question by choosing the right option.