The following information is available concerning the capital accounts of Yong Pal Company: Yong Pal, Capital, January 1, 2020, 58,000 Cr. Total withdrawals during 2020, 18,000 Dr. Yong Pal, Capital December 31, 2020, 50,000 Cr. Assuming that closing entries had already posted, the total profit/loss for 2020 would be:
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![The following information is available concerning the capital accounts of Yong Pal
Company:
Yong Pal, Capital, January 1, 2020, 58,000 Cr.
Total withdrawals during 2020, 18,000 Dr.
Yong Pal, Capital December 31, 2020, 50,00o Cr.
Assuming that closing entries had already posted, the total profit/loss for 2020
would be:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F211b2f89-c71a-4bda-8cf3-f688030e70bc%2F6be4c9bd-2bfa-4e82-9400-728761894714%2Faa44hhj_processed.jpeg&w=3840&q=75)
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- At the end of June 30, 2022, FDN Company has the following summary ledger accounts: Asset = P500,000 Debit Liability = P300,000 Credit Equity = P200,000 Credit Sales = P350,000 Credit Expense = ? How much is the balance of the Expense account?Presented below is the trial balance of Grimjow Corporation at December 31, 2020. Debit Credit Cash $ 201,970 Sales $ 8,104,060 Debt Investments (trading) (at cost, $145,000) 157,060 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 303,970 Equity Investments (long-term) 281,970 Notes Payable (short-term) 94,060 Accounts Payable 459,060 Selling Expenses 2,004,060 Investment Revenue 66,860 Land 264,060 Buildings 1,044,970 Dividends Payable 140,970 Accrued Liabilities 100,060 Accounts Receivable 439,060 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,060 Administrative Expenses 903,860 Interest Expense 214,860 Inventory 601,970 Gain 83,860 Notes Payable (long-term) 904,970…Selected account balances from the adjusted trial balance for Karam co. at 31/12/2020, are provided below: 5000 account receivables 17900 retained earmings 8000 land held for speculation 1900 treasury shares 500 allowance for doubtful account 10000 share capital 800 dividends 1500 prepaid expenses Assume net loss for 2020 is $5,000, what is the total equity to be reported at the 31/12/2020 statement of financial position? 22,100 25,200 26,000 20,200
- The statement of financial position of KY Limited at 31 December 2019 shows the following. Non-current assets GH₵ 1,350,000; current assets GH₵ 140,000; ordinary share capital GH₵ 900,000; general reserve GH₵ 150,000; 10% debentures GH₵ 200,000; current liabilities GH₵ 90,000; retained earnings GH₵ 150,000 The profit from operations for the year was GH₵ 65 000 and the finance costs were GH₵ 20 000. What is the return on capital employed for 2019?Martinez Company had the following information available at the end of 2020. MARTINEZCOMPANYCOMPARATIVE BALANCE SHEETSAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $10,030 $4,030 Accounts receivable 20,580 12,850 Short-term investments 22,130 29,700 Inventory 41,810 34,700 Prepaid rent 3,020 12,090 Prepaid insurance 2,110 91 Supplies 1,000 74 Land 125,160 176,690 Buildings 349,890 349,890 Accumulated depreciation—buildings (104,810 ) (87,100 ) Equipment 524,900 397,700 Accumulated depreciation—equipment (129,880 ) (112,640 ) Patents 45,200 49,700 Total assets $911,140 $867,775 Accounts payable $21,860 $31,980 Income taxes payable 4,960 4,010 Salaries and wages payable 4,990 3,000 Short-term notes payable…4. PG Merchandising, a general partnership earned a net profit of P98,000 for the calendar year 2020. The capital account of the partners for the year ended December 31, 2020 is shown below: Pinto Capital (Mar 1) P25,000 (Jan 1) P150,000 (Nov 1) P37,000 (Jul 1) 50,000 (Oct 1) 50,000
- The current sections of Headlands Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Headlands Corp.'s net income for 2022 was $330,200. Depreciation expense was $54,600. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $80,600 110,500 101,400 22,100 $314,600 $7,800 114,400 $122,200 2021 $ 115,700 89,700 80,600 24,700 $310,700 $20,800 93,600 $ 114,400 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)Fig Tree Bank has provided the following financial statements for the year ended 2020. Consolidated income statement 2019 2020 Sh ‘000’ sh. ‘000’ Interest income 7,169 8,500 Interest expense 1,217 4,600 Net interest income 5,952 3,900 Fee & commission income 1,308 1,800 Net trading income…The hypothetical company XYZ Inc started its operations in 2020. On December 31 2020, it had the following adjusted trial balance: Account Balance ($) Notes Payable 20,000 Wages Payable 8,000 Additional Paid In Capital 300,000 Common Stock at par value 60,000 A/P 60,000 PP&E (at cost) 110,000 Inventory 62,000 Cash 419,000 Unearned Revenues 10,000 Accumulated Depreciation 10,000 Account Receivables ? Retained Earnings 230,000 During 2021 the following transactions occurred: A dividend of $20,000 was declared during 2021. These dividends will be paid in 2022. During the year the company performed and delivered services and billed its clients for $900,000. Collections from customers were $800,000. In addition to the transactions described in items 3 above, products were shipped to the customers who paid $10,000 in advance (see December 31, 2020 balances). The selling price was $80,000…
- The following is available for Golden Corporation for 2019: Sales 2,000,000 Average invested capital (assets) 500,000 Net income 300,000 Cost of capital 18% What is the residual income for Golden Corp.? P – 0 - P 200,000 P 210,000 P 246,000 Group of answer choices 1 2 3 4Presented below is information related to Blossom Company at December 31, 2020, the end of its first year of operations. Sales revenue $322,170 Cost of goods sold 138,320 Selling and administrative expenses 51,700 Gain on sale of plant assets 30,260 Unrealized gain on available-for-sale debt investments 9,200 Interest expense 5,820 Loss on discontinued operations 12,220 Dividends declared and paid 4,580 Compute the following: (a) Income from operations $enter a dollar amount (b) Net income $enter a dollar amount (c) Comprehensive income $enter a dollar amount (d) Retained earnings balance at December 31, 2020 $enter a dollar amountIf Net Working Capital Current Assets - Current Liabilities, what is Kelley Corp's net working capital for the year ending December 31, 2023, given the following account balances? Accounts Receivable: $40 Equipment: $20 Accumulated Depreciation: $10 Patent: $50 Inventory: $15 Accounts payable: $30 Goodwill: $65 Long-term note payable: $70 =
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