The following information was taken from the records of Lighthouse Management Firm for the month ended December 31, 2023. Advertising Expense Income Tax Expense Accounts Payable Dividends Paid $38,600 $27,800 $31,250 $34,500 Retained Earnings (Jan. 1, 2023) $135,700 Management Fees Revenue Rent Expense Supplies Expense $185,000 $22,400 $32,900 Given the above information, net income for the year is: a) $63,300 b) $91,600 c) $75,300 d) $37,800
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- Compute for the amount of Revenue from Monthly clients.The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
- The following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
- The following financial statements were extracted from the books of Alpha Ltd. and Omega Ltd. for the yearended 31 March 2023:Statement of profit or loss for the year ended 31 March 2023:Alpha Ltd. Omega Ltd.Sh.“million” Sh.“million”Revenue 1,699.815 2,058.96Cost of sales (1,171.045) (1,397.135)Gross profit 528.77 661.825Less: Operating expenses (354.775) (469.89)Net profit 173.995 191.935Less: Finance expenses (22.31) (31.625)Profit before tax 151.685 160.31Tax (36.8) (40.02)Profit for the year 114.885 120.29Statement of financial position as at 31 March 2023:Alpha Ltd. Omega Ltd.Non-current assets Sh.“million” Sh.“million”Land and building 414.00 586.5Furniture and fittings 100.65 104.88514.05 691.38Current assets:Inventories 680.80 463.45Trade receivables 202.86 370.185Bank 97.29 105.34980.95 938.975Total assets 1,495 1,630.355Capital and liabilities:Capital:Ordinary share capital 368.00 287.50Retained earning 422.74 718.29790.74 1,005.79Non-current liabilities:Bank loan 218.50…Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries, 1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.The following financial statement was prepared by employees of Walters Corporation. Walters CorporationIncome StatementYear Ended December 31, 2020 Revenues Gross sales, including sales taxes $1,044,300 Less: Returns, allowances, and cash discounts 56,200 Net sales 988,100 Dividends, interest, and purchase discounts 30,250 Recoveries of accounts written off in prior years 13,850 Total revenues 1,032,200 Costs and expenses Cost of goods sold, including sales taxes 465,900 Salaries and related payroll expenses 60,500 Rent 19,100 Delivery expense and freight-in 3,400 Bad debt expense 27,800 Total costs and expenses 576,700 Income before other items 455,500 Other items Loss on discontinued styles (Note 1) 71,500 Loss on sale of marketable securities (Note 2) 39,050 Loss on sale of warehouse (Note…
- The following selected accounts are taken from ABC Company on Dec. 31, 2022: Accounts payable-P550,000; 12% notes payable-P800,000; Employees' income taxes payable-P6,500.Please need answer for this accounting questionKinesis Company paid or collected during 2021 the following items: Insurance premiums paid 25,450 Salaries paid 116,300 Interest collected 53,750 The following balances were from Kinesis Company’s balance sheets: December 31, 2020 December 31, 2021 Prepaid insurance 2,400 1,700 Interest receivable 4,700 3,200 Salaries payable 12,300 10,600 The insurance expense on the income statement for 2021 was The interest revenue on the income statement for 2021 was The salary expense on the income statement for 2021 was
