The Gloria Corporation's comparative statements of comprehensive income lor deyears 2021 and 2020 are presented below:2020720,000450,000270,00030,000300,000190,000110,00020,00090,00020211,000,000 P600,000400,000 P80,000SalesCost of SalesGross ProfitOther Operating IncomeTotal IncomeP480,000280,000200,000 P80,000120,000 PPPLess: Selling and Administrative ExpensesProfit from Operations before Interest and Income TaxInterest ExpenseProfitThe following errors were discovered :The following had been overlooked by the company at the end of 2021and 2020:Unearned commission incomePrepaid rentAccrued interest receivableAccrued wages expense20216,40021,00012,00022,00020208,00016,0008,00025,000Advances of P90,000 received from customers in 2021 were credited toSales, although deliveries were made only in 2022.Purchase of merchandise, P15,000, shipped FOB destination inDecember 2020 and received by the company in 2021 were recorded aspurchases in 2020, because the supplier's invoice was received in 2020.The goods, however, were omitted from 2020 ending inventory.The company installed equipment on its administrative office on July 1,2020. Installation cost of P20,000 was recorded by the company as anexpense. Depreciation is computed using the straight-line method overa useful life of five years, rounding to the nearest month.Ignore income tax effects.Required:(a)Prepare corrected comparative statements of comprehensive income for theyears ended December 31, 2021 and 2020.(b)For how much were the total assets at December 31, 2020 understated oroverstated?(c)For how much were the total assets at December 31, 2021 understated oroverstated?For how much were the total liabilities at December 31, 2021 understated oroverstated?(d)Scanned with CamScanner

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Answered: The Gloria Corporation's comparative…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Below are three independent scenarios concerning the GST account balance and the effect on the Statement of Financial Position in the previous year (2023) and the current year (2024). SFP as at 31/3/2023 Scenario 1 GST liability of $267 Scenario 2 GST asset of $267 Scenario 3 GST asset of $267 SFP as at 31/3/2024 GST asset of $769 GST asset of $769 GST liability of $769 Required: Correctly insert the opening and closing balances into the three independent GST general ledger accounts provided in the answer booklet. Balance each of the three GST general ledger accounts and insert the opening balance for 1 April 2024.
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Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. Federal income tax due for the previous year is paid.
The following selected information is for H55 Corporation: Total assets Total shareholders' equity Sales Cost of goods sold Net income. H55 had no preferred shares. ype here to search 2021 $357,000 $285,000 136.000 503.000 378.759 2020 32.695 97,500 394,000 276.982 29.944 2019 $267,000 48,500 297.000 181,000 20,400
QUESTION 2 The following is the Trial Balances extracted from the books of Rosemary Garden Enterprise as at 31 December 2021: Debit (RM) Credit (RM) 153,900 Capital Drawings 3,500 Sales 400,000 Purchases 250,000 Return Inwards and outwards 4,150 450 Inventory as at 1 January 2021 Delivery van at cost Office equipment at cost Accumulated depreciation at 1 January 2021 Delivery van Office equipment 65,000 20,000 36,000 4,500 10,800 Account Receivable 90,000 Account Payable 32,000 Insurance on machinery 750 Allowance for doubtful debts as at 1 January 2021 1550 Discount allowed and discount received 350 800 Stationery General expenses Rental expense 300 2,200 3,300 Interest on loan 5,600 Cash in hand 4,250 Cash at bank Carriage inwards Wages and salaries expenses 10% Long term investment 8% Loan from Tekun 9,000 1,500 16,100 162,000 70,000 674,000 TOTAL 674,000 Additional information: a) The closing inventory as at 31 December 2021 is RM 30,000. b) The amount of a debtor of RM750 is to be…
Can you do 2022 income statement of this table? Statement of Profit or Loss and Other Comprehensive Income Presentation Currency Nature of Financial Statements Revenue Revenue from Finance Sector Operations Total Revenue Cost of Sales Cost of Finance Sector Operations Total Costs Gross Profit (Loss) from Commercial Operations Gross Profit (Loss) from Finance Sector Operations Gross Profit (Loss) Profit (Loss) From Operating Activities Profit (Loss) Before Financing Income (Expense) Profit (Loss) from Continuing Operations, Before Tax Profit (Loss) from Continuing Operations Profit (Loss) from Discontinued Operations Net Profit (Loss) Profit (Loss) Attributable To, Non- controlling Interests Profit (Loss) Attributable To, Owners of Parent Other Comprehensive Income (Loss) Total Comprehensive Income (Loss) Total Comprehensive Income Attributable To, Non-controlling Interests Total Comprehensive Income Attributable To, Owners of Parent 2020/12 1000TL Consolidated 21.529.210 37.824.578…
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The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 160,000 6,100,000 600,000 500,000 30,000 500,000 Credits $ 8,200,000 60,000 120,000 140,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format. Note: Round earnings per share answer to 3 decimal places.

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The Gloria Corporation's comparative statements of comprehensive income lor ale years 2021 and 2020 are presented below: