The owner invested Pup 22 - The cost of furniture and fixtur in the resort amounted to Php 32 00
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- You were engaged to audit the books of accounts of A. Bonifacio contractors which had a 3 year construction contract in 2020 for Php 900,000. A Bonifacio uses the percentage of completion method for financial statement purposes. Income to be recognized each year is based on the ratio of cost incurred to total estimated cost to complete the contract. Data on this contract follows: Accounts receivable construction contract billings Php 30,000 Construction in progress 93,750 Less: Amounts billed 84,375 10% retention Php 9,375 Net Income recognized in 2020 (before tax) Php 15,000 A. Bonifacio contractors maintains a separate bank account for each construction contract. Bank deposits to this contract amounted to Php 50,000 Required: 6. How much cash was collected on the contract that was not yet deposited as at December 31, 2020? Thank youConsider each of the transaction below independently. All expenditures were made in cash Xon Corporation paid $35,000 in 2020 for continuing frequent, and low-cost repairs to an existing building Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CRIn 2019, SBC Inc. paid the various household expenses of its vice president for operation, which are broken down as follows (refer to the data below). The vice president for operation receives an annual salary of Php. 300,000 and fixed representation and travel allowance of Php. 50,000 per month in addition to the above mentioned household expenses. 5 housemaids Housemaid with a monthly salary of Php. 3,500 Personal driver of the wife with a monthly salary of Php. 6,000 1 driver House gardener and maintenance with a monthly salary of Php. 4,000 Driver of children attending school with a monthly salary of Php. 6,000 Garbage due at Php. 500 per month Homeowner's monthly dues of Php.800 2 gardeners 1 driver COMPUTE FOR THE TOTAL ACTUAL MONETARY VALUE COMPUTE FOR THE GUMV COMPUTE FOR THE FBT How much is the total credits to Cash?
- List and record each transaction (in 000s) for the Claymont Outpatient Clinic, under the accrual basis of accounting, at December 31, 20X1. You are creating a General Ledger using exhibit 3-6 on page 112 as a guide. Zelman( Workbook) a. The clinic received a $10,000,000 unrestricted cash contribution from the community. b. The clinic purchased $4,500,000 of equipment using cash. c. The clinic borrowed $2,000,000 from the bank on a long-term basis. d. The clinic purchased $550,000 of supplies on credit. e. The clinic provided $8,400,000 of services on credit. f. In the provision of these services, the clinic used $420,000 of supplies. g. The clinic received $800,000 in advance to care for capitated patients. h. The clinic incurred $4,500,000 in labor expenses and paid cash for them. i. The clinic incurred $2,230,000 in general expenses and paid cash for them. j. The clinic received $6,000,000 from patients and their 3rd party payers in payment of outstanding accounts. k.…Prepare journal entries to record the following transaction: Ikeo Inc. sold $100,000 of gift cards during the last 2 weeks of December 2020In 2019, Gucci Company paid the various household expenses of its vice president for operation, which are broken down as follows (refer to the data below). The vice president for operation receives an annual salary of Php. 300,000 and fixed representation and travel allowance of Php. 50,000 per month in addition to the above mentioned household expenses. COMPUTE FOR THE TOTAL ACTUAL MONETARY VALUE
- The following trial balance of the Employees’ Retirement System Fund for Bedrock City was prepared by a clerk who used only balance sheet accounts in recording the events for the fiscal year ended June 30, 2018:Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,000 Due from the city . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 Investments, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 497,000 Due to resigned employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,000) Annuities payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,000) Net plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (540,000)…On January 1, 2020, a city purchased office supplies for $103,000. During the year, $78,000 of these supplies were used. Required: Record the journal entries for these transactions using the purchases method (disregard the encumbrance entries).am.101.
- Journal entries for an Internal Service Fund Arlington Town uses an Internal Service Fund to account for its motor pool activities. You have the following information: Automobiles: The Motor Pool uses two 6-passenger vans, each costing $78,750 and each estimated to have a 5-year life when they were acquired in 2020. Driver salaries: The Motor Pool has a driver-administrator, who earns $78,750 a year, and a driver, who earns $61,250. The town uses a rate of 35 percent (to cover benefits, including pensions) for planning purposes. Insurance: In 2020, the town purchased a 3-year automobile accident policy at a cost of $10,500. Fuel and maintenance costs: Based on experience, the driver-administrator estimates that total fuel and maintenance costs for the year will be $14,000. Billing units: To simplify its record keeping, the Motor Pool charges a fixed price per trip. Arlington's budget office estimates it will provide 1,400 trips to the town's departments in 2021. Arlington Town had the…An invoice for RO 65,000 and dated February 20th with the terms 7/13, EOM is received. The bill is paid on March 2nd. Calculate the amount paid.In the same credit card, for the month of December, the customer plans to purchase on Dec 05 an item worth PhP 15,000 and make periodic payments of PhP 4,000 every Monday thereafter. What will be the O/S Balance on January 01, 2021?