Please be guided by the rubric below:62$320.ACTIVITY No.8Please be guided by the rubric below:DESCRIPTIONThe financial position is presented properly, and theamounts are correctThe financial position is presented properly, and theamounts have few errorsThe financial position is presented properly, but there area lot of errors in the amountsIllustration:The owner's equity of Juan Dela Cruz Laundry Shop has a balance of P90,000 on January1,2021. Transactions affecting equity during 2018 are as follows:a. Mr Dela Cruz, the sole proprietor, provided additional investment of P180,400 to thebusiness.b. Mr Dela Cruz withdrew P 10 000 per month from January to April and P5,000 per monthfor the remaining months.c. The business earned profit of P 225 000Required:Prepare the statement of changes in equityThe financial position is not presented properly, but thereare a lot of errors in the amountsDESCRIPTIONThe financial position is presented properly, and theamounts are correctThe financial position is presented properly, and theamounts have few errorsThe financial position is presented properly, but there area lot of errors in the amountsThe financial position is not presented properly, but thereare a lot of errors in the amounts

Statement of changes in equity is an important element of financial statements in business. This…

Answered: The owner's equity of Juan Dela Cruz…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Mr. Martin commences business on January 1, 2018. His debtors at December 31, 2019, were $15 000 December 31, 2020, were $12 000 December 31, 2021, were $14 000 A provision for bad debts of 5 per cent is to be created on debts at the end of each year. Use the information above to answer the following questions. i. Show the Provisions for Bad Debts Account for EACH of the three years. ii. Show the Profit and Loss extract for the three years. iii. Show the Balance Sheet extract for the three years.
Pharoah Corporation has the following selected transactions during the year ended December 31, 2024: Jan. 1 Purchased a copyright for $128, 160 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Acquired a franchise with a contract period of nine years for $548,910; the expiration date is March 1, 2033. Paid cash of $41,980 and borrowed the remainder from the bank. Sept. 1 Purchased a trademark with an indefinite life for $74,360 cash. As the purchase was being finalized, spent $36, 630 cash in legal fees to successfully defend the trademark in court. Dec. 31 Purchased an advertising agency for $634,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $56, 500, furniture of $167,000, and leasehold improvements of $314,000. Pharoah hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $56, 500,…
Lily began trading on 1 February 2021. Her tax adjusted trading profits for the 15-month period ended 30 April 2022 were £30,000. Subsequent accounts will be prepared to 30 April cach year. Required: The resulted overlap profit amount is: a.£22.000 b.£4,000 c.£48.000 d.£24.000
United Bhd makes up its accounts to 31 March annually. The company acquired a machinery on 1.7.2017 for RM50,000. The company disposed the machinery on 31.3.2023 for RM53,000. Calculate the capital allowances and balancing charge/allowance for the relevant YAs up to the YA2023.
At 1 January 2021 Javid has an accrual for electricity of £215. During the year to 31 December 2021 he made payments totalling £3,420 for electricity. At the 31 December he has calculated an accrual of £310 Which of these statements is correct concerning the accounting for the electricity in the financial statements for year end 31 December 2021? a. Statement of profit or loss Expense £3,325 Statement of financial position Liability £310 b. Statement of profit or loss Expense £3,325 Statement of financial position Asset £310 c. Statement of profit or loss Expense £3,515 Statement of financial position Asset £310 d. Statement of profit or loss Expense £3,515 Statement of financial position Liability £310
derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 Interest income from 5/6 lending to clients: P150,000 Interest income from bank deposits in the amount of P25,000. Royalty income for the sale of books where he is the author: P120,000. Capital gain on sale of personal car in the amount of P20,000. Capital gain on the sale of stocks directly to buyer: P30,000. Ordinary gain on sale of old office furniture in the amount of P10,000. Dividend income from stocks of San Miguel Corporation: P60,000. Proceeds received from the life insurance of his deceased father: P1,000,000 How much is the capital gain of X which is subject to capital gains tax?
The owner of ABC Company invested cash to the business amounting P500,000 and office furniture and equipment which has a fair market value of P210,000. During the year, the owner made an additional investment of P150,000 to increase the working capital of the firm. On December 1, the owner issued a company check for P250,000 to settle his personal loan from Union Bank. Revenues in 2021 totaled P305,000 and expenses amounted to P420,200. How much was owner's capital as of December 31, 2021?
During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (%) was sold for N$10 000 during May. In addition, rental and insurance for the month amounted to N$2 000 and N$500 were incurred, respectively. Compute the net profit. Answer:
During the year 2015, Sadaf Oman Company earned revenues of RO 42,000, had expenses of RO 25,000 purchased assets with a cost of RO 5,000 and paid dividends of RO 3,000. Net income for the year is Select one: O a. RO 20,000. O b. RO 15,000. O c. RO 17,000. O d. RO 45,000.
Lefty's Piranha Farm generates sales revenue of $260,000 and incurs operating expenses of $140,000. The company incurs a gain of $13,000 from selling securities classified as availablefor- sale and records an unrealized holding loss of $17,000 from adjusting securities available-forsale to fair value at the end of the year. Required: 1. What is the meaning of comprehensive income?
Chuckwagon Company went into business on July 1, 2020. During 2020, Chuckwagon had the following transactions: July 1 - Issued 150 shares of stock to stockholders for a total of $15,000 in cash. July 1 - Borrowed $15,000 from the bank. Chuckwagon will pay nothing until July 1, 2025, and then the company will pay $21,000. July 15 - Bought land for $10,000 in cash. Aug. 1 - Bought equipment for $12,000 in cash. The equipment has an expected useful life of four years and no salvage value. Sep. 1- Paid $1,200 for six months of insurance. Sep. 30 - Bought inventory for $8,000, one-half in cash and one-half on account. Oct. 8 - Sold half of the inventory for $7,000 in cash. Nov. 25 - Sold one-half of land for $4,500 in cash. Dec. 1 - Received $1,000 for work that will be performed in January, 2021. Dec. 16 - Sold $1,000 of inventory for $2,000 on account. Dec. 30 - Received a utility bill for $300, which will be paid in January 2021. • Dec. 31 - Paid a dividend of $200 in cash. How much did…
A business has net assets of £296,400 on 31 Jan 2021 and had net assets of £256,250 on 31 Jan 2020. During the year the owner of the business: 1. took goods for his own use which cost £8,000 and had a market value of £12,000; 2. introduced capital of £45,000; and 3. withdrew £35,000 as salary. What was the profit for the year?

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