The pre-collection/advanced collectionis P60,000. This is applicable for a six-month rental period ending January 31,2021. The financial statements to beprepared is dated December 31, 2020.What is the income and unearnedincome amounts that would bereported in the financial statements,respectively?

Six months rental period is ending on January 31, 2021. This means rent is related to 2021 for 1…

Answered: The pre-collection/advanced collection…

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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Pearl Factory provides a 2-year warranty with one of its products which was first sold in 2025. Pearl sold $1,010,100 of products subject to the warranty. Pearl expects $113,910 of warranty costs over the next 2 years. In that year, Pearl spent $63,100 servicing warranty claims. Prepare Pearl's journal entry to record the sales (ignore cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are inventory costs. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
Dexter Company is preparing its financial statement for the year ended December 31, 2020. Accounts Payable amounted to P 1,200,000 before any necessary year-end adjustments related to the following: • At December 31, 2020, Dexter Company has P200,000 debit balance in its accounts payable to DEF, a supplier, resulting from a P 200,000 advance payment for goods to be manufactured to Dexter's specifications. . Checks in the amount of P300,000 were written to vendors and recorded on December 29, 2020. The checks were picked up on January 5, 2021 • Checks in the amount of P 150,000 were written to vendors and recorded on December 30, 2020. The checks were received by the vendors on December 31, 2020. What amount should Dexter Company report as accounts payable in its December 31, 2019 balance sheet?
On January 1, 2019, the Philippines Inc. issued P3,000,000, 12% promissory note for an equipment purchased. The note is to be paid on December 31, 2020. Interest is payable annually. The effective interest at the time of issuance of this note is 13%. (Use 4-decimal places for the PV factor)How much is the amount of equipment to be recorded on January 1, 2019?
Capricorn Company must determine the December 31, 2019 year-end accruals for advertising and rent expenses. A P2,000 advertising bill was received January 6, 2020. It related to costs of P1,500 for advertisements in December 2019 issues and P500 for advertisements in January 2, 2020 issues of the newspaper. A store lease, effective December 15, 2018, calls for fixed rent of P4,800 per month payable 1 month from the effective date and monthly thereafter. In addition, rent equal to 5% of net sales over P1,200,000 per calendar year is payable on January 31 of the following year. Net sales for 2019 were P2,200,000. In its December 31, 2019 statement of financial position, Capricorn should report accrued liabilities of: P51,500 P53,900 P56,800 P56,300
. During 2019, P determined that insurance premiums of $12289 for the 3-year period beginning January 1, 2018, had been paid and fully expensed in 2018 . P has a 37% income tax rate To correct for this error P will adjust the balances of the following accounts on January 1, 2019: a. increase /(decrease) prepaid insurance expense by: b. increase/ (decrease) retained earnings balance by: c. increase /(decrease) income tax payable by:
Gallagher Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2019. Using the information presented below, complete Part 1 of Form 941, reproduced on the next page. # of employees for pay period that included September 12—15 employees Wages paid third quarter—$89,352.18 Federal income tax withheld in the third quarter—$10,195.00 Taxable social security and Medicare wages—$89,352.18 Total tax deposits for the quarter—$23,865.92
On June 30, 2019, Bengbeng Corporation issued a five-year note payable with a face amount of P1,000,000 and an interestrate of 10%. The terms of the note require Bengbeng to make five annual payments of P200,000 plus accrued interest,with first payment due June 30, 2020. With respect to the note, the current liabilities section of Bengbeng‘s December 31,2020 statement of financial position should include:a. P280,000 b. P240,000 c. P200,000 d. P40,000
On July 1, 2019, Park Company leased office space for ten years to Rudd at a monthly rental of $15,000, and received the following amounts as listed in the table below. Rude made timely rent payments through November 2019; the December rent was paid, together with January 2020 rent, on January 6, 2020. At December 31, 2019, park should report rent receivable of? First Month Rent $ 15,000 Security Deposit $ 25,000 a. $0 b. $ 5,000 c. $15,000 d. $30,000
Allen Incorporated took out a one-year, 8%, $100,000 loan on March 31, 2024. Interest is due upon maturity of the loan. What adjusting entry, if any, should Alle Incorporated record on December 31, 2024?
UA Company must determine the December 31, 2019 year-end accruals for advertising and rent expenses. A P2,000advertising bill was received January 6, 2020. It related to costs of P1,500 for advertisements in December 2019 issues andP500 for advertisements in January 2, 2020 issues of the newspaper. A store lease, effective December 15, 2018, calls for fixedrent of P4,800 per month payable 1 month from the effective date and monthly thereafter. In addition, rent equal to 5% of netsales over P1,200,000 per calendar year is payable on January 31 of the following year. Net sales for 2019 were P2,200,000.In its December 31, 2019 statement of financial position, UA should report accrued liabilities of:a. P51,500 c. P53,900b. P56,800 d. P56,300
A-One Mechanics Limited files GST returns monthly, and the GST rate is 5%. The figures in the following table represent the store's GST taxable sales and purchases for which GST is paid for the indicated months of the year. As part of a year-to-date review, determine A-One Mechanics Limited's net GST remittance and if they owe the government money or are entitled to a refund. The GST remittance is a(n) refund (Round to the nearest cent as needed.) of $ Month January February March April May Purchases Sales $ 158,114 $374,089 494,764 775,165 107,357 317,760 56,475 246,957 300,302 586,444

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