What is the amount paid for VAT in Feb? (VAT payable)

Q: What is the annual report, and what two types of information doesit present?

A: Annual report is the report of a company’s performance to its stake holders.

Q: Rent paid in advance will be deducted from:

A: Solution: Rent paid in advance is prepaid rent  for which expense will be recognized in future when…

Q: how did you get the numbers for installment sales?

A: Instalment Method: The installment method is typically employed when a customer is permitted to…

Q: What happens to revenue and deferred revenue as months progress

A: Revenue is income that is earned during a given period of time and is reported on the income…

Q: How to calculate salaries payable

A: Salaries payable can be defined as the liability account containing the amount of salaries, if any,…

Q: Define Prepaid rent.

A: Prepaid Expense:   It refers to the expenditure incurred by company that is paid in one accounting…

Q: The following are the balances of NBO for the year ended 31/12/20 Particulars OMR Particulars OMR…

A: SOLUTION- WORKING NOTE- 1-NET INTEREST INCOME MEANS DIFFERENCE BETWEEN INTEREST RECEIVED ON INTEREST…

Q: What is an annual report? Briefly describe the key parts of the annual report.

A: Annual report is a overview of company's financial position. Those who want to evaluate company…

Q: Receivables turnover of 11.33 means. Provide explanation ple

A: Introduction:- Accounts Receivable turnover is an efficiency ratio which indicates the number of…

Q: What do you mean by Days Payable Outstanding (DPO)?

A: Definition:   Accounts payable: This is the amount owed for the suppliers, or expenses incurred.…

Q: Explain how to calculate time interest earned.

A:

Q: How to calculate Rent income from income statement

A: Income Statement- It is a report that shows an organization's revenues, expenses, and net profit and…

Q: How long-term deposit accounts benefit borrowers

A: A deposit account is an account that is held by the customers of a bank and financial institutions…

Q: How did you calculate the note payable long term for xi

A: Notes Payable are defined as the long-term liabilities that represent the amount to be paid by the…

Q: How do you prepare annual financial statements?

A: In terms of accountancy, financial statements can be defined as the reports which provide the users…

Q: Difference between annuity and lump sum payment.

A: Time value of money: Time value of money refers to the concept that the value of money available at…

Q: Annuity and annuity due vary in that one is paid in advance.

A: This quotation explains abut  Annuity and annuity due vary in that one is paid in advance.

Q: which of the following items does accounts receivable include a. money paid for labor and received…

A: Accounts Receivables: The accounts receivables are the customers from which we would get the money…

Q: How about these questions: 1. How much is the balance of Account Receivable at December 31, 2021?…

A: Following is the answer of two questions.

Q: How is Days to Collect A/R calculated?

A: Days to collect accounts receivable known as days sales in outstanding is calculated to know the…

Q: Explain the accounting for long-term notes payable.

A: Notes payable: Notes payable is a written promise to make payment for specific sum at a certain…

Q: how to calculate the year-end adjustment for Allowance for Uncollectible Accounts with a debit…

A: Uncollectible amounts from client accounts are referred to as bad debts. Accounts receivable suffers…

Q: find the average daily balance

A: The method which takes daily balances into consideration rather than weekly or monthly balances is…

Q: Which of the following items is generally a Schedule M-1 adjustment? a.Rent payments b.Gross sales…

A: An essential part of a company's tax return is the Schedule M-1 Adjustment. It is used to reconcile…

Q: How can we determine the amount of a periodic payment?

A: The amount of periodic payment is determined using the following formula:

Q: What are journal entries for an accrual of electricity expenses of ksh 1000

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: What was the 10/31 balance in Accounts Receivable?

A: Calculation of Total Sales for the Oct. Month(Amount in $) Total units to be sold in Oct(a) = 3000…

Q: What is unearned income ,income recived  in advance ?

A: Unearned income or Income received  in advance: Earned revenue that represents to a future…

Q: Amount of money borrowed or invested on the origin date.

A: Initial Investment - Owner of the organization either borrowed money or invested their own fund to…

Q: What do short-term notes payable represent?

A: Short-term notes payable: short-term notes payable is a written promise made by the business to pay…

Q: A. Amount of interest charge for each note B. Amount boweower would receive C. Amount payer would…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Is the following statement true or false? The deposits or payments are made at the end of the period…

A: Annuity is the fixed amount of investment, payment or deposit which is made at regular intervals.…

Q: What are the Classifications of Annuity.

A: An Annuity is a periodic payment which are made from time to time from a lump sum corpus.

Q: Explain payables deferral period (PDP)

A: Payable deferral period (PDP) is a period or number of days that firms take to pay their creditors…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is