lll 7:57…6 61%DoneYour activity:Determine whether the business has made profit, loss or at the business is at break-even.1.Sherlock Wills Pumping Services has the following data on December 31, 2018:Shop RevenueOther RevenuePermits and licensesSalaries expensePhp 150,000.00100,000.008,300.0036,000.0013,100.0025,000.00Transportation ExpenseInsurancesUtilities ExpenseYour answer:32,000.00On June 30, 2017 Jan Frans Transit Corporation shows the following account balances:2.Transportation Service RevenueGasoline and OilPhp 55,000,000.0012,000,000.00Repairs and Maintenance ExpensesSalaries and WagesUtilities ExpenseCommissionYour answer:3,200,000.0010,230,000.00960,000.003,580,000.003.The books of Jasper and John Kent (JJK) Security Services showed the followingaccount balances on December 31, 2016:Insurance ExpenseOther IncomePhp 1,200,000.0020,000,000.00980,000.00Pag-Ibig PremiumPhilHealth Premium2,500,000.0092,000,000.00180,000,000.00Salaries ExpenseService Revenue1,280,000.002,150,000.00Transportation ExpenseUtilities ExpenseYour answer:2,600,000.004.On September 30, 2015, JK Dahomera Utility Services decided to wind up their businessoperations because the account balances showed the following:Utility Service RevenueOther RevenueSalaries and WagesInsurance ExpensePermits and LicensUtilities ExpenseMiscellaneous ExpensePhp 120,000.0010,000.0084,000.0025,000.007,500.003,500.005,200.00Employee Benefits (SSS, Philhealth, Pag-lbig)Your answer.25,000.005.The balances of Hubbies' Tailoring Services on December 31, 2015 were as follows:MaterialsMiscellaneous expensesService FeesUtilitiesPhp 15,000.0010,000.0065,000.0015,000.0025,000.00WagesYour answer:= Wrap TextA* A88

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Your activity: Determine whether the business has made profit, loss or at the business is at break- even. 1. Sherlock Wills Pumping Services has the following data on December 31, 2018: Php 150,000.00 Shop Revenue Other Revenue Permits and licenses 100,000.00 Salaries expense Transportation Expense Insurances 8,300.00 36,000.00 13,100.00 25,000.00 32,000.00 Utilities Expense Your answer:

Your activity: Determine whether the business has made profit, loss or at the business is at break- even. 1. Sherlock Wills Pumping Services has the following data on December 31, 2018: Php 150,000.00 Shop Revenue Other Revenue Permits and licenses 100,000.00 Salaries expense Transportation Expense Insurances 8,300.00 36,000.00 13,100.00 25,000.00 32,000.00 Utilities Expense Your answer:

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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II. Directions: Problem Solving: Prepare Trial Balance for the accounts of Corny Enterprises as of July 31, 201A. Write your answer in a separate sheet. Account Payable 25,000 Account Receivable 35,200 Accumulated depreciation 20,080 7,500 Advances to Employees Cash 98,564 154,462 Cost of goods sold Corny Capital 202,069 Depreciation 20,080 5,600 Fuel Expense Loans Payable 150,000 Marketable Securities Merchandise Inventory 65,887 Property, Plant and Equipment 100,400 Salaries and wages 20,500 Sales 187,554 Taxes and licenses. 2,560 Taxes Payable 75,000 1,050
Journal: Cash (Asset) + Customer Receivables (Asset) + Sales (Revenue) = $500 Supplies (Asset) + Accounts Payable (Liability) = $200 Wages Expense (Expense) + Wages Payable (Liability) = $1,000 Rent Expense (Expense) + Cash (Asset) = $1,500 Cash (Asset) + Utility Expense (Expense) = $500 Customer Receivables (Asset) + Sales (Revenue) = $800 Cash (Asset) + Customer Receivables (Asset) = $800 Accounts Payable (Liability) + Cash (Asset) = $200 Depreciation Expense (Expense) + Depreciation (Contra Asset) = $500 Cash (Asset) + Gain on Sale of Asset (Income) = $1,500 can anyone help me to prepare the t-account and balance sheet ?
QI: The following information provided by ABC companies. as of December31, 2019 Асcounts Total Sales Revenue Travel expense (salespersons) Insurance expenses Cost of goods sold Sales commissions Sales salaries Amount 1,578,500 10,000 6,000 896,770 100,000 100,000 62,300 30% Sales returns Tax rate Depreciation of office furniture and equipment interest expense Sales discounts Dividend revenue 13,520 18,000 31,150 38,000 8,785 30,000 Delivery expense Depreciation of sales equipment Instructions: Prepare the income statement for the year 2019.
At Balance date the Smart Business owes its employees $25,000 in Wages. The transaction should be Select one: a. Wages +$25,000 Accounts Receivable -$$25,000 b. Wages +$25,000 Accounts Payable +$25,000, c. Cash-$25,000, Wages +$25,000 d. Wages +$25,000, Accrued Expenses +$25,000
4. Mr.Wang plans to leave his job as a professor of a college to open his own outdoors goods store. He forecasts the income statement of a normal year as follows: Revenues Revenue from sales of goods and services Operating costs and expenses Cost of products and services sold Selling expenses Administrative expenses Total operating costs and expenses Gross margin from operations Interest expense (bank loan) Non-recurring expenses to start business ¥310,000 ¥92,000 ¥6,000 ¥12,000 ¥100,000 ¥100,000 ¥4,000 ¥18,000 Income taxes ¥6,000 Net income ¥72,000 Mr.Wang's teaching job earns him ¥65,000 of annual salary and benefits. To get his outdoors goods store opened, Wang used ¥20,000 of his savings at bank, which is earning a guaranteed 10 percent annual rate of return. Wang's store will use the business floor space he bought before, and the floor space is now rented out in return for the rental of ¥10,000 per year. (1) How much is the estimated total explicit costs for using market-supplied…
Blue Spruce Corp. had the following items to report on its balance sheet: Employee advances Amounts owed by customers for the sale of services (due in 30 days) Refundable income taxes Interest receivable Accepted a formal instrument of credit for services (due in 18 months) A loan to company president Dishonored a note for principal and interest which will eventually be collected $17870 $15650 $20920 $1520 $14270 3190 1300 1050 2380 Based on this information, what amount should appear in the "Other Receivables" category? 10400 1380
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Show how the below transactions affect the financial position of the business as represented by A = E + L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected. EG. The business pays R6 333 per month for the rental of some business premises. All rentals were paid in cash during the year. A -75 996 Bank (6 333 x 12) No. EG. -75 996 Rent Expense Please use format of table above for the below transactions The following transactions occurred in the business during the year ended 31 December 2020: 1. The owner deposited R105 000 cash into the business's bank account on 1 January 2020. 2. The business bought R450 000 worth of inventory from various suppliers during the year. 80% of these purchases were on credit and the remaining 20% were paid for in cash. 3. During the year the business paid R96 900 cash in operating costs. These costs related to goods and services that had all been used during the…
What's New Directions: Compute the missing amount in the equation. Write your answers on a separate sheet of paper. Assets Liabilities Owner's equity 1. Php 100,000.00 Php 50,000.00 2. Php 230,000.00 Php 200,000.00 Php 109,000.00 Php 9,000.00 Php 650,000.00 Php 500,000.00 Php 90,000.00 Php 700,000.00 Php 456,000.00 Php 67,000.00 Php 1,729,000.00 Php 2,716,217.00 Php 729,879.00 Php 167,000.00 8. Php 789,100.00 9. Php 123,456.00 Php 13,780.00 ? 10. Php 15,676.00 3. 4. 5. 6. 7.