Chapter 2, Problem 2.19E

Guidelines: Construct a statement of comprehensive income for the years 2019 and 2020. Given is the 2-period Adjusted Trial Balance

Under the Revised Chart of Accounts (2019), the following are the expense accounts for: Utility Expenses a. Water Expenses b. Electricity Expenses c. Gas/Heating Expenses d. Other Utility Expenses General Services a. Environment/Sanitary Services b. Janitorial Services C. Security Services d. Other General Services Agency A issued MDS checks for the following payments : 1. Meralco bill - P150,000.00 2. Maynilad bill - P70,000.00 3. Tagalinis Janitorial Services - P250,000.00O 4. Tagabantay Security Services - P300,000.00 What is the accounting entry to be recorded in Journal Entry Voucher (JEV) for the above transactions? Answer in this format. Account Title Dr. Cr.

The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operationsin July 2018. Classical’s fiscal year ends on December 31. Financial statements are issued in April 2019.Required:Prepare the year-end entries for any amounts that should be recorded as a result of each of these contingencies andindicate whether a disclosure note is indicated.1. Classical’s products carry a one-year warranty against manufacturer’s defects. Based on previous experience,warranty costs are expected to approximate 4% of sales. Sales were $2 million (all credit) for 2018. Actualwarranty expenditures were $30,800 and were recorded as warranty expense when incurred.2. Although no customer accounts have been shown to be uncollectible, Classical estimates that 2% of creditsales will eventually prove uncollectible.3. In December 2018, the state of Tennessee filed suit against Classical, seeking penalties for violations of cleanair laws. On January 23, 2019, Classical…

The following items were derived from Woodbine Circle Corporation’s adjusted trial balance on December 31, 2019: Using the multiple-step format, prepare a formal income statement for Woodbine for the year ended December 31, 2019, together with the appropriate supporting schedules. All income taxes should be appropriately shown.

CPA Co.'s allowance for doubtful accounts was P1,000,000 at the end of 2021 and P900,000 at the end of 2020. For the year ended December 31, 2021, the entity reported doubtful accounts expense of P160,000 in the income statement. What amount was debited to the appropriate account to write off uncollectible accounts in 2021?

Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of £100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2019, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2019. What amount will be reported in the statement of financial position for the accounts receivable due from Finley Farms, Inc.?

. 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:

In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rentis taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018amounted to $300,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 40% and 2018 income tax payable of $950,000, prepare the journal entry to recordincome taxes for 2018.

Included in Bonita Company’s December 31, 2020, trial balance are the following accounts: Accounts Payable $243,100, Pension Liability $378,400, Discount on Bonds Payable $34,200, Unearned Rent Revenue $50,800, Bonds Payable $406,100, Salaries and Wages Payable $28,700, Interest Payable $13,060, and Income Taxes Payable $37,400.Prepare the long-term liabilities section of the balance sheet.