Account$ 51,000Accounts payable$33, 700 Land Notes payable49,000Accounts receivable 71, 2000perating expenses102,000Building86, 500Prepaid insurance3.100Cash3, 200Service revenue172.000Equipment35, 700Unearned revenue3,000J. Koizumi, capitalJ. Koizumi, drawings99, 0004, 000(c) Determine the amount overKoizumi Kollections has thefollowing alphabetical list of accounts and balances at July 31. 2017:

To determine the amount of owner's equity, you need to calculate the total assets and total…

Answered: Account$ 51,000Accounts payable$33, 700…

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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1. Compute the current assets.Cash Php 25,867.00Barney’s drawing 50,485.00Accounts Payable 78,584.00Notes Receivable 45,051.00Building 1,500,125.00Inventory 33,669.002. Compute the Net Income.Service Income Php 356,867.00Prepaid Rent 16,800.00Interest Expense 1,523.00Barney’s drawing 21,786.00Taxes 4,544.00Utilities Expense 3,651.003. The liabilities of Bb Barn are equal to 1/3 of thetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 V Barney invested Php 150,000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000
Takaful company has the following information: Earned contributions SR 500 Net claim incurred SR 100 Cash SR 50 Short-term investment SR 150 Average assets SR 1500 Total expenses SR 200 Net income SR 100 Gross contributions SR 600 Net contributions SR 550 What is expense ratio? а. 40% b. 30% С. 36.3% d. 50%
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
Goods sent on consignment R760 000. Opening consignment stock R48 000. Cash sales R700 000. Consignor’s expenses R20 000. Consignee’s expenses R12 000. Commission R20 000. Closing consignment stock R300 000. The profit on consignment is________. Select one: a. R150 000 b. R140 000 c. R92 000 d. R456 000
Locker Rent 3500 Income from Government securities 2274 Interest on deposits 473 Transfer fees received 576 Rent and Lighting 767 From the above information Total Non-Interest income will be: a. OMR 5790 b. OMR 6350 c. OMR 6530 d. OMR 7590
Journal transactions 5) Land is purchased for 1.395.000 TL + 10% VAT from Real Estate Company. Half check and half note is issued for the purchase invoice . Real Estate commisson Expense is 40.000 +%10 VAT is on account . Property Tax 12.000 TL is paid cash .
40 Assets Cash P Laus 22,354.00 567,890.00 Accounts Receivable-net Inventories 260,102.00 Land Building 428,267.00 Furniture & Fixtures 34,789.00 Other Assets 3,600.00 1,317,002.00 Equities 243,650.00 178,940.00 P 200,000.00 345,000.00 Accounts Payable Notes Payable Borromeo, Capital Laus, Capital 641,976.00 728,352.00 1,020,916.00 1,317.002.00 On May 1, 2022, the business accounts of Borromeo and Laus appear below. a. b. Accounts receivable of P20,000 in Borromeo's books andP35,000 in Laus' books are uncollectible. Inventories of P5,500 and P6,700 are worthless in Borromeo's and Laus' respective books. Other assets of P2,000 and P3,600 in Borromeo's and Laus' respective books are to be written off C. Using the information given, and assuming Kim offered to join for a 20% interest in the new BLK Partnership, how much cash should he contribute? Borromeo 11,000.00 P 234,536.00 120,035.00 603,000.00 50,345.00 2,000.00 P 1,020,916.00 P
6 - Which of the following is the account and amount that should appear in the dotted places in the journal article above? a) 191 VAT Deductible 5.400 TL B) 391 VAT to be calculated Hs. 5.400 TL NS) 391 Calculated VAT Hs. 6.300 TL D) 360 Taxes and Funds Payable Hs. 5.400 TL TO) 191 VAT Deductible 5,000 TL
Requlred Informatlon RivMera Townshlp reported the following data for Its governmental activitles for the year ended June 30, 20X9: 2 of 3 Item Amount Cash and cash equivalents $1,000,000 300,000 8,500,000 1,200,000 400,000 4,800,000 Receivables Capital assets Accumulated depreciation Accounts payable 01:56:09 Long-term liabilities Additlonal Information avalable is as follows: All of the long-term debt was used to acquire capital assets. Cash of $475,000 Is restricted for debt service. Based on the preceding Informatlon, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets Invested In capital assets, net of related debt? Multiple Cholce $3.300,000 $2.900,000 $2,825,000 $4.200,000
Use the following table: Case X Case Y Case Z Cash $ 940 $ 1,470 $ 1,940 Short-term investments 0 0 780 Receivables 0 1,690 1,360 Inventory 3,400 1,560 6,520 Prepaid expenses 2,600 1,020 1,460 Total current assets $ 6,940 $ 5,740 $ 12,060 Current liabilities $ 3,600 $ 1,800 $ 5,750 Required:Calculate the quick ratio in each of the above cases and select the case which is in the best position to meet short-term obligations most easily. (Round your answers to 2 decimal places.)
moodle1.du.edu.om A 5. OR Extract of Balance sheet items as at 31 December 2019 مجاب عليه 20000 Building 3500 Account receivables جة من 2 11500 Capital lis ple 5000 Closing Stock 3000 Short term Loan 1500 Bank overdraft 500 Cash 7500 Mortagage loan 1650 Machinery 6000 Account payables 1000 Accumulated Depreciation 200 Short term Investments 4500 Trade marks 1000 Drawings 7150 Retained Earnings 1300 Expenses Payable : Total Current Liabilities are اخترأحد الخيارات a. OR 19300 b. OR 10650 C. OR 12150 d. OR 11800

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