A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $30,000 Building 67,000 Accounts Receivable 45,000 Bank Loan 65,000 Cash 30,000 Common Stock 5,000 Equipment 23,000 Land 13,000 Unused Supplies 3,000 Net Income 29,000 No dividends were paid. Calculate retained earnings at December 31, 2019.
Q: B. Consider the following: Total variable costs $200,000 Total fixed costs $150,000 Annual volume of…
A: TARGET COSTINGTarget Costing initiates cost management at the earliest stages of Product development…
Q: Quatro Company issues bonds dated January 1, 2020, with a par value of $770,000. The bonds' annual…
A: The bonds are issued to raise the money from the investors. The bonds are reported as the long-term…
Q: Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity).…
A: Solution:-Given,Melissa, Nicole and Miguel are equal partners in the Opto Partnership (a…
Q: Required: Royal Cigar Company is preparing a budget for cash collections. Its sales for November and…
A: The companies estimate at the beginning of the period how much of the company sales will be on…
Q: CORIS RA is a government owned enterprise which is legislated to generate its own income which it…
A: The cash flow statement is prepared at the end of the period to know the cash position. It reflects…
Q: ! Required information [The following information applies to the questions displayed below.] On…
A: Bonds are issued at a premium when the market rate is lower than the bond coupon rate.Bonds are…
Q: Hank Manufacturing maked cleaning solvent sold in large container with a plastic liner. Their…
A: Materials Purchase Budget is the Budget that anticipates the total number of raw materials to be…
Q: How do I calculate Work In procces
A: Job order costing is the used to allocate different types of costs to their related jobs through…
Q: Required: 1. What is the total relevant cost of filling this special sales order? 2. What would be…
A: In a special order, relevant cost of the product is compared with the selling price of the product.…
Q: Exercise 10-9 (Algo) Find missing amounts for retained earnings (LO10-5 Consider each of the…
A: Statement of Equity: It refers to one of the financial statements that is prepared by the business…
Q: E 16-5 Taxable income given; calculate deferred tax liability from book-tax difference; 100%…
A: The deferred tax liability is created when the taxes to be paid as per income tax are greater than…
Q: Trent, Incorporated needs an additional worker on a multiyear project. It could hire an employee for…
A: Marginal income tax is the tax rate paid on income. Marginal income tax is the difference between…
Q: In September, Manson Paint Corporation began operations in a state that requires new employers of…
A: Unemployment tax refers to the taxes imposed on employers to fund unemployment insurance programs.…
Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000;…
A: Journal Entry :Journal entries refer to the recording of daily transactions of a business entity.…
Q: Consultants notify management of Discount Pharmaceuticals that a stroke medication poses a potential…
A: Income statement:The income statement is the statement or the record that is prepared by the company…
Q: Listed below are the transactions that affected the shareholders' equity of Branch-Rickle…
A: Shares are defined as the company’s holdings that are provided to the investors or any person who…
Q: A company that uses the perpetual inventory system sold goods to a customer on account on June 14…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Consultants notify management of Discount Pharmaceuticals that a stroke medication poses a potential…
A: Liability means the amount which is to be paid to an outsider by business. It is the present…
Q: A company had taxable income of $2 million in fiscal 2026 and paid taxes of 0.7 million; the company…
A: Taxable income:The tax income refers to the amount on which tax liability needs to be calculated…
Q: ABC Mart received a $20 freight bill for merchandise it purchased with freight terms of FOB shipping…
A: The term FOB shipping point is a contraction of the term Free on Board Shipping Point. The term…
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a…
A: Relevant CostIn Management accounting the term relevant cost is really matters. The relevant cost is…
Q: None
A: Factoring of accounts receivable refers to a financial arrangement where a business sells its…
Q: Required: 1. Complete the below table to calculate the trend percents for all components of both…
A: Income statement:The income statement is the statement or the record that is prepared by the company…
Q: Annie’s Homemade Ice Cream is preparing a planning budget for August. Its budgeted revenue per…
A: Flexible Budgets are the budgets for the costs and revenues that can be altered with the change in…
Q: Pharoah Limited is a Niagara-on-the-Lake, Ontario-based winery producing blended, premium, and…
A: Price / Earnings ratio = Market price per share / Earnings per shareDividend Payout…
Q: Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the…
A: The revenue recognition principle states that revenue is required to be entered in the books of…
Q: None
A: Notes receivable received on credit sales provide a means for businesses to extend credit to…
Q: Mr. Zan, a calendar year taxpayer, opened a new car wash. Prior to the car wash's grand opening on…
A: Start-up expenditure deduction-The startup cost is the expenditure incurred before the business…
Q: Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care…
A: The objective of the question is to calculate the net operating incomes earned by Division A,…
Q: Double-Declining-Balance Depreciation A building acquired at the beginning of the year at a cost of…
A: Depreciation : Accounting method wherein the cost of a tangible asset is spread over the asset's…
Q: When a corporation repurchases its own shares, there is: Part 1 A. An income gain. B. a liability…
A: A company usually uses a procedure known as a "share buyback" or "stock repurchase" when it buys…
Q: Chaz Corporation has taxable income in 2023 of $1,312,000 for purposes of computing the §179 expense…
A: To calculate the maximum total depreciation deduction for Chaz Corporation in 2023,we need to…
Q: Units to be produced (by quarters): 8,800, 10,560, 12,320, 14,080. Direct labor: Time is 3.00 hours…
A: Manufacturing overheadFactory overhead refers to all the expenses other than direct material cost,…
Q: Tamanda is trying to determine her net profit from the following information she gathered from her…
A: The net profit is calculated by preparing the Income Statement. To calculate net profit, first we…
Q: Calculate the quick ratio based on the following information: cash = $23,860; accounts receivable =…
A: The quick ratio, or acid-test ratio, shows if a company can pay its short-term bills using its…
Q: Gross Pay through August 31 $ 6,600 2,200 131,600 Gross Pay for September $ 500 2,300 8,200 Assuming…
A: Payroll: It implies a process of maintaining the data of all the employees of the business,…
Q: Using Flexible Budgets The following summary data are from a performance report for Sterling Company…
A: Variable cost is the cost that changes with change in the activity of cost driver used. The variable…
Q: Boardwalk Web Design has just completed operations for the year ended December 31, 2025. This is the…
A: BALANCE SHEETThe balance sheet is one of the important financial statements of the company. Balance…
Q: How much is the remittance of MedLab Inc. to the bank by the end of September?
A: Cash Remittance A cash remittance is one in which the sender puts cash into the recipient's account…
Q: answer with must must explanation , computation for each parts and steps answer in text form no copy…
A: Variance analysis Variance analysis is an analysis of a difference between planned and actual…
Q: At the beginning of the period, the Cutting Department budgeted direct labor of $131,000, direct…
A: Flexible budget is prepared to analyze the profitability of the business at different levels of…
Q: During December, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in…
A: Payroll Accounting is the accounting for the total earnings of the employees, total tax deductions,…
Q: Calculate Calvin's charitable contribution deduction and carryover (
A: Adjusted Gross Income is the gross income after adjusting certain specific deduction. Charitable…
Q: The following selected financial information was extracted from the December 31, 2024, financial…
A: The total capital and equity of the entity's owners is expressed as total stockholders equity. It…
Q: Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor…
A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…
Q: Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term…
A: The fixed income payments and priority claim on assets in the event of bankruptcy make debt…
Q: None
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: On January 1, 2024, Splash City issues $380,000 of 8% bonds, due in 15 years, with interest payable…
A: Bonds help companies to acquire the funds needed to meet business obligations. However, it requires…
Q: During Year 4, Lamb Inc. suffered a tax loss of $(360,000). Lamb qualifies for a two-year loss…
A: Answer:- Journal entry meaning:- In accounting a journal entry is a record of a commercial…
Q: Sunland Company enters into a lease agreement with Carla Vista Inc. to lease office space for a term…
A: lease is a contractual arrangement between two parties, known as the lessor and the lessee, in which…
A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019:
Accounts Payable | $30,000 |
Building | 67,000 |
Accounts Receivable | 45,000 |
Bank Loan | 65,000 |
Cash | 30,000 |
Common Stock | 5,000 |
Equipment | 23,000 |
Land | 13,000 |
Unused Supplies | 3,000 |
Net Income | 29,000 |
No dividends were paid. Calculate
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- Carla Vista Corporation began operations on January 1, 2027. The following information is available for Carla Vista on December 31, 2027. Accounts receivable$1, 060Accounts payable$1, 420Equipment12, 880Cash2, 400Dividends2, 180Notes payable5, 750Supplies 2,050Common stock7, 940 Retained earningsNet income5, 460 Prepare a retained earnings statement for Carla Vista Corporation for 2027. (List items that increase retained earnings first.) Prepare a retained earnings statement for Carla Vista Corporation for 2027. (List Items that increase retained earnings first.) CARLA VISTA CORPORATION Retained Earnings StatementAn entity provided the following information on December 31, 2019: Accounts payable 2,000,000 Accrued expenses 800,000 Bonds payable due December 31, 2020 2,500,000 Premium on bonds payable 300,000 Deferred tax liability 500,000 Income tax payable 1 ,100,000 Cash dividend payable 600,000 Share dividend payable 400,000 Note…On December 31, 2019, the bookkeeper of Tiger Company provided the following information: What is the total current liabilities on December 31, 2019? * Accounts payable, trade Dividends payable 3,600,000.00 600,000.00 Withholding tax payable 185,000.00 Notes payable, including note payable on bank due Dec 2024 of P200,000 1,800,000.00 Bank overdraft 300,000.00 Accrued interest on bonds payable 125,000.00 Bonds Payable,6% 5,000,000.00 Stock dividends payable 140,000.00
- 1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?
- You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…
- A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $2,500 Accounts Receivable 5,200 Advertising Expense 450 Cash 1,500 Common Stock 3,190 Interest Expense 400 Service Revenue 4,500 Supplies Expense 240 Unused Supplies 200 Wages Expense 2,200 Net assets total:You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…The following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?