A property company received cash for rent totalling $838,600 in the year ended 31 December 20X6. Figures for rent in advance and in arrears at the beginning and end of the year were: 31 December 20X5 31 December 20X6 $ $ Rent received in advance 102,600 88,700 Rent in arrears (all subsequently received) 42,300 48,400 What amount should appear in the company's statement of profit or loss for the year ended 31 December 20X6 for rental income?
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A property company received cash for rent totalling $838,600 in the year ended 31 December 20X6.
Figures for rent in advance and in arrears at the beginning and end of the year were:
31 December 20X5 31 December 20X6
$ $
Rent received in advance 102,600 88,700
Rent in arrears (all subsequently received) 42,300 48,400
What amount should appear in the company's statement of profit or loss for the year ended 31
December 20X6 for rental income?
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- Under accrual basis, rental income of Hamilton company for the current year is P300,000. Additional information is as follows:Unearned rental income, January 1 25,000Unearned rental income, December 31 37,500Accrued rental income, January 1 15,000Accrued rental income, December 31 20,000How much cash was received from rental in the current year?Required: Compute the asset turnover ratio for 2021. (Re Asset turnover ratioThe net income reported on the income statement for the current year was $128,600. Depreciation recorded on store equipment for the year amounted to $21,200. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $51,950 $47,270 Accounts receivable (net) 37,250 34,930 Inventories 50,860 53,180 Prepaid expenses 5,710 4,490 Accounts payable (merchandise creditors) 48,680 44,720 Wages payable 26,600 29,210 Question Content Area a. Prepare the “Cash flows from (used for) operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Please avoid answers in image format thank you
- The net income reported on the income statement for the current year was $149,900. Depreciation recorded on store equipment for the year amounted to $24,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: ETT End of Year Beginning of Year Cash $59,660 $54,290 Accounts receivable (net) 42,780 40,120 Inventories 58,410 61,080 Prepaid expenses 6,560 5,160 Accounts payable (merchandise creditors) 55,900 51,360 Wages payable 30,550 33,550 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities b. Cash flows from…The Statement of Financial Position of Hawkeye as at 30 June 2022 showed the following assets and liabilities: 2022 $ Assets Cash Accounts receivables Allowance for doubtful debts Inventory Rent Receivable Plant Accumulated Depreciation - Plant Deferred Tax Asset Liabilities Accounts Payable Unearned rent revenue Provision for annual leave Deferred Tax Liability Additional information 15 000 30,000 (3,000) 13,500 7,000 100,000 (40,000) ? 19,000 5,000 2,500 ? 2021 $ 12 500 40,000 (5,000) 10,500 7,500 100,000 (30,000) 3,400 16,000 3,500 2,000 5,200 a. Accumulated depreciation of plant for tax purposes was $55,000 as at 30 June 2022. b. The tax rate is 30%. Required Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2022.Under accrual basis, an entity reported rental income for the current year of P1,500,000. The entity provided the following additional information regarding rental income: Unearned rental income, January 1 125,000 Unearned rental income, December 31 187,500 Accrued rental income, January 1 75,000 Accrued rental income, December 31 100,000 Under cash basis, what amount was received from rental in the current year? Group of answer choices 1,462,500 1,562,500 1,537,500 1,637,500
- The net income reported on the income statement for the current year was $143,700. Depreciation recorded on store equipment for the year amounted to $23,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $55,900 $51,430 Accounts receivable (net) 40,080 38,010 Inventories 54,730 57,860 Prepaid expenses 6,150 4,890 Accounts payable (merchandise creditors) 52,380 48,650 Wages payable 28,620 31,780 a. Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.The net income reported on the income statement for the current year was $152,300. Depreciation recorded on store equipment for the year amounted to $25,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $61,530 $55,990 Accounts receivable (net) 44,120 41,380 Inventories 60,240 62,990 Prepaid expenses 6,770 5,320 Accounts payable (merchandise creditors) 57,650 52,970 Wages payable 31,500 34,600 Question Content Area a. Prepare the “Cash flows from (used for) operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. blankblank Line Item Description Amount Amount Cash flows from (used for) operating activities: $Net income Adjustments to reconcile net income to net cash flows from…Prepare a SFP for ABM Company for this year ended December 31, both in account and report form using the following information below:ABM Capital ₱21,950 Unearned Revenue ₱1,000Accounts Payable ? Accumulated Depreciation ₱2,000Accrued Expense ₱4,500 Inventory ₱39,800Building ₱100,000 Cash ₱32,800Prepaid Rent ₱1,000
- The income statement disclosed the following items for the year: Depreciation expense $40,700 Gain on disposal of equipment 23,760 Net income 254,700 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $6,340 Inventory (3,610) Prepaid insurance (1,350) Accounts payable (4,300) Income taxes payable 1,350 Dividends payable 950 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flows from operating activities b. Why is net cash flows from operating activities different than net income? Cash flows…The net income reported on the income statement for the current year was $120,900. Depreciation recorded on store equipment for the year amounted to $19,900. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $48,120 $43,790 Accounts receivable (net) 34,500 32,360 Inventories 47,110 49,260 Prepaid expenses 5,290 4,160 Accounts payable (merchandise creditors) 45,090 41,430 Wages payable 24,640 27,060 a. Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Cash flows from operating activities: Decrease in prepaid expensesDepreciationIncrease in inventoriesNet incomeNet income $Net income Adjustments to reconcile net income to net cash flow from operating…The net income reported on the income statement for the current year was $142,900. Depreciation recorded on store equipment for the year amounted to $23,600. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $55,020 $50,070 Accounts receivable (net) 39,450 37,000 Inventories 53,860 56,330 Prepaid expenses 6,050 4,760 Accounts payable (merchandise creditors) 51,550 47,370 Wages payable 28,170 30,940 a. Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: $ Adjustments to reconcile net income to net cash flow from operating activities: Changes in current…