Bonita Ltd. has retained earnings of NT$679,700 at January 1, 2022. Net income during 2022 was NT$1,641,700, and cash dividendsdeclared and paid during 2022 totaled NT$81,700. Prepare a retained earnings statement for the year ended December 31, 2022.Assume an error was discovered: Land costing NT$86,300 (net of tax) was charged to repairs expense in 2021. (List items that increaseretained earnings first.)BONITA LTDRetained Earnings StatementNT$NT$>>

Retained Earnings statement shows the accumulated Profits of the Company After the Payment of…

Answered: Bonita Ltd. has retained earnings of…

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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The following items were reported on Kevin Company's statement of comprehensive income for the year ended December 31, 2021: Legal and audit fees-P170,000; Rent expense-P240,000; Interest expense-P210,000; Loss on sale of equipment-P35,000. The office space is used equally by Kevin's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses? A P325,000 B) P500,000 P290,000 D) P410,000
For the year ended December 31, 2023, Tamarisk Ltd. reported income before income taxes of $98,000. In 2023, Tamarisk Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023. The company paid $68,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Tamarisk Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $42,000, of which $35,000 was actual repairs for 2023 and the remaining $7,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $20,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $200,000. Capital Cost Allowance (CCA) claimed for the year was $223,000. Tamarisk was subject to a 20%…
You have been engaged to examine the books and other records of Golden Harvest Corporation, which started its operations in 2020. Your examination disclosed the following information: (1) Reported profit (loss) for the year: 2020 2021 2022 P(250,000) 320,000 380,000 (2) The company during the three-year period failed to recognize accruals and deferrals at yearend. The amounts omitted were as follows: Accrued expenses Accrued income Prepaid expenses Unearned income 2020 P20,000 32,000 12,000 15,000 2021 P25,000 30,000 18,000 10,000 2022 P30,000 26,000 24,000 8,000 (3) Goods which were in transit at yearend were omitted from the physical count. These goods had been property recorded as purchases during the year: P28,000 64,000 End of 2021 End of 2022 (4) The company purchased a machine costing P80,000 on August 31, 2020. The amount was recorded as expense. The company depreciates all its property, plant and equipment using the straight-line method, rounded to the nearest month and…
Vaugh Inc. reported net income of $3.10 million in 2022.Depreciation for the year was $198, 400, accounts receivable decreased $434, 000,and accounts payable decreased $347, 200 .Compute net cash provided by operating activities using the indirect method.
Allen Company's 2022 income statement reported total revenues, $890,000 and total expenses (including $44, 000 depreciation) of $760,000. The company's accounting records showed the following: accounts receivable - beginning balance, $54,000 and ending balance, $43, 600; accounts payable - beginning balance, $26,000 and ending balance, $31,600. Therefore, based only on this information, how much was the 2022 net cash provided by operating activities? Multiple Choice $190,000. $ 178,800. $125, 200. $169, 200
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Bracewell Company reported net income of ₱195,000 for 2012. Bracewell also reported depreciation expense of ₱45,000 and a loss of ₱5,000 on the sale of equipment. The comparative balance sheet shows a decrease in accounts receivable of ₱15,000 for the year, a ₱17,000 increase in accounts payable, and a ₱4,000 decrease in prepaid expenses. Prepare the operating activities section—indirect method.
Wildhorse Co. reported net income of $176,240 for 2022. Wildhorse Co. also reported depreciation expense of $34,330 and a loss of $4,840 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $13,520 for the year, a $16,200 increase in accounts payable, and a $3,990 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
In its income statement for the year ended December 31, 2022, Cullumber Company reported the following condensed data. Operating expenses $ 710,000 Interest revenue $ 23,000 Cost of goods sold 1,246,000 Loss on disposal of plant assets 7,000 Interest expense 60,000 Net sales 2,190,000 Income tax expense 35,000 Other comprehensive income (net of $1,200 tax) 7,300 (a) Prepare a multiple-step income statement.
Sandhill Rental Company provided the following information to its auditors. For the year ended March 31, 2017, the company had revenues of $877,800, general and administrative expenses of $358,200, depreciation expenses of $131,455, leasing expenses of $108,195, and interest expenses equal to $78,122. If the company's average tax rate is 34 percent, what is its net income after taxes? (Round intermediate calculations and final answer to the nearest whole dollar, e.g. 5,275.) Sandhill Rental CompanyIncome Statement as of March 31, 2017Amount select an income statement item Depreciation ExpensesRent RevenueEarnings Before Interest, Taxes, Depreciation, and AmortizationNet Income / (Loss)Leasing ExpensesRevenuesGeneral and Administrative ExpensesUtilities ExpenseEarnings Before Interest and TaxesInterest ExpenseEarnings Before TaxesTaxes $enter a dollar amount select an income statement item…
The amount of net deferred tax asset/(liability) at January 1, 2008 is? The amount of net deferred tax asset/(liability) at December 31, 2008 is? Income tax expense – current for 2008 is?

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