Joe Razon, the sole proprietor of the photocopying business that opened October 1, 2018. For the quarter ended December 30, 2018, the business was able to make revenues of ₱50,000 (all in cash) and it was able to incur expenses of ₱35,000 (all in cash). As the end of the quarter, total liabilities amounted to ₱50,000. Joe Razon wants to know the business total assets and total owner’s equity. With the help of his friend who is an accountant, he arrived at ₱75,000 total assets and ₱25,000 total owner’s equity. Moreover, Joe Razon had a Cash investment of ₱45,000 cash and Equipment amounting to ₱30,000.

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

The total liabilities of ABC Company for the period ending December 31, 2021 amounted to ₱300,000.  This balance includes the following items:     Notes Payable due in 3 years ₱100,000 Interest Payable 3,200 Accounts Payable 140,800 Accrued Salaries Expense 35,000 Accrued Interest Income 4,000 Unearned Commissions Income 12,000 Unused Office Supplies 5,000 What is the correct amount of ABC Company's total liabilities?

Olivia Smith is the owner of an unincorporated business that does landscaping. The business began operations on January 2, 2019 and has a December 31 year end. The 2019 and 2020 results for the business can be described as follows: 2019 During its first year, the business had sales of delivered merchandise and services totaling $185,000. OF this total $65,000 had not been collected on December 31, 2019. Olivia anticipates that #5,000 of these sales will be uncollectible. In addition to these sales of delivered merchandise and services, she received $23,000 in advances for merchandise to be delivered in 2020. Olivia purchased a large supply of landscaping materials from the trustee of a bankrupt landscaping business at a very good price. Since she is unlikely to use them in the next few years, she has arranged to sell these materials for $50,000. These materials have a cost of $40,000, resulting in a total gross profit of $10,000. Because of the size of this sale, she has agreed to…

BLOSSOM's balance sheet at December 31, 2020, is as follows. (See Image 1) (See Image 2) Other information about BLOSSOM is as follows. Salary expense, all paid with cash during 2021   $700 Sales, all for cash   2,990 Purchases, all for cash   2,020 Inventory at 12/31/21   1,790 Property originally cost $2,100 and is depreciated on a straight-line basis over 25 years with no residual value.Interest on the note payable is 10% annually and is paid in cash on 12/31 of each year.Dividends declared and paid are $190 in 2021. Prepare an income statement for 2021. (Round answers to 1 decimal place)

Brady Corporation is preparing an income statement for year ended 12/31/20.  During the final week of 2020, Brady earned revenues of $6,000 on account.  It expects to collect the $6,000 on 1/10/21.  Brady also incurred $1,500 of payroll costs which will be paid to employees on 1/15/21.  Brady also paid cash of $500 for office cleaning services.  No other transactions occurred in 2020.   What is the net income of Brady Corporation if it uses cash basis accounting?