On April 1, 2020 Perfect company Ltd., a company thatprovides flying lessons, was started with an investment of 90000$ cash in the business. Following are the assets and liabilities ofthe company on April 31, 2020, and the revenues and expensesfor the month of April. (all amounts in thousands).Cash900042,580Accounts Receivable 7,420 Rent ExpenseNotes Payable W2,00051,000 Maintenance and Service RevenueEquipment13,600800 Advertising ExpenseRepairs Expense1000Gasoline Expense2,8005000 AccountsPayableUtilities Expense800Cars77000unearned revenue6000No additional investments were made in May, but the companypaid dividends of W 960 000 during the month.1. Prepare income statement, retained earnings statement &financial passion statement for the April month.

Name: On April 1, 2020 Perfect company Ltd., a company thatprovides flying
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: On April 1, 2020 Perfect company Ltd., a company thatprovides flying lessons, was started with an investment of 90000$ cash in the business. Following are the assets and liabilities ofthe company on April 31, 2020, and the revenues and expensesfor t

Following will the be presentation of 3 statements

Business

Accounting

On April 1, 2020 Perfect company Ltd., a company that provides flying lessons, was started with an investment of 90000 $ cash in the business. Following are the assets and liabilities of the company on April 31, 2020, and the revenues and expenses for the month of April. (all amounts in thousands). Cash 9000 Notes Payable W 42,580 Accounts Receivable 7,420 Rent Expense 2,000 Equipment 13,600 800 Advertising Expense 51,000 Maintenance and Service Revenue Repairs Expense 1000 Gasoline Expense 2,800 5000 Accounts Payable Utilities Expense 800 Cars 77000 unearned revenue 6000 No additional investments were made in May, but the company paid dividends of W 960 000 during the month. 1. Prepare income statement, retained earnings statement & financial passion statement for the April month.

On April 1, 2020 Perfect company Ltd., a company that provides flying lessons, was started with an investment of 90000 $ cash in the business. Following are the assets and liabilities of the company on April 31, 2020, and the revenues and expenses for the month of April. (all amounts in thousands). Cash 9000 Notes Payable W 42,580 Accounts Receivable 7,420 Rent Expense 2,000 Equipment 13,600 800 Advertising Expense 51,000 Maintenance and Service Revenue Repairs Expense 1000 Gasoline Expense 2,800 5000 Accounts Payable Utilities Expense 800 Cars 77000 unearned revenue 6000 No additional investments were made in May, but the company paid dividends of W 960 000 during the month. 1. Prepare income statement, retained earnings statement & financial passion statement for the April month.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Wildhorse Co. had the following transactions during 2021:• Sales of $9720 on account• Collected $4320 for services to be performed in 2022• Paid $4050 cash in salaries for 2021• Purchased airline tickets for $540 in December for a trip to take place in 2022What is Wildhorse's 2021 net income using accrual accounting? $5670 $9990 $6210 $10530
(10 minutes) Omni Consumer Products Ltd. ("Omni") revealed the following information for the years ended December 31, 2020 and 2019: 2020 25,000 435,000 675,000 885,000 2019 Cash Accounts Receivable Inventory.. Property, Plant and Equipment.. 2$ 24,500 550,000 630,000 600,000 Accounts Payable. Long-term Debt.. $1,040,000 . $5,000,000 $1,091,000 $5,290,000 Net Credit Sales $4,054,000 $4,169,000 Omni's credit terms are net 30 days. Instructions 1. Calculate Omni's 2020 and 2019 current ratio. 2. Calculate Omni's quick ratio for 2020 and 2019. 3. Comment on Omni's year over year liquidity position. 4. Calculate Omni's accounts receivable turnover ratio for 2020. 5. On the average how long does it take Omni to collect its accounts receivable? Is this good? 6. If Omni wants to speed up collections of accounts receivable, what types of things might Omni consider doing? Edit View Insert Format Tools Table 12pt v Paragraph v MAR 18 ottv
Clariza Frozen Goods Inc. opened its business on January 1, 2020. The Company has the followingtransactions during the year:• Sales (cash and credit) during the year amounted P5,000,000. Ninety percent of these were madeon credit.• The Company granted discounts to its customers as follows:o 3/10, n/30o 2/15, n/30o 1% for all cash customers• Cash received from customers (deposited with Jennifer Bank) amounting to P3,425,000 consistedof:✓ Cash customers P495,000✓ Customers paying within 10 days 1,940,000✓ Customers paying within 15 days 490,000✓ Customers not availing the discounts 500,000• Merchandise returns amounted to P500,000, all related to credit sales.• The Company provided for 2% of its net credit sales as doubtful accounts.Unadjusted balances of some of the Company’s accounts as at December 31, 2020 before closing its booksare as follows:Cash in bank per ledger - Charles Bank P1,500,000Cash in bank per bank statement - Charles Bank 1,775,000Current account - Jennifer Bank…
Clariza Frozen Goods Inc. opened its business on January 1, 2020. The Company has the followingtransactions during the year:• Sales (cash and credit) during the year amounted P5,000,000. Ninety percent of these were madeon credit.• The Company granted discounts to its customers as follows:o 3/10, n/30o 2/15, n/30o 1% for all cash customers• Cash received from customers (deposited with Jennifer Bank) amounting to P3,425,000 consistedof:✓ Cash customers P495,000✓ Customers paying within 10 days 1,940,000✓ Customers paying within 15 days 490,000✓ Customers not availing the discounts 500,000• Merchandise returns amounted to P500,000, all related to credit sales.• The Company provided for 2% of its net credit sales as doubtful accounts.Unadjusted balances of some of the Company’s accounts as at December 31, 2020 before closing its booksare as follows:Cash in bank per ledger - Charles Bank P1,500,000Cash in bank per bank statement - Charles Bank 1,775,000Current account - Jennifer Bank…
Clariza Frozen Goods Inc. opened its business on January 1, 2020. The Company has the followingtransactions during the year:• Sales (cash and credit) during the year amounted P5,000,000. Ninety percent of these were madeon credit.• The Company granted discounts to its customers as follows:o 3/10, n/30o 2/15, n/30o 1% for all cash customers• Cash received from customers (deposited with Jennifer Bank) amounting to P3,425,000 consistedof:✓ Cash customers P495,000✓ Customers paying within 10 days 1,940,000✓ Customers paying within 15 days 490,000✓ Customers not availing the discounts 500,000• Merchandise returns amounted to P500,000, all related to credit sales.• The Company provided for 2% of its net credit sales as doubtful accounts.Unadjusted balances of some of the Company’s accounts as at December 31, 2020 before closing its booksare as follows:Cash in bank per ledger - Charles Bank P1,500,000Cash in bank per bank statement - Charles Bank 1,775,000Current account - Jennifer Bank…
Clariza Frozen Goods Inc. opened its business on January 1, 2020. The Company has the followingtransactions during the year:• Sales (cash and credit) during the year amounted P5,000,000. Ninety percent of these were madeon credit.• The Company granted discounts to its customers as follows:o 3/10, n/30o 2/15, n/30o 1% for all cash customers• Cash received from customers (deposited with Jennifer Bank) amounting to P3,425,000 consistedof:✓ Cash customers P495,000✓ Customers paying within 10 days 1,940,000✓ Customers paying within 15 days 490,000✓ Customers not availing the discounts 500,000• Merchandise returns amounted to P500,000, all related to credit sales.• The Company provided for 2% of its net credit sales as doubtful accounts.Unadjusted balances of some of the Company’s accounts as at December 31, 2020 before closing its booksare as follows:Cash in bank per ledger - Charles Bank P1,500,000Cash in bank per bank statement - Charles Bank 1,775,000Current account - Jennifer Bank…
Your review of the ledger of Maliwanag Corporation at December 31, 2020 reveals the following account balances: Accounts due from customer P148,000 Accounts due to suppliers 124,000 Accrued interest on bonds payable 17,000 Sinking fund for bond retirement 30,000 Land for future plant site 350,000 Estimated warranty obligations 60,000 Advances to major suppliers 150,000 Inventories including office supplies of P3,500 221,000 Income taxes owed to BIR 16,000 Allowance fro doubtful accounts…
signment #7 (Chapter 3) Due 7 April 2024 Saved Help $550,000; You are evaluating the balance sheet for SophieLex's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $340,000; accounts receivable = $1,300,000; inventory = $2,200,000; accrued wages and taxes = accounts payable $850,000; and notes payable = $700,000. = Calculate SophieLex's current ratio, quick ratio, and cash ratio. Note: Round your answers to 2 decimal places. Current ratio Quick ratio Cash ratio times times times W
A small taxi company presents the following preliminary balance sheet as of December 31 in the financial statements for the year 2020. The preliminary one is when we are in November 2020 and are budgeting for the financial year 2021. Balance sheet 20201231 ( Mkr) Cars 2960 Accounts receivable. 360 Cash 660 S: a assets 3980 tkr Equity 1145 (of which this year's res. 250) Loan 1950 Other Liabilities 885 S:a Ek & liabilities 3980 tkr The company has six taxis and hires staff to drive the cars. The customers consist of both private individuals and some of the municipality's schools. For the coming years, the company has budgeted personnel costs to a total of SEK 3,130,000. Other costs for fuel, car maintenance, etc. are believed to amount to SEK 1,225,000. It is estimated that the taxis will generate revenue of a total of SEK 5,300,000, ie approximately SEK 880,000 per car. In total, the cars are depreciated by SEK 550,000 per year. The loan interest rate is…
The income statement of Dolan Corporation for 2020 included the following items: Interest revenue $141,000 Salaries and wages expense 210,000 Insurance expense 21,200 The following balances have been excerpted from Dolan Corporation's balance sheets: December 31, 2020 December 31, 2019 Interest receivable $18,200 $15,000 Salaries and wages payable 17,800 8,400 Prepaid insurance 2,200 3,000 The cash received for interest during 2020 was
UTV Corp. have the following account balances for the year ended December 31, 2020:DEBIT BALANCESAmountCash and cash equivalents400,000Accounts receivable900,000Raw materials560,000Goods in process600,000Finished goods1,400,000Financial assets at FVOCI2,500,000Sinking fund200,000Land1,000,000Building6,000,000Plant and equipment2,400,000Patent800,000Goodwill1,400,000Unrealized loss – FVOCI100,000Prepaid benefit cost20,000Treasury shares at cost250,000TOTAL18,530,000 CREDIT BALANCESAmountBank overdraft100,000Due from an officer50,000Allowance for bad debts40,000Accumulated depreciation – building1,600,000Accumulated depreciation – plant and equipment400,000Notes payable, due June 30, 20211,300,000Notes payable, due June 30, 20222,100,000Accounts payable1,000,000Provision180,000Warranty liabilities80,000Income tax payable120,000Finance lease liability180,000Deferred tax liability280,000Actuarial gain300,000Revaluation surplus360,000Share capital6,000,000Share premium2,000,000Retained…
wu Company has the following selected accounts balances on 31 December 2020. (RM) 2,940 (RM) Equipment Notes Payable Supplies Unearned Service Revenue 6,650 20,000 30,000 Prepaid Insurance 2,220 All of the accounts have normal balances. The information below has been gathered as at 31 December 2020: 1. Depreciation was 10% on equipment for the year 2020. 2. Borrowed RM20,000 by signing a 10%, one-year note on 1 July 2020. 3. Paid RM2,220 for 12 months of insurance coverage on 1 October 2020. 4. Accrued RM11,000 of salaries and wages expense on 31 December 2020. 5. Performed services for a client in December 2020. The client was billed for RM3,200. 6. RM12,000 of unearned service revenue remained unearned for the year 2020. 7. A count of supplies on 31 December 2020, indicates that supplies of RM850 are still on hand. Required: Journalize the above adjusting entries required at 31 December 2020. Show all workings.