Prepare BALANCE SHEET
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: Cost of acquisition is the total cost incurred (including transaction cost) by a company to overtake...
Q: Indicate the financial statement on which each of the following items appears: income statement, sta...
A: income statement is a statement that is prepared by the company to know the net income on by the com...
Q: In the Invoice Lookup, when view
A: Answer: SAGE 50 is the accounting software that is used by many business to record their day to day ...
Q: Problem 4-7 (Algo) Income statement presentation; statement of comprehensive income; unusual items (...
A: Comprehensive Income: Comprehensive Income remembers all changes for value during a period with the ...
Q: Explain and provide two examples of quick assets.
A: Quick assets are those assets which can be converted into cash easily or they are already in a cash ...
Q: A credit is not the normal balance for which account listed below? Dividends account Liability accou...
A: All the assets, expenses, and losses have a debit balance and all the liability, revenue, and gains ...
Q: During 2014, Search Company which uses the allowance method of accounting for doubtful accounts, rec...
A: Cash flows from operating activities is one of the important section of cash flows statement which s...
Q: Give me one example of Earnings Management. Please help me !!!
A: Earnings management refers to a company technique of deliberately use of accounting techniques to pr...
Q: ABC paid finder's fees of P80,000, legal fees of P26,000, audit fees related to stock issuance of P2...
A: In certain cases a well performing company may desire to acquire another company by purchasing certa...
Q: The following transactions took place at the Cook Employment Agency during November 20X1. DATE TRANS...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: What do we understand, when we say that Social and Economic Accounting is a "comprehensive,
A: GIVEN when we say that Social and Economic Accounting is a "comprehensive, consistent and integrat...
Q: What are the drivers to the cost of revenue
A: The total cost of producing and delivering a product or service to customers is known as the cost of...
Q: UBERCRUMMIE & FRITCH CO. CONSOLIDATED BALANCE SHEETS Formulas/Links Common Size Analysis Trend Analy...
A: Trend analysis is that financial statement analysis, under which increase or decrease is calculated ...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: Cost of acquisition means total expenses incurred by entity to purchase other entity or assets.
Q: АВС Со (carrying amounts) (fair values) XYZ Inc Combined Identifiable assets 9,600,000 6,400,000 16,...
A: A Goodwill is said to be an Intangible asset.The percentage of the purchase price that is larger tha...
Q: Conts XYZ Company prepares monthly interim financial statements. The company needs to estimate the m...
A:
Q: Vilo Company has estimated that total depreciation expense for 2014 will amount to P600,000 and that...
A: The expenses and revenue are recognised and recorded in the period they are actually incurred.
Q: PLKO Co. factored P160,000 accounts receivable to NCD Financing Corp on a with recourse basis on Jan...
A: Factoring is the facility wherein the company sells its account receivable to third party called fac...
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: Consolidated financial statements are those statements which are prepared for the consolidation of t...
Q: Really need help with this please and thank you. Wolford Department Store is located in midtown Me...
A: The income statement is prepared to record the revenues and expenses of the current period.
Q: mine plc has annual credut of k15m and allows 90 days credit. it is consideringba 2% discount paymen...
A: Calculation of Current Interest Cost Note: Since the customers pay back after 90 days, amount due fr...
Q: Raytheon Company disclosed the following data related to segment sales and operating profits for fis...
A: GIVEN Raytheon Company disclosed the following data related to segment sales and operating profits...
Q: In preparation for a new season, a buyer determined a 58% initial markup was required for total purc...
A: Introduction:- In order to fulfil her 50 percent gross margin objective, the buyer concluded that a ...
Q: If a company receives $10,800 from the owner to establish a proprietorship, the effect on the accoun...
A: When a proprietor makes investment to start a business it is known as capital contribution. Money i...
Q: 1. Issued stock to investors for $13,300 in cash. 2. Purchased used car for $10, 100 cash for use in...
A: The different transactions in the business affects two or more accounts of the business, with one ac...
Q: BC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January 1...
A: Solution Requirements how much is the Goodwill arising from this Business Combination how much is th...
Q: The photo given below is the horizontal analysis of Apple Inc income statement for two quotas. Discu...
A: Financial analysis is the one widely used by companies to determine the company's profitability over...
Q: What does the balance sheet measure? What is the “ Accounting Equation” used in a balance sheet?
A: The financial statements of the business include the balance sheet and income statement.
Q: 9. ABC paid finder's fees of P80,000, legal fees of P26,000, audit fees related to stock issuance of...
A: solution concept as per the provision of PFRS 3 The direct and indirect cost related to business acq...
Q: Help Brian May, guitarist for Queen, does not know how to price his signature Antique Cherry Special...
A: Markup = 80% on cost = 290×80% = 232
Q: The following information has been taken from the cost records of DEF co. for the past year: Raw Mat...
A: Raw material used in production = Beginning inventory of raw + Purchases of raw material - Ending in...
Q: 1. Use the following information for the next five questions:On January 1, 2021, ABC Co. acquired al...
A:
Q: Westinghouse Company manufactures major appliances. Because of growing interest in its product, it h...
A: >Mixed Cost is a cost that has the features of BOTH - Variable cost as well as Fixed Cost. &g...
Q: Discuss ROPs and to tal costs.
A: Answer: ROP is defined as reorder point. This is the inventory level that is to be maintained at the...
Q: ABC Corporation issued 15%, 1,000-par value preference shares. Interest is payable monthly. It will ...
A: Let the current market price of preference share be P Interest = 1,000 x 15% = 150 FV = Face value...
Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...
A: Goodwill is an intangible asset which comes into existence when a company buys or acquire another ex...
Q: Question: 1. How many ordinary shares are available for subscription? 2. How many preference shares ...
A: Shares refers to the equity ownership within the company or of the financial assets that are owned t...
Q: Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indir...
A: Solution: Actual overhead Overhead is recorded by debited Factory overhead. Also overhead is applied...
Q: E11-2 Recording note payable transactions [5–10 min] Record the following note payable transactions ...
A: Journal entries are the initial step of accounting cycle process, under which atleast one account is...
Q: Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter whic...
A:
Q: Shalika puts $650 into a savings account that pays 3.2% interest per year, compounded annually. What...
A: The amount of money after 10 years can be calculated as future value of annuity
Q: Diamond Platinum Silver RM RM RM 8,200.00 Selling price per unit Variable costs per unit: 6,500.00 6...
A:
Q: Repeat the requirements for part (a), assuming that Bonita Company has no reliable data with which t...
A: The question is based on the concept of Financial Accounting.
Q: Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer wi...
A: Tax is the amount which an individual or business is liable to pay the government for business opera...
Q: In preparing a statement of cash flows, which of the following transactions would be considered an i...
A: solution concept cash flow statement consists of -cash flow from operating activitie...
Q: P Corporation acquired an 80% interest in S Company on January 1, 2020 for P425,000. On this date, t...
A: Calculation of Goodwill recognized at January 1, 2020: Amount (P) Share capital 175,000 Ret...
Q: Carrie, a single taxpayer, finished her undergraduate degree using money from a student loan. She ea...
A: Tax benefits reduce your financial burdens. The term "tax benefit" refers to any tax law that allows...
Q: REQUIRED 1. Prepare the January 1 journal entry on Son's books to record push-down values. 2. Prepar...
A: Push-down accounting refers to an accounting method which is used by the company while purchasing an...
Q: АВС Со (carrying amounts) (fair values) 9,600,000 XYZ Inc Combined entifiable assets 6,400,000 16,00...
A: In case of acquisition, goodwill to be recognise in the books of account if purchase consideration i...
Q: Prepare any journal entries to record the revenue arrangement for Bonita Bundle B on July 1, 2020, a...
A: Accounting refers to recording of financial transactions for a given period. It is a summary of comp...
Step by step
Solved in 2 steps
- JECAF Convenience Store: Sole Proprietorship John Emmanuel is the owner of JECAF Convenience Store. The store was established on January 2, 20Z1. John Emmanuel deposited P50,000 to a bank account in the name of JECAF Convenience Store. HE made four more deposits of P3,000 each during the year from his personal account. The store generated net income of P63,435 in 20Z1. John Emmanuel regularly withdraws P1,000 per month from the store’s bank account for his personal use. Requirements: 1. Determine the 20Z1 year-end balance of the John Emmanuel, Drawings account. 2. Prepare a Statement of Changes in Equity for the year ended December 31, 20Z1.01 On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal savings account and deposited it directly into HI-Lo traders bank account 03 HI-Lo Traders obtained a loan of R30 000 with a repayment period of 12 months from invest Bank account 05 Hi-Lo Traders bought equipment from Blue Furnishers for R16 000. Hi-Lo made a payment of 16 000 directly into Hi-Lo bank account 09 A Cash sale amounting to R45 000 was made, the good were originally purchased at a cost of 35 000 13 Hl-Lo traders bought equipment on credit from Risk Furniture for R9000 15 HI-Lo Traders made a direct payment into the bank account of Risk Furnisher to pay their amount of 9000 18 The owner withdrew 1200 from the business to buy his daughter a birthday present 19 Hl-Lo Traders offered a service worth R5000 to Mr Bogus on credit 27 Hl-Lo Traders placed an advertisement in a local newspaper for R350 Payment was only due in…need asap Given: FABM Company, a service firm rendering computerizedaccounting services has the following transactions for themonth of June 2018:June 1Owner invested his savings worth P10, 000, 000 intothe business.June 3He bought P1.5 M worth of equipmentJune 5He also invested furniture and fixtures with 250,000June 7Rendered services to clients worth 150, 000 andreceived cash payment immediatelyJune 10Rendered services to clients worth 250, 000 onaccountJune 12Purchased computer supplies amounting to 30,000and issued a promissory noteJune 14Rendered services to clients worth 650, 000 withterms 50% down, balance on accountJune 15Paid salaries of employees worth 45,000June 18Collected half of the amount due last June 10June 20Paid the total amount due for utilities amounting to55, 000June 22Cash receipts amounting to 75,000 from cash salesservicesJune 24Paid the whole amount due on the noteJune 26Paid Philhealth contribution of the employeesamounting to 5,000June 28Borrowed P150,000…
- * 100 ll 2 p E:YA 2_54180033916640... Sonia opens a plastic bag shop in Kangar. She rent shop lots, purchases an initial stock of plastics bag, and begins operations. Complete are the general journal entries for the first month Date Account name and explanation debit credit 01/03/2010 A/C 10,000 A/C- 10,0000 Owner contributes $10,000 in cash to start the business 05/03/2010 A/C- 4000 AC- 4000 Purchased $4000 plastic bags on account, payable in 30 days. 05/03/2010 A/C- 1000 AC 1000 Paid shop rental of $1000. 09/03/2010 A/C -? 500 AC- 500 Customer buy goods for cash.2. 14 1= <- 2 - 2 -32 You are to refer to Kate Minimart operation below: Kate operates animart store located in a private estate. She invested $20,000 of her own funds and took an additional $10,000 bank loan to pay I for the renovation and store fittings totaled $22,000, balance funds to use for operation needs. Kate paid a monthly rent of $5,000 for the store. The minimart sells a variety of goods estimated a total worth of $10,000. All sales are on cash basis amounting to about $12,000 to $14,000 each month. Kate is at a loss how to prepare the accounts for her business. You will perform the following: Select an accounting principle and explain how it can be applied to Kate Minimartfter researching the different forms of business organization. Lily Koebel decides to operate "Cookie Creations" as a proprietorship. he then starts the process of getting the business running. In November 2021, the following activities take place. Nov. 8 8 11 13 14 (a) 16 17 20 25 30 Lily cashes her U.S. Savings Bonds and receives $540, which she deposits in her personal bank account. She opens a bank account under the name "Cookie Creations" and transfers $520 from her personal account to the new account. Lily pays $70 for advertising. She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $130 cash. (Hint: Use Supplies account.) Lily starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top- of-the-line food processor and mixer that originally cost her $780. Lily decides to start using it only in her new business. She estimates that the equipment is currently worth $310. She invests the equipment in…
- BUSINESS BACKGROUND Outlanders Enterprise is a sole proprietorship owns by Encik Nazrullah which is located at Taman Melawati 53100 Ulu Klang, Selangor. The main activity is selling and supplying variety of phone accessories. The business opens from 8.00 am to 5.00 pm every day except on Friday and public holiday. Encik Nazrullah started his business on 1 July 2020 with his own money of RM100,000 cash in hand. He also brought into his business an office equipment (laptop) valued at RM5,000. He hired 3 workers; Anwar, Azman and Annisa to help him. They will be paid RM2,000 per month each. INSTRUCTIONS FOR THE COMPREHENSIVE PROJECT Read and analyze the business background, accounting policy and procedures. Journalize all the daily transactions in chronological order into the general journals. Note: Narrations are not required for all respective transactions. Post all business transactions from the journals to the appropriate ledgers. Transfer the balances (debit or credit) from the…ACCOUNTS FURNITURES ACCOUNTS UTILIITES OWNER'S TRANSACTION CASH RECEIVABLES & FIXTURES PAYABLE PAYABLE EQUITY 1. Mr. Chu invested P65,000 2. Mr. Chu bought furnitures for his business worth P9,675 3. Mr. Chu borrowed P47,000 from Ms. Chi to add to his business 4. Mr. Chu sold #31,850 worth of products on account 5. Mr. Chu paid the water, electricity and internet bill worth, P900, P3200 and P1999, respectively 6. Mr.Chu delivered orders and received payment of P18,950 for the products 7. Mr. Chu paid Ms. Chi P32,000 8. Mr. Chu invested another P16,200 9. Mr. Chu Paid Ms. Chi P43,000 Total Assets: Total Liabilities: Total Owner's Equity:Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the transactions using a financial transaction worksheet indicated on the next page. Write your answers on a separate sheet of paper. June 1 Kim investedPhp 500,000.00 cash and equipment amounting to Php100,000.00 to open Chinita Girl Spa. 2 She borrowed Php 50,000.00 cash from Bamba Bank to be used for her business. 7 She bought tables and chairs from Maginhawa Furnitures and paid Php 20,000.00 cash. 15 Various equipment were purchased on account from Beauty Shoppy for Php 50,000.00. 18 She made a withdrawal of Php 10,000.00 for her personal use. 20 The account due to Beauty Shoppy was paid in cash. 21 Chinita Girl Spa Services was hired. The cash of Php 10,000.00 was received from the customer. 22 Gas and oil worth Php 1,000.00 and equipment repairs worth Php 1,000.00 were paid in a…
- Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo) $20000 from the personal savings account to the business bank account to start the business. 2. Negotiated a 5-year bank loan of $40000 at an annual interest rate of 9.50% with Loyal Bank. The money was deposited in the bank account today. 3.Received invoice 402 for $1200 plus HST from Captain Insurance, for a one-year business Insurance Policy, commencing Aug 1, 2018. Issued cheque #1001 to pay this invoice.journal entry Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2022, and the following transactions were completed during the month: 1 Mr. Lopez withdrew ₱150,000 from a personal savings account and used it to open a new account in the name of Lopez Fiesta Mart. 2 Bought grocery supplies on account ₱10,700. 4 Acquired a service vehicle costing ₱76,000. A payment of ₱25,000 Cash was made and a note payable given for the ₱51,000 remainder payable for 6 equal monthly installment. 6 Purchased merchandise from Puregold ₱49,500, terms 5/10, 3/20. 7 Paid ₱1,600 delivery charge for January 6 transactions. 8 Paid for three months of advertising and recorded Prepaid Advertising in the amount of ₱6,000. 11 Sold merchandise on account ₱42,000 with 40% mark-up from the inventory cost of ₱30,000, term 2/10, n/30. 12 Paid ₱1,200 freight for January 11 transactions. 14 Returned defective merchandise to Puregold amounting to…profile-image Time remaining: 00 : 09 : 42 Accounting Part II : Nick had a general purpose truck (“Old Truck”) that he used in his sole proprietorship. Nick originally acquired the Old Truck in 2018 by paying $23,790 in cash, performing consulting services for the seller worth $5,600, and financing the remainder of the purchase price with a $7,100 loan. During 2021, Nick traded in the Old Truck to a car dealership while purchasing a used general purpose truck (“Used Truck”). Nick and the car dealership are unrelated to each other. As part of the exchange, the dealership gave Nick a trade-in allowance of $8,300 for the Old Truck (i.e., credited $8,300 against the total purchase price for the Used Truck) and assumed the remaining $2,700 outstanding balance of his liability (i.e., the unpaid balance of the $7,100 loan that Nick took out when he acquired the Old Truck in 2018). Nick properly took $28,083 of depreciation on the Old Truck. Finally, Nick had to pay the government a $45 fee to…