Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021. Account Title Debits 36,000 207,000 42,000 150, 000 8,000 Credits Cash and cash equivalents Accounts receivable Raw materials inventory Notes receivable Interest receivable Interest payable Investments 13,000 45,000 130, 000 1,560, 000 Land Buildings Accumulated depreciation-buildings 770, 000

The following balances were taken from the books of Waterway Corp. on December 31, 2025. Interest revenue $122,300 Accumulated depreciation-equipment $57,900 Cash 73,300 Accumulated depreciation-building 41,100 Sales 1,933,900 Notes receivable 218.900 Accounts receivable 211,900 Selling expenses 273,500 Prepaid insurance 29,900 Accounts payable 239,900 Sales returns and allowances 211,900 Bonds payable 141,900 Allowance for doubtful accounts 11,700 Administrative and general expenses 137,700 Sales discounts 64,900 Accrued liabilities 46,700 Land 141,900 Interest expense 85,900 Equipment 281,900 Notes payable 141,900 Building 197,900 Loss from earthquake damage 211,900 Cost of goods sold 871,300 Common stock 701,900 Retained earnings 31,300 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48. List other revenues and…

The following information is from Best Ltd's Statement of Financial Position as at 30 June 2020:   2019 2020 Current assets     Cash $8,000 $29,000 Accounts receivable 42,000 38,000 Allowance for doubtful debts (2,400) (4,000) Inventory 34,000 40,000 Prepaid insurance 12,000 4,000 Non-current assets     Land 72,000 84,000 Buildings 102,000 108,000 Accumulated depreciation-building (42,000) (46,000) Equipment 56,000 50,000 Accumulated depreciation- equipment (18,000) (22,000) Current liabilities     Accounts payable 38,000 34,000 Accrued expense payable 15,000 16,000 Income tax payable 9,000 18,400 Final dividend payable 8,000 10,000 Non-current liabilities     Notes payable 82,000 62,000 Equity     Share capital 70,000 80,000 General reserve 16,600 30,600 Retained earnings 25,000 30,000 The following information is from Best Ltd's Statement of Profit or Loss for the financial year ended 30 June 2020: Sales revenue $124,000 Gain…

Print item The following information was extracted from the records of Rampage Company as of December 31, 2021: Carrying amount Other receivables (NRV) 150,000 Prepaid rent 30,000 Motor vehicles 165,000 * Accumulated depreciation 61,875 Provisions for warranty 12,000 Deposits received in advance 15,000 The depreciation rates for accounting and taxation are 15% and 20% respectively. Deposits are taxable when received while rentals and warranty costs are deductible when paid. An allowance for doubtful debts of P25,000 has been raised against other receivables for accounting purposes, but such debts are deductible only when written off as uncollectible. The rate applicable was 30%. Round off answers into whole number a) What is the Deferred Tax Asset of Rampage Company as of December 31, 20217 Answer: a) What is the Deferred Tax Liability of Rampage Company as of December 31, 20217 Answer:

The following balances were extracted from the books of MajuJaya Enterprise on 31 December 2022. Particular RM RM Capital 50,000 Motor vehicles 90,000 Fixtures & fittings 48,500 Inventory as at 1 January 2022 32,200 Provision for doubtful debts 500 Accumulated depreciation as at 1 January 2022: Motor vehicles 16,000 Fixtures & fittings 10,400 3% fixed deposit 30,000 4% bank loan 50,000 Sales 199,070 Purchases 73,500 Return inwards 2,050 Return outwards 2,120 Discount allowed 2,550 Discount received 2,830 Account receivables 37,700 Account payables 48,650 Carriage inwards 3 ,570 Interest received 450 Commission received 2,600 Salaries 16,100 Electricity bills 5,400 Custom duty on purchases 3, 000 Insurances 450 Maintenance expenses 3,300 Drawing 2,300 Cash in hand 6,800 Cash at bank 25,200 Additional information: 1. Inventory as of 31 December 2022, RM 18,180 2. Depreciation for the year ended 31 December 2022 has yet to be provided as follows:a. Fixtures & fittings. 10% using…

The Statement of Financial Position of Oliver Ltd as at 30 June 2021 showed the following assets and liabilities. 2021 Assets 2$ Cash 3,000 Accounts receivables 85,000 Allowance for doubtful debts (4,000) Inventory 9,500 Prepaid insurance 3,600 Plant 60,000 Accumulated Depreciation - Plant (15,000) Deferred Tax Asset (at 30/06/2020: $1,270) ? Liabilities Accounts Payable 75,000 Provision for Long service leave 2,000 Revenue received in advance 3,000 Deferred Tax Liability (at 30/06/2020: $800) ? Additional information а. Accumulated depreciation of plant for tax purposes was $20,000 as at 30 June 2021. b. The tax rate is 30% Required Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2021.

The following is the trial balance of Pyramid Ltd as at 30 November 2021.                                                                                              Debit                 Credit                                                                                                 £                     £Sales                                                                                                               2,465,000 Other operating income                                                                                   25,000 Inventory at 1 December 2020                                                367,000 Purchases                                                                               1,245,000 Administration expenses                                                         198,000 Distribution expenses                                                               75,000 Marketing expenses…

Required information [The following information applies to the questions displayed below) On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Debit Credit Accounts Cash $ 25,000 Accounts Receivable 47,600 Allowance for Uncollectible Accounts $ 4,900 Inventory Land 20,700 53,000 Equipment 18,500 Accumulated Depreciation 2,200 Accounts Payable 29,200 Notes Payable (6%, due April 1, 2022) 57,000 Common Stock 42,000 Retained Earnings 30,300 Totals $165,600 $165,600 During January 2021, the following transactions occur January 2 Sold gift cards totaling $9,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $154,000. January 15 Firework sales for the first half of the month total $142,000. All of these sales are on account. The cost of the units sold is $77,300. January 23 Receive $126,100 from customers on accounts receivable. January 25 Pay $97,000 to inventory…

The current sections of Famous’s statements of financial position at December 31, 2019 and 2020, are presented here. Famous’s net income for 2020 was €147,000. Depreciation expense was €21,000.   2020 2019 Current assets      Prepaid expenses €25,000 €27,000  Inventory 158,000 172,000  Accounts receivable 79,000 110,000  Cash 105,000 99,000   Total current assets €367,000 €408,000 Current liabilities      Accrued expenses payable € 15,000 €  9,000  Accounts payable 85,000 95,000   Total current liabilities €100,000 €104,000 Instructions Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2020, using the indirect method.

The following is the trial balance of Swifty Corporation at December 31, 2020. SWIFTY CORPORATIONTRIAL BALANCEDECEMBER 31, 2020     Debits   Credits Purchase Discounts         $33,000   Cash   $626,010         Accounts Receivable   346,500         Rent Revenue         59,400   Retained Earnings         528,000   Salaries and Wages Payable         59,400   Sales Revenue         3,630,000   Notes Receivable   363,000         Accounts Payable         161,700   Accumulated Depreciation—Equipment         92,400   Sales Discounts   47,850         Sales Returns and Allowances   57,750         Notes Payable         231,000   Selling Expenses   765,600         Administrative Expenses   326,700         Common Stock         990,000   Income Tax Expense   177,870         Cash Dividends   148,500         Allowance for Doubtful Accounts         16,500   Supplies   46,200         Freight-in   66,000…