The capital, withdrawal and income summary accounts for Anna Delvey Travel Agency are shown in T-account form below. The closing entries have been recorded for the year ended December 31, 2018. Delvey, Capital 420.000 Jan. 1 360,000 280,000 Dec. 31 430.000 Dec. 31 Mar. 9 Mar. 31 June 30 Sept. 30 Dec. 31 Delvey, Withdrawals 90,000 Dec. 31 420,000 70,000 90,000 170,000 Dec. 31 Dec. 31 Income Summary 850,000 Dec. 31 430,000 1,280,000 Required: Prepare a statement of changes in equity.
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- On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…Details about the account balances and general journal information of Maxwell Company for 2019 are given below. Beginning account balances for 2019 Amunt Ca Land Suli Unmed Reven ee Cn Sk Retainad Eanings 20.00 The following are the general journal information of Maxwell Соmpany for 2019 Mane Compy General ural. 219 Account T Event D Cre 1. Cad Bask Lon Offee Egieel 15.000 Cah 150 Accou Rocile 35,000 Service Reven 35, 4. Ca 15000 Account Roceinabe 15,00 Dividends 5000 Cah 5,00 hupaid Re 120 Cah 12,00 Lncamed Revenee 5000 Senice Reven Rest Eapee huped Ro 4.000 6000 Spples spense Supple 10,00 Required: b. Prepare T- Account c. Prepare Trial Balanc. d. Prepare Income Statement e. Prepare Balance Sheet
- The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, prepare a Statement of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, d00 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional cortribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable B, 110 Uneamed income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Lang-term note payable 23. 000 Accounts receivable 575 Merchandise Inventory 15,345 Utilities payable 4. 00S Find online the annual 10 - K report for Costco Wholesale Corporation (COST) for September 28, 2023 f. Did the company have any contingent liabilities at the balance sheet date? Discuss the specific nature of these contingencies and how (or whether) they are expected to affect the firm's financial health h ASSEN s Ope TOTAL ASSETS CURRENT LIABILITIES LABILITIES AND EQUITY A Der Cap OTT L se org TOTAL LIATES COMMITMENTS AND CONTINGENCIES COUNTY 10 suhted this Consescanda Talk sil TOTAL LIABUTES AND EQUITY 2/12 3/18 2241 17667 Sa 24741 2/14 4 04.15 17482 s 52.545 2321 7301 топ 2337 2174 1.589 22 5611 TRE 3377 242 2482 2555 2.558 BUX 4351 = - 2 7.340 084 138931 21842 25194 21547 94111
- Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…A. You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.Required:Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.The general ledger of Zips Storage at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 24,600Accounts Receivable 15,400Prepaid Insurance 12,000Land 148,000Accounts Payable $ 6,700Deferred Revenue 5,800Common Stock 143,000Retained Earnings 44,500Totals $200,000 $200,000The following is a summary of the transactions for the year:1. January 9 Provide storage services for cash, $134,100, and on account, $52,200.2. February 12 Collect on accounts receivable, $51,500.3. April 25 Receive cash in advance from customers, $12,900.4. May 6 Purchase supplies on account, $9,200.5. July 15 Pay property taxes, $8,500.6. September 10 Pay on accounts payable,…
- Scanned with CamScanner Scanned with CamScanner Balance Sheets as at 31 December Non current asse Current assets ess depreciation Accounts reco Total assets Accounts pavable oan hotes Net awetse entory at 1 January 2018 was E50,000. Required: 2018 and 2019 Cn Net promt capons for and signi of any changes in the ratios shown by your calaton Scanned with CamScanner given below. Income Statements for the years ending 31 December 2018 2019 £00 £000 £000 E000 Sales Less Cost of sales Gross profit 200 (150) 50 280 (210) 70 Less Administration expenses 38 46 Loan note interest 4 (50) (38) 12 Net profit 20Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…