The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,050. 15 Paid employee salaries $1,110. 17 Performed $570 of services in exchange for cash. 20 Paid $1,980 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $320.
Q: Trina received a promissory note of Php. 90,000, representing payment for his services as a legal of...
A: Gross Compensation Income=Face Value of Note-Present value of the note
Q: Sales 60000 Variable Costs Fixed Costs 36000 20000 Earnings Before Interest and Taxes 4000 Interest ...
A: Formula: Degree of operating leverage = ( Selling price - Variable cost ) / ( Selling price - Variab...
Q: Employee Filing Status No. of Withholding Allowances Gross Wage or Salary Percentage Method Wage...
A: Solution A Wage is compensation paid to employees for work for a company during a period of time.
Q: Question 1 On 2 July 2005, H Ltd. purchased the entire issued ordinary share capital of S Ltd. On th...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: ifferences between the amount of cash reported on a company’s bank statement and the balance in the ...
A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or ba...
Q: P60,000 while Partner Y received P100,000. Partner X’s share in residual income after deducting thei...
A: Partnership in the simplest form of business from by two or more person in order to share their inte...
Q: 60751. Mr. XYZ, is negotiating to buy a parcel of property for his business. The seller of the prope...
A: Cost capitalization is a method in which all the expenses incurred on an asset(fixed) to make it ava...
Q: gift from a company that wanted to increase its business. Why must taxpayer have a fmv basis in the ...
A: Gifts are exempt from tax up to a certain limit. Beyond this limit the taxpayer has to pay tax on th...
Q: Cheryl Montoya picked up the phone and called her boss, Wes Chan, the vice president of marketing at...
A:
Q: The mathematical statement (Assets = Liabilities + Owners’ Equity) = (Assets − Liabilities = Owners’...
A: Answer: We have as per statement of financial position, Assets= Liabilities + Equity.
Q: Penalty costs can be assessed only against the number of units of demand that cannot be satisfied, o...
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...
Q: LO 8.6Using the following information, prepare a bank reconciliation. Bank balance: $4,021 • Book ba...
A: Theory: BRS: BRS stands for Bank Reconciliation statement. The main purpose of preparing BRS is to e...
Q: What is the income under accrual basis?
A: Accrual basis is method used by the company to record its transaction in the books. In this method, ...
Q: What business record shows the results of the proprietorship’s borrowing assets from the business, u...
A: Proprietor’s Withdrawals: An owner's withdrawal, also known as a distribution, is a transfer of cash...
Q: Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After ...
A: The income statement is an essential part of the financial statements of the company. It is prepared...
Q: ng changes, Assets 3,560,000 Liabilities 1,080,000 Ordinary Share Capital Share premium 2,400,000 24...
A: The accounting equation states that assets equal to sum of liabilities and equity.
Q: What impact does an increase in expenses have on net income
A: In accounting we say that: Net income = Total revenue - total expenses
Q: Scenario: You are presented with the following transactions for 2021 from the books of a business. T...
A:
Q: Determine the Retained Earnings in 2018
A: There are some errors discovered in the financial statements for the year 2017 in connection with AB...
Q: sells T Shirts emblazoned with the school’s name and logo. The shirts cost $2,000 each and managemen...
A: i.) At EOQ as,
Q: Required: 1a. What is the amount of equity at the beginning of the year for Company A? 1b. What is t...
A: In accounting, the term "equity" refers to a company's book value, which is the difference between s...
Q: ACFR 2021- What types of information are included in the Statistical Section?
A: The statistical section generally contain five sections
Q: 8,860.50 round to nearest dollar. What is the answer?
A: Rounding to the nearest dollar works as follows: The number rounds to one previous digit if the dec...
Q: Present Value of an Annuity Determine the present value of $120,000 to be received at the end of eac...
A: ANSWER A) COMPUTATION OF PRESENT VALUE IN EACH 4 YEAR First year $ 114286 Second year $ 108844...
Q: Please respond promptly: ...
A: Introduction:- Internal control means:- Internal controls are company policies and procedures and ru...
Q: A firm is evaluating an Accounts Receivable Change that would increase Bad Debts from 2% to 4% of Sa...
A: D. No Current bad debts 50,000*$20*2% = $20000 Proposed change bad debts 60,000*$20*4% = $48,000...
Q: A company has traditionally allocated its overhead based on machine hours but had collected this inf...
A: Total overhead = 11,400+217,800+27,450 = $256,650 Machine hours per unit of product 1 = 4 Total unit...
Q: 9. If total assets increased to P150,000 during the year and total liabilities decreased to P80,000,...
A: Owners equity is the total amount attributable to the owners of the business. This is calculated by ...
Q: Stephco purchased $4,000 worth of merchandise. Transportation costs were an additional $350. Stephc...
A: Total amount paid for merchandise is calculated as below.
Q: Matcha Company reported the following changes in all the account balances for 2021, except for retai...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: In 2020, Liyue Corp. operate business in the motor industry and has 3 main divisions, Engine, Motor ...
A: Companies often discontinue the operations of that unit which does not have any potential growth and...
Q: 4. Using the following business transactions, compute for the proprietor's capital. • The proprietor...
A: Proprietor: These are the main shareholders who invested in the business. They have ownership in the...
Q: determine how much revenue is recognized in December using Acura basic accounting on December 7th Ok...
A: Accrual basis of accounting requires recognition of revenues and expenses as and when it is due irre...
Q: In its 2021 statement of cash flows, how much should be reported as net cash provided (used) by oper...
A: Cash flow statement refers to a financial statement which shows the flows of cash and cash equivalen...
Q: Bebe owns 30% of the capital and profits of his law office. The law office reported P5,000,000 profi...
A: Tax refers to the compulsory financial obligation as well as some other kind of levy imposed on the ...
Q: Depreciation expense is recognized similarly in both methods of cash and accrual
A: Depreciation refers to the permanent decline in value of tangible assets due to the wear and tear ca...
Q: .ull Airtel TZ 3G 10:08 @ 12% I 4. The trial balance below was extracted from the books of CiciCaca ...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: What is the contribution to the asset base of the following items under the Basel III requirements? ...
A: The underlying assets that would provide value to a firm, investment, or loan are referred to as its...
Q: Find the present value of a series of periodic payments of P2 000 made at the
A: Present value is calculated by discounting the cash flows invested in the given period. Present valu...
Q: Ventana Window and Wall Treatments Company provides draperies, shades and various window treatments....
A: Initial Markup = it is the original amount of markup from cost price to the selling price Additiona...
Q: taxes commonly used by many countries includes: - import duty payable on specific types of imprted g...
A: Direct tax refers to tax payment made by a individual or any other legal entity such as firm, compan...
Q: You are employed as a research and development manager for a production company. The chief ex- ecuti...
A: A cost appears to be an expenditure made in the manufacture or sale of a product, or in the maintena...
Q: The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for accou...
A: Journal entries are used to record the financial transactions in the books of accounts. These are he...
Q: Roquan, a single taxpayer, is an attorney and practices as a sole proprietor. This year, Roquan had ...
A: For tax purposes, business income is a type of income earned that falls under the category of ordina...
Q: Calculate the asset efficiency - receivables, inventory, fixed asset and total asset turnover ratios
A: Ratios refer to establishing the relationship between the two numbers. In accounting, the ratio is u...
Q: Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-a...
A: Solution:- Given, On January 1, 2019, the balance in Tabor Co.'s allowance for Bad debts account was...
Q: 2014. On April1, 2014, the entity made P300,000 in unanticipated ordinary repairs to plant équipment...
A: The property taxes and unanticipated ordinary repair are paid for the entire year in 2014. Property ...
Q: GRAY Company uses the direct method to prepare its statement of cash flows. GRAY had the following c...
A: Investing activities in a cash flow statement includes the activities done by a company such as inve...
Q: Obtaining an understanding of an entity's internal control is more likely to be performed more exten...
A: Internal controls are a set of preventive measures that are put in place with the purpose of ensurin...
Q: The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct materi...
A: Formula: Prime costs = Conversion cost + Direct materials
The October transactions were as follows.
Oct. 5 | Received $1,510 in cash from customers for accounts receivable due. | |
10 | Billed customers for services performed $5,050. | |
15 | Paid employee salaries $1,110. | |
17 | Performed $570 of services in exchange for cash. | |
20 | Paid $1,980 to creditors for accounts payable due. | |
29 | Paid a $300 cash dividend. | |
31 | Paid utilities $320. |
Step by step
Solved in 2 steps
- Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ SPrior Year Current Year Accounts payable 3,153.00 5,915.00 Accounts receivable 6,935.00 9,046.00 Accruals 5,794.00 6,085.00 Additional paid in capital 19,655.00 13,876.00 Cash. ??? ??? Common Stock 2,850 2,850 COGS 22,169.00 18,794.00 Current portion long-term debt 500 500 Depreciation expense 1,016.00 1,037.00 Interest expense 1,276.00 1,138.00 Inventories 3,041.00 6,672.00 Long-term debt 16,904.00 22,546.00 Net fixed assets 75,987.00 73,861.00 Notes payable 4,002.00 6,534.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,536.00 34,724.00 Sales 46,360 45,799.00 Taxes 350 920 Category ww What is the firm's total change in cash from the prior year to the current year?Category Prior Year Current Year Accounts payable 3,159.00 5,955.00 Accounts receivable 6,974.00 8,952.00 Accruals 5,771.00 6,100.00 Additional paid in capital 19,965.00 13,214.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,509.00 18,563.00 Current portion long-term debt 500 500 Depreciation expense 1,044.00 984.00 Interest expense 1,285.00 1,168.00 Inventories 3,015.00 6,719.00 Long-term debt 16,894.00 22,766.00 Net fixed assets 75,882.00 73,989.00 Notes payable 4,022.00 6,500.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,811.00 34,391.00 Sales 46,360 45,993.00 Taxes 350 920 What is the firm's cash flow from operations? Submit Answer format: Number: Round to: 0 decimal places. unanswered not_submitted Attempts Remaining: Infinity
- Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00 6,798.00 Accruals 1,036.00 1,622.00 Cash ??? ??? Common Stock 10,961.00 12,712.00 COGS 12,797.00 18,122.00 Current portion long-term debt 4,914.00 5,086.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,175.00 4,807.00 Long-term debt 13,319.00 14,034.00 Net fixed assets 51,854.00 54,984.00 Notes payable 4,372.00 9,863.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,779.00 29,650.00 Sales 35,119 47,875.00 Taxes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year?Accounting Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00 6,798.00 Accruals 1,036.00 1,622.00 Cash ??? ??? Common Stock 10,961.00 12,712.00 COGS 12,797.00 18,122.00 Current portion long-term debt 4,914.00 5,086.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,175.00 4,807.00 Long-term debt 13,319.00 14,034.00 Net fixed assets 51,854.00 54,984.00 Notes payable 4,372.00 9,863.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,779.00 29,650.00 Sales 35,119 47,875.00 Taxes 2,084 2,775 What is the firm's cash flow from operations,financing and investing?Accounting Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00 6,798.00 Accruals 1,036.00 1,622.00 Cash ??? ??? Common Stock 10,961.00 12,712.00 COGS 12,797.00 18,122.00 Current portion long-term debt 4,914.00 5,086.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,175.00 4,807.00 Long-term debt 13,319.00 14,034.00 Net fixed assets 51,854.00 54,984.00 Notes payable 4,372.00 9,863.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,779.00 29,650.00 Sales 35,119 47,875.00 Taxes 2,084 2,775 What is the firm's net income in the current year? (5547.00?) What is the firm's dividend payment in the current year?
- Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's cash flow from investing?# 3 Category. Prior Year Current Year Accounts payable 3,136.00 5,904.00 Accounts receivable 6,838.00 9,068.00 Accruals 5,663.00 6,026.00 Additional paid in capital 20,182.00 13,570.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,844.00 18,591.00 Current portion long-term debt 500 500 Depreciation expense 955.00 1,036.00 Interest expense 1,275.00 1,169.00 Inventories 3,020.00 6,732.00 Long-term debt 16,947.00 22,144.00 Net fixed assets 75,056.00 74,173.00 Notes payable 4,022.00 6,569.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,957.00 34,753.00 Sales 46,360 45,431.00 Таxes 350 920 What is the firm's total change in cash from the prior year to the current year? Submit Answer format: Number: Round to: 0 decimal places.The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…
- Item Prior year Current year Accounts payable 8,142.00 7,800.00 Accounts receivable 6,080.00 6,533.00 Accruals 1,000.00 1,591.00 Cash ??? ??? Common Stock 10,841.00 12,035.00 COGS 12,636.00 18,261.00 Current portion long-term debt 5,012.00 4,989.00 Depreciation expense 2,500 2,763.00 Interest expense 733 417 Inventories 4,255.00 4,779.00 Long-term debt 14,380.00 13,783.00 Net fixed assets 51,230.00 54,549.00 Notes payable 4,365.00 9,899.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,008.00 30,075.00 Sales 35,119 45,203.00 Taxes 2,084 2,775 What is the firm's cash flow from operations?#1 O Category. Prior Year Current Year Accounts payable 3,134.00 5,904.00 Accounts receivable 6,978.00 8,907.00 Accruals 5,624.00 6,194.00 Additional paid in capital 20,362.00 13,212.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,484.00 18,100.00 Current portion long-term debt 500 500 Depreciation expense 1,003.00 1,011.00 Interest expense 1,257.00 1,156.00 Inventories 3,097.00 6,657.00 Long-term debt 16,532.00 22,027.00 Net fixed assets 75,252.00 74,022.00 Notes payable 4,045.00 6,536.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,789.00 34,684.00 Sales 46,360 45,408.00 Тахes 350 920 What is the firm's cash flow from financing? Submit Answer format: Number: Round to: 0 decimal places.Category Prior Year Current Year Accounts payable 3,123.00 5,969.00 Accounts receivable 6,987.00 8,940.00 Accruals 5,642.00 6,108.00 Additional paid in capital 19,885.00 13,325.00 Cash ??? ??? Common Stock 2,850 2,850 COGS 22,986.00 18,120.00 Current portion long-term debt 500 500 Depreciation expense 1,035.00 988.00 Interest expense 1,290.00 1,167.00 Inventories 3,006.00 6,743.00 Long-term debt 16,856.00 22,001.00 Net fixed assets 75,521.00 74,000.00 Notes payable 4,072.00 6,540.00 Operating expenses (excl. depr.) 19,950 20,000 Retained earnings 35,244.00 34,874.00 Sales 46,360 45,055.00 Taxes 350 920 What is the firm's cash flow from financing?