Chapter 2, Problem 2.2DMP

Simone Inc. reported revenue of P3,000,000 in its accrual basis income statement for the year ended December 31, 2019. Additional information are as follows: Accounts receivable, December 31, 2018, P600,000 and Accounts receivable, December 31, 2019, P1,000,000. Under the cash basis, how much should Simone Inc. report as revenue for 2019?

Based on the following transactions, answer the follosssasdswing questions.Calculate the revenues, expenses, and net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Revenues Expenses Net Income / (Loss) i. Inventory costing $79, 800 was purchased on account. ii. Inventory costing $68, 400 was sold for $114,000. Eighty percent of the sales were for cash. iii. Cash collected from credit customers (those who bought on account) totalled $22, 800. iv. A lease was signed at the beginning of the year, requiring monthly payments of $1,100. The rent for the first month was paid when the lease was signed. After that, the $1,100 rent was paid on the last day of each month, to cover the following month. v. Supplies costing $6,300 were purchased for cash. At the end of the year, $600 of the supplies were still unused. vi. Wages of $42,800 were paid during the year. Also, wages of $600 remained…

Ludwig Company's prepaid rent was $9,000 at December 31, 2020, and $13,000 at December 31, 2021. Ludwig reported rent expense of $19,000 on the 2021 income statement. What amount would be reported in the statement of cash flows as rent paid using the direct method? O $15,000. O $19,000. O $23,000. O None of these answer choices are correct.

Question Connor Tax Services reported net income of £6,500. Listed below is the classified statement of financial position for connor Tax Services for 2020. Required: Calculate CONNOR Tax Service's Return on Assets. Show all your calculations!

The current sections of Pharoah Ine's balance sheets at December 31, 2021 and 2022, are presented here. Pharoah's net income for 2022 was $190,500 Depreciation expense was $31,500. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $46,500 $66,750 63,750 51,750 58,500 46.500 12,750 14,250 $181.500 $179,250 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a- sign e.g.-15,000 or in parenthesis e.g. (15,000).) Decrease in Inventory $4,500 $12,000 66,000 54,000 $70.500 $ 66,000 Cash Flows from Operating Activities Depreciation Expense Decrease in Accounts Receivable Decrease in Accounts Payable Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities + For the…

Illustration. The balance sheet of Mateo Roa on Oct. 1, 2021, before accepting Martin Penaco as his partner is shown below: Mateo Roa Balance Sheet October 1, 2021 Assets Cash P 60,000 30,000 Notes Receivable Accounts Receivable Less: Allowance for Uncollectible 230,000 Accts. Merchandise Inventory 80,000 Furniture and Fixtures Less: Accumulated Depreciation 54,000 P 454.000 Total Assets Liabilities and Owner's Equity Notes Payable P 40,000 100,000 Accounts Payable Mateo Roa, Capital 314,000 Total Liabilities and Owner's Equity P454,000 Martin Penaco offered to invest cash to give him a capital credit equal to one-half of Mateo Roa's capital after giving effect to the adjustments below. Roa accepted the offer. 1. The merchandise is to be valued at P74,000. 2. The accounts receivable is estimated to be 95% collectible. 3. Interest accrued on the notes receivable will be recognized: P10,000, 12% dated July 1, 2021 and P20,000, 12% dated August 1, 2021. 4. Interest on notes payable to be…

Below are the accounts of Jayden Services for the year ended December 31, 2019. Accounts Payable Accounts Receivable Capital Cash Inventories 100,000 Long-term Debt Notes Payable Notes Receivable Property and Equipment Supplics and other payments 140,000 1,840,000 1,000,000 450,000 300,000 100,000 100,000 550,000 100,000 Compute and answer the following questions. 1. How much is the total current asset of the entity? 2. How much is the total non-current assets of the entity? 3. How much is the total current liability of the entity? 4. How much is the total non-current liability of the entity? 5. How much is the total assets of the entity? 2.

Shawn's construction company has asked you to calculate operating cash flow for 2019. The company had total revenue of $4,116 with selling and administrative expenses of $554. The cost of goods sold for 2019 was $2,354. Shawn's used depreciation expense of $319 and interest expense of $162. The company paid out $75 in dividends after paying taxes of $186. O $1,118 $1,022 $795 O $720 O $1,147

From the following information on the income statement and the balance sheet, what is free cash flow to the equity (FCFE) in 2019? Assume that the tax rate is 0.3. Income Statement Items 2018 2019 Revenue 2,531 3,059 Cost of goods sold 1,083 1,200 SG&A expense 308 352 Depreciation 410 508 Interest expense 101 158 Balance Sheet Items 2018 2019 Cash 151 309 Accounts receivable 459 905 Inventory 907 1,208 PP&E 9,000 12,003 Accumulated Dep 4,223 5,762 Accounts payable 606 653 Short-term debt 302 506 Long-term debt 3,038 3,422 Common stock 1,800 1,800 Retained earnings x x