HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. as it was organized only on January 1, 2021: Accounts payable 500,000 400,000 100,000 500,000 450,000 750,000 1,000,000 3,000,000 Accounts receivable Accumulated depreciation - Property and equipment Cash Finished goods - December 31 Goods in process - December 31 Net Income for the current year Property and equipment Raw materials December 31 500,000 The company was organized on January 1, 2021 by issuing 25,000 ordinary shares of P100 par value being issued in exchange for property and equipment worth P3,000,000 and cash of of P1,000,000.
Q: Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000. P...
A: Original Amount of Note receivable = 1500000 Yearly principal payment = 500000 Interest rate = 8% Th...
Q: Use the following income to answer all questions in this section: Music, Inc. had the following beg...
A: Cost of goods manufactured = Beginning WIP + Total manufacturing costs - Ending WIP Cost of goods so...
Q: Determine which of the following statements about merchandise is correct.
A: Merchandise inventory: Merchandise inventory is the inventory purchased by company for the purpose o...
Q: Partially correct answer icon Your answer is partially correct. Marin, Inc. leases a piece of equipm...
A: Solution A journal is a company's official book in which all business transaction are recorded in ch...
Q: Compute for the Adjusted Profit for the year ended December 31, 20x1.
A: The entity has ended its year on 31st Dec 20x1. Now there are few events which are occurring between...
Q: If Houston Company billed a client for $13,000 of consulting work completed, the accounts receivable...
A: Billed a customer means that the invoice is issued to a customer for completion of work. We are giv...
Q: Which of the following is included in a complete set of financial statements? a. A statement by the...
A: THE STANDARD IAS 1 REQUIRES A COMPLETE SET OF FINANCIAL STATEMENTS THAT COMPRISES A STATEMENT OF FIN...
Q: Feb. 1 Mr. Dela Cruz invested P50,000 cash in his laundry busihes Rented office space and paid P1,00...
A: The accounting equation states that assets equal to sum of liabilities and equity. The equity compri...
Q: 1. Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares o...
A: Shareholder's Equity Shareholders equity is considered to be the important part in the preparation o...
Q: bor Cost Budget Rip Court Racket Company manufactures two types of tennis rackets, the Junior and P...
A: Rip Court Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models...
Q: Use the information below to answer the following two questions: Ginseng Inc. uses a normal cost sys...
A: Calculation of manufacturing overhead Salaries & wages (70% x 50) 35 Depreciation on PP&am...
Q: Discuss what improvements the Balanced Scorecard has contributed over the traditional performance me...
A: ANSWER Balance scorecard is a strategic performance measurement system to measure the financial an...
Q: From page 5-6 of the VLN, when does a company write off an account? Group of answer choices A. At th...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: Draw the indifference curves when: i) X is fake news or hoax, Y is journalist’s work winning the Pul...
A: Answer:- An indifference curve is a graphical representation of two goods' combinations in which are...
Q: The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Pi...
A: A table that shows the complete periodic loan payments, the principal loan amount, and the interest ...
Q: Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P10 par...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: equired (show your workings for each question): A) Prepare a contribution margin income statement...
A: Solution Given A1 A2 total Selling price per unit 100 12 Variable cost p...
Q: How does collection policy influence sales and the bad debt expenses
A: Solution Note : Dear students as per the Q&A guidelines we are required to answer the first ques...
Q: Chuzzle Company used the direct method to prepare the statement of cash flows. The entity had the fo...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: vided ¼ lb of grain per hen per day. You get your grain from a local feed cooperative – a 16%-layer ...
A: 1. Grain needed in a year = 1/4 lb x 40000 hens x 365 =3650000lb = 1825 tons 2. Cost of grain...
Q: rawford Corporation incurred the following transactions. 1. Purchased raw materials on account $...
A: The journal entries are prepared to record day to day transactions of the business. The factory over...
Q: SHADOW BONE Company reported net income of P7,500,000 for the current year: The auditor raised quest...
A: Adjusted net income for the current year = Reported net income for the year + Debit adjustment of pr...
Q: Tim’s Tailor Shoppe has the following coverages: CGL - $500,000 Excess Policy $2,000,000, AB...
A: Ans D) d) $500,000 CGL and $250,000 Excess As mentioned in the question, there is an excess policy ...
Q: 3. An entity reports total current assets of P3,000,000, total noncurrent assets of P7,000,000, tota...
A:
Q: Exercise 3-2 Adjusting and paying accrued wages LO P3 Pablo Management has eight employees, each of ...
A: Journal entries means the book of prime entry including debit and credit item. Adjusting entry means...
Q: error in the general yournal where a S6,050 increase in ACCounts Receivable was recorded as an incre...
A: In a trial balance , the debit side must always equal the credit side. If the debit side does not eq...
Q: After considering the given transactions, how much is the total shareholder's equity of the December...
A: Stockholders Equity can be calculated in two ways 1. By using the values from balance sheet 2. Sto...
Q: asneet Corporation’s comparative balance sheet for current assets and liabilities was as follows: ...
A: Solution: Adjusting net income for changes in operating assets and liabilities gives the Net cash fl...
Q: The journal entry to record the amount receivable when a call is made by the company is: Select one:...
A: Calls on Share: Calls on shares signify the company's right on somewhat paid offers to pay part or f...
Q: Tripeaks Company used the accrual basis of accounting: January 1 9,000,000 50,000 December 31 Invent...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: An industrial plant has an engine costing of P 7,200 which is 5 years old. Its working life if 15 ye...
A: Solution Depreciation is a non cash business expenses that is allocated and calculated over the peri...
Q: Please see the picture below. I need help making a retained earnings statement and a comprehensive i...
A: Net profit means the difference between the income and expenses. Financial statement means the tradi...
Q: share capital of a company may consis
A: Share capital indicating simply the capital gained by the company by issuing shares. It may issued b...
Q: When an entity changed at the end of the reporting period longer or shorter than one year, an entity...
A: If there is change in the reporting period longer or shorter than one year. The entity has to disclo...
Q: Which of the following does not appear in a statement of retained earnings? a. Net loss b. Prior pe...
A: The statement of retained earnings is a financial statement that reflects changes in retained earnin...
Q: A forklift is worth 3.2M Php. It has a lifetime of 12 years and has a SV=1.1M. How much is it wortg...
A: Major methods of computing depreciation are: 1. straight line method 2. declining balance method 3. ...
Q: dentify which 2 entries (rows) in the foregoing table is correct.
A: solution concept cash basis of accounting under cash basis of accounting the expense...
Q: Exercise 3-7 Analyzing and preparing adjusting entrles LO P5 Following are two income statements for...
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...
Q: city nas the following Purchase Order Billed Amount Amount $ 550,000 Transportation Public safety 73...
A: No entry is made for issuance of purchase order.
Q: ABC Corporation has two classes of ordinary shares outstanding: 9%, P 20 par preference share and P ...
A: given ABC Corporation has two (2) classes of share capital outstanding: 9%, P20 par Preference an...
Q: What is the cost allocated to the Finished Goods Inventory for September, after adjusting for the co...
A: Stomp Co. uses weighted average method for its process costing. Weighted average method distributes ...
Q: s the cost of goods sold? 5,387,500
A: Cost of goods sold refers to the expenses involved while the goods or services provided by the compa...
Q: HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. ...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: Page 4 of 4 12. Mr. Bean receives a monthly basic salary of P38,000. He also receives P2,0O00 monthl...
A: Total Compensation = 38000 +2000 +2000 +500 = php 42,500 A) Gover...
Q: Fill in the missing data for each of the following independent cases. (Ignore income t
A: Answer Sales Revenue Calculations Variable Expenses Calculations Total Contribution Margin Cal...
Q: 21, Quezon, Inc. placed P1M in the 5-year time deposit of Bank of Laguna. The placement earns 10% an...
A: Tax refers to the mandatory percentile charges levied by the government over the earnings gained by ...
Q: Accounting for Property Taxes Tyler County's general fund starts the fiscal year 2020 w $250,000 bal...
A: Property taxes in General Fund To record the property taxes in the general fund which can be incurre...
Q: January 1, 2020, Bridgeport Company contracts inning of each year, starting January 1, 2020. The a d...
A: A balance sheet refers to the document which reflects the status of a company in terms of its assets...
Q: HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. ...
A: Total assets includes both Current assets and Non current assets. Current assets: Current assets are...
Q: A taxpayer engaged in service business provides you with the following: Description 2019 2020 Collec...
A: accrual method is a method of accounting in which accounting transactions are recorded according to ...
Step by step
Solved in 2 steps
- On March 31, 2022, the balances of accounts appearing in the ledger of April Furnishings Company, afurniture wholesales, are as follows:Accumulated Depreciation-Building$419,000Administrative Expenses302,000Building1,397,000Cash98,000Cost of Merchandise Sold2,123,000Interest Expense6,000April, Capital887,000April, Drawing98,000Merchandise Inventory $547,000Notes Payable140,000Office Supplies11,000Salaries Payable4,000Sales3,582,000Selling Expenses400,000Store Supplies50,000Create create a multi step income statement.Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
- FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P57,000 Cash P200,000 Property, plant and equipment P800,000 Supplies P20,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2020: $ 19,000 13,000 26,000 21,200 15,000 88,000 11,000 12,000 3,800 72,000 7,200 Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Unearned revenue Rent expense Salaries and wages expense Service revenue 12,200 15,000 32,000 134,000 5,000 6,000 210,000 Supplies Supplies expense Equipment At what amount will the balance sheet balance at 12/31/20? (You must show all computations.)
- Company presents the following selected general ledger accountsshowing balances at October 1, 2017: CashFinished GoodsWork in ProcessRaw materialsPrepaid Insurance Accumulated Depreciation Accounts PayableBalances at October 31, 2017 include: Accrued payrollFinished goodsWork in ProcessRaw MaterialsP 40,000 592,000 164,000 128,0004,000 280,000 108,000P 12,000 608,000 188,000 120,000 A summary of transactions for the month of October follows: a. Cash salesb. Raw materials purchased on account c. Direct materials usedd. Direct Labore. Factory insurance expiredf. Depreciation for factory equipment g. Factory utility service on accounth. Accounts payable paidi. Factory payroll paidP420,000 168,000 156,00064,000 1,200 6,80012,000 196,000 88,000Required: Indirect materials used.Indirect laborTotal factory overhead Cost of goods manufaThe following schedule of assets and liabilities relates to Kona Enterprises. Their year-end is 28 February.20222023Income received in advance2 0001 000Input VAT3 0003 500Output VAT6 50011 500Prepaid expenses7 5005 000Accumulated depreciation: Equipment30 00035 000Equipment90 000100 000Fixed deposit (maturing on 31 May 2023)40 00040 000Savings account13 50018 500Bank overdraft04 500Accrued expenses16 00010 500Accrued income9 50012 000Trade receivables34 00041 500Trading inventory105 000115 000Land and Buildings950 000950 000Mortgage loan: Vida Bank450 000380 000Trade payables150 000170 000REQUIRED:Q.4.1Calculate the level of working capital (total current assets) as at the financial years ended 28 February 2022 and 28 February 2023.(8)Q.4.2Calculate the total for current liabilities as at the financial year ending 28 February 2022 and 2023.(6)Q.4.3Calculate the net working capital as at the two dates for statement of financial position, as well as the current ratio for each year.…Required Information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following sccount balances: Accounts Debit Credit $ 27,100 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipnent Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) 5e, 200 $ 6,200 22, B00 66, 800 25, e00 3,5ee 30,5ee 70, e00 55,e00 25,100 Common Stock Retained Earnings Totals $190,300 $198,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,e0e. The cards are redeenable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,88e. January 15 Firework sales for the first half of the month total $155,e0e. All of these sales are on account. The cost of the units sold is $83,88e. January 23 Receive $127,480 from custoners on accounts receivable. January 25 Pay $11e,eee to…
- The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date Debit Credit Balance Jan. 1 Balance 161,200 July 31 Purchase of equipment 68,100 229,300 Sept. 2 Cost of equipment constructed 54,600 283,900 Nov. 10 Cost of equipment sold 49,100 234,800 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 70,700 Nov. 10 Accumulated depreciation on equipment sold 31,200 39,500 Dec. 31 Depreciation for year 24,200 63,700 Retained Earnings Date Debit Credit Balance Jan. 1 Balance 104,200 Aug. 23 Dividends (cash) 15,800 88,400 Dec. 31 Net income 66,700 155,100 From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The…Presented below are selected accounts of Blue Company at December 31, 2025. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion 1. 2. 3. 4. 5. 6. $ 59,800 7. 94,800 The following additional information is available. 261,700 43,100 40,000 39,500 54,800 59,500 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,113,900 40,400 170,720 183,830 55,820 12,420 16,580 80,630 22,540 Inventories are valued at lower-of-cost-or-market using LIFO. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $46,245. The short-term investments have a fair value of $27,640. The notes receivable are due April 30, 2027, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due…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…