Accounts payable 500,000 Accounts receivable 400,000 Accumulated depreciation - Property and equipment 100,000 Cash 500,000 Finished goods - December 31 Goods in process - December 31 Net Income for the current year Property and equipment 450,000 750,000 1,000,000 3,000,000 Raw materials - December 31 500,000
Q: Suppose that Richard has recently successfully undergone a medical procedure which has cleared him o...
A: Revenue Budget or the income budget is the amount of money which a person or company has estimated t...
Q: discuss experience of learning from different social, cultural, economic and demographic backgrounds...
A: Answer: Learning is the process of growth in various forms. It is the running process of life. Learn...
Q: Which of the following statements is wrong? a) The sale of a principal residence may be exempt fr...
A: A tax is a compulsory charge paid to the government by everyone who is generating any kind of income...
Q: Kula Company Ltd manufactures two products, Flora and Fauna. Estimates for the company’s products fo...
A: GIVEN Estimated activity levels for the next year are as follows: Flora Fauna Total...
Q: Dividend received 500,000 Dividend paid 1,000,000 Cash received from customers 9,000,000 Proceeds fr...
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the so...
Q: 31. In an operating lease, the lessor records Select one or more: a) Lease revenue only b) Depreciat...
A: In operating lease, only the right to use assets is transferred to the lessee and the ownership of t...
Q: This is my third time sending this question please make the answer as clear as possible and look lik...
A:
Q: The relevant discounted operating cash flows (cost savings) that should be factored into Tractor Com...
A: Solution:- Given, On January 1, 2021 Tractor Company will acquire a new asset Costs = $4,50,000 Ant...
Q: Prepare the journal entries to record the above transactions for Teal Corporation for 2022. (Credit ...
A: The question is based on the concept of Financial Accounting.
Q: Statement 1: Dividends earned by a resident from a foreign corporation doing business outside the Ph...
A: Statement 1: Any income earned in the form of royalties, interests and dividends from a corporation ...
Q: emainin
A: First, calculate the percentage of vehicles used for business and personal purposes:
Q: Beauty Spa & Co. manufactures a specialised luxury spa that is supplied to five-star hotels around t...
A: The budget is prepared to estimate the requirements for the future period.
Q: BIR made disbursements for travel expenses of its personnel. Such would most likely be classified as...
A: BIR is Burau of Internal Revenue of Phillipines regulates rule and regulations for taxat...
Q: You are planning for a Beach gateaway with your officemates. The trip will not be for another three ...
A: Cash budget is a statement wherein the cash receipts and cash disbursements are projected in a logic...
Q: oosta Ltd produces two different products with the following monthly data: A1 A2 Total Sel...
A: Solution: Weighted average contribution margin represents the average contribution margin from any p...
Q: Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the m...
A: Sales 1500 Less: gross profit (10%) (150) Cost of units sold during the year (Q 19) 1...
Q: From pages 5-1 and 5-3 of the LVN, match the term with its explanation. Put the answers in the right...
A: The pages attached provide us with an understanding of how credit transactions are recorded and how ...
Q: yundai Company has a relevant range of production between 10,000 and 20,000 units. The following cos...
A: Solution Given relevant range of production =10000 to 20000 units relevant range of production mea...
Q: Euclid acquires a 7-year class asset on May 9, 2020, for $96,600 (the only asset acquired during the...
A: Cost Recovery Deduction: When a company uses depreciation, amortisation, or depletion to reduce the ...
Q: D. Information concerning Zian Company's manufacturing activities for November follows: Inventories ...
A:
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: MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution...
A: Income Statement - This statement shows the income earned and loss incurred by the organization in t...
Q: Selected data concerning the past year's operations of the Beachwear Manufacturing Company are as fo...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. ...
A: The total assets of the business comprises of current assets (cash, account receivables, inventory, ...
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: The share capital of a company may consist of: Select one: a. Secured and unsecured notes issued b...
A: The cash a corporation generates by issuing ordinary or preference shares is known to as share capit...
Q: Direct Materials Purchases Budget Anticipated sales for Solid Grip Company were 38,000 passenger ca...
A: Total direct material to be purchased = Total pounds to be purchased * Unit Price Total pounds to be...
Q: 9. ABC paid finder's fees of P80,000, legal fees of P26,000, audit fees related to stock issuance of...
A: Formula: Total expenses = Finder's fees + Legal fees + Audit fees + Stock issuance + Stock registrat...
Q: The left side of any account is the credit side 10 A) True B) False
A: Solution: An account is way of record keeping with two sides. One is left side or debit side and ano...
Q: Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet a...
A: The balance sheet represents the financial position that includes the assets, liabilities, and stock...
Q: A. Find the firm's breakeven output. B. If it wishes to have a monthly net income before taxes of $2...
A: a) Firm’s break-even point = Fixed cost / Contribution per unit Variable cost per unit = (130,000 + ...
Q: PART A: Recognizing Accounts Receivable Revenue Recognition Review from chapter 3 1. Provide a good ...
A: Solution Sales discount refers to the financial recording of reducing the sales price due to early p...
Q: I want to have 6000000 when I retire on April 18, 2055. I plan on making annual equal payments start...
A: Future Value: Using an expected rate of growth, future value (FV) is defined as the worth of a prese...
Q: On July 1, 2019, Lee Kwang Soo (LKS) Company issued rights to shareholders to subscribe to additiona...
A: Shareholder- A shareholder, also referred to as a stockholder, is a individual, business, or organiz...
Q: A taxpayer engaged in service business provides you with the following: Description 2019 2020 Collec...
A: There were two types of accounting methods were followed 1. Cash basis accountig method 2. Accrual...
Q: Quinine Company has a 12/31 year end and buys a bottling machine to use in its manufacturing plant o...
A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage , ...
Q: Mixing Company manufactured 1,716 units of its only product during 2022. The inputs for this product...
A: Computation of the partial financial productivity of material H in the 2022 as follows:
Q: please classified whether they belong in deductible and nondeductible expense for each condition tha...
A: Business Expenses: Business expenses are a measure of cash spent to complete one's work and which ca...
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: 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: Which of the data above should be ignored in making the special-order decision? For what reason?
A: Special-order decisions are the business decisions in which management has to accept or reject a spe...
Q: 11. T, a 40% owner, has a basis in a S Corporation's stock of $12,000 and in a note receivable from ...
A: T, 40% owner has a basis in an S Corporation's Stock = $12,000 T, 40% owner has a basis in an S Corp...
Q: High Step Shoes had annual revenues of $197,000, expenses of $109,700, and paid dividends of $22,800...
A: Closing Entries: The four entries posted after all adjustments have been completed and the financial...
Q: or the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The comp...
A: The closing entries are prepared to close the temporary accounts of the business. The temporary acco...
Q: Which is not a feature of final tax? A. Covers certain passive income B. Covers all capital gains C....
A: Solution Capital gain can be defined as any profit that is received through the sale of capital asse...
Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume no ...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: From the following information on the income statement and the balance sheet, what is free cash flow...
A: Free Cash Flow: Following the payment of operational costs and capital expenditures, free cash flow ...
Q: T-Mart reported the following amounts at the end of the year: Total sales = $650,000; sales discount...
A: Net sales is the amount of sales after adjusting sales returns, sales allowances and sales discount....
Q: SAS No. 99 (now PCAOB AS 2401) states that the auditor has the responsibility to plan and perform th...
A: Professional skepticism is the attitude of critically identifying and assessing the audit evidence
Q: Elmoe has the following information for the month of October, its first month of oper Work in Proces...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.Balance Sheet and Notes Listed here in random order are Wicks Construction Limiteds balance sheet accounts and related ending balances as of December 31, 2019: Additional information: 1. The company reports on the balance sheet the total amount for inventories and the net book value of property, plant, and equipment, with the related details for each account disclosed in notes. 2. The straight line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. A breakdown of property, plant, and equipment shows the following: land at a cost of 32,000, buildings at a cost of 182,400 and a net book value of 120,200, machinery at a cost of 63,900, and related accumulated depreciation of 18,600, and equipment (40% depreciated) at a cost of 53,000. 3. Patents are amortized on a straight line basis directly to the Patent account. 4. Inventories are listed at the lower of cost or market value using an average cost. The inventories include raw-materials, 22,200; work in process, 34,700; and finished goods, 41,600. 5. Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. 6. Preferred stock has a 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued. 7. The investment in bonds is carried at the original cost, which is the face value, and is being held to maturity. 8. Short-term investments in marketable securities were purchased at year-end. 9. The bonds payable mature on December 31, 2024. 10. The company attaches a 1-year warranty on all the products it sells. Required: 1. Prepare Wicks Constructions December 31, 2019, balance sheet (including appropriate parenthetical notations). 2. Prepare notes to accompany the balance sheet that itemize company accounting policies; inventories; and property, plant, and equipment. 3. Next Level Compute the current ratio and the quick ratio. How do these two ratios provide different information about the companys liquidity? Why are these ratios useful?Blue Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost. Equipment 2021 2021 Jan. 1 Balance 126,630 June 30 Cost of equipment sold Aug. 10 Purchases 31,540 (purchased prior to 2021) 21,250 12 Freight on equipment purchased 820 25 Installation costs 2,510 Nov. 10 Repairs 450 Assuming that company policy is to charge a full year depreciation in the year of purchase and the year of sale, compute the proper depreciation charge for 2021 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2021, balance was purchased in 2019. (Round answers to 0 decimal places, e.g. 45,892.) (1) Straight-line $ (2) Sum-of-the-years'-digits
- Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 (a) $34,220 (b) $ Machine B 8/15/19 (c) 21,630 5 SL 29,870 (d) Machine C 7/21/18 67,200 23,500 8 DDB (e) (f) Machine D (g) 225,570 71,070 5 SYD 72,100 (h)Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 SYD $34,220 $20060 Machine B 8/15/19 81370 21,630 5 SL 29,870 11948 Machine C 7/21/18 67,200 23,500 8 DDB (A) (B) Machine D (C) 225,570 71,070 5 SYD 72,100 (D)Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000
- FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P76,000 Cash P200,000 Property, plant and equipment P900,000 Supplies P30,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?Below is the information as at the end of accounting year of December 2020:Details RMDebtors 23,000Bank 55,000Fixed asset at cost 698,000Accumulated depreciation 98,000Creditors 48,000Operating expenses for December 60,000Sales for December 400,000Ending inventory 20,000Retained earnings 120,000 The following additional information was also provided to assist your work.i) Depreciation is provided at the rate of 5% on cost of non-current assets per month.ii) Closing inventory is expected to increase by RM2000 in January from December levels. This is expected to increase by the same figure in February from the projected figure in January. It is expected that in March closing inventory is desired to be RM26,000iii) The company makes a profit of 25% on its sales.iv) Operating expenses is expected to increase by 10% from that of December in January and this is projected to increase at the same growth rate until March.v) Sales is projected to grow by 15% per month from December until…Below is the information as at the end of accounting year of December 2020:Details RMDebtors 23,000Bank 55,000Fixed asset at cost 698,000Accumulated depreciation 98,000Creditors 48,000Operating expenses for December 60,000Sales for December 400,000Ending inventory 20,000Retained earnings 120,000 The following additional information was also provided to assist your work.i) Depreciation is provided at the rate of 5% on cost of non-current assets per month.ii) Closing inventory is expected to increase by RM2000 in January from December levels. This is expected to increase by the same figure in February from the projected figure in January. It is expected that in March closing inventory is desired to be RM26,000iii) The company makes a profit of 25% on its sales.iv) Operating expenses is expected to increase by 10% from that of December in January and this is projected to increase at the same growth rate until March.v) Sales is projected to grow by 15% per month from December until…
- The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2020 are shown here. Equipment Beg. bal. 80,600 Disposals 23,800 Acquisitions 40,000 End. bal. 96,800 Accumulated Depreciation—Equipment Disposals 8,700 Beg. bal. 47,800 Depr. exp. 13,300 End. bal. 52,400 In addition, Luo’s income statement reported a loss on the disposal of plant assets of $6,100. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable - bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet isCarmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers’ accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet is