At the end of an accounting period, a company's total assets equaled $505,000, and owner's equity equaled $230,000. How much were the company's liabilities?
Q: 1. Calculate the gross income for someone who works 38 h at $12.50/h.
A: Gross income of person means how much an individual is earning in particular period of time. If an…
Q: 99) Hesterman Corporation makes one product and has provided the following help prepare the master…
A: Calculation of Number of units of Finished Goods to be produced during May May Units…
Q: 5.) Ollie Inc. has book income of $250,000. The following information is available: a. Ollie…
A: Introduction Corporations has to show reconciliation of income or losses and analysis of…
Q: Problem 1. A 1000 par-value bond with 8% quarterly coupons has payment dates of January 31, April…
A:
Q: TOPIC: Contributed Capital (Issuance of Shares, Reacquisition, Reissuance, Retirement, Donation,…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Imperial Jewelers manufactures and sells a gold bracelet for $407.00. The company’s accounting…
A: Introduction: Financial Advantage Associates provides a broad range of financial services. Its…
Q: Shelton Tax Services is considering investing in new software for their corporate tax business. The…
A: Net present value is a method for determining whether to invest in a capital asset. It is used…
Q: Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month…
A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with…
Q: ayment made by the lessee to the lessor? A. None of the above B. If the advance payment representing…
A: A lessee is someone who rents property or land from a lessor. The lessee, sometimes known as the…
Q: Devise the pair of double-entry postings required to record each transaction. Proceed to post all…
A: The transactions for the activities of Simpson Ltd. for the first week of August is given to us.…
Q: 7. Using the following table containing the dates of purchases and payments to determine the average…
A: Balance Remained at Beginning For Period Weighted Balance Purchase Paid Balance Remained at…
Q: What amount shall Tom Company recognize in profit or loss for the year 2020 if it designated the…
A: Fair value through profit and loss is the method through which a business records its investments…
Q: Determine the consolidated balances which Peris would present on their consolidated balance sheet…
A: Consolidated financial statements are those financial statements which are the combination of two…
Q: X and Y share income of their partnership in a 2:3 ratio. X and Y receive salaries of $18,000…
A: Partnership refers to the contractual agreement among the partners who carry out the business…
Q: Your client is using advanced matching in the bank feed to find a match for a deposit that was made…
A:
Q: ANNUITY DUE PROBLEM A Computer is purchased for P3500 monthly for 1.5 years with the interest rate…
A: Following data will be fed in excel PV formula in arriving at cash price of the computer: Rate…
Q: Highland company provided the following information on December 31, 2018: Cash 2,000,000 Trade and…
A: Statement of Financial position includes: Assets accounts Liabilities accounts Equity accounts As…
Q: Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago…
A: Inventory Turnover Ratio: The pace at which inventory stock is sold, or utilized, and replaced is…
Q: Choose the correct answer with solution. Pls choose only the answer in the choices.
A: As given the following financial data is being prepared by Gising for presentation to potential…
Q: Mitus Company needs 20,000 special buckles for a backpack that it designs and manufactures. If the…
A: When there are two alternatives of either making or purchasing the product from outside, then total…
Q: Bayview Company bought 1,000 shares of PLDT shares as equity investments on January 10, Year 2 at…
A: Investment in equity securities is one of the important asset of the business. Dividends are also…
Q: (1) Make the necessary customization journal! (2) Make the necessary return journal!
A:
Q: 1. For reporting purposes, currencies are defined as Operating, International and…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: The following information applies to the questions displayed below.] Simon Company’s year-end…
A: Financial ratios help to summarise the accounting data, so that the information can be used by the…
Q: Purchase and sale transactions of one type of goods during the month of October 200A at PT DWI WARNA…
A: FIFO, LIFO, and average method are the types of inventory valuation process that helps in…
Q: KES Raw materials Work-in-progress Finished goods Stock on 31"October 2012 40,000 12,000 20,000 KES…
A: Production cost statement shows total costs incurred on production of goods. It includes materials…
Q: epare recognize bad debts under each of the owing independent assumptions. Bad debts are estimated…
A: Explanation of the concept Journal Entries are required in the present problem. In the present…
Q: At the end of an accounting period, a company's liabilities equaled $295,000, and owner's equity…
A: Introduction: The connection between a company's assets, liabilities, and capital is referred to as…
Q: of computing vat payable
A: VAT refers to the type of tax imposed by the government over the sale of goods and services.
Q: Direction: Answer the following questions on a separate sheet of paper. 1. What is statement of cash…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: tatement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone…
A: Costs of Goods manufactured: - Cost of Goods manufactured is the amount which arises due the…
Q: A die-cutting machine was purchased three years ago for $450,000. The useful life of the equipment…
A: Calculation of after tax cash inflow on sale of old machine: Cost of old machine…
Q: Please help with multiple choice questions.
A: Every Profession has its own code of conduct and standards of ethical conduct which each…
Q: balances from historical cost statement of financial position Dahlia Company was formed on, January…
A: Answer 1:- b that is 6,000,000. Explanation:- Computation of amount that should be reported in a…
Q: Which of the following is false? Multiple Cholce Overhead costing accuracy is Improved by the use of…
A: The departmental overhead method does not assign overhead on the basis of volume related measures.…
Q: A patient's total surgery charges are $1,278. The patient must pay the annual deductible of $1,000,…
A: You may have heard the phrase "deductible" in relation to your health insurance costs. But, exactly,…
Q: The assets and equities of the NSW Partnership at the end of its fiscal year, October 31, 2020, are…
A: Introduction: In financial transactions, persons and companies frequently owe money, products, or…
Q: LOGARITHMS You are a rising star in the music industry, and you have just received word that you…
A: 1) Amount at the end = Amount invested × (1+rate)^n 600,000 = 500,000 × (1+.0315)^n 1.2 = 1.0315^n…
Q: If this was a BELO plan with a pay rate of $23.45 per hour and a maximum of 48 hours, how much would…
A: Payroll costs refers to the costs which involves the employees salaries and the wages involving the…
Q: ABC Company was organized on January 1, 2022 with 100,000 authorized shares of P100 par value.…
A: Share premium account shows the difference between the par value of shares issued and the issue…
Q: Currently, a three-year Treasury note pays 10.0%. Assuming that your tax rate is 15%, what is the…
A: For tax free municipal bond, interest rate should be equal to the after tax interest rate of…
Q: What types of dividend provide tax saving most? 1- cash dividend 2- Share dividend 3- Orher…
A: A dividend is a portion of a company's value distributed by the board of directors. Dividends are…
Q: Weaver Company reported the following property, plant and equipment on December 31, 2021: Year…
A: Fixed assets are those form of assets which are being held by the business for longer period of…
Q: If sales equal $320,960, variable expenses equal $200,000, and the degree of operating leverage is…
A: Solution.. Sales revenue = $320,960 Variable cost = $200,000 Contribution margin = Sales -…
Q: S Corporation has a current ratio of 3.4 and an acid-test ratio of 2.6. The corporation's current…
A: The current ratio is calculated as current assets divided by current liabilities. The acid test…
Q: Which of the following statements is CORRECT? The statement of cash flows reflects cash flows from…
A: Cash flows from activities and borrowings are included in the cash flow statement, but cash received…
Q: . The following historical pattern on its credit sales of Rainy Co. was presented: 70% collection…
A: CASH BUDGET: Cash budget gives an estimate of the anticipated receipts and payments of cash during…
Q: Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash…
A: The taxable income of taxpayers is the income liable to tax and it is the income used to determine…
Q: Refer to the World View to answer two questions. WORLD VIEW Zimbabwe Raises Key Interest Rate to 70%…
A: From the world's view, the world interest rate can be calculated using the following two…
Q: Compute the variances in dollar amount and in percentage. (Round to the nearest whole percent.)…
A: Variance: The variance is a measurement of the variability in the data. The formula for calculating…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The 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.…ght © 2020. Pearson Education, Limited. All rights reserved. 3.6 The following is the statement of financial position of TT and Co. (see Self-Assessment Question 3.1 on page 117) at the end of its first year of trading: Statement of financial position as at 31 December 2018 £ ASSETS Non-current assets Property, plant and equipment: Delivery van at cost Depreciation Current assets Inventories Trade receivables Prepaid expenses* Cash Total assets EQUITY AND LIABILITIES Equity Original Retained earnings Current liabilities Trade payables Accrued expensest 12,000 (2,500) 9,500 65,000 19,600 5,300 750 90,650 100,150 50,000 26,900 76,900 22,000 1,250 23,250 100,150 Total equity and liabilities *The prepaid expenses consisted of rates (£300) and rent (£5,000). +The accrued expenses consisted of wages (£630) and electricity (£620).gnment/takeAssignmentMain.do?invoker3D&takeAssignmentSessionLocator=&inprogress%3Dfalse Clark Exploration Corporation was organized and began operations on October 1, 2020. It incurs $41,000 in legal fees to obtain the corporate charter. The corporation elects to expense its organizational costs over the shortest allowable period. What amount will Clark report for organizational expenses for 2020? Oa. $4,100 Ob. $5,000 Oc. $5,600 Od. $2,050 Oe. $41,000 Previous Next
- 58. The following balance sheet was prepared by the bookkeeper for Strawberry Company as ofDecember 31, 2021.• Cash- P80,000• Accounts receivable (net)- P52,200• Inventories- P57,000• Investments- P76,300• Equipment (net)- P96,000• Patents- P32,000• Accounts payable- P75,000• Long-term liabilities- P100,000• Stockholders' equity- P218,500The following additional information is provided:1. Cash includes the cash surrender value of a life insurance policy P9,400, and a bank overdraftof P2,500 has been deducted.2. The net accounts receivable balance includes:(a) accounts receivable- debit balances P60,000;(b) accounts receivable- credit balances P4,000;(c) allowance for doubtful accounts P3,800.3. Inventories do not include goods costing P3,000 shipped out on consignment. Receivables ofP3,000 were recorded on these goods.4. Investments include investments in equity securities at fair value through P/L- P19,000 andinvestments in equity securities at fair value through OCI- P48,300, and…Prepare a balance sheet for Alaskan Peach Corporation as of December 31, 2022, based on the following information: $193,000; patents and copyrights = $847,000; accounts payable = $296,000; accounts receivable = $ cash $189,000; accumulated 253,000; tangible net fixed assets = $5,100,000; inventory = $538,000; notes payable retained earnings = $4,586, 000; long-term debt = $1,250,000. = =14 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ? a) 252 Buildings Hs. 72.000 TL (Borrower) B) 250 Land and Lands Hs. 400.000 TL (Creditor) NS) 250 Land and Lands Hs. 400.000 TL (Borrower) D) 391 Calculated VAT Hs. 72.000 TL (Borrower) TO) 191 VAT Deductible 72.000 TL (Creditor)
- 11. Below are the accounts taken from MM Company, December 31, 2019: Assets - 100,000, Current assets - 40,000, Total Equity - 60,000, Current liability - 10,000 How much is the noncurrent liability? A. 50,000 B. 40,000 C. 30,000 D. 20,000Q.Relax Company provided the following information for the purpose of presenting the statement of financial position on December 31, 2020: Retained Earnings 87,600 Cash 32,800 Common stock 20,000 Inventory 39,800 Long-term liabilities 25,000 Leasehold Improvements 100,000 Accrued Expenses 1,000 Accumulated Depreciation (2,000) Accounts Payable 49,000 Trademarks 20,000 Accumulated Amortization (8,000) Required: Prepare in good form a properly classified statement of financial position on December 31,2020 with supporting notes and computations.Assume that the Current Assets for Rain Co. as of Decebmer 31, 20Y8, are listed below. A. Assume further that the total Current Liabilites on the same date are $75,000. What is the amount of the working capital for Rain Co. on December 31, 20Y8? B. Assume further that the total Current Liabilites on the same date are $75,000. What is the amount of the working capital for Rain Co. on December 31, 20Y8? ASSETS Current assets: Cash $ 17,500 Temporary Investments 15,000 Accounts Receivable (net) 42,500 Inventories 72,000 Prepaid Expenses 3,000 Total current assets $150,000
- the records of abc trading for the current year show the following: december 31, 2020 january 1, 2020 500,000 assets 300,000 liabilities 150,000 50,000 during the year, the sole proprietor made a total withdrawal from the business amounting to 240,000. using the information above, how much is the net taxable income using the net asset approach?On 1 November 2020, Bermuda Ltd acquired all the assets and liabilities (other than cash) of Triangle Ltd. The details on the assets and liabilities of Triangle Ltd were as follows: Carrying Amount Fair Value Cash 30,000 30,000 Equipment 120,000 140,000 Accounts Receivable 25,000 25,000 Furniture 35,000 25,000 Accounts Payable 10,000 10,000 Income tax Payable 19,000 19,000 Annual Leave Payable 14,000 14,000 In addition to the above items Triangle Ltd had an internally generated brand name with a fair value of $75,000 that was not recognised in its accounts. The consideration Bermuda Ltd paid to Triangle Ltd was $80,000 cash and 20,000 shares. The fair value of each Bermuda Ltd share is $10. Bermuda Ltd paid $20,000 in acquisition related costs. Tax rate is 30%.On 1 November 2020, Bermuda Ltd acquired all the assets and liabilities (other than cash) of Triangle Ltd. The details on the assets and liabilities of Triangle Ltd were as follows: Carrying Amount Fair Value Cash 30,000 30,000 Equipment 120,000 140,000 Accounts Receivable 25,000 25,000 Furniture 35,000 25,000 Accounts Payable 10,000 10,000 Income tax Payable 19,000 19,000 Annual Leave Payable 14,000 14,000 In addition to the above items, Triangle Ltd had an internally generated brand name with a fair value of $75,000 that was not recognized in its accounts. The consideration Bermuda Ltd paid to Triangle Ltd was $80,000 cash and 20,000 shares. The fair value of each Bermuda Ltd share is $10. Bermuda Ltd paid $20,000 in acquisition-related costs. The tax rate is 30%. Required: Conduct an acquisition analysis for Bermuda