avid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum. Deprec. Equipment Accounts Payable Notes Payable David Wallace, Capital Olena Dunn, Capital Danny Lin, Capital Account balances December 31, 2020 $ 25,600 $ 170,000
Q: Account Debit Credit
A: Income statement reflects profit or loss from business operations. Here we will ...
Q: Accounts Debit Credit (OMR) (OMR) Cash 120,000 Capital 100,000 Prepaid insurance 5600 Salary expense...
A: Lets understand the basics. Income statement is prepared by the management to know the net result of...
Q: Ball Company has the following data: Units Produced: 500 finished goods units Direct Materials: $100...
A: In variable costing we should only consider variable costs, fixed overhead does not be included in p...
Q: . Identify the relevant control to address each WCGW. Answers should be in not less than three sente...
A: WCGW is an acronym and stands for what could go wrong, it is the outcome in the negative sense in co...
Q: E16.19 data (yen in thousands). PS: Simple Capital Structure) Huang Ltd. presented the following Net...
A: Earnings per share is the amount which is attributable to ordinary per share. It is the part of inco...
Q: BJ Company produces "JUICE". To produce JUICE, BJ will require 15 units of Material X at P8 per unit...
A: Absorption costing: Absorption costing is also called traditional costing. This method of costing di...
Q: 13. Paid monthly telephone bill, Php650. a. Debit, cash, Credit J. Ilagan, capital b. Debit, teleph...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units...
A: Formula: Ending inventory = Cost of goods available for sale - Cost of goods sold
Q: 7.Sam and Devon agree to go into business together selling college-licensed clothing. According to t...
A: Introduction: Gains and losses are unavoidable results of investment. Every investor is looking for ...
Q: Outline the anti-avoidance provisions as they relate to the transfer of property to a child, a trust...
A: General Anti-avoidance Rule (GAAR) is a concept which generally empowers the Revenue Authority in a ...
Q: Debt investments with an objective of collecting contractual cash flows is classified as: Group of a...
A: Debt investments are those instruments which have a specified time period and interest is paid by th...
Q: (a): Wi s snare price after the repurchase? (b): Immediately after the repurchase, new information i...
A: Clark Industries has 200 Million share o/s Current Share Price $30 per share Clark plan to distribut...
Q: Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direc...
A: Since you have posted question with multiple sub-parts we will do the first three sub-parts for you ...
Q: i need that last two parts (D AND E)
A: 2021 2022 Units Produced 60000 50000 Units Sold 54000 54000 Selling Price per Unit $ ...
Q: Penny Company manufactures only one product and uses a standard cost system. The following informati...
A: Direct Labor Variance: Direct labor cost variation is defined as the difference between the standard...
Q: Secure, Inc. manufactures travel locks. The budgeted selling price is $24 per lock. The variable cos...
A: Operating income shows the amount a company earned as net profit from its operation.
Q: Following are the estimated values related to Swifi 2023; January OMR April OMR Маy OMR June OMR Feb...
A: Cash budget is the estimation of cash payments and receipts . It is prepared to know the requirement...
Q: Zing Cell Phone Company entered into the following transactions involving current liabilities during...
A:
Q: What is the estimated total cost to produce 500,000 units of LOVE using direct costing method?
A: It's specialized form of cost accounting that only uses variable Cost to make decisions. It doesn't...
Q: The BB Company accounts for non-current assets using the revaluation model. On 30 June 2019 BB clas...
A: Solution According to PFRS5 , a non current asset or disposal group categorized as held for sale mus...
Q: On February 3, Smart Company sold merchandise in the amount of $5,800 to Kennedy Company, with credi...
A: Amount received = Invoice amount - Discount amount where, Discount amount = Invoice amount x discou...
Q: Withdrew from the agency, Php5,000 for personal use. A. Debit Cash, Credit J. Ilagan, capital B. De...
A: Drawings is a amount/goods withdrawn by business owner from its business.
Q: Retiring allowances are also known as: Multiple Choice Lieu of notice Parting gifts Bonuses Suppleme...
A: Retiring Allowances are also known as Severance Pay. These are the allowances are paid to employees ...
Q: Naper Inc. manufactures power equipment. Naper has two primary products-generators and air compresso...
A: The activity-based costing (ABC) method assigns overhead and indirect expenses to connected products...
Q: On January 2, 2021, Tripod Company receives a government loan of P2,000,000 paying a coupon interest...
A:
Q: Cooperative San José of southern Sonora state in Mexico makes a unic and local herbs. The syrup is s...
A: According to the question, the Co - operative San José in Mexico's southern Sonora country contains ...
Q: On December 31, 2016, when its Allowance for Dou nc. estimates that 8% of its accounts receivable ba...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the sec...
A: Cash Budget The purpose of preparing the cash budget to know the total movement of cash inflows and ...
Q: Beryllium Company had $330,000 sales in December 20X1 and expects total sales of $360,000 in January...
A: Cash receipts is the amount of sales which is received. It shows the amount of sales which is collec...
Q: A sole proprietor may use both cash basis and accrual basis accounting, but only when the business a...
A: Sole proprietorship refers to the individual entrepreneur which is a kind of enterprise owned as wel...
Q: Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): Comp...
A: 1. Amortization of Intangible assets have been correctly stated based On straight line method. 2. ...
Q: Steve’s Outdoor Company purchased a new delivery van on January 1 for $58,000 plus $4,900 in sales t...
A: In this question, There are 4 requirements : 1.Indicate the effects of each transaction on the accou...
Q: a. the distortionary effect of taxes, making them more popular compared to Treasuries b. the distort...
A: Municipal Bond Municipal Bond which can be made available either for tax exempt basis or taxable bas...
Q: 39 In accounting for debt investments that are classified as FV through profit or loss: Group of ...
A: As per IFRS 9 financial instrument, following is the correct option.
Q: Paid for newspaper advertising, Php6,500 a. debit cash, Credit advertising b. Debit Advertising, Cr...
A: As per nominal account rule we should debit all expenses and losses and we should credit all income...
Q: 1. Prepare a journal entry for each of the following transactions. a) Miracle Body Corporation sells...
A: A journal entry records a business transaction in the accounting system for an organization. Every...
Q: lease read and answer journal entry questions using table.
A: Recording the Monthly transaction of DS unlimited
Q: 10.Sam and Devon agree to go into business together selling college-licensed clothing. According to ...
A: In this case, the applicable section is Section 351 as Sam will get 80 percent of the stock in the c...
Q: Assets Liabilities and Owners' Equity Reserves $200 Deposits $1,600 Loans $800 Debt $250 Securities ...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: 6. The record of employment is filed with: Multiple Choice Canada Pension Plan Revenue Quebec The Ca...
A: Record of Employment (ROE) is a form that your employer fills in with information like how long you'...
Q: All expenses incurred while traveling away from a tax home during a business trip True False
A: Expense allowed as deductible based on nature and relevance. Following is the correct answer.
Q: Company sells a product for $90.00 per unit. Variable costs are $50 per unit, and fixed costs are $1...
A: calculation of contribution margin ratio are as follows
Q: Parker Plastic, Ic., manufactures plastic mats to use with rolling office chairs. Its standard cost ...
A: The question is based on the concept of Cost Accounting.
Q: Beaver Company expects to sell 1,600 units of a finished goods product in January and 1,860 units in...
A: Lets understand the basics. Budget is an estimation of future profit in advance. Management prepares...
Q: Pyramid Corporation is assessed a $40 fee as the result of a $126 NSF check received from a customer...
A: NSF check is a check that was received from a customer and deposited in the Bank account. However, l...
Q: Which of the following does not constitute fair presentation and compliance with IFRS? A) an entity...
A: When financial statements are devoid of substantial misstatements and adequately portray an entity's...
Q: E16.18 (LO 4) (EPS: Simple Capital Structure) Ott Company had 210,000 ordinary shares outstanding on...
A:
Q: Prepare journal entries for the following transactions reported by Jet Corporation for the month of ...
A: The equity includes the total capital that belongs to the shareholders of the business.
Q: Escargot Inc. is a 5-star restaurant in Cincinnati The restaurant sells 500 gift cards during Januar...
A: In this question there are 2 requirements : 1. Prepare journal entries for Escargot's gift card tran...
Q: Part III Record the following T Accounts 1. Recorded revenue from cash patients of $30,000.00 2. Pai...
A: Cash Debit Credit Sno Particulars Amount Sno Particulars Amount 1 Service Re...
David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020:
| Cash | Equipment | Accum. Deprec. Equipment |
Accounts Payable |
Notes Payable |
David Wallace, Capital |
Olena Dunn, Capital |
Danny Lin, Capital |
|||||||||||||||||||||||||
| Account balances December 31, 2020 | $ | 25,600 | $ | 170,000 | $ | 95,000 | $ | 7,600 | $ | 18,000 | $ | 37,000 | $ | 20,000 | $ | 18,000 | ||||||||||||||||
Due to several unprofitable periods, the partners decided to liquidate the
Required:
1. Complete the schedule. (Negative answers should be indicated by a minus sign.)
2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).
Step by step
Solved in 3 steps with 2 images
- 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…Financial information of ABC Company for the year ended December 31, 2021. Description Debit Credit Cash on hand 40,000.00 Cash in bank 900,000.00 Petty cash fund 10,000.00 BSP Treasury bill, purchased on December 1, 2021 and due March 1, 2022 150,000.00 Financial assets at fair value 200,000.00 Financial assets at amortized cost 3,000,000.00 Investment in associate at equity method 1,000,000.00 Accounts receivable 580,000.00 Trade Notes receivable 100,000.00 Accrued interest on notes receivable 10,000.00 Advances to employees, collectible currently 30,000.00 Merchandise Inventory 1,500,000.00 Store supplies 50,000.00 Office supplies unused 30,000.00 Prepaid insurance 20,000.00 Land 1,500,000.00 Building 4,500,000.00 Equipment 1,000,000.00…UTV Corp. have the following account balances for the year ended December 31, 2020:DEBIT BALANCESAmountCash and cash equivalents400,000Accounts receivable900,000Raw materials560,000Goods in process600,000Finished goods1,400,000Financial assets at FVOCI2,500,000Sinking fund200,000Land1,000,000Building6,000,000Plant and equipment2,400,000Patent800,000Goodwill1,400,000Unrealized loss – FVOCI100,000Prepaid benefit cost20,000Treasury shares at cost250,000TOTAL18,530,000 CREDIT BALANCESAmountBank overdraft100,000Due from an officer50,000Allowance for bad debts40,000Accumulated depreciation – building1,600,000Accumulated depreciation – plant and equipment400,000Notes payable, due June 30, 20211,300,000Notes payable, due June 30, 20222,100,000Accounts payable1,000,000Provision180,000Warranty liabilities80,000Income tax payable120,000Finance lease liability180,000Deferred tax liability280,000Actuarial gain300,000Revaluation surplus360,000Share capital6,000,000Share premium2,000,000Retained…
- The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021: Cash in bank - Checking,P2,600,000 Cash in bank - Savings, P700,000 Cash on hand, P300,000 Cash in bank - restricted, P2,000,000 Treasury bills, P3,000,000 The restricted cash in bank account is opened specifically for building construction expected to be disbursed in Q1 2022. The cash on hand includes a P100,000 check payable to Jepjep, dated January 5, 2022. The Treasury bills are purchased December 1, 2021 and due on February 28, 2022. If you are the Accountant of Jepjep Holdings, what amount of "cash and cash equivalents" should be reported as of December 31, 2021?repure u Mr. Jimin received his August 2020 bank statement. The ending cash balance in his accounting books is P300,000 while the cash balance shown on the bank statement is P430,000. He determined the following reconciling items. a. Credit Memo (A/R) b. Debit Memo (A/P) c. Deposits in transit d. Outstanding Checks P190,000 30,000 50,000 20,000 JIMIN CO. Bank Reconciliation Statement August 31, 2020 Adjusting Entriesyou were provided with the December 31, 2023 balance of the cash and cash equivalents account for Burberry Company and your review revealed the following compositions: Change fund P30,000Petty cash fund (P3,000 expense vouchers, P2,000 employee IOU) 20,000Cash in bank 8,000,000 Cash on hand (included a check amounting to P150,000. payable to Burberry dated January 1, 2024 and two checks amounting to P100,000 and P100,000 payable to Burberry dated November 30, 2023 and April 30, 2023, respectively) 550,000Treasury bills - 45 days 500,000 Pension fund…
- 49. The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021: Cash in bank – Checking,P2,600,000Cash in bank - Savings, P700,000 Cash on hand, P300,000 Cash in bank – restricted, P2,000,000 Treasury bills, P3,000,000 The restricted cash in bank account is opened specifically for building construction expected to be disbursed in Q1 2022. The cash on hand includes a P100,000 check payable to Jepjep, dated January 5, 2022. The Treasury bills are purchased December 1, 2021 and due on February 28, 2022. If you are the Accountant of Jepjep Holdings, what amount of "cash and cash equivalents" should be reported as of December 31, 2021?Acenture LLC-Partners Trial Balance Year Ended December 31, 2021 Petty Cash Fund 25,000.00 Cash in Bank Account 743,000.00 Inventory Account 1,000,540.00 Furniture Account 905,000.00 Building Account 2,400,000.00 Accounts Receivables- ABC Company 250,000.00 Mr Brian & Associates 350,000.00 Create View LLC 400,000.00 Capital Account Mr. Axle 2,500,000.00 Ms. Rose 1,800,000.00 Accounts Payables- Suppliers of All Company 500,000.00 JVC Company 225,000.00 XYX Company 400,000.00 Sales Account…Acenture LLC-Partners Trial Balance Year Ended December 31, 2021 Petty Cash Fund 25,000.00 Cash in Bank Account 743,000.00 Inventory Account 1,000,540.00 Furniture Account 905,000.00 Building Account 2,400,000.00 Accounts Receivables- ABC Company 250,000.00 Mr Brian & Associates 350,000.00 Create View LLC 400,000.00 Capital Account Mr. Axle 2,500,000.00 Ms. Rose 1,800,000.00 Accounts Payables- Suppliers of All Company 500,000.00 JVC Company 225,000.00 XYX Company 400,000.00 Sales Account…
- The following is the balance sheet of A. B and C who shared profits and losses equally as on 31 December 2021 Liabilities Bank overdraft Account payable Reserve fund Capitals A B C Assets Amount 15,000 Bank 1,800 Account receivable 6,000 Investment Inventory 20.000 Furniture 12000 Premises 14.000 Land c) a) A took over the Land at RO15,000 b) C took over computer at book value. The other assets realized as under:- Account receivable: RO 7.500 Furniture: RO 4,500 Investments: RO 13.500 1. Realization Account 2. Partner's capital Account 3. Cash Account 68,800 It was decided to dissolve the partnership firm on the following terms:- Computer Inventory: RO 15,600 Premises: RO 15,750 d) Realization expenses amounted to RO 500. Prepare: - Amount 6.500 8.600 10,000 13,700 5,100 12,900 11,000 1,000 68,800Ms. Arzel opened the The Baker's Box with cash investment of P200,000 on July 06, 2020. She opened a Checking Account with initial deposit of P65,000 at BDO. At the end of July 31, the ending balance of the account is P88,945. On Sept. 07, Ms. Arzel received the bank statement for the month of August. Below is a copy of the bank statement and the records of The Baker's Box of the Checking Account No. 88888. BDO Bank Statement Customer: The Baker's Box Address: Dasmarinas Account No.: 88888 Period: August 01 - 31, 2020 Date Check No. Amount Deposit Balance 1-Aug Balance 2-Aug 88,945 88,545 88,200 522 400 The Baker's Box 2-Aug 523 345 Per General Ledger: 3-Aug 5-Aug 6-Aug 2,874 91,074 Cash in Bank, Account No. 88888 526 15,788 7,932 75,286 Beg. balance 3-Aug 10-Aug 528 67,354 88,945 2-Aug 522 400 2-Aug 523 3-Aug 524 3-Aug 525 3-Aug 526 15,788 5-Aug 527 5-Aug 528 5-Aug 529 5-Aug 530 5-Aug 531 14-Aug 532 14-Aug 533 21-Aug 534 21-Aug 535 28-Aug 536 28-Aug 537 28-Aug 538 2,874 345 10-Aug…A summary of the entries in the cash ledger account of Koronadal Gardens for the Month of July 2020 showed the following: • Cash from Accounts Receivable P400,000.00 • Cash Sales P250,000.00 • Dividends Received P100,000.00 • Cash from Issuance of Shares P600,000.00 Payments for Accounts Payable P300,000.00 Payments of Wages P150,000.00 • Purchase of Land P200,000.00 Payment of Dividends P200,000.00 • Purchase of Service Vehicle P450,000.00 • Payment of Taxes P150,000.00 • Payment of Interest P50,000.00