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Q: e owner's equity
A: (Note: Since you have posted a multi-part question, we will solve the first 3 parts for you. For the…
Q: Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital
A: 1) Computation of total loss from the liquidation of the partnership Particulars Amount…
Q: Equity equals: C . Assets + Liabilities.
A: Equity equals: C . Assets + Liabilities.
Q: The balance in the profit and loss account is transferred to the: profit and loss account.…
A: Profit and loss account: It tells the net profit / ( loss ) of the company for the particular…
Q: What is debit
A: Debit is an entry recorded in the left side column of an account.
Q: g "Unearned results a debit
A: A transaction of revenue is recognized when the obligation by the seller is fulfilled by…
Q: (c) Return on Total Assets
A: Return on total assets measures how well the company uses its fixed assets efficiently so that its…
Q: b. Prepare an income state c. What is the balance in th d. What is the balance in th Complete this…
A: The accounting equation is a fundamental part of the balance sheet and a basic principle of…
Q: 4.1 Identify whether each of the following transactions, which are related to revenue recognition,…
A: Accrual income refers to that income that has been earned but not yet received. Deferral income…
Q: 10. Which of the following appears on the Balance Sheet? a. Unearned Fees b. Supplies Expense c.…
A: 10. Balance sheet is the statement of financial of particular year which includes Assets of current…
Q: A trial balance shows a subtotal for current assets and current liabilities. True or False
A: Trial balance: It is the statement prepared at the end of the year to close all the accounts. The…
Q: at amount of money c
A: Grant refers to the free money which is given to the recipient to meet the criteria for completing a…
Q: The net-worth is the difference between assets and liabilities and is also called as ..... (a)…
A: Company balance sheet consists of assets and liabilities and equity.
Q: Explain the relationships between adjustments and thefollowing Chapter 3 concepts: ( a ) the time…
A: Given, The relationships between adjustments is described as below, (a) the time period assumption,…
Q: O a. Nostro account O b. Vostro áccount O C. Loro account
A: Ans. Nostro is a Latin word which means 'ours'. Nostro means 'our account with you'. It is an…
Q: 1. Which T-account is incorrect? a. Depreciation Expense b. Interest Receivable c. Capital Stock d.…
A: The T-accounts are prepared as debit on left side and credit on right side.
Q: Vhat is the company's total assets tumover? What is the firm's
A: The formula to calculate Return on assets is Profit margin multiplied by the Asset Turnover. To…
Q: Describe the accounting when there is a right of return.
A: The right of return entitles a customer to a full or partial refund of the amount paid or a credit…
Q: Which one is generally the least liquid? a. Patents b. Buildings c. Inventory d. Equipment…
A: The least liquid assets are those assets that are not easily convertible into cash or liquid asset.…
Q: When are the value of asse balance sheet shown at the when aren't they2
A: There are two most commonly used quantitative measured for valuing the assets of a company this are…
Q: commodities, currencies, interest rates and other assets. a. All statenments are true b. Statements…
A: Debt Securities: These are financial assets that allow the owners of such assets to interest…
Q: Current assets - current liabilities = [A] fixed capital [B] working capital [C] opening capital…
A: Working capital = Current assets - current liabilities Where, Current assets includes: Accounts…
Q: EBIT-EPS analysis helps organisation understand the effect of changes in resulting due to O EPS,…
A: EBIT-EPS analysis - This is a method used to determine the optimal capital structure in which the…
Q: balance sheet lists v
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Q: Requirements: A. Determine the total payment to unsecured creditors. B. Determine the total net…
A: Liquidation means where the company decide to close out the operations , sell all the assets and…
Q: Define each of the following terms: e. Declaration date; holder-of-record date; ex-dividend date;…
A: Definition : The declaration date is the date on which the board of directors of a company announces…
Q: Net Income (Loss)? Curren Assete2
A: [Since you have posted a multi-part question, we will solve the first three parts for you. For the…
Q: ne Hire Purchase Interest over the Sum of the digits method LC Account (as it will appear in
A: "Since you have asked multiple sub part question we will solve the first three sub part question for…
Q: Advances from customers are classified as a(n) Select one: a. The answer does not exist b. revenue.…
A: Unearned sales Revenue: Unearned sales Revenue means money received from the customer in advance for…
Q: 1. How many types of Transcation explain each with suitable example? 2. Define Capital Account and…
A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…
Q: n accounting equation. (De any decreases to accoun
A: On August 1, Year 1, Cash account is debited and Unearned revenue account is credited with $40000.
Q: O Assets and Liabilities Income and Capital Revenue and Expenses O Assets and Liabilities and…
A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first…
Q: are classified on the balance sheet as current or Select one: a. long-term. b. accrued. C. unearned.…
A: The balance shows the assets and liabilities of the business.
Q: Est-ce que certains expenses, like salary or depreciation, may become assets? Explain
A: In accounting, the balance sheet is one of the financial statements that summarizes a company's…
Q: 2. The matching principle matches a. expenses with assets. b. expenses with revenues. C. assets with…
A: Matching Principle: It is a principle that matches the expenses with the revenue earned during the…
Q: 1. Which of the following is not recorded in the SFP? A. Assets B. Equity C. Liabilities D. Revenues
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Assets are increased by debits and liabilities are decreased by credits. TRUE FALSE
A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…
Q: 3. An example of a debit entry is OA. a decrease in an asset account. OB. an increase in an asset…
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…
Q: Net Income , SFP
A: Net Income is the excess of revenue over expenses.
Q: Return inward appearing in trial balance is deducted from Select one: a. Asset O b. Purchases c.…
A: Introduction: Trial balance: After posting all the balances to ledger accounts trial balance is…
Q: How do u calculate for total assets?
A: Introduction: Assets are resources owned by the company that is expected to generate future economic…
Q: "T- Accounts" f
A: T-accounts are ledger accounts for respective items which are part of financial statements. They are…
Q: Recorde . Collecte I. Recorde account s the total e
A: Free cash flow is the money a business entity left over after paying its…
Q: A capital expenditurea. adds to an asset.b. is expensed immediately.c. is a credit like capital…
A: Expenditure: It refers to the aggregated amount that is spent by a business during an accounting pe
Q: completed? O a. Transaction O b. Selling
A: In exchange process there is giving some products to customers and in return the customer pay money.
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- The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 1,750 47,808 Credit Merchandise inventory Other assets Liabilities $ 43,340 37,690 Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income 3,700 185 Sales 103,400 Sales returns and allowances 8,200 1,195 44, 200 Sales discounts Purchases Purchase returns and allowances Purchase discounts 2,500 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense 5,400 18,500 ,900 3,900 9,708 22,700 8,300 3,648 $188,885 $188,885 Totals A physical count shows that the cost of the ending inventory is $13.30o. Requlred: 1. Calculate the company's net sales for the year. Net salesCPAinTransit Company has the following balances: Accounts Payable: January 1, 2021 P265,432 ; December 31, 2021 838,923 ; Inventory balance: January 1, 2021 824,687 ; December 31, 2021 453,624 ; Cost of Goods Sold – 2021 1,924,6508. Determine the amount CPAinTransit paid to its suppliers in 2021 * a. 819,019 b. 1,553,587 c. 2,127,078 d. 980,096The following information were taken from the 2019 balance sheet and income statement for WAY retailer:Net salesOR 1,937.80Cost of goods soldOR 1,151.70Operating expensesOR 447.20InventoryOR 186.10Accounts receivableOR 78.00Other current assetsOR 422.70EquipmentOR 400.00Distribution centersOR 140.00Long-term liabilitiesOR 320.00Calculate (you need to show your calculations; not acceptable to show only a final number):1. Asset turnoverWhat does this number mean? ______________________________________2. Return on AssetWhat does this number mean? ______________________________________3. Net profit marginWhat does this number mean? ______________________________________
- A. Read and analyze the adjusted trial balance of AVETOR Hardware for the year ending 31 December 2019. (Attach your answer on this page) Cash P130,115| Freight-in 30,000 Purchase Returns and Allowances P30,875 2,585 20,000 115,600 18,000 12,260 1,200 17,650 65,900 48,000 9,000 Notes Receivable Accounts Receivable Allowance for Impairment LoS Merchandise Inventory, 1/1 Prepaid Insurance Unused Supplies Accounts Payable Notes Payable Avetor, Capital Avetor, Drawing 98,750 Purchase Discount 4,835| Sales Salaries 785,345 | Advertising Expense 6,000 | Freight-out 3,750 Interest Income 371,535 | Miscellaneous Selling Expenses 50,000 | Office Salaries 527,030 | Rent Expense 48,000 | Insurance Expense 1,950,345 | Supplies Expense 4,020 | Impairment Loss 20,800 | Miscellaneous General Expenses 1,320,500| Interest Expense 120,000 | Office Equipment 12,000 Depreciation – Office Equipment 36,000 Accumulated Depreciation - 8,650 2,515 Sales Sales Returns Sales Discount 1,800 Purchases Store…Company ZT reported for the fiscal year ended 2020, a $51970 and $62400 beginning and ending accounts receivable, respectively. A $9750 beginning accounts payable and $16850 ending accounts payable was also reported. Likewise, an ending inventory of $28600 and a beginning inventory of $15400, with $371500 cost of goods sold was included in the report. Finally, the report reflects a credit sales of $1289300. Approximately, how many days does it take for Company ZT to turn its inventory to sales? Approximately, how many days does it take for Company ZT to collect a typical invoice? Approximately, how many days does it take for Company ZT to pay for its invoice?At December 31, 2020, the following information was available from HIBISCUS Company's accounting records: What is the cost of HIBISCUS Company's inventory at December 31, 2020, under the average method? ₱ 281,250 ₱ 266,560 ₱ 291,060 ₱ 289,150
- The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000 P2,900,000 750,000 12/31/19 Inventory Account payable 500,000 ABC Co. paid suppliers P4,900,000 during 2020. How much is the cost of goods sold in 2020?Record the following through the use of special journals The following are selected transactions for KnK Enterprises on September 2020. All transactions involving sale and purchase of goods and services are VAT-inclusive, except sale and purchase transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price. 03-Sep Bought merchandise from Min Ho Trading, P48,160, term: 2/10, 1/20, n/30 03-Sep FOB Shipping point, Freight prepaid: P2,240 04-Sep Received a credit memorandum from Min Ho Trading for defective merchandise returned, P3,360. 06-Sep Sold merchandise to Bee Hun, P16,800; term: 2/10, n/30 09-Sep Purchased a cash register from Jun Song for P23,520; terms: P6,720 downpayment, balance in 2 equal monthly installments. 10-Sep Received a 20-day, 15% note from Seo Park, in exchange for loan of P15,000 extended to him 11-Sep Bought additional store supplies on credit from Bo Goom, P4,200. 13-Sep Paid Min Ho…The adjusted trial balance of Splish Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2020: Sales Revenue $819,500, Delivery Expense $12,610, Sales Returns and Allowances $25,880, and Sales Discounts $11,450. (a) Prepare the revenues section of the income statement. SPLISH COMPANYIncome Statement $ : $ $ Save for Later
- The following information was obtained from the accor February 2020, the end of the financial year: Opening inventory Closing inventory Purchases Import duties Carriage on sales The cost of sales for the year ended 29 February 2020 amounted to Select one: a. R1 030 000 b. R1 080 000 c. R1 115 000 d. R1 065 000What amount should be presented as a deduction from cost of goods sold? IJUN Company sells five kinds of products and reports its inventory at Lower of Cost and Net Realizable Value. On December 31, 2021, IJUN reported an ihentory of P5,500,000 and an allowance for inventory write-down before any adjustment of P300,000. The following information is made available Product A P1,800,000 P1,650 000 P1,700,000 P1,500.000 P1.600,000 950,000 780.000 1,200,000 1275.000 1,500,000 1,350 000 1.175.000 1400 000 Product B Product C Product D Product E Sales Price Cost of Goods Sold Historical Cost 825.000 650.000 1.050 000 1.400.000 1.000 000 925.000 1 200,000 1325 000 700,000 1.050,000 1.200,000 900 000 Replacement Cost Net Realizable Value Your answeranswer the three questions below The following accounts are extracted from the worksheet of X Company on December 31, 2020: Cost of Goods Sold Freight in Inventory (Jauary 1. 2020) Purchases Purcha ses Discount Purcha ses Returns and Allowances $950.000 200,000 300,000 980.000 60,000 40,000