JCV Company's records show the following information: December 31, 2018 100,000 150,000 (1) 900,000 300,000 (2) 150,000 260,000 December 31, 2019 150,000 (3) 250,000 Cash Accounts Receivable Merchandise Inventory Equipment, net Land 1,000,000 (4) 450,000 (5) Trade accounts payable Accrued expenses Non-current liabilities (6) Additional information are as follows: Working capital of the Company amounted to P50,000 as of December 31, 2018, and increased to P70,000 a of December 31, 2019, respectively. A piece of land costing P100,000 were sold during 2019. There were no other changes in the owner's equity during 2019 other than the net income or net loss. Total liabilities as of December 31, 2018 amounted to P710,000 while total assets as of December 31, 2019 amounted to P1,900,000. Total revenues amounted to P150,000 while total expenses amounted to P165,000.
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Land as of December 31, 2019 amounted to PBlank 1.
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- On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…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…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…
- On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…V Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2019. The entity wrote of uncollectible accounts tolling P20,000 during the current year 2018 2019 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 69. Under Cash basis, what amount should be reported as sales for the current year? а. 4,900,000 b. 4,350,000 c. 4,300,000 d. 4,280,000 70. What amount of bad debts are recognized for the current year? 60,000 b. 70,000 a. c. 80,000 d. 110,000The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
- Meta Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2019. The entity wrote of uncollectible accounts tolling P20,000 during the current year 2018 2019 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 42. Under Cash basis, what amount should be reported as sales for the current year? а. 4,900,000 b. 4,350,000 c. 4,300,000 d. 4,280,000 43. What amount of bad debts are recognized for the current year? а. 60,000 b. 70,000 80,000 d. 110,000 С.11. Selected information from the accounting records of Rolexa Co. is as follows: Net accounts receivable at Dec. 31, 2018, P900,000; Net accounts receivable at Dec. 31, 2019, P1,000,000; Inventories at Dec. 31, 2018, P1,100,000; Inventories at Dec. 31, 2019, P1,200,000; Accounts receivable turnover, 5 times; inventory turnover, 4 times. What is Rolexa's gross margin for 2019? please dont provide image based answers thank youPrepare 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…
- 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 is summary of information presented on the financial statements of a company on December 31, 2019. Account 2019 2018 Current Assets $ 69 comma 000$69,000 $ 53 comma 000$53,000 Accounts Receivable 83 comma 00083,000 80 comma 00080,000 Merchandise Inventory 53 comma 00053,000 41 comma 00041,000 Current Liabilities 77 comma 00077,000 49 comma 00049,000 Longminus−term Liabilities 30 comma 00030,000 52 comma 00052,000 Common Stock 54 comma 00054,000 44 comma 00044,000 Retained Earnings 44 comma 00044,000 29 comma 00029,000 Net Sales Revenue $ 527 comma 000$527,000 $ 508 comma 000$508,000 Cost of Goods Sold 405 comma 000405,000 396 comma 000396,000 Gross Profit $ 122 comma 000$122,000 $ 112 comma 000$112,000 Selling Expenses 45 comma 00045,000 58 comma 00058,000 Net Income Before Income Tax Expense $ 77 comma 000$77,000 $ 54 comma 000$54,000 Income Tax…The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…