RR Claro, a public relation man, opened his business on May 1, 2020. Below are the transactions completed by the RC Communication Company during the month of May. May 1 RR Claro invested cash, P80,000 to start the business. 7 Paid taxes and licenses to the City Treasurer, P1,500. 8 Purchased office furniture from Acme Furniture, P15,000 paying P5,000 down, balance in 10 days. 15 Received P25,000 for services rendered from various clients. 19 Billed National Enterprises for services rendered, P28,000. 31 Withdrew 30,000 for personal use
Q: Ms. May Putok opened her business, "Putok Accounting Service" in the month of March 2022. March 3 –…
A: Journal Entry The purpose preparing the journal entry to enter the required transaction into debit…
Q: Julius Caesar, tax consultant, began his practice, on Dec. 1, 2020. The transactions of the firm are…
A: Total current assets include cash, supplies on hand and receivable. Total assets include total…
Q: On March 1, 2021, Rey Fernan Refozar, a medical board topnotcher, started his medical practice.…
A: Journal Entries are prepared to record transaction in the books of account. Generally Accepted…
Q: Mr. Ramirez has started operating as a service business in 2019. His company, EN- Company, is…
A: Solution: The above transactions of a service company owned by Mr. Ramirez are being journalized and…
Q: Mr. Y opens an apartment-locator business near a Green University campus. The corporation will be…
A: Record these transactions and create a balance sheet at the end of the month and an income statement…
Q: Mr. Josh Edinburgh started a company titled “Ryerson Computers” that specialized in computer…
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
Q: Gifern Pineda, a CPA put up an accounting firm on December 1, 2019. The following transactions were…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Spicewood Stables, Incorporated, was established in Dripping Springs, Texas, on April 1. The company…
A: The unadjusted trial balance shows the balance of different accounts as debit and credit before any…
Q: Jan 2 Received $11,000 cash from Ruiz, and issued common stock to him. 2 Paid monthly office rent,…
A: Following are the requisite financial statement
Q: The following transactions occurred during the month of June 2021. 2-Jun Owner contributed $12,000…
A: Journal entries are used to record the different transactions in the books of accounts. Management…
Q: Wernan Peralta, Attorney-at-Law, opened his office on September 1, 2018. The following transactions…
A: Accounting equation of the business says that total assets in the business must be always equal to…
Q: Mr. Simon Valve, a dentist, started Valve Dental Company on January 1, 2021. The following…
A: Unadjusted trial balance is prepared before the adjusting entries are recorded in the books. It can…
Q: Werman Peralta, Attorney at Law, opened his office on Sept. 1, 2018. the following transactions were…
A: As per accounting equation, total assets in the business should be equal to total liabilities and…
Q: On April 1, 2019, Betty Booth incorporated a consulting business known as Booth Consulting. Booth…
A: Since you have asked for the preparation of Financial Statements, we have prepared the 1st three…
Q: On October 1, 2019, Santana Rey launched a computer services company, Business Solutions, that is…
A: It will be recorded in the following way.
Q: Taehyung started operating a service proprietorship on April 1, 2021 with an initial cash investment…
A: Under cash basis of accounting, business transactions are recorded in books of accounts only when…
Q: Carol Gaston opens her own law office on July 1, 2019. During the first month of operations, the…
A: Every accounting transaction follows a basic accounting treatment which is: Assets = Liabilities +…
Q: On October 1, 2020, Santana Rey launched a computer services company, Business Solutions, that is…
A: The entire assets of an organization are equal to the sum of its liabilities and shareholders'…
Q: On January 12, Ferrell Incorporated obtains a permit to start a comedy club, which will operate only…
A: The $13,000 purchases of tables and chairs are cash transactions and will be added to investing cash…
Q: Mr. Ramirez has started operating as a service business in 2019. His company, EN- Company, is…
A: All the transactions will be recorded first in the journal books in a chronological manner. Once all…
Q: Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following…
A: SOLUTION- JOURNAL ENTRY IS USED TO RECORD A BUSINESS TRANSACTION IN THE ACCOUNTING RECORDS OF A…
Q: Transactions for the month of December 2020 are as follows: 1-Dec Rey Millora opened an account…
A: What is meant by Journal Entries? It is the first step to record the financial transactions in the…
Q: Julius Caesar, tax consultant, began his practice, on Dec. 1, 2020. The transactions of the firm are…
A:
Q: A.B. Mahusay decided to put up an aircon cleaning & repair services on January 1, 2020. In order to…
A: Accounting equation is the record prepared to analyze the effect of transactions on the basic…
Q: Transactions for the month of December 2020 are as follows: 1-Dec Rey Millora opened an account with…
A: What is meant by Trail balance? Trial balance is the third step after passing journal entries and…
Q: Mr. Josh Edinburgh started a company titled “Ryerson Computers" that specialized in computer…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: On June 1, 2020, Sam Near created a new travel agency called Tours-For-Less. These activities…
A: 101 Cash (amount in $) Date Particulars Amount Date Particulars Amount 01.06 24.06…
Q: TA services were formed on May 1, 2020. The following transactions took place during the first…
A: The financial statements of the business are income statement and balance sheet of the business.
Q: Mr. Josh Edinburgh started a company titled "Ryerson Computers" that specialized in computer…
A: Journal - It refers to the primary books of accounts in which transactions and events are recorded…
Q: Bayoud has started a computer servicing center on May 1, 2021. Following are some events and…
A: Journal entries are defined as recording of business transactions into the books of accounts of…
Q: On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is…
A: The worksheet based on the basic accounting equation i.e., assets are equal to sum of liabilities…
Q: Al Ramos, a dentist, opened his own dental clinic on May 1 of the current year, During the first…
A: The ledger includes the posting of journal transaction accounts in order to prepare trial balances…
Q: Requirements: 1 Journalize the December transactions using a general journal and the account titles…
A: You have posted three questions under a single question. A journal entry for the whole month of…
Q: The Carrión-Carrión Law Firm offers legal services in the immigration area and operates under the…
A: There are two accounting methods cash basis and accrual basis.
Q: Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Mr. Josh Edinburgh started a company titled "Ryerson Computers" that specialized in computer…
A: Adjusting entries are those entries which are passed at the end of the year to accurately reflect…
Q: In June 2021, A.B. Malinaw established a photography business. Transactions that transpired during…
A: Transaction No. Assets = Liabilities + Equity Cash Accounts Receivable Photo…
Q: On July 01, 2020, Maria initially invested P200,000 cash into Maria Merchandising. On the same date,…
A: Journal entries are the first recording of any transaction in the books of accounts on a…
Q: Lilo started operating a service proprietorship on April 1, 2021 with an initial cash investment of…
A: Introduction:- Cash basis accounting:- Under this method. revenues recognized when cash is received,…
Q: Ms. Abeer, a professional event planner for weddings and other occasions, started to practice her…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following…
A: As posted multiple questions we are answering only first question kindly repost the unanswered…
Q: ase A Mr. Hamood, an architect, started to practice his profession in Ira on July 1, 2020. During…
A: The journal entries are prepared to record daily transactions of the business in journal entry form.
Q: On June 1, 2020, Sam Near created a new travel agency called Tours-For-Less. These activities…
A: "Hello! Since there are multiple sub-parts posted, we will answer first three sub-parts. If you want…
Q: On July 01, 2020, Maria initially invested P200,000 cash into Maria Merchandising. On the same date,…
A: The practice of recording commercial transactions for the first time in the books of accounts is…
Q: Mr. Josh Edinburgh started a company titled “Ryerson Computers” that specialized in computer…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that…
A: Journal is the recording of financial transactions and posting these transactions in ledgers helps…
Q: Harvey Spectre started Pearson & Co. , a company law firm on April 1, 2021. The following…
A: Journals represent the record of day-to-day business-related monetary transactions that took place…
Q: Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory,…
A: Accounting equation is referred to the first step of an accounting cycle. It represents that the…
Q: ransactions for the month of December 2020 are as follows: 1-Dec Rey Millora opened an account with…
A: General Ledger: All company's transactions are recorded through general ledger to prepare the…
Q: On June 1, 2020, Sam Near created a new travel agency called Tours-For-Less. These activities…
A: Adjusting entries includes the transactions which are left to be adjusted in the financial statement…
Step by step
Solved in 2 steps
- 6 - Which of the following is the account and amount that should appear in the dotted places in the journal article above? a) 191 VAT Deductible 5.400 TL B) 391 VAT to be calculated Hs. 5.400 TL NS) 391 Calculated VAT Hs. 6.300 TL D) 360 Taxes and Funds Payable Hs. 5.400 TL TO) 191 VAT Deductible 5,000 TLTO Culate net o check if Assets equal Liabilities I cdn.student.uae.examus.n ACCT101_FEX_2021_2_Male Purpose of the Statenment of Cash Flows: 9 క్క 18 a. To calculate net income 95abe18 e18c o check if Assets equal Liabilities b. 95abe18 С. To calculate Assets turnover 95abe18ce33 d. To know where a company spends its cash abe18ce33 95a18ce33 95abe18ce33 95abe18ce33 95abe18ce33 95abe18ce33 MacBook Pro 80 F3 000 95abe1 F4 FS 48 F6 E F7 6 & DII 7 V T F9 8A 99 Cor R. IIFrom the following balance the ledgers and make the trial Balance Cash Account Date Particular Amount Date Particular Amount 1.1.2020 50000 20.1.2020 50000 5.1.2020 80000 31.1. 2020 BAL C/D ? 12.1.2020 20000 01.02.2020 BAL B/D Capital Account Date Particular Amount Date Particular Amount 1.1.2020 20000 20.1.2020 150000 5.1.2020 10000 31.1.2020 BAL C/D ? 01.02.2020 BAL B/D Purchase Account Date Particular Amount Date…
- CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 01 TL Case 23000 100 02 Dollars Case 23000B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 X Bank DTH Hes 23000 100 01 TL Case 23000C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 02 Dollars Case 23000 100 01 TL Case 23000D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 03 Case of Euro 5000 100 01 TL Case 5000E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 02 Dollars Case 5000 100 01 TL Case 5000. Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and givereasons for each element whether these elements belongs to financing activities or not b. Calculate the relationship between the debt and equity for the year 2019 and 2020, andcommentUse the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
- Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and givereasons for each element whether these elements belongs to financing activities or not3. Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in Financial Assets - 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and give reasons for each element whether these elements belongs to financing activities or not
- From the following information, balance the ledger Cash A/c Date Particulars Amount Date Particulars Amount 1.6.2017 CAPITAL 84000 5.6.2017 Purcahses 14600 10.6.2017 sales 9500 30.6.2017 General expenses 178 30.6.2017 Salaries 4500 30.6.17 Bal C/d ? Select one: a. 84222 OMR b. 45522 OMR c. 74222 OMR d. 94222 OMR6zOshLaGsSzvcHy9vKm0jUnAg/formResponse?pli=1 * Required Consider the following selected financial information for Aishti company. Aishti Company Income Statement For the Year Ended December 31, 2020 Aishti Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 Assets Cash Accounts Receivable Inventories $2,415 $5,040 Revenues $94.300 $5,355 $6,195 $10,290 $10,080 Less: Depreciation expense $6.825 Plant & Equipment Less: Acc. Depreciation Total Assets $22,575 ($15,960) ($9,135) S35,070 $32,970 Less: Other operating expenses 74,560 $34,755 Less: Interest Expense 3,990 Liabilities & O/E Accounts Payable Income Tax Payable Long-Term Debt Common Stock Retained Earmings Total Liabilities and 0/E $3,885 $1,260 $9,555 $11,550 $8.820 $35,070 S5,775 $2,940 $8,715 $14,175 $3,150 $34,755 Income before income taxes $9,135 Income tax expense $3.197 Net income $5,938 1. Using the indirect method of cash flow statement, what is the net dashUse the following information to answer all accounting questions Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock @ par value COGS Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes 2020 1726 2812 705 2000 4028 170 1755 99 185 2574 8754 8312 750 799 3621 4338 450 2021 1120 2254 800 2300 175 2056 120 271 1829 8245 10254 547 1021 4021 5768 690