Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger andjournal reveals the following errors:• Cash received from a customer in payment of its account was debited for P570, and Accounts Receivablewas credited for the same amount. The actual collection was for P750.The purchase of a computer on account for P620 was recorded as a debit to Supplies for P620 and a creditto Accounts Payable for P620.• Services were performed on account for a client for P89O. Accounts Receivable was debited for P890, andService Revenue was credited for P89.A debit posting to Salaries and Wages Expense of P700 was omitted.A payment of a balance due for P309 was credited to Cash for P309 and credited to Accounts Payable forP390.• The withdrawal by owner of P600 cash was debited to Salaries and Wages Expense for P600 and creditedto Cash for P600.The corrected trial balance of the company should show total debits of?Note for your final answer:1. Do not use peso sign2. Do not use comma3. Do not use decimal point4. Round off your final answer to the nearest whole number Flex Ko LangTrial BalanceApril 30, 2019DebitCreditCashP 3,840Accounts ReceivableP 2,898Supplies800Equipment3,000Accounts Payable2,666Unearned Service Revenue2,200Flex, Capital9,000Flex, Drawings800Service Revenue2,380Salaries and Wages Expense3,400Utilities Expense910

In the given question incorrected Trial Balance is given. The error are found and after making…

Answered: Each of the listed accounts has a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon
Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.
In Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable? *see attached a. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000
OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
transcribed image text: Luna's savings account had the following balances. Date 04/01/2019 04/17/2019 05/28/2019 06/22/2019 Balance 726,000 782,000 800,000 How much is Luna's ADB for the 2nd quarter of 2019? 535,000 O P752,670.33 O P752,380.43 O P760,648.35 O P761,033.33
Payment Interest Principal Balance ($) ($) ($) ($) 30 June 2018 500,000 30 June 2019 100,000 45,000 55,000 445,000 30 June 100,000 40,050 59,950 385,050 2020 30 June 2021 100,000 34,655 65,346 319,705 30 June 2022 100,000 28,773 71,227 248,478 30 June 2023 100,000 22,363 77,637 170,841 State the minimum amount that would be disclosed as a financing cash outflow for the year ended 30 June 2022.
CALCULATE THE EBITDA For the year ended December 31, Notes 2020 2019 Revenue ₱ 10,775,731.00 ₱ 11,334,976.00 Cost of Sales 7,175,540.00 7,552,700.00 Gross profit 3,600,191.00 3,782,276.00 General and Administrative expenses 3,278,202.00 3,417,740.00 Finance Cost Or Interest Expense 48,000.00 16,000.00 Net Income before Tax 273,989.00 348,536.00 Provision for Income Tax 82,197.00 104,561.00 NET INCOME AFTER TAX ₱ 191,792.00 ₱ 243,975.00 (See Notes to Financial Statement)
Accounts Receivable as of December 31, 2020 should amount to: *A. 180,000B. 330,000C. 525,000D. 555,000
Quick BQtio all Yearh As Reported Annual Balance Sheet Report Date Scale 2019 2018 2017 2016 Thousands Thousands Thousands Thousands Assets 9,465,000 6,284,000 7,722,000 Cash & cash equivalents Receivables, net 6,756,000 6,867,000 6,283,000 5,614,000 5,835,000 44,269.000 3,623,000 61,897,000 104,317.000 Inventories 44.435,000 1,622,000 61,806,000 105,208,000 17,424,000 4,417,000 43,783,000 43,046,000 Prepaid expenses & other current assets Total current assets 3,511,000 59,664,000 107,675,000 1,941,000 57,689,000 107.710,000 Property & equipment, net Operating lease right-of-use assets Finance lease right-of-use assets, net Property under capital lease & financing obligations, net Goodwill Other long-term assets Total assets 7,078,000 31,181,000 14,822,000 219,295,000 7,143,000 18,242,000 31,073,000 16,567,000 236,495,000 6.468,000 17.037,000 9,921,000 198,825,000 11,798,000 204,522,000 Liabilities & Equity Short-term borrowings Accounts payable Accrued liabilities 575,000 46,973,000…
EQUITIES AND LIABILITIES (in Rs. crore) SHAREHOLDER'S FUNDS 2019 2018 2017 Equity Share Capital 397.13 397.13 397.13 Reserves and Surplus 21,808.05 20,615.40 19,576.08 TOTAL SHAREHOLDERS FUNDS 22,205.18 21,012.53 19,973.21 NON-CURRENT LIABILITIES Long Term Borrowings 35.28 39.68 24.12 Deferred Tax Liabilities [Net] 216.06 372.16 458.36 Other Long Term Liabilities 36.45 8.35 8.94 Long Term Provisions 50.34 38.53 35.23 TOTAL NON-CURRENT LIABILITIES 338.13 458.72 526.65 CURRENT LIABILITIES Short Term Borrowings 0.00 0.00 0.00 Trade Payables 935.98 1,109.46 1,046.53 Other Current Liabilities 3,426.07 2,514.92 2,993.37 Short Term Provisions 85.37 91.05 87.08 TOTAL CURRENT LIABILITIES 4,447.42 3,715.43 4,126.98 TOTAL CAPITAL AND LIABILITIES 26,990.73 25,186.68 24,626.84 ASSETS NON-CURRENT ASSETS Tangible Assets 5,633.62 5,563.19 5,693.45 Intangible Assets 178.83 100.41 28.54 Capital Work-In-Progress 1,108.70 610.02 348.48 FIXED ASSETS 6,921.15 6,273.62 6,119.91 Non-Current Investments…

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