FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P57,000 Cash P200,000 Property, plant and equipment P800,000 Supplies P20,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?
Q: What amount should be reported as inventory? a. 720,000 b. 728,000 c. 676,000 000.00 00.00
A: Solution Concept Lower of cost or net realizable value As per the accounting standar...
Q: Adamson Corporation is considering four average-risk projects with the following costs and rates of ...
A: The question is based on the concept of Financial Management.
Q: If Jill’s salary increases at a 6% uniform rate per year, and she continues to invest 5% of it each ...
A: The present value of annuity is computed by discounting the future payments using the specified disc...
Q: K. Canopy, the proprietor of Canopy Services, withdrew $6,200 from the business during the current y...
A: In a partnership firm, partners introduce capital, executes the business, generates profits & wi...
Q: In their attempt to capture Despereaux, Shawn Spencer and Bruton Gaster travel to Canada. There they...
A: Partner's Current Account: When the capital of the partners is fixed, a current account is created. ...
Q: On October 1, 2020, Sage sold one of its super deluxe combination gas/charcoal grills to a local bui...
A: Discount on notes receivable = Notes receivables - Sales revenue PVAF ( 10% , 3 years ) = 0.75131...
Q: On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,580 in...
A: Solution: Statement of retained earnings represents changes in retained profits during the year. Sta...
Q: Whispering Winds Inc. is a construction company specializing in custom patios. The patios are constr...
A: >Job Costing involve accounting for each job individually. >The cost applied to the job includ...
Q: Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund...
A: Answer: Campaign fund donations = Php 100 M Campaign related expenses = Php 75M Excess funds = Php 2...
Q: Problem 13-9 (IAA) At year-end, a storm surge damaged the warehouse of Braveheart Company. The entir...
A: Cost of goods sold is actual cost of goods that is being sold to the customers. It includes beginnin...
Q: Create a simple Organizational Structure of General Partnership
A: General partnership refers to the arrangement of business through which two or more than two persons...
Q: 4. Calculate the % Increase / Decrease in profits for each Year (versus the prior year) using the fo...
A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question ...
Q: Conn Man’s Shops, a national clothing chain, had sales of $440 million last year. The business has a...
A: Working Notes: 1. Spontaneous liabilities: = Accounts payable + Accrued expenses + Other payables ...
Q: QUESTION 1 a) ABC Company Sdn. Bhd. received an invoice of RM35,000 dated 24 May 2020 with trade dis...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Davis Corporation reported the following for the month of November: Total hourly wages of plant wor...
A: Note: Administrative and Advertising expenses are not included in the cost of inventory. These expen...
Q: The following information is available to reconcile Branch Company’s book balance of cash with its b...
A: Bank reconciliation statements are referred as a statement which is made by the company/organisation...
Q: ,500 into a bank account that paid an interest rate of 5.5 ths. Find the interest earned after 3 yea...
A: Interest earned = Future Value of sum - Principal amount Future Value = P *(1*i)^n Principal amount ...
Q: Vincent deposited $1,300 at the end of every month into an RRSP for 9 years. The interest rate earne...
A: Future Value: Using an expected rate of growth, future value (FV) is defined as the worth of a prese...
Q: During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing met...
A: The income statement is one of the important financial statement of the business which is prepared t...
Q: Prepare budgetary entries, using general ledger control accounts only, for each of the following unr...
A: The question is based on the concept of Financial Accounting.
Q: what is the cost of sales?
A: Cost of sales are the cost incurred for producing the goods which is sold. The concept related to ma...
Q: CC, DD, and EE, doctors, agree to form a partnership and to share profits in the ratio 5:3:2. They ...
A: The partnership capital account contains all of the transactions that occur between the partners and...
Q: Show how the following items will appear in the capital accounts of the partners Ali and Ahmed when ...
A: Fixed capital account refers to the capital account of the partner that do not change unless some ad...
Q: PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the current fiscal year,...
A: The income statement is prepared to record revenues and expenses of the current period.
Q: GLO205 - Based on Problem 2-2A Aracel Engineering Aracel Engineering completed the following transac...
A: Revenue in the above question is in the form of Engineering Fees earned. Net Income = Total Revenue ...
Q: A change in accounting estimate is accounted for by Prospective application Retrospective applicat...
A: A change in accounting estimate refers to an adjustment made to an asset or liability on the books o...
Q: QS 2-6 Analyzing transactions and preparing journal entries LO P1 For each transaction, (1) analyze ...
A: The accounting equation states that assets equal to sum of liabilities and equity. The journal entri...
Q: Explain why some companies can influence many of their ratios simply by choosing their fiscal year-e...
A: Solution Concept Financial ratios are the tools and technique used to measure the performance of the...
Q: 2) Selected information from Skylar Studios shows the following: $ 5,000 $ 1,500 $11,000 $ 2,000 $15...
A: The journal entries are required to record day to day transactions of the business on regular basis....
Q: Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES April 1, 20X1 April 30,...
A: Cost of goods sold (COGS): The cost of goods sold budget shows the expenses incurred for producing a...
Q: Which of the following types of errors will not self-correct in the next year?
A: Answer: There are different types of accounting errors in the financials.
Q: Equipment with an original cost of $59,562 and accumulated depreciation of $22,756 was sold at a los...
A: Accumulated Depreciation is the amount of depreciation that is charged to an asset from the time it ...
Q: Prepare the journal entries for the above events for the month of February 2022 in the General Journ...
A: Journal entry is the basic entry and as well the first entry which is recorded journal book of the c...
Q: As a CPA do you advise your clients to stay away from digital investments or do you encourage them t...
A: As a CPA when giving investment advices to my client I first of all start by making them aware of al...
Q: Bucao, Basco, and Blanco share profits and losses in the ratio of 2:3:5, respectively. Their partne...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: On March 1, the actual cash received from cash sales was $25,538, and the amount indicated by the ca...
A: The practice of recording financial activity for the first time in the books of accounts is known as...
Q: The monthly income statement for Jordan Stores is given below: 1st Branch 2nd Branch Total...
A: In the given question, if 1st branch is eliminated, all the revenues and costs associated with the b...
Q: discuss the different instances when there is no duty to disclose in insider trading
A: Answer: Insider trading is the trading of internal information to outside market which is illegal. T...
Q: Use the following to answer questions 9 -11 On August 31st, the general ledger of MT shows a balance...
A: Introduction:- MT's general ledger indicates a cash balance of $18,000. Cash receipts total $3,500, ...
Q: Bonita Company sells tablet PCs combined with Internet service, which permits the tablet to connect ...
A: Standalone Selling Price- The standalone selling price is the value at which an entity would retail ...
Q: The computation of total asset requirement is similar with judgmental approach' true or false Net ...
A: The answers for true or false questions and relevant explanation are presented hereunder : What is j...
Q: I really struggle with teh FiFO and weighted average stuff Idk where to even start with it Yarm...
A: First In, First Out, generally known as FIFO, is a valuation technique in which assets created or ac...
Q: A.M.I. Corporation reported income taxes of $362,884,000 on its 2022 income statement. Its balance s...
A: Cash payment for income taxes = Income taxes payable at December 31, 2021 + income taxes expense for...
Q: Management at C. Pier Press has decided to allocate costs of the paper’s two support departments (ad...
A: Cost allocation is a process of allocating overhead cost of service department to the operating depa...
Q: Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $186,000, expenses of $104,200...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: Dash Company adopted a standard costing system several years ago. The standard costs for the prime c...
A: a. Direct Labor efficiency variance Direct Labor efficiency variance = (Standard hours for actual ou...
Q: Required: A. How many units were completed during the period? Answer the following using the...
A: Process costing refers to the allocation of direct costs and indirect costs to a manufacturing proce...
Q: Sprint Shoes Inc. had a beginning inventory of 9,700 units on January 1, 20X1. The costs associated ...
A: The inventory valuation is based on the flow of inventory. The LIFO method says that recently purcha...
Q: do you think the investment in digital assets impact the CPA profession? risk factors
A: Digital assets include Cryptocurrency and other digital assets which have no physical existence and ...
Q: What are the main types of decisions made by the financial managers of a company?
A: FINANCIAL manager are managers responsible for important decisions in the company and responsible ...
FDN Company shows the following balances on December 31, 2021:
Accounts receivable P250,000
Allowance for uncollectible accounts P57,000
Cash P200,000
Property, plant and equipment P800,000
Supplies P20,000
How much is the Current Assets in the
Step by step
Solved in 2 steps
- FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P76,000 Cash P200,000 Property, plant and equipment P900,000 Supplies P30,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?ABC Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 17. Total current assets reported in the December 31, 2021 balance sheet is a. 176,000 b. 156,000 c. 173,000 d. 170,000The following information was extracted from the records of SydMel Ltd for the year ended30 June 2021.SydMel LtdStatement of Financial Position (Extract)As at 30 June 2021AssetsAccounts receivables $26,000Allowance for doubtful debts 2,500 $23,500Equipment 150,000Accumulated depreciation – Equipment (20% per year) 30,000 120,000LiabilitiesInterest Payable 2,000 2,000Provision for employee benefits 5,000 5,000Additional information• The allowed deductible tax depreciation rate for Equipment is 25%.• None of the employee benefits has been paid. It is not deductible for tax purposes untilit is actually paid.• The tax rate is 30%.Requireda. Prepare a deferred tax worksheet to identify the temporary differences arising inrespect of the assets and liabilities in the statement of financial position, and tocalculate the balance of the deferred tax liability and deferred tax asset accounts at30 June 2021. Assume the opening balances of the deferred tax accounts were $3,000for Deferred Tax…
- The following is a portion of the current asset section of the balance sheets of HiROE Co., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for uncollectibleaccounts of $23,000 and $11,000, respectively $457,000 $359,000 e-2. What factors might have caused the change in this ratio? Check All That Apply Credit was extended to proportionately more slow-paying or high credit-risk customers during 2020. Credit was extended to proportionately more slow-paying or high credit-risk customers during 2020. Credit was extended to proportionately more slow-paying or lower credit-risk customers during 2020. Credit was extended to proportionately more slow-paying or lower credit-risk customers during 2020. Credit was extended to proportionately more slow-paying or high credit-risk customers during 2019. Credit was extended to proportionately more slow-paying or high credit-risk customers during 2019. Credit was extended…Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable - bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet isPrepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
- QUESTION : " The balance sheet of Lara Ltd are as follows: 31/12/2019 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 28,500 (11,450) 17,050 Current Assets 18,570 Inventory Account receivable 8,470 Less: Provision doubtful debts (420) 8,050 4,060 30,680 Cash and bank Total Assets Current Liabilities Account Payable 4,140 Non-Current Liabilities Loan 10,000 Total Liabilities (14,140) 16,540 Net Assets 33,590 Capital Opening Add: Net profit 35,760 10,240 Cash introduced Less: Drawing Total Capital (12,410) 33,590 31/12/2020 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 26,100 (13,010) 13,090 Current Assets 16,250 Inventory Account receivable 14,190 Less: Provision doubtful debts (800) 13,390 3,700 33,340 Cash and bank Total Assets Current Liabilities Account Payable 5,730 Non-Current Liabilities Loan 4,000 23,610 36,700 Total Liabilities (9,730) Net AssetsThe following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?The following financial information relates to HGR Co: Statement of financial position at the current date (extracts) Non-current assets Current assets Inventory Accounts receivable Total assets Current liabilities Overdraft Accounts payable $000 3,800 10,200 Required: Calculate: Current ratio and Quick Ratio and make comments. $000 8,160 8,775 14,000 $000 48,965 16,935 65,900
- Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…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.…Crane Company's balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 Assets Cash $ 438000 $ 198000 Short-term investments 598000 — Accounts receivable (net) 1000000 1000000 Inventory 1360000 1180000 Long-term investments 398000 598000 Plant assets 3380000 1980000 Accumulated depreciation (898000) (898000) Patent 178000 198000 Total assets $6454000 $4256000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1640000 $1420000 Notes payable (nontrade) 578000 — Common stock, $10 par 1598000 1380000 Additional paid-in capital 798000 498000 Retained earnings 1840000 958000 Total liabilities and stockholders' equity $6454000 $4256000 Information relating to 2021 activities:• Net income for…