Homework Answers
| Solution is Option B. 1,460,000 | |
| Amount to be reported as current liabilities | |
| Particulars | Amount |
| Accounts payable includes advances from customers of P250,000 | 650,000 |
| Customer credit balances | 110,000 |
| Semi-annual instalments of serial bonds payable for an year (350,000 x 2) | 700,000 |
| 1,460,000 | |
| Note | |
| Bonds payable has two portions: | |
| Current Portion is the two semi-annual instalments for an year | 700,000 |
| Non-current portion is the balance amount (3,500,000 - 700,000) | 2,800,000 |
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24) On December 31, 2016, the bookkeeper of Twin...
Wonderpapa Bhd Statement of Profit or Loss for the year ended 31 December 2016 RM RM...
Wonderpapa Bhd Statement of Profit or Loss for the year ended 31 December 2016 RM RM 7,000,000 (4.000.000 3,000,000 Turnover Cost of goods sold Gross Profit Less: Expenses Operating expenses Depreciation expenses Loss on sale of machinery Profit before taxation Taxation Net Profit after taxation 800,000 880,000 30,000 (1.710,000) 1,290,000 (300.000) 990,000 The following balances are reported on Wonderpapa Bhd's comparative Statement of Financial Position as at 31 December 2016 RM 2015 RM Non-current Assets Machinery Accumulated Depreciation 3,020,000 (1,647,000)...
Please explain if you can. Thank you! Sample CPA Exam Questions 1. On December 31, 2016,...
Please explain if you can. Thank you!
Sample CPA Exam Questions 1. On December 31, 2016, Moss Co. issued $1,000,000 of 11% bonds at 109. Each $1,000 bond was issued with 50 detachable stock warrants, each of which entitled the bondholder to purchase one share of $5 par common stock for $25. Immediately after issuance, the market value of each warrant was $4. On December 31, 2016, what amount should Moss record as discount or premium on issu ance of...
help me please ? thank you ? 16) Giants Company disclosed the following liability account balances...
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16) Giants Company disclosed the following liability account balances on December 31, 2017: Accounts payable 1,900,000 Bonds payable 3,400,000 Premium on bonds payable 200,000 Deferred tax liability 400,000 Dividends payable 500,000 Income tax payable 900,000 Note payable, due January 31, 2018 600,000 The deferred tax liability is based on temporary difference that will reverse in 2019. On December 31, 2017, what total amount should be reported as current liabilities? A. 7,100,000 B. 4,300,000...
help me please ? thank you ? 17) N'Jobu Company reported the following liability account balances...
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17) N'Jobu Company reported the following liability account balances on December 31, 2017: 6% note payable issued October 1, 2016, maturing October 1, 2018 500,000 8% note payable issued April 1, 2016, maturing April 1, 2018 800,000 The 2017 financial statements were issued on March 31, 2018. On March 1, 2018, the entire P800,000 balance of 8% note was refinanced by issuance of a long-term obligation payable lump sum. On December 31, 2017,...
help me please ? thank you ? 21) W'Kabi Company provided the following data on December...
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21) W'Kabi Company provided the following data on December 31, 2017: Trade accounts payable, including cost of goods received on consignment of P150,000 Accrued taxes payable Customers' deposit W'Kabi Company as guarantor Bank overdraft Accrued electric and power bill Reserve for contingencies What total amount should be reported as current liabilities? A. 1,840,000 B. 1,740,000 c. 1,650,000 1,350,000 125,000 100,000 200,000 55,000 60,000 150,000 D. 1,540,000
help me please ? thank you ? 19) T'challa Company reported the following information on December...
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19) T'challa Company reported the following information on December 31, 2017: Accounts payable 800,000 Bonds payable, due 2018 3,000,000 Premium on bonds payable 150,000 Deferred tax liability 250,000 The deferred tax liability is not related to an asset for financial reporting purposes and is expected to reverse in 2018. What total amount should be reported as current liabilities on December 31, 2017? A 3,650,000 B. 4,200,000 C. 3,900,000 D. 3,950,000
help me please ? thank you ? 18) Shuri Company reported the following liability balance on...
help me please ? thank you ?
18) Shuri Company reported the following liability balance on December 31, 2017: 12% note payable issued on March 1, 2016, maturing on March 1, 2018 5,000,000 10% note payable issued on October 1, 2016, maturing October 1, 2018 3,000,000 The 2017 financial statements were issued on March 31, 2018. On January 31, 2018, the entire P5,000,000 balance of the 12% note payable was refinanced through issuance of a long-term obligation payable lump sum....
how much would common stock be? LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets...
how much would common stock be?
LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets 50, 000 95,000 60,000 125,000 35,000 $ 365,000 Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity 60,000 10,000 65,000 115,000 115,000 $ 365,000 Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity ces Additional Information: 1. Cash includes a $25,000 restricted amount to be used for repayment of the bonds...
help me please ? thank you ? 20) Erik Killmonger Company reported the following liability account...
help me please ? thank you ?
20) Erik Killmonger Company reported the following liability account balances on December 31, 2017: Accounts payable 2,000,000 Bonds payable, due 2018 4,000,000 Discount on bonds payable 400,000 Deferred tax liability 500,000 Dividend payable due on February 15, 2019 1,000,000 Income tax payable 800,000 Note payable due January 15, 2019 1,200,000 The deferred tax liability is based on temporary differences stemming from different depreciation method for financial reporting and income tax purpose. What total...
Prepare the necessary journal entries for year-ended 31 December 2018, please. Thanks Question 1 The following...
Prepare the necessary journal entries for year-ended 31 December
2018, please. Thanks
Question 1 The following account balances are taken from the ledger of Bell Ltd. on 31 December 2018, the end of its fiscal year: Dr. (5) Cr. () Cash 60.000 Accounts receivable Inventories 85,000 87.000 225.000 77,000 38,000 5.000 60,000 3,000 100,000 Equipment Accumulated depreciation - equipment Accounts payable Wages payable Note payable Unearned revenue Share capital Retained profits Sales Cost of goods sold Wage expense Rent expense...
Wonderpapa Bhd Statement of Profit or Loss for the year ended 31 December 2016 RM RM 7,000,000 (4.000.000 3,000,000 Turnover Cost of goods sold Gross Profit Less: Expenses Operating expenses Depreciation expenses Loss on sale of machinery Profit before taxation Taxation Net Profit after taxation 800,000 880,000 30,000 (1.710,000) 1,290,000 (300.000) 990,000 The following balances are reported on Wonderpapa Bhd's comparative Statement of Financial Position as at 31 December 2016 RM 2015 RM Non-current Assets Machinery Accumulated Depreciation 3,020,000 (1,647,000)...
Please explain if you can. Thank you!
Sample CPA Exam Questions 1. On December 31, 2016, Moss Co. issued $1,000,000 of 11% bonds at 109. Each $1,000 bond was issued with 50 detachable stock warrants, each of which entitled the bondholder to purchase one share of $5 par common stock for $25. Immediately after issuance, the market value of each warrant was $4. On December 31, 2016, what amount should Moss record as discount or premium on issu ance of...
help me please ? thank you ?
16) Giants Company disclosed the following liability account balances on December 31, 2017: Accounts payable 1,900,000 Bonds payable 3,400,000 Premium on bonds payable 200,000 Deferred tax liability 400,000 Dividends payable 500,000 Income tax payable 900,000 Note payable, due January 31, 2018 600,000 The deferred tax liability is based on temporary difference that will reverse in 2019. On December 31, 2017, what total amount should be reported as current liabilities? A. 7,100,000 B. 4,300,000...
help me please ? thank you ?
17) N'Jobu Company reported the following liability account balances on December 31, 2017: 6% note payable issued October 1, 2016, maturing October 1, 2018 500,000 8% note payable issued April 1, 2016, maturing April 1, 2018 800,000 The 2017 financial statements were issued on March 31, 2018. On March 1, 2018, the entire P800,000 balance of 8% note was refinanced by issuance of a long-term obligation payable lump sum. On December 31, 2017,...
help me please ? thank you ?
21) W'Kabi Company provided the following data on December 31, 2017: Trade accounts payable, including cost of goods received on consignment of P150,000 Accrued taxes payable Customers' deposit W'Kabi Company as guarantor Bank overdraft Accrued electric and power bill Reserve for contingencies What total amount should be reported as current liabilities? A. 1,840,000 B. 1,740,000 c. 1,650,000 1,350,000 125,000 100,000 200,000 55,000 60,000 150,000 D. 1,540,000
help me please ? thank you ?
19) T'challa Company reported the following information on December 31, 2017: Accounts payable 800,000 Bonds payable, due 2018 3,000,000 Premium on bonds payable 150,000 Deferred tax liability 250,000 The deferred tax liability is not related to an asset for financial reporting purposes and is expected to reverse in 2018. What total amount should be reported as current liabilities on December 31, 2017? A 3,650,000 B. 4,200,000 C. 3,900,000 D. 3,950,000
help me please ? thank you ?
18) Shuri Company reported the following liability balance on December 31, 2017: 12% note payable issued on March 1, 2016, maturing on March 1, 2018 5,000,000 10% note payable issued on October 1, 2016, maturing October 1, 2018 3,000,000 The 2017 financial statements were issued on March 31, 2018. On January 31, 2018, the entire P5,000,000 balance of the 12% note payable was refinanced through issuance of a long-term obligation payable lump sum....
how much would common stock be?
LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets 50, 000 95,000 60,000 125,000 35,000 $ 365,000 Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity 60,000 10,000 65,000 115,000 115,000 $ 365,000 Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity ces Additional Information: 1. Cash includes a $25,000 restricted amount to be used for repayment of the bonds...
help me please ? thank you ?
20) Erik Killmonger Company reported the following liability account balances on December 31, 2017: Accounts payable 2,000,000 Bonds payable, due 2018 4,000,000 Discount on bonds payable 400,000 Deferred tax liability 500,000 Dividend payable due on February 15, 2019 1,000,000 Income tax payable 800,000 Note payable due January 15, 2019 1,200,000 The deferred tax liability is based on temporary differences stemming from different depreciation method for financial reporting and income tax purpose. What total...
Prepare the necessary journal entries for year-ended 31 December
2018, please. Thanks
Question 1 The following account balances are taken from the ledger of Bell Ltd. on 31 December 2018, the end of its fiscal year: Dr. (5) Cr. () Cash 60.000 Accounts receivable Inventories 85,000 87.000 225.000 77,000 38,000 5.000 60,000 3,000 100,000 Equipment Accumulated depreciation - equipment Accounts payable Wages payable Note payable Unearned revenue Share capital Retained profits Sales Cost of goods sold Wage expense Rent expense...
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