CPA-CIA in progress provided the following account balances on December 31, 2023 which had been adjusted...
CPA-CIA in progress provided the following account balances on December 31, 2023 which had been adjusted except for income tax expense: Cash ....................... ....................... ....................... ..... 800,000 Accounts receivable ....................... ....................... ....................... ..... 2,800,000 Inventory ....................... ....................... ....................... ..... 3,000,000 Property, plant and equipment at carrying amount ....................... ....................... ....................... ..... 10,500,000 Accounts payable ....................... ....................... ....................... ..... 1,800,000 Income tax payable ....................... ....................... ....................... ..... 2,400,000 Bonds payable – due December 31, 2024 ....................... ....................... ....................... ..... 1,300,000 Share...
RAWR Company provided the following account balances on December 31, 2023: Accounts payable, P125,000; Accrued taxes, P50,000; Cash surrender value of life insurance, P30,000; Ordinary share capital, P1,000,000; Share dividend payable-ordinary, P150,000; Mortgage payable (P200,000 due in six months), P1,200,000; Notes payable-20%, due on January 2, 2024, P1,500,000; Share premium-ordinary, P250,000; Preference liability, P450,000; Accumulated profits-December 31, 2023, P550,000; Unearned rent income, P25,000; Dividends payable-preference liability, P100,000. How much should RAWR report as Shareholders’ equity on December 31, 2023?
Please redo this question... Neither 2,250,000 & 1,250,000 is correct. What's the correct answer? RAWR Company provided the following account balances on December 31, 2023: Accounts payable, P125,000; Accrued taxes, P50,000; Cash surrender value of life insurance, P30,000; Ordinary share capital, P1,000,000; Share dividend payable-ordinary, P150,000; Mortgage payable (P200,000 due in six months), P1,200,000; Notes payable-20%, due on January 2, 2024, P1,500,000; Share premium-ordinary, P250,000; Preference liability, P450,000; Accumulated profits- December 31, 2023, P550,000; Unearned rent income, P25,000; Dividends payable-...
PLEASE HELP ME!!!! The adjusted balance for Actinolite Automobiles Inc. at December 31, 2023 is presented below. Actinolite’s income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year. Actinolite Automobiles Inc. Adjusted Trial Balance December 31, 2023 Debit Credit Accounts payable $44,620 Accounts receivable $25,430 Accumulated depreciation – equipment 14,300 Accumulated depreciation – building 95,500 Accumulated other comprehensive income – Jan 1, 2023 0...
Question 2: (21 points) The adjusted balance for Actinolite Automobiles Inc. at December 31, 2023 is presented below. Actinolite’s income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year. Actinolite Automobiles Inc. Adjusted Trial Balance December 31, 2023 Debit Credit Accounts payable $44,620 Accounts receivable $25,430 Accumulated depreciation – equipment 14,300 Accumulated depreciation – building 95,500 Accumulated other comprehensive income – Jan 1, 2023...
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained Earnings $53,000 (at January 1, 2022) Prepaid Insurance $18,000 Advertising Expense $22,000 Cost of Goods Sold $29,000 Interest Revenue $31,000 Copyright $28,000 Supplies $12,000 Accounts Receivable $51,000 Common Stock $91,000 Accounts Payable $50,000 Patent $21,000 Notes Payable $86,000 (due March 1, 2023) Income Tax Expense $21,000 Inventory $59,000 Building $34,000 Salaries Expense $14,000 Sales Revenue $79,000 Dividends $11,000 Equipment $45,000 Calculate JYF Company's total...
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained Earnings $53,000 (at January 1, 2022) Prepaid Insurance $18,000 Advertising Expense $22,000 Cost of Goods Sold $29,000 Interest Revenue $31,000 Copyright $28,000 Supplies $12,000 Accounts Receivable $51,000 Common Stock $91,000 Accounts Payable $50,000 Patent $21,000 Notes Payable $86,000 (due March 1, 2023) Income Tax Expense $21,000 Inventory $59,000 Building $34,000 Salaries Expense $14,000 Sales Revenue $79,000 Dividends $11,000 Equipment $45,000 Calculate JYF Company's total...
At December 31, 2018, Smole Corporation's adjusted trial balance shows the following balances: (Click the icon to view more information.) EEB (Click the icon to view the balances.) Requirement 1. Prepare the current liability section of Smole Corporation's balance sheet at December 31, 2018. (If applicable, combine the Notes Payable on one line of the statement.) Data Table Smole Corporation Balance Sheet (partial) December 31, 2018 Accrued Warranty Payable $65,000 Account Amount 7% Notes Payable, due April 30, 2019 165,000...
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained Earnings $53,000 (at January 1, 2022) Prepaid Insurance $18,000 Advertising Expense $22,000 Cost of Goods Sold $29,000 Interest Revenue $31,000 Copyright $28,000 Supplies $12,000 Accounts Receivable $51,000 Common Stock $91,000 Accounts Payable $50,000 Patent $21,000 Notes Payable $86,000 (due March 1, 2023) Income Tax Expense $21,000 Inventory $59,000 Building $34,000 Salaries Expense $14,000 Sales Revenue $79,000 Dividends $11,000 Equipment $45,000 Calculate JYF Company's total...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings: Accounts receivable $72,920 Cash 13,240 Common stock (10,000 shares) 65,000 Income taxes expense 13,000 Income taxes payable 4,150 Interest expense 16,500 Notes payable (due in 10 years) 25,000 Prepaid rent (building) 31,500 Property, plant, and equipment 90,000 Rent expense 135,000 Retained earnings ? Salaries expense 235,200 Salaries payable 15,710 Service revenue 464,000...