Question 25 2 pts On June 30 of the current year, the assets and liabilities of...
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Question 25 2 pts On June 30 of the current year, the assets and liabilities of the company are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, 650; Equipment, P12,000; Accounts Payable, $9,300. How much is the owner's equity as at July 1 of the current year? Question 26 2 pts At the beginning of the year, a sole proprietor had liabilities of $100,000 and owner's equity of $96,000. Assets increased by $40,000 and liabilities decreased by $30,000. How much is the owner's equity at the end of the year? Question 27 A company's owner made investments of $70,000 and withdrawals of $20,000. The company has revenues of $85,000 and expenses of $64,000. How much is the net profit? Question 28 A sole proprietor revealed the following information: Assets Liabilities Equity January 1, 2021 ? P150,000 P110,000 Assets Liabilities Equity December 31, 2021 ? P160,000 2 pts At the end of the year, the assets increased to a final amount of $300,000. How much is the equity on December 31, 2021? 2 pts Question 29 A company has the following account balances: Cash, $80,000 Accounts receivable, P100,000 Office equipment, $200,000 Trucks, P700,000 Furniture, P120,000 Accounts payable, $70,000 Notes payable, $350,000 Owner's Capital, P780,000 How much is the non-current assets? 2 pts Question 30 A company's Statement of Financial Position shows: cash P24,000, accounts receivable $30,000, equipment P50,000, and equity $72,000. How much is the liabilities? Question 31 A company has the following account balances at the end of the period: Fees Income, $230,000 Interest Income, $20,000 Accrued Income, $50,000 Rent Expense, $80,000 Prepaid Expense, $10,000 Salaries Expense, $75,000 Utilities Expense, $30,000 2 pts How much is the total revenues? 2 pts Question 32 A company reported total equity of P145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. How much is the total assets of the company at the end of the year? Question 33 A company has the following account balances at the end of the period: Fees Income, $230,000 Interest Income, $25,000 Accrued Income, $50,000 Rent Expense, P80,000 Prepaid Expense, $10,000 Salaries Expense, $75,000 Utilities Expense, P30,000 2 pts How much is the total expenses? 2 pts NOTE: The last 3 Problem Solving items are based on the same information. Question 34 A company has the following account balances at year-end: Accounts payable, $40,000 Accounts receivable, P150,000 2 pts Cash, P110,000 Furniture and fixtures, P75,000 Notes payable to be paid after 2 years, P200,000 Notes receivable to be collected after 6 months, P100,000 Office equipment, $135,000 Office supplies, $18,000 Rent payable, $80,000 Service revenue, $330,000 Unearned revenue, P35,000 Vehicle, P350,000 How much current liabilities should the company present in its Statement of Financial Position at year-end? Question 35 A company has the following account balances at year-end: Accounts payable, $40,000 Accounts receivable, $150,000 2 pts Cash, P110,000 Furniture and fixtures, $75,000 Notes payable - to be paid after 2 years, P200,000 Notes receivable - to be collected after 6 months, $100,000 Office equipment, $135,000 Office supplies, $18,000 Rent payable, P80,000 Service revenue, $330,000 Unearned revenue, P35,000 Vehicle, $350,000 How much non-current assets should the present include in its Statement of Financial Position at year-end? Question 36 A company has the following account balances at year-end: Accounts payable, $40,000 Accounts receivable, P150,000 Cash, P110,000 Furniture and fixtures, P75,000 Notes payable - to be paid after 2 years, $200,000 Notes receivable to be collected after 6 months, $100,000 2 pts Office equipment, $135,000 Office supplies, $18,000 Rent payable, $80,000 Service revenue, $330,000 Unearned revenue, P35,000 Vehicle, P350,000 How much current assets should the company present in its Statement of Financial Position at year-end? Question 25 2 pts On June 30 of the current year, the assets and liabilities of the company are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, 650; Equipment, P12,000; Accounts Payable, $9,300. How much is the owner's equity as at July 1 of the current year? Question 26 2 pts At the beginning of the year, a sole proprietor had liabilities of $100,000 and owner's equity of $96,000. Assets increased by $40,000 and liabilities decreased by $30,000. How much is the owner's equity at the end of the year? Question 27 A company's owner made investments of $70,000 and withdrawals of $20,000. The company has revenues of $85,000 and expenses of $64,000. How much is the net profit? Question 28 A sole proprietor revealed the following information: Assets Liabilities Equity January 1, 2021 ? P150,000 P110,000 Assets Liabilities Equity December 31, 2021 ? P160,000 2 pts At the end of the year, the assets increased to a final amount of $300,000. How much is the equity on December 31, 2021? 2 pts Question 29 A company has the following account balances: Cash, $80,000 Accounts receivable, P100,000 Office equipment, $200,000 Trucks, P700,000 Furniture, P120,000 Accounts payable, $70,000 Notes payable, $350,000 Owner's Capital, P780,000 How much is the non-current assets? 2 pts Question 30 A company's Statement of Financial Position shows: cash P24,000, accounts receivable $30,000, equipment P50,000, and equity $72,000. How much is the liabilities? Question 31 A company has the following account balances at the end of the period: Fees Income, $230,000 Interest Income, $20,000 Accrued Income, $50,000 Rent Expense, $80,000 Prepaid Expense, $10,000 Salaries Expense, $75,000 Utilities Expense, $30,000 2 pts How much is the total revenues? 2 pts Question 32 A company reported total equity of P145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. How much is the total assets of the company at the end of the year? Question 33 A company has the following account balances at the end of the period: Fees Income, $230,000 Interest Income, $25,000 Accrued Income, $50,000 Rent Expense, P80,000 Prepaid Expense, $10,000 Salaries Expense, $75,000 Utilities Expense, P30,000 2 pts How much is the total expenses? 2 pts NOTE: The last 3 Problem Solving items are based on the same information. Question 34 A company has the following account balances at year-end: Accounts payable, $40,000 Accounts receivable, P150,000 2 pts Cash, P110,000 Furniture and fixtures, P75,000 Notes payable to be paid after 2 years, P200,000 Notes receivable to be collected after 6 months, P100,000 Office equipment, $135,000 Office supplies, $18,000 Rent payable, $80,000 Service revenue, $330,000 Unearned revenue, P35,000 Vehicle, P350,000 How much current liabilities should the company present in its Statement of Financial Position at year-end? Question 35 A company has the following account balances at year-end: Accounts payable, $40,000 Accounts receivable, $150,000 2 pts Cash, P110,000 Furniture and fixtures, $75,000 Notes payable - to be paid after 2 years, P200,000 Notes receivable - to be collected after 6 months, $100,000 Office equipment, $135,000 Office supplies, $18,000 Rent payable, P80,000 Service revenue, $330,000 Unearned revenue, P35,000 Vehicle, $350,000 How much non-current assets should the present include in its Statement of Financial Position at year-end? Question 36 A company has the following account balances at year-end: Accounts payable, $40,000 Accounts receivable, P150,000 Cash, P110,000 Furniture and fixtures, P75,000 Notes payable - to be paid after 2 years, $200,000 Notes receivable to be collected after 6 months, $100,000 2 pts Office equipment, $135,000 Office supplies, $18,000 Rent payable, $80,000 Service revenue, $330,000 Unearned revenue, P35,000 Vehicle, P350,000 How much current assets should the company present in its Statement of Financial Position at year-end?
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Question 25 On June 30 of the current year the assets and liabilities of the company are as follows Cash P20500 Accounts Receivable P7250 Supplies P650 Equipment P12000 Accounts Payable P9300 Owners E... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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