1. On January 1, 2020, Misnomer Company purchased the land with valuable natural ore deposits for P10,000,000. The residual value of the land was P2,000,000. At the time of purchase, a geological survey estimated a recoverable output of P4,000,000 tons. Early in 2020, roads were constructed on the land to aid in the extraction and transportation of the mined ore at a cost of P1,600,000. In 2020, 500,000 tons were mined and sold. A new survey at the end of 2021 estimated 4,200,000 tons of ore available for mining. In 2021, 800,000 tons were mined and sold. Prepare journal entries for 2020 and 2021 based on the transactions.
In: Accounting
Sarasota, Inc. began work on a $6,504,000 contract in 2020 to construct an office building. During 2020, Sarasota, Inc. incurred costs of $1,639,900, billed its customers for $1,300,000, and collected $1,055,000. At December 31, 2020, the estimated additional costs to complete the project total $3,650,100. Prepare Sarasota’s 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
In: Accounting
You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) Loan $708,000 Interest Rate 16.10% Life (years) 51 Date of Loan January 1, 2020 Use the installment method - not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 21 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? d) After 21 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? Redo the problem if the interest rate is 1.00% (for a well designed spreadsheet this should take 30 seconds) e) What is the annual payment? f) What are the total interest payments? g) After 21 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? h) After 21 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?
In: Finance
You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) Loan $318,000 Interest Rate 13.20% Life (years) 58 Date of Loan January 1, 2020 Annual Payment: 6206.484138 Use the installment method - not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 25 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? d) After 25 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? Redo the problem if the interest rate is 2.00% (for a well designed spreadsheet this should take 30 seconds) e) What is the annual payment? f) What are the total interest payments? g) After 25 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? h) After 25 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?
In: Finance
An Enterprises has the following business transaction estimates relating to the final quarter of 2020.
$ $ $
October November December
|
Credit Sales 105600 112000 138000 |
|
Cash Sales 21200 26420 31200 |
Notes
1. Actual Receipts from Accounts Receivable are 70% of the previous months
Credit Sales and the balance of 30% owing is received in the following month.
Credit Sales for September 2020 were $80,000 as they were in August 2020.
Cash Sales were $16,500 in August 2020 and $18,000 in September of 2020.
2. Payment of Accounts Payable is paid 60% of purchases in the month of
Purchase and the remaining 40% in the month following. Purchases in
September 2020 were $36,000.
3. The cash balance at 1 October 2020 was $52,890
Required:
Prepare a cash budget month by month for the quarter ending 31 December 2020.
Note that marks will be deducted for each incorrect posting to the cash budget.
|
Credit Sales 105600 112000 138000 |
|
Cash Sales 21200 26420 31200 |
|
Receipts from Accounts Receivable `1. calculate calculate calculate |
|
Wages 28200 28200 28200 |
|
Office Furniture 6000 7800 0 |
|
Prepayments 0 0 5275 |
|
Administrative Expense 10000 10000 11900 |
|
Depreciation on Office Furniture 2500 2500 2500 |
|
Receipt of Loan 0 100000 0 |
|
Credit Purchases 42000 42000 58000 |
|
Payments of Accounts Payable 2. calculate calculate calculate |
|
Accrued Expenses 0 0 6700 |
can you do ASAP THANKS
In: Accounting
Ayayai Corporation is a privately owned company that uses ASPE.
On January 1, 2020 Ayayai’s nancial records indicated the following
information related to the company’s dened benet pension
plan:
Dened Benet Obligation $1,350,000 Pension Plan Assets
1,500,000
Ayayai Corporation’s actuary provided the following information on
December 31, 2020:
Current year service cost $83,000 Prior service cost,
granted Jan 1, 2020 170,000 Employer contributions for
the year 83,000 Benets paid to retirees
25,000 Expected return on assets 5% Actual
return on assets 6% Discount rate 5%
Prepare a pension worksheet for Ayayai Corporation for 2020.
Headings:
Annual Pension Expense Cash
Net Dened Liability/ Asset
Dened Benet Obligation Plan Assets
Balance, January 1, 2020
Data lines under the headings of the form:
Current Service Cost
Past Service Cost
Net Interest/Finance Cost
Asset Remeasurement Gain/Loss
Employer Contributions to Pension Fund
Benets Paid to Retirees from Pension Fund
Pension Expense Entry - 2020
Net Funding Entry
Balance, December 31, 2020
Prepare pension plan journal entries for Ayayai Corporation for
2020. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. If no entry is required,
select "No entry" for the account titles and enter 0 for the
amounts.)
Account Titles and Explanation Debit Credit
(To record pension expense)
(To record payment to the pension fund)
In: Accounting
Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2020, she files her state income tax return for 2019 and pays an additional $1,360 in state income taxes. During 2020, her withholdings for state income tax purposes amount to $4,760, and she pays estimated state income tax of $952. In April 2021, she files her state income tax return for 2020, claiming a refund of $2,448. Norma receives the refund in August 2021. Norma has no other state or local tax expenses. If an amount is zero, enter "0". a. Assuming that Norma itemized deductions in 2020, how much may she claim as a deduction for state income taxes on her Federal return for calendar year 2020 (filed April 2021)? $fill in the blank b. Assuming that Norma itemized deductions in 2020 (which totaled $27,700), how will the refund of $2,448 that she received in 2021 be treated for Federal income tax purposes? Norma will include $fill in the blank as income in 2021. c. Assume that Norma itemized deductions in 2020 (which totaled $20,000) and that she elects to have the $2,448 refund applied toward her 2021 state income tax liability. How will the $2,448 be treated for Federal income tax purposes? Norma will include $fill in the blankas income in 2021. d. Assuming that Norma did not itemize deductions in 2020, how will the refund of $2,448 received in 2021 be treated for Federal income tax purposes? Norma will include $fill in the blank as income in 2021.
In: Accounting
Question 4 10 Marks
Tiger Ltd commenced operations on 1 July 2019 and has one employee, Brian King, who commenced employment on 1 July 2019. During the year ended 30 June 2020, Brian was paid $600 per week (an annual salary of $31,200). Hisonly weekly deductions were $150 for PAYG tax instalments. Brian has an entitlement to four weeks’ annual leave each year and a 17.5% annual leave loading. The annual leave is accumulating and vesting. During the year ended 30 June 2020, Brian took one week of annual leave. The PAYG tax deducted for this week was $175.
Brian also has an entitlement to eight days sick leave each year. The sick leave is non-accumulating and non-vesting. During the year ended 30 June 2020, Brian took twodays’ sick leave.
Required
In: Accounting
The following are the trial balance and the other information
related to Bruce Sheffield, who operates a construction hauling
business.
|
SHEFFIELD |
||||||
|---|---|---|---|---|---|---|
|
Debit |
Credit |
|||||
| Cash | $35,500 | |||||
| Accounts Receivable | 50,800 | |||||
| Allowance for Doubtful Accounts | $2,650 | |||||
| Supplies | 3,080 | |||||
| Prepaid Insurance | 1,400 | |||||
| Equipment | 34,500 | |||||
| Accumulated Depreciation—Equipment | 4,500 | |||||
| Notes Payable | 8,400 | |||||
| Owner’s Capital | 45,700 | |||||
| Service Revenue | 103,610 | |||||
| Rent Expense | 6,500 | |||||
| Salaries and Wages Expense | 30,900 | |||||
| Utilities Expenses | 1,320 | |||||
| Office Expense | 860 | |||||
|
$164,860 |
$164,860 |
|||||
| 1. | Fees received in advance from clients $4,400. | |
| 2. | Services performed for clients that were not recorded by December 31, $4,300. | |
| 3. | Equipment is being depreciated at 8% per year. | |
| 4. | Bad debt expense for the year is $1,490. | |
| 5. | Insurance expired during the year $500. | |
| 6. | Sheffield gave the bank a 90-day, 5% note for $8,400 on December 1, 2020. | |
| 7. | Rent of the building is $500 per month. The rent for 2020 has been paid, as has that for January 2021. | |
| 8. | Office salaries and wages earned but unpaid December 31, 2020, $1,440. |
Sheffield withdrew $14,000 cash for personal use during the
year.
1-From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020.
2-Prepare an income statement for 2020.
3-Prepare a statement of owner’s equity for 2020.
4-Prepare a classified balance sheet for 2020.
In: Accounting
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales for the year ended December 31, 2020, totaled $590,000.
|
Assets |
2020 |
2019 |
|
Cash |
$21,000 |
$19,000 |
|
Accounts receivable |
78,000 |
72,000 |
|
Merchandise inventory |
103,000 |
99,000 |
|
Total current assets |
$202,000 |
$190,000 |
|
Land |
50,000 |
40,000 |
|
Plant and equipment |
125,000 |
110,000 |
|
Less: Accumulated depreciation |
(65,000) |
(60,000) |
|
Total assets |
$312,000 |
$280,000 |
|
Liabilities |
||
|
Short-term debt |
$18,000 |
$17,000 |
|
Accounts payable |
$64,800 |
$75,000 |
|
Other accrued liabilities |
$20,000 |
$18,000 |
|
Total current liabilities |
$102,800 |
$110,000 |
|
Long-term debt |
$22,000 |
$30,000 |
|
Total liabilities |
$124,800 |
$140,000 |
|
Stockholders’ Equity |
||
|
Common stock, no par, 100,000 shares authorized |
$74,000 |
$59,000 |
|
Retained earnings: |
||
|
Beginning balance |
$81,000 |
$85,000 |
|
Net income for the year |
$52,200 |
$1,000 |
|
Dividends for the year |
(20,000) |
(5,000) |
|
Ending balance |
$113,200 |
$81,000 |
|
Total stockholders’ equity |
$187,200 |
$140,000 |
|
Total liabilities and stockholders’ equity |
$312,000 |
$280,000 |
e
In: Accounting