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Presented below are the items to be consolidated for the immediate preparation of the Statement Of Financial Position, for the year 2020.
Accounts Payable ₱ 600,000
Unearned Revenue 1,210,000
Salaries Payable- current 120,000
Owner’s Withdrawals 280,000
Owner’s Capital 1,500,000
Comprehensive Income 3,000,000
Total Current Assets 80% of total liabilities
Cash 250,000
Inventories 480,000
Prepaid Expenses 600,000
Property, Plant and Equipment ?
Accounts Receivable ?
a. Prepare the SFP using the ACCOUNT FORM
b. Prepare the SFP using the REPORT FORM
The Creep Company. Presented below are the items to be consolidated for the immediate preparation of the Statement Of Financial Position, for the year 2020.
Accounts Payable ₱ 600,000
Unearned Revenue 1,210,000
Salaries Payable- current 120,000
Owner’s Withdrawals 280,000
Owner’s Capital 1,500,000
Comprehensive Income 3,000,000
Total Current Assets 80% of total liabilities
Cash 250,000
Inventories 480,000
Prepaid Expenses 600,000
Property, Plant and Equipment ?
Accounts Receivable ?
a. Prepare the SFP using the ACCOUNT FORM
Assembly chair 3,desks 5,table 7, hours available 2,400 shipping chairs 3,desks 2 table 4 hours available 1500.demand potential chair 360 desks 300,tables 100 profit chair $15 desks $24 tables $18.
What would happen in case the company decides that each product must make up at 25% of the total unit sold. What is the new level of profits?Show working.
A firm has a Cobb Douglas production function given as
q=AL
α K β
a.
Solve for the factor demand functions
b.
If the firms’ competitive output price is p find the wage rate
c.
What is the share of the firms revenue paid to labour and
capital?
d.
If α =0.6, β =0.2 and A=1 find the LR labour and capital
demand curve equations
Advise NextG's executive committee which project should be undertaken if: the net present value method of investment appraisal is used; [8 marks] ii. the internal rate of return method of investment appraisal is used; [8 marks] b) Critically discuss the reasons for superiority of the net present value method over the other methods. Is the internal rate of return method now redundant?
STATEMENT OF COMPREHENSIVE INCOME
Practice Set 12
- The Swift Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020.
- Always apply the income tax expense as 25% of operating profit.
Gross Sales = ₱ 3,822,300
Sales Returns= ₱ 219,700
Gross Purchases = ₱ 1,000,000
Purchase Discounts = ₱ 180,000
Beginning Inventories = ₱ 920,500
Ending Inventories = ₱ 450,800
Distribution Expenses = ₱ 760,200
Administrative Expenses = ₱ 440,900
Other Comprehensive Income = ₱ 210,000
STATEMENT OF COMPREHENSIVE INCOME
Practice Set 11
- The Deluxe Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020.
- Always apply the income tax expense as 25% of operating profit.
Gross Sales = ₱ 3,500,000
Sales Allowances= ₱ 120,000
Net Purchases = ₱ 1,280,000
Ending Inventories = ₱ 450,000
Distribution Expenses = ₱ 280,000
Administrative Expenses = ₱ 150,000
Other Comprehensive Income = ₱ 330,000
STATEMENT OF FINANCIAL POSITION
PRACTICE SET 2
- The Jeremiah Company has the following accounts in year-end 2020.
- Kindly prepare the SFP in report form.
Unearned Revenue ₱ 1,000,000
Revenues, at gross 340,000
Payables, short-term 285,000
Owner’s Withdrawals 320,900
Long-term portion of bonds payable ?
Cash and cash equivalent 4,219,000
Intangible assets 890,000
Gross value of expenses 112,000
Owner’s Capital 2,130,000
#340153 on Dec 2023