• 4. If during the year total assets increase by Php75,000 and total liabilities decrease by Php 16,000 by how much did owner's equity increase/decrease?
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- Use the following information for 10 and 11. On October 31, 2021, Butter Company engaged in the following transactions: 1. Obtained a Php500,000, six month loan from Dope Bank, discounted at 12%. The company pledged Php500,000 of accounts receivable as security for the loan. 2. Factored Php1,000,000 of accounts receivable without recourse on a non notification basis with DNA Company. DNA charged a factoring fee of 2% of the amount of receivables factored and withheld 10% of the amount factored. 10. What is the total amount of cash received from the financing of the receivables? a. Php1,320,000 b. Php1,350,000 c. Php1,380,000 d. Php1,470,000 11. What is the amount of cash received from the pledged accounts receivables? a. Php880,000 b. Php980,000 c. Php470,000 d. Php440,000On December 1, Farley Corporation assigns $250,000 of its accounts receivable to Greenhouse Company for cash. Greenhouse charges a $1,500 service fee, advances 80% of Farley’s accounts receivable and charges a 7% interest rate on any outstanding loan balance. A. Prepare the journal entries to record the financing arrangement on Farley’s books. B. On December 31, Farley Received $40,000, on assigned accounts. Prepare the journal entries to record the cash collection on the receivable and the payment to Greenhouse. (Round your final number to the nearest dollar).A credit card statement shows an unpaid balance of Php3,150 on April 3. Purchases made were: April 8 purchase of PHP2 000; April 15 purchase of PHPI, 200; April 18 payment of PHP4 000; and April 23 purchase of PhP3 520. Find the current balance if the billing date is on May 3 and the interest rate is 2.75% per month. A. PhP5,999.53 B. PHP5,999.55 C. PHP5,999.58 Answer:
- Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office booksOn December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.On January 1, 2020, the ledger of Chuan-Kwang contains the following liability accounts (amounts in thousands). Accounts Payable NT$52,000 Sales Taxes Payable 7,700 Unearned Service Revenue 16,000 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling NT$20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of NT$10,000. (Credit Service Revenue) 14 Paid revenue department for sales taxes collected in December 2019 (NT$7,700). 20 Sold 900 units of a new product on credit at NT$50 per unit, plus 8% sales tax. This new product is subject to a 1‐year warranty. 21 Borrowed NT$27,000 from First National Bank on a 3‐month, 8%, NT$27,000 note. 25 Sold merchandise for cash totaling NT$12,420, which includes 8% sales taxes. Instructions: Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and…
- The Accounts Recelvable account has a beglnning balance of $24.000 and the company des e $60,000 on account during the month. The ending balance was $18.000 How much did the company receive from customers during the montht O $6,000. O $66,000. O $102,000. O $54,000.The Accounts Receivable account has a beginning balance of $24,000 and the company provdes serices of $60,000 on account during the month. The ending balance was $18,00o. How much did the company receive from customers during the month? O $6,000. O $66,000. O $102,000. $54,000. • Previous MacBocOn August 1, Year 1, Hernandez Company loaned $58,800 cash to Acosta Company. The one-year note carried a 5% rate of Interest. Which of the following shows how the December 31, Year 1, recognition of accrued Interest will affect Hernandez's financial statements? Assets A. $ 1,715 = B. $ 1,715 = C. $ 1,225 D. $ 1,225 = Multiple Choice O Balance Sheet = Liabilities + ΝΑ + ΝΑ + ΝΑ O O Option A Option B Option C Option D ΝΑ Income Statement Expenses = ΝΑ NA Equity Revenues $1,715 $ 1,715 - $1,715 $ 1,715 - $ 1,225 $1,225 - $1,225 + + $1,225 ΝΑ NA = = = = Net Income $ 1,715 $ 1,715 $ 1,225 $ 1,225 Statement of Cash Flows $ 1,715 OA ΝΑ $ 1,225 OA NA
- At December 31 year-end, Club Company has an $8,000 note receivable from a customer. Interest of 6% has accrued for 7 months on the note. What will Club's income statement for the year ended December 31, report for this situation? OA. Nothing because the business has not received the cash yet OB. Note receivable of $8,000 OC. Interest revenue of $280 OD. Both b and cOn December 1, Williams Company borrowed $50,000 cash from Second National Bank by signing a 90-day, 5% note payable. a. Prepare Williams' journal entry to record the issuance of the note payable. b. Prepare Williams' journal entry to record the accrued interest due at December 31. C. Prepare Williams' journal entry to record the payment of the note on March 1 of the next year. Essay Toolbar navigation BIUS = 山 EE三、8. Given the following transactions of Entrepreneur Ark, what journal entries would you make, as its accountant, to book the following transactions? June 23. Received a $52,000, 90-day, 8% note dated June 23 from BEDA Express on account b. Sept. 21. The note is dishonored by BEDA C. Oct. 21. Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to BEDA Express on September 21 1. 2. 3.