Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help me with my assignment 1) At the beginning of 2016, Purple Company had total assets of Php 580,000 and total liabilities of Php 330,000.

help me with my assignmentimage text in transcribed

1) At the beginning of 2016, Purple Company had total assets of Php 580,000 and total liabilities of Php 330,000. If total assets increased Php 60,000 and owner's equity decreased by Php 90,000 during the year, determine the amount of total liabilities at year-end. Use the following information for questions 2, 3 and 4. The Black & White Petting Zoo operates a drive through tourist attraction in Subic. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries were prepared on April 30. The adjusted trial balance shows the following: 700 Prepaid Rent Php 8,000 Fencing 30,000 Accumulated Depreciation - Fencing 5,500 Unearned Ticket Revenue Other data: a) Three months' rent has been prepaid on April 1 b) The fencing is being depreciated at Php 6,000 per year c) The unearned ticket revenue represents tickets sold for future zoo visits. The tickets were sold at Php 4 each on April 1. During April, 25 of the tickets were used by customers. 2) How much is the monthly rent? 3) What is the age of the fencing in months? 4) How many tickets were sold on April 1? 5) Yellow Mango Company had the following transactions during 2016: Sales of Php 4,500 on account Collected Php 2,000 for services to be performed in 2017 Paid Php 1,625 cash in salaries Paid Php 5,000 for insurance effective 2017. What is Yellow Mango's 2016 net incomeet loss using accrual accounting? 6) On January 1, 2016, Ms. Scarlet set up a sole proprietorship. She contributed cash of Php 1,500,000 and secured a loan of Php 220,000. During the year, total revenues were Php 204,000 and total costs and expenses were Php 128,000. Ms. Scarlet withdrew Php 10,000 on December 15. There were no additional activities affecting owner's equity. By December 31, 2016, liabilities had increased to Php 240,000. What is the amount of total assets that should be reported on the December 31, 2016 balance sheet? 7) Professor Plum is negotiating to buy a parcel of property for his business. The seller of the property is asking Php 170,000 for the property. The assessed value of the property for property tax purposes is Php 125,000. The property is presently insured by the owner for Php 135,000. Professor Plum originally offered the seller Php 130,000 for the property. Professor Plum and the seller agreed on the purchase price of Php 150,000. Shortly, after the purchase is made by Professor Plum, he is offered Php 175,000 for the same property. At what price would Professor Plum record the property on the books of his business

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Fundamentals For Health Care Management

Authors: Steven A. Finkler, David M. Ward, Thad Calabrese

3rd Edition

1284124932, 9781284124934

More Books

Students also viewed these Accounting questions

Question

Why is succession planning important?

Answered: 1 week ago

Question

When did the situation become unable to be resolved? Why?

Answered: 1 week ago