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Please please help me answer these accounting questions. Thank you so much! 32) Gravekeeper Company acquired patent and rights and pays advance royalties in some
Please please help me answer these accounting questions. Thank you so much!
32) Gravekeeper Company acquired patent and rights and pays advance royalties in some cases, and in other, royalties are paid within 90 days after year-end. The following are included in Gravekeeper's balance sheet: December 31, 2017 December 31, 2016 Prepaid royalties 55,000 45,000 Royalties payable 80,000 75,000 During 2017. Gravekeeper remittedroyalties ofP300.000. In its income statement for the year ended December 31, 2017, Gravgkeeper Company should report royalty expense of Use the following information for the next two (2) questions: Comet Company as of December 31, 2017 provided the following balances: Cash, net of a P7,000 overdraft Receivable, net of customer credit balances totaling P6,000| Inventory (P20,000 of which are held on consignment) Prepayments Property, plant and equipment, net of accumulated depreciation of P15,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 Notes payable bank, due on July 2018 Income tax payable 33) Total current assets reported in the December 31, 2017 balance sheet is_ 34) Total current liabilities reported in the December 31, 2017 balance sheet is 80,000 30,000 60,000 10,000 90,000 45,000 25,000 15,000Step by Step Solution
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