Reference no: EM132993951
Question - The following transactions were entered into by Dr. Jo Valdez for the month of June:
04? Jo Valdez opened "Jo's Health Spa" by investing P 1,500,000 cash and half of a lot inherited by Jo and her sister Ann worth P 500,000.
07? Interviewed a nurse and a business graduate to work for her for a salary of P 15,000.
08? Valdez bought for cash P 900,000 worth of equipment and P 15,000 worth of supplies.
10? Bought furniture and fixtures from a friend at a cost of P 150,000, promising to pay after 7 days. Only P 80,000 of this was placed in the clinic. The remaining P 70,000 furniture & fixtures were placed in her condominium unit.
12 ? Applied for a P 2,500,000 business loan from a bank by mortgaging her inherited lot. The money will be used to construct the clinic.
14? Withdrew supplies worth P 2,000 for personal use.
15? The loan was approved, and the money deposited for the account of the health spa.
17? Paid one half of the amount due on the furniture and fixtures.
30? A two-story clinic was constructed on the inherited lot. The construction cost amounted to P 2,400.000. Term: down payment P 500,000 and a note for the balance.
Required -
(a) Analyze the transactions in an accounting equation similar to the Clearcopy demonstration format. Include money columns for Cash, Supplies, Land, Building, Equipment, Furniture and Fixtures, Accounts Payable, Loans Payable, Valdez, Capital.
(b) Prepare Statement of Financial Position.
|
Compute the revenue, expenses and final profit
: Compute the revenue, expenses and final profit if John decides to work 2,160 hours during the first year in his accounting services business
|
|
How much is the effect on the profit or loss section
: How much is the effect on the profit or loss section of the statement of comprehensive income relating to transactions for the year 2023
|
|
How much is the gain from the sale of the old cooler
: Freight charge of P3,000 and installation cost of P6,000 were paid. How much is the gain (-loss) from the sale of the old cooler
|
|
What would the price per share be
: Assuming shares could be repurchased at the price that existed prior to the recapitalization, what would the price per share be following the recapitalization
|
|
Prepare statement of financial position
: The following transactions were entered into by Dr. Jo Valdez for the month of June: Prepare Statement of Financial Position
|
|
What is the estimated warranty liability on December
: The estimated warranty costs related to sales are 4% within 12 months following sale. What is the estimated warranty liability on December 31, 2002
|
|
Discuss the role of time value of money
: Discuss the role of time value of money in fundamentals of business finance, the use of computational tools, and the basic patterns of cash flow
|
|
Prepare the necessary journal entry for impairment loss
: Prepare the necessary journal entry for impairment loss on the Media Products Division Ltd's as at 30 June 2021
|
|
Prepare an acquisition analysis for the business combination
: Tonic Ltd had outstanding amounts owing to employees of $35,000. Prepare an acquisition analysis for the business combination
|