Mr. John started a T-shirts business to be known as "John T-shirts". He has provided you with the following information from his first month of operations: N$ Bank- overdraft 15 000 Prepaid rent expense 20 000 Accounts receivables 35 000 Capital 250 000 550 000 Buildings & equipment at cost Insurance 5 000 Prepaid income 55 000 Accounts payables 50 000 Sales 100 000 Accrual water & electricity 20 000 Long - term loan (FNB) 105 000 Long term investment 110 000 Mortgage (bank Windhoek) 135 000 Interest on loan 15 000 Discount received 10 000 Discount allowed 5 000
Q: Other Operating Expenses Sales Revenue Cost of Goods Sold Gross Profit Net Income Firm $125,000 $ 60...
A:
Q: Exercises Saved hard Company (buyer) and Schmidt, Inc. (seller), engaged in the following transactio...
A: A perpetual inventory system is a program that estimates your inventory on a constant basis using co...
Q: A job order costing system is most likely used by which of the following?A. a pet food manufacturerB...
A: Cost accounting is one of the important concept used in accounting. Under this, all type of costs ar...
Q: Qestion 1 a) Many loan agreements have financial covenants that rely on: Multiple Choice A. float...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: 7...e1 Sage Industries and Pronghorn Inc. enter into an agreement that requires Pronghorn Inc. to b...
A: Amortization Schedule is the statement that shows the payment of rentals at certain period and charg...
Q: ieko holds 50 out of 180 shares of Natural Gas, Inc. Natural Gas uses cumulative voting to elect dir...
A: Cumulative voting is used when electing a new director or board of directors.Each shareholder typi...
Q: December 31 Y1, the Company ARL develop a Product: Master 3D. The disbursement associate to the Prod...
A: Solution Explanation - 1- Under US GAAP Entire research and development cost i.e (6000000+4000000) ...
Q: 7) When a person does an internal search for product information and already has sufficient informat...
A:
Q: Given the constant profit margin of 25%, determine the primary or net income for each SKU. Type your...
A: Net sales = Quantity sold - Returns from customers Net income = Net sales x Selling price x Profit ...
Q: M, N, and 0 formed a partnership on January 1, 200A with 3.7 investments of P 40,000, P 24,000 and P...
A: Net profit before interest, salary & bonus 29400 Less: partner’s salary (16800) Less: inter...
Q: The integration of corporate sodial responsibility (CSR) into business practice is a form of selfreg...
A: Corporate Social Responsibility: Corporations' social responsibility (CSR) is a self-regulatory busi...
Q: ccounting Tyre Recycling Inc. reported the following pre-tax accounting incomes (losses): ...
A: In 2023, there is atiming difference between book loss and taxable loss. In taxable expense, warrant...
Q: Rain INC. granted 5,000 share appreciation rights (SARs) to employees for service on January 1, 2008...
A: Expense to be recorded:- (Fair value of SAR × No. of SARs expected to vest) - Expense already record...
Q: Problem 8-1A (Algo) Part 4 4. Compared to straight-line depreciation, does accelerated depreciation ...
A: Accelerated depreciation is any method of depreciation used for income tax purposes that allow for s...
Q: Homework x ezto.mheducation.com/ext/map/index.html?_con3Dcon&external_browser%3D0&launchUrl%=https%2...
A: Terms 1/10 n/30 means Moloney meat distributors will give 1% discount if Fronks Franke’s will make p...
Q: Ms. Venus is the owner of Bebe Party Favors store She also works as a party host The following resul...
A: First scenario( when 8% income tax rate is intended) Taxable income Gross sales from stores ...
Q: Nevada Corporation has 53,200 shares of $18 par stock outstanding that has a current market value of...
A: Nevada corporation has 53,200 shares Corporation issues a 5 for 1 split, the no. of shares outstandi...
Q: Bräss produces Polishing and Pa I as follows:
A: Prepare a statement of equivalent production to determine the equivalent units for direct materials ...
Q: Morganton Company makes one product and it provided the following information to help prepare the ma...
A: Accounts receivable refer to the amount due to the company by the customers as a result of sale of g...
Q: There are 2 types of residents in town. 20% are financially stable who can pay back the loan they bo...
A: Breakeven means a point of balance making neither profit nor loss. If amount is below point then it...
Q: On December 31, Pitts Manufacturing Company reports the following assets: what is the total amount ...
A: The term inventory refers to both raw materials used in manufacturing and finished goods that are re...
Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of ...
A: Formula: Interest payable = Loan Amount x Interest rate x Time period
Q: Why put the normal loss costing into the true loss account for abnormal loss?
A: Cost accounting: Cost accounting is a form of managerial accounting that aims to capture a company's...
Q: A process costing system in your company. Direct material A is placed into production at the beginni...
A:
Q: The following is the accounts found in the trial balance of Bei, Inc., an SME: Lease liabilities - c...
A: Gross profit = sales - cost of sales
Q: Your client has made all of the following transfers. Which of these transfers will be excluded from ...
A: Solution Gift tax Means If the total value of money received by an individual during a financial ye...
Q: A. Work out the changes for the above transaction. Remember to include the opening capital. Record t...
A:
Q: Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and ...
A: Solution:- Preparation of The journal the entries to record the absorption of Quaney’s capital defic...
Q: Dvidends are payable to shareholders of record on declaration date, 30 Uay Required: 1. Prepare a ca...
A: Solution:- Preparation of a cash budget for the month ending July 31, 2021, indicating how much, if ...
Q: ransactions for 2021 were as follows: An new elevator system costing P800,000 was installed o...
A:
Q: Accounting The Concord Hat Shop Limited counted the entire inventory in its store on August 31 and a...
A: Consignment is a way of selling goods in which goods are kept with a third party. The party with who...
Q: Mrs. Agustin is wholesale trader; following transactions are record in Accounting Equation? 1. Comme...
A: Accounting equation is one of the important concept used in accounting. There are three elements of ...
Q: Assume a company has a $350 credit (not cash) sale. How would the transaction appear if thebusiness ...
A: Accrual accounting is a method of accounting wherein the revenue and expenses are recorded at the ti...
Q: The Chowning Company manufactures ear buds that sell for $20 a pair. The variable cost of each set o...
A: >The relationship between Cost, Volume and profit is necessary as it tells how each of them are d...
Q: The County of Maxnell decides to create a waste management department and offer ItS services to the ...
A: The question is based on the concept of Financial Accounting.
Q: Carla Vista Company is a retailer operating in the province of Ontario, where HST is 13%. Carla Vist...
A: Introduction: The goods and services tax (GST) is a value-added tax applied on the majority of produ...
Q: Statement 1: Cost of inventories or supplies are deducted from gross income when purchased or acquir...
A: Inventories form a part of assets of the entity and represent the stock of raw material, work in pro...
Q: SBD Phone Company sells its waterproof phone case for $90 per unit. Fixed costs total $151,200, and ...
A: Selling price = $ 90 per unit Variable cost = $ 36 per unit Fixed costs = $ 151200 Contribution = Sa...
Q: Richelle Company adapted the following changes during 2022: • Appropriately changed to the FIFO cost...
A: The given changes are required to adjust retained earnings opening balance. These changes in estimat...
Q: Morganton Company makes one product and it provided the following information to help prepare the ma...
A: A. Determination of Unit Product cost Quantity (A) Cost (B) Cost per unit A×B Raw Material...
Q: Show Auemnt HBlury Current Atlempt in Progress Selected transactions for Bonnie Donne Company during...
A: Journal entry: Journal entry records the financial transactions or events of business organizations ...
Q: Gretchen’s sales, current assets and current liabilities (all in thousands of pesos) have be...
A: 1. Horizontal Analysis - Horizontal Analysis is calculated by first calculating difference between b...
Q: What is the impact on the accounting equation when a current month’s utility expense is paid?A. both...
A: Accounting equation is one of the important concept used in accounting. Three elements of accounting...
Q: On December 31, 20X9, Peak Corporation acquired 80% of Summit Company's common stock for $160,000. T...
A: The question is related to Consolidation. The details are given as under Parent Company holding = 8...
Q: Work-in-Process Inventory for Carston Incorporated at the beginning of the year was a single job, Jo...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Required: 1. Compute the predetermined overhead rate. 2. Compute the hourly billing rate for Debbie ...
A: Predetermined Overhead Rate (Based on Salary Costs) = Total Overhead / Total Salary Hourly Billing R...
Q: 9999...last recheck You have completed the field work in connection with your audit of Carla Corpor...
A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how efficien...
Q: Paragon Properties built a shopping center at a cost of $50M in year 2010. The company started leasi...
A: The Modified Accelerated Cost Recovery System is the current tax depreciation system in the United S...
Q: Bushard Company (buyer) and Schmidt, Inc. (seller), engaged in the following transactions during Feb...
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...
Q: Sage Industries and Pronghorn Inc. enter into an agreement that requires Pronghorn Inc. to build thr...
A: The question is based on the concept of Lease Accounting. As per the Bartleby guidelines we are allo...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Example: Mr Lehoko paid his personal telephone account of R75 with a business aheque, 4.1 4.1 contribution. He was issued with recelpt 001. Mr Lehoko deposited R35 000 directly into the business bank account as his capital 4.2 yueg 000 0 increase 4.2 %3D Equipment to the value of R2 355 was purchased (bought). 4.3 Lehoko Plumbers received R1 700 for services rendered. 4.4 Weekly wages of R800.were pald to Mr Lehoko's assistant. -500 Bank decrease 4.3 4.5 A loan to the amount of R5 000 was made with Capitec Bank. Owner's Equity - /+ Assets Liabilites No. Amount Amount +/- Amount 4.4 4.1 4.2 4.3 4.4 4.5 Record the following transactions of Lehoko Plumbers in the above table provided to ensure that the Accounting Equation is correct after every transaction. All transactions C ---On Dec. 1, 2021, Ludivinia Victorino opened a videotape rental store, Cavite Video, by investing P250,000 cash from her personal savings account. During the month of December, the following transactions took place: Dec. 1 4 58 11 16 17 23 24 30 Acquired supplies on account, P67,000. Acquired videotapes costing P235,000, on account. Paid P85,000 to creditors.. Received P78,000 cash from ACA Video for rental fees. Billed Video City for video rentals, P105,000. Paid salaries, P65,000. Collected P77,000 from Video City. Victorino withdrew P47,000 from the business. Paid rent for the month, P41,500. Paid utilities bill for the month, P17,500. Required: Record the transactions for the month of December 2021 using a financial transaction worksheet. Use the following accounts: Cash; Accounts Receivable; Supplies; Videotapes; Accounts Payable; and Victorino, Capital.In January of 2020 Jack Daniels invested $ 200 000 from his private savings account into his business bank account. At the end of first year which ended 31 December 2020 Jack Daniels received a $400 000 loan from his banker to expand the business. He presented the following information at the end of the year S Motor vehicles 300 000 Inventory 70 000 Bank balance (Included loan amount) 415 000 Office furnishing 40 000 Trade receivables 85 000 Trade payables 90 000 Telephone bill unpaid 3 000 Loan (repayable 2030) 400 000 The total current liabilities at the end of the year is S
- What is the journal entry for this transaction: Jethro bought an SUV at a value of $50,000 for his business, paid 11% down payment, and finances the remainder with a note. Debit SUV, $50,000, credit cash $5,500, credit accounts payable $44,500 Debit SUV, $50,000, credit cash $5,500, credit accounts receivable $44,500 Debit SUV, $50,000, credit cash $5,500, credit notes payable $44,500 Debit SUV, $50,000, credit cash $50,000T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…Jackie Flynn bought a new boat for $16,000. She put a $3,000 down payment on it. The bank's loan was for 60 months. Finance charges totaled $4,800. Her monthly payment is: O a. $269.67 Ob. $364.76 Oc. $346.67 Od. $296.67 A Moving to another question will save this response. « < Question 15 of 23 She Informative Top...docx MacBook Air %24
- Marwan just deposited $13,000 into his account at Bank Muscat. The bank will pay 2.3 percent interest, compounded annually, on this account. How much interest on interest will he earn over the next 15 years? Il mcbs.proctonng.online is sharing your screen. Stop sharing Hide mpt-1231438cmid-98604&page-5#questicConsider the information below for an individual: Home valued at $250,000 . Mortgage balance of $150,000 . Auto worth $25,000 $15,000 auto loan New household furnishings valued at $5,000 $4.500 loan for furniture ■ . Retirement account of $45,000 $1,500 in emergency savings ■ $500 in checking $1500 in a CD $15,000 credit cards balances . $500 per month for student loans; current balance is $25,000 . $100 per month gym membership Using the information above, respond to all of the following: 1. Determine this individual's net worth. Explain. 2. Identify any expenses that are not liabilities. 3. Assume this individual decides to create a budget. What are the two components of a budget? 4. Assume this individual's friend decides to pursue postsecondary education. What are two types of financial aid that the friend could apply for that do not have to be repaid? View Insert Format Tools Table . ■ EditAl Ree bought a new delivery truck for $18,000. Al put a down payment of $4,000 and paid $270 monthly for 60 months. The total finance charge: O a. $4,000 O b. $2,200 Oc. $2,020 O d. $2,000 Show A hInformative Top....docx MacBook Air EB
- Retain Required: Briefly explain whether the $7,000 and the $180,000 receipts constitutes ordinary income Alan works for a large investment bank called "Big Bank". He also regularly gives a 5 minute update on the day's events in financial markets on a late night TV show. Although the TV show does not pay him for this, Big Bank does give him $150 per appearance, as they believe that his appearance brings positive publicity to Big Bank. Alan earned $7000 from this activity in the past financial year. Recently, Big Bank has been experiencing tough economic conditions, and wishes to save some money. Subsequently, Big Bank gave Alan $180,000 (paid over two $90,000 instalments) in exchange for Alan agreeing to no longer receive annual bonuses that he had been entitled to in his contract. Alan had received bonuses of $50,000 - $100,000 per year for the last 5 years.in Requirements: s not been 1. Journalize every transaction in the General Journal 2. Post every general journal in the General Ledger 3. Prepare a trial balance he "out of f LAYTEY DRAGERN, a tax consultant, began his practice on December 2019. The transactions of the firm are as follows: n-balance December Mr. Dragern invested P150,000 in the firm. Paid rent for December to Marooney Devila's Realty P8,000. 3. Purchased supplies on account, P7,200. 1. 2. 4. Acquired P75,000 of office equipment from BibiKow Co, paying P37,000 down with the balance due in 20days. 5. Paid P7,200 on account for supplies purchased. 6. Paid the salaries for two weeks, P6,000 7. Performed consulting services to Dazzling Blowey for cash, P20,000. 8. Paid the salaries for two weeks, P6,000. CO 9. Performed consulting services to Gremma Repeh on account, P35,000. 10. Received and paid the telephone bills, P1,500. 11. Purchased supplies on account, P8,600. 12. Paid the accounts from BibiKow Co, P25,000. 13. Mr.…1. Prepare Income Statement and Balance Sheet dated 31" July 2022 by using the following accounts. The values are stated monthly basis. Please make sure you properly follow the classification shown in the class.. Amount in CAD Account Salary Car Utility Expense Account Cash Car Insurance Rent 3000 450 1600 700 300 Car Loan 4500 Entertainment Expense 100 Phone Credit Card Debt Phone Bill (Same 30 Every Month) Investment in Bond 200 Net Worth 3380 Amount in CAD 5000 9000 50 Transportation Expense 200 Child Benefit 300 Wifi Bill 50 Borrowed from friends 200 for 6 months Tuition Income Vacation to Mexico Study Loan 300 600 2000