At the start of the year, the balance on Sara's capital account was $55.689. During the year Sara made drawings of $16G00 and the net profit for the year was $17500. What is the balance on Sara's capital account at the end of the year? OA $56.589 B. 530,069 OC S4.789 OD $62,189
Q: The following information relates to Wilson, Inc.'s equipment lease with an inception date of Januar...
A: Answer:- Correct Option is d. $ 20,278.
Q: The NiceWay Corporation's statement of financial position shows the total stockholders' equity of P5...
A: Stockholder's equity: Stockholder's equity refers to the net asset of the company available to the s...
Q: Transferred cash from a personal bank account in exchange for stock, $50,000 Purchased $8000 of merc...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: If an employee has the chance of receiving cash in lieu of lodging w business reasons, the amount is...
A: Lodging refers to the facility that is provided for accommodation as well as some other basic facili...
Q: 3. Why do retained carnings not increase by the amount of June net income?
A: Retained Earnings are adjusted with the following transactions: 1) Net Profit or Loss for the year 2...
Q: Walmart leases equipment to Staples on Jan 1, 2020. The lease is appropriately recorded as a purchas...
A: Lease: A lease refers to an agreement whereas the lessor transfers an asset to the lessee in return ...
Q: Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the sec...
A: Cash Budget The purpose of preparing the cash budget to know the total movement of cash inflows and ...
Q: old X, Inc. uses the following information when preparing their flexible budget: direct materials of...
A: Solution: Flexible budget is the budget which represents budgeted cost at different levels of produc...
Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw materia...
A: Formula: Raw materials used = Beginning inventory + Net purchases - Ending inventory
Q: The formula "(Sales Revenue – Cost of Goods Sold) + Sales Revenue" produces:
A: The income statement represents the net profit or net loss of the company that is calculated by dedu...
Q: Long-term solvency ratios Total debt ratio Debt-equity ratio Equity multiplier Times interest earned...
A: Long-term solvency ratio:- It is calculated to check the firm's long-term ability to meet its financ...
Q: Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Year 1 Year 2 Beginning ...
A: Calculation of Correct Cost of Goods Sold Amount Beginning Inventory $ 145,000 A...
Q: A specific model of computer servers are being sold by Company A for $26,700 each, offering trade di...
A: Solution:- Given, Computer servers sold by Company A = $26,700 Offering trade discounts = 8% and 5% ...
Q: Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direc...
A: Since you have posted question with multiple sub-parts we will do the first three sub-parts for you ...
Q: View Palicies Current Attempt in Progress On October 1, Benji's Bicycle Store had an inventory of 20...
A: Solution Golden rules of accounting- 1- Real a/c- Debit what comes in .Credit what goes out. 2-Perso...
Q: Prepare Statement of Comprehensive Income and Statement of Financial Position as at 31 Dec 2021.
A: We are given the trial balance of Zombie Berhad as on 31st Dec 2021 along with some additional infor...
Q: The books of Spaghetti Company disclosed a cash balance of P691,720 on June 30. The bank statement a...
A: Sometimes due to certain reasons, the balance of the company cash book doesn't matches with the bank...
Q: At each reporting date, companies adjust debt investments which fails in cash flows test to fair val...
A: The question is related to the IFRS 9 Financial Instruments.
Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units...
A: Under FIFO method, using perpetual inventory system, value of ending inventory and cost of goods sol...
Q: - only 83 chil tendance to S2,000. If th firct
A: Social value =2000 Total Additional social value with construction of new school = 83 x 2000 = 16600...
Q: Example 4-12 GROSSING-UP. Cotter Company wants to award a $4,000 bonus to Donna D'Amico. In additio...
A: In this question, we have to find out the gross Bonus and net bonus amount and the blanks given to ...
Q: Which of the following is true with regards to the accrued interest on bonds payable that are sold b...
A: The accrued interest expense is the interest due for payment but not paid yet. The accrued interest...
Q: Cobb Company's accounting records show the following at the year ending on December 31, 2015: Purcha...
A: Cost of goods sold = Cost of goods available for sale - Ending inventory where, Cost of goods availa...
Q: On January 2, 2021, Santos Company invested in a 4 –year, 10% bond with face value of P6,000,000 in ...
A: According to the question Santos Company purchased a 4-year, 10 % bond with a face value of P 6,000...
Q: Sam and Devon agree to go into business together selling college-licensed clothing. According to the...
A: As per TCJA, Non-taxable transaction under Section 351 (i.e., no gain or loss is recognized) ,only i...
Q: Dr. King decided to put up a medical clinic. Below are the transactions for the month of July. Requi...
A: The unadjusted trial balance is the listing of general ledger account balances at the end of a rep...
Q: All expenses incurred while traveling away from a tax home during a business trip True False
A: Expense allowed as deductible based on nature and relevance. Following is the correct answer.
Q: 8. A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. Th...
A: In this question, we will find out the total amount paid for merchandise.
Q: You have the followinginformation for Oriole inc. Oriole inc.uses the periodic method of accounting ...
A: Income Statement Specific Id. FIFO LIFO a. Sales Revenue (2300x1.05 + 5000x1.25) $8,665 $8,66...
Q: Malachi Department Store starts its business on May 1, 2022 and completes the following transactions...
A: Credit Card Sales are the sales where the customers make payments through credit cards. The money tr...
Q: On April 1, 2020, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January...
A: Bond is the debt security that investors uses to reduce the risk and increase stable return from the...
Q: Bounce Back Insurance Company carries three major lines of insurance: auto, workers' compensa- tion,...
A: Product profitability analysis is the practice of connecting a company's total profit to the profit ...
Q: Hal, Dal, & Stal Dairy Farmers, Inc., produces whole milk, 2% milk, and cream. The joint cost of...
A: Under Market Value method, joint costs are allocated on the basis of joint costs of all products pro...
Q: The following information is available for Dennehy Company: $390,000 Sales Revenue Freight-in $30,00...
A: Cost of goods sold = Beginning inventory + Purchases - Purchase returns and allowances + Freight-i...
Q: Accounting for Income Taxes Cullumber Corporation has one temporary difference at the end of 2020 th...
A: Lets understand the basics. When there is taxable temporary difference between the tax liability as ...
Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw materia...
A: Lets understand the basics. For calculating raw material used, we need to use below formula. Raw mat...
Q: When an owner-occupied property is transferred to investment property at fair value, a decrease in t...
A: Investment Property: The acquisition of an investment property is made with the purpose of generatin...
Q: Required: 1. What is the company's contribution margin (CM) ratio?
A: In this question, we have to compute the company's CM ratio
Q: Which of the following is not true of the balanced scorecard approach to performance measurement? a...
A: A balanced scorecard is a strategic management performance metric that helps companies identify and ...
Q: Assume an investor purchases bonds at a premium the bonds are to be held as a long-term investment w...
A: When a Bond is issued at premium, the interest revenue is always less than periodic amount of cash r...
Q: Zing Cell Phone Company entered into the following transactions involving current liabilities during...
A:
Q: a. the distortionary effect of taxes, making them more popular compared to Treasuries b. the distort...
A: Municipal Bond Municipal Bond which can be made available either for tax exempt basis or taxable bas...
Q: GameGirl, Incorporated, has the following transactions during August. August 6 Sold 88 handheld game...
A: Under perpetual inventory system, inventory and cost of goods sold are updated for each sale/purchas...
Q: Retiring allowances are also known as: Multiple Choice Lieu of notice Parting gifts Bonuses Suppleme...
A: Retiring Allowances are also known as Severance Pay. These are the allowances are paid to employees ...
Q: Using the following data, prepare the operating activities section of a statement of cash flows for ...
A: The question is related to Cash Flow Statement. The Cash Flow Statement is summary of cash receipts ...
Q: A record of employment must be issued when an employee with a regular work schedule is expecled to I...
A: In the Given case scenario, This statement is false: A record of employment must be issued when an ...
Q: What is the compound amount and compound interest of $36,000 invested at 12% com- poun...
A: Compound interest: this is used in case of lump-sum money accumulates in the future if interest is c...
Q: On March 12, Fret Company sold merchandise in the amount of $7,800 to Babson Company, with credit te...
A: As per net method of accounting, it assumes that customer will pay within discount period hence it r...
Q: i need that last two parts (D AND E)
A: 2021 2022 Units Produced 60000 50000 Units Sold 54000 54000 Selling Price per Unit $ ...
Q: First Time Corporation conducted an IPO, issuing 2 million common shares with a par value of P0.25 t...
A: Calculation of equity account and market capitalization end of first year are as follows
Step by step
Solved in 2 steps
- Gabriela has the following income for the quarter: a. Professional income,P80,000 b. Income from her business, P30,000 c. Compensation income,P40,000 d. Interest income from bank deposit, P10,000. What amount ofincome will Gabriela report in her quarterly income tax return? P80,000P110,000P120,000P150,000Ron Landscaping's income statement reports net income of $76,200, which includes deductions for interest expense of $12,800 and income taxes of $36,500. Its times interest earned is: Multiple Choice 9.8 times 70 times 3.9 timesKiara invested $2,000 at the beginning of every 6 months in an RRSP for 11 years. For the first 8 years it earned interest at a rate of 4.30% compounded semi-annually and for the next 3 years it earned interest at a rate of 5.20% compounded semi-annually. a. Calculate the accumulated value of her investment at the end of the first 8 years. $57,748.94 $58,081.94 $37,715.84 O $38,526.73
- You are finishing your 3rd year in business with $516,000 of gross income and $270,000 in deductions. Two years ago, you had a net loss of $91,000 and last year, you had a net loss of $74,000. Calculate your taxable income for this year. A В C E 1 Таxable 2 Income= 3 6. 7 8. 9. 10Interest earned during the year will be: a. OMR 73,200,000 b. OMR 132,600,000 c. OMR 127,200,000 d. OMR 48,800,000 Non-interest incomes will be: a. OMR 2,800,000 b. OMR 2,400,000 c. OMR 4,400,000 d. OMR 4,200,000At the beginning of each year for 14 years, Sherry Kardell invested $400 that earns 10% annually. What is the future value of Sherry's account in 14 years? Multiple Choice None of these $14,000 $13,100 $12,709 $12,309 acer Σ
- Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000What is the corrected net income before tax for the current year? A. 4,450,000B. 5,000,000C. 5,150,000D. 5,700,00014. How much may Purple Corporation, a calendar-year accrual-basis corporation, deduct if it paid $3,000 on April 1 for an insurance policy for the next three years, prepaid six months interest of $450 on November 1, and paid $2,000 rent for December and January on December 1. a. $1,900 b. $2,450 c. $2,600 d. $5,450
- A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss 50,000 Interest income on bank deposit 10,000 Capital gains (Assets held for 6 months) 20,000 Capital gains (Assets held for 3 years) Capital loss (Assets held for 7 months) 30,000 40,000 Determine the amount of taxable net income.Accounting 1. Sally has the following for 2021: a $12,000 § 1245 gain a $38,000 § 1231 gain a $36,000 § 1231 loss a $2,000 § 1231 lookback loss a $18,000 long-term capital gain a $3,500 long-term capital loss. a. Determine her ordinary gain or loss amount for 2021. Enter an absolute amount. b. Determine her LTCG or LTCL amount for 2021. Enter an absolute amount. 23. Molly exchanges a rental building, which has an adjusted basis of $625,000, and FMV of $715,000 for another rental house which has a fair market value of $565,000. She also receives $150,000 in cash. What is the recognized gain or loss the new rental house?Albert made investments of $1000 each for two years. The first one at an interest of 4.8% compounded monthly and the second at 4.9% compounded annually. Calculate the total value of his investment in two years. Select one: A. $2100.55 B. $2000 C. $2200.95 D. $1100.55 E. $1100.40