Mr. Shabib is a Sole trader. He has withdrawn cash OMR 2,000 from the business to buy a laptop for his son. Which of the following will be the impact of it according to double entry rule?
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- Ahmed withdrew 10,000 dinars for the purpose of paying personal expenses to him. This will lead to Capital increase decrease in liabilities Liabilities increase O Capital decreaseFaith D. Nakpil started her accounting practice on November 3, 2021 by investing P138,000 cash and her old laptop with an original cost of P64,000 but with a fair value of P31,000 at the time of investment. How much was the initial capital of Faith?hey I need help figuring out the numbers for these accounting homework assignments. Clint M. Invests $30,000. Into Merle company. The effect to Liabilities would be: ( Type your numeric number) Clint M. Invests $30,000 into Merle Company. The effect to Equity would be: (Type your numeric number) Merle company purchases s piece of equipment for $5,000 on account. The effect to Assets would be: (Type your numeric answer) Merle company purchases a piece of equipment for $5,000. The effect to Liabilities would be: (Type your numeric answer) Merle Company purchases a piece of equipment for $5,000 on account. The effect to Equit would be: (type your numeric answer)
- 2. Suppose that Vickie has the following assets and liabilities: Dec. 31, 2017 $1,200 $2,000 $10,000 Checking account Credit card debt Stock market shares Dec. 31, 2018 $1,000 $1,800 $13,000 If Vickie's income in 2018 was $50,000 and her spending for current needs was $49,000, what were her capital gains in 2018? (Assume no capital losses.)4. Mr. Zuhair Started Car cleaning services in Ruwi with a capital of OMR 50,000 and earns a profit of OMR 2,500 at the end of the spends OMR 250 to purchase clothes, OMR 350 to purchase mobile phone for his personal use can Mr. Zuhair records his personal expenses in his Car cleaning service accounting books? Explain the reason by justifying the result which relates to GAAP. year. Не1. Hannah Maganda has total assets of P25000 and equity of P32000. How much is her liabilities? 2. The total income of basit machine shop is P110000 and total expense of P30000 how much is basit Machine shop profit(or loss)? 3. The initial investment of the owner in his business is p75000. At the end of each year the total assets of the business amounted to p100000 ,which consist of p50000 and p50000 equipment.The equipment has an unpaid balance if P20000 the only liability of the business. How much is the owners equity at the end of each of the year?
- Steinar loaned a friend $9,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Steinar's deduction for the bad debt for this year? (Assume he has no other capital gains or losses.) 4,750 X as a nonbusiness ✓ bad debt. Feedback ▼ Check My Work Bad debts fall into one of two categories, business bad debts or nonbusiness bad debts. Debts that arise from the taxpayer's trade or busin are classified as business bad debts, while all other debts are considered nonbusiness bad debts. The distinction between the two types of debts is important, since business bad debts are ordinary deductions and nonbusiness bad debts are short-term capital losses. b. What can Steinar do with the deduction not used this year? The remaining $ 0x can be carried forward as a short-term capital loss and deducted in future years, subject to an annual limitationA homeowner claims to have $100,000 in equity in her home. This statement uses the term equity from a financial point of view and means the home: [1.4.3 The Language of Economics versus the Language of Business] A is worth $100,000 less than the homeowner owes on any mortgages. B is worth $100,000 more than the homeowner owes on any mortgages. C is worth $100,000 more than market price. D) is worth $100,000.4. Mr. Zuhair Started Car cleaning services in Ruwi with a capital of OMR 50,000 and earns a profit of OMR 2,500 at the end of the year. He spends OMR 250 to purchase clothes, OMR 350 to purchase mobile phone for his personal use can Mr. Zuhair records his personal expenses in his Car cleaning service accounting books? Explain the reason by justifying the result which relates to GAAP.
- assume mr. j. green invests $15,000 to start a landscape business. this transaction increases the company's assets, specifically cash, by $15,000 and increases owner's equity by $15,000. why does mr. j. green assets increases when he's investing the $15,00 to start a business?Mr. Louw, the owner of Covid management cc, invests N$240 000 in his business. His business has assets worth N$400 000. Calculate the financial obligations of his business. Answer:Mrs. C-hammer, the owner of Tura innovations, invests N$140 000 in her business. She also approaches a bank that lends her N$60 000. Calculate the value of her business. Answer: