Vishnu This information relates to Sheffield Real Estate AgencyOct. 123610Stockholders invest $31,130 in exchange for common stock of the corporation.Hires an administrative assistant at an annual salary of $42,120.Buys office furniture for $3,830, on account.Sells a house and lot for E.C. Roads; commissions due from Roads, $12.570 (not paid by Roads at this time).Receives cash of $240 as commission for acting as rental agent renting an apartment.Pays $680 on account for the office furniture purchased on October 3.2730 Pays the administrative assistant $3,510 in salary for October.Journalize the transactions. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titlesare automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)CreditDate Account Titles and ExplanationOct. 1 vCommon StockDebit

A stockholder, also known as a shareholder or equity holder, is an individual, institution, or…

Answered: 2 3 rmation relates to Sheffield Real…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter18: Corporations: Organization And Capital Structure

Section: Chapter Questions

Problem 24CE

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Gis a cash basis consultant. His balance sheet at the end of the year shows receivables of $100 and accounts payable for utilities of $30. A) What is G's basis in the receivables? B.) If G transfers the receivables to a new corporation in exchange for 100% of the stock and the corporation assumes the liabilities is G taxed on the transfer?
Gis a cash basis consultant.His balance sheet at the end of the year shows receivables of $100 and accounts payable for utilities of $30. What is G's basis in the receivables? If G transfers the receivables to a new corporation in exchange for 100% of the stock and the corporation assumes the liabilities is G taxed on the transfer?
Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form. Q2Select any five financial transactions of your choice and make journal entries for the same. Q3 There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.
Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form.
Assume Fry's Electronics, Inc.’s Modesto, California, location received $24,000 for an annual contract to provide computer support to the local city government. How would Fry’s Electronics record this transaction? What financial statement(s) would this transaction affect?
Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
Select the best answer. Which item of income has been constructively received by an individual taxpayer? O O O A. An increase in the value of stock owned estion Q 13 B. A check received for payment of services, but which has not yet been deposited C. Wages earned the last week of December but not paid until January of the following year O D. A line of credit available, but not yet drawn on Submit Answers 95% Complete
X, a resident citizen had the following data in the year 2021:Gross income from the practice of profession, P1,590,000Gross income from business, P3,500,000Interest income from currency bank deposit at Metro Bank, P8,300Interest income on private securities, P24,000Dividend income from domestic corporation, P26,000Interest income on loans to friends, P13,000Winnings from raffle draws, P2,000Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000Deductible business and professional expenses, P3,842,000How much should X report as his gross income?
T Corp sold tangible personal property to its customers for $500. T Corp has nexus in the state where the sales tax rate is 5%. The company will make a journal entry for the transaction. Identify the accounts that the company will use. Account Debit Credit [Select ] ["Sales Tax Expense", "Revenue", "Sales Tax Payable", "Cash or Accounts Receivable"] $525 [Select ] ["Revenue", "Sales Tax Expense", "Cash or Accounts Receivable", "Sales Tax Payable"] [Select ] ["Cash or Accounts Receivable", "Sales Tax Payable", "Sales Tax Expense", "Revenue"] $25 $500
Question: Referring to relevant statutory provisions and common law, discuss whether, for the current income year, the following amounts would be as an allowable deduction against assessable income. Provision for the estimated amount of trade debtors’ accounts, which might not be collected. An amount of $9,000 was paid to a solicitor for preparing a partnership deed. Newspapers are purchased by an accountant who advises clients on financial and investment matters. Travel cost of a business executive to attend a trade fair in London paid by the employer. Speeding fines of $ 500 paid by an owner to a driver
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 ---
1. Nita and Bona entrepreneurs, agreed to invest cash to put up a business selling signature bags. They agreed to share profits based on the legal provision. The following are the ledger postings for 2019: Bona, Capital Jan.2 300,000 Mar.1 200,000 Nina, Capital Jan. 2 500,000 Nina, Drawing Bona, Drawing 30,000| Dec.31 ? 30,000 Oct.1 30,000 Dec. 31 ? Oct.1 Nov.1 30,000 Nov.1 Dec.1 ? Dec.1 ? Loan Payable, Nina Dec.15 Income Summary 50,000 Dec.31 ? Dec. 31 200,000

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