a) Prepare the trading account of Damai Golf Club for the year ended 31 December 2021. b) Prepare the statement of income and expenditure of Damai Golf Club for the year ended 31 December 2021. c) Prepare the statement of financial position of Damai Golf Club as at 31 December 2021.
Q: Covid Private School (CPS) is a non-profit private educational institution with an issued permit to…
A: The income on which the individual or the other taxpayer is required to pay taxes is described as…
Q: You have been engaged to examine the financial statements of Tupac Corporation for the year 2023.…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: Moletji Ltd is public company owned by two prominent business women and the local community trust…
A: Cash Flow Statement- It is statement which is a integral part of the financial statement of a…
Q: In June 2021, Wanda Fonda organized a corporation to provide drone photography services. The…
A: Ledger Account - It is a record of every business transaction which contains a listing of all…
Q: Company Z has a deposit with ABC Bank. It obtained a loan from ASAP Financing Corp. in connection…
A: Here discuss about the details of the allowable deduction from the interest expenses which are…
Q: You are an accountant working for a company that has recently decided to incorporate. The company…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: For the year ending December 31, 2021, Olivo Corporation had income from continuing operations…
A:
Q: Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2021, it reported…
A: (Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Entity AB will be provided, following an agreement dated 01/07/20X1, with services from an external…
A: Journal entry: It implies to the recording of company's financial transactions in its primary book,…
Q: Apple Company, which began operations on January 1, 2020, has elected to use the cash basis…
A: The cash basis accounting records the revenue and expenses when they are incurred in cash. The…
Q: Referring to relevant statutory provisions and common law, discuss whether the following amounts…
A: following are the amounts which are allowable to deduction against assessable income:
Q: In 2019, a non-stock and non-profit organization provided a 3-day trip in Batanes to its President.…
A: As per Financial Accounting Standard Board any Expenditure which is incurred by the Non-profit…
Q: For a number of years, a private not-for-profit entity has been preparing financial statements that…
A: The correct amount of unrestricted net assets at the end of the year 2 is $400,000. The correct…
Q: 1. In 2022, a corporation earns $65,000 from its business operations and has $10,000 of dividend…
A: Taxable income means the base income on which the tax would be levied and it involves some or all of…
Q: You are an accountant working for a company that has recently decided to incorporate. The company…
A: Solution A journal is a company's official book in which all business transaction are recorded in…
Q: income tax due
A: Definition: Domestic corporation: It is a company that conduct business in other parts of the…
Q: For a number of years, a private not-for-profit entity has been preparing financial statements that…
A: a. What was the correct amount of unrestricted net assets at the end of the year Unrestricted net…
Q: Exile Corporation has operating income of $42,000 and operating expenses of $69,000 in 2021. In…
A: Form 1120 is a form used to disclose income, gains, expenses and losses of a corporation, which in…
Q: Below are typical transactions for Hewlett-Packard.Type ofBusiness Activity…
A:
Q: Matching: For each of the following situations, select the best answer concerning the…
A:
Q: Two individuals organized Teacup company as a corporation; each contributed $27,000 cash to start…
A: As per accounting equation, assets equal to sum of liabilities and shareholders equity.
Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions…
A: There are no sales of sleepEZ stock during the year therefore no change in ownership and both…
Q: balance for the unearned revenue from points as of yearend
A: Unearned revenue is the revenue that is not yet earned. It is a current liability having credit…
Q: Covid Private School (CPS) is a non-profit private educational institution with an issued permit to…
A: Introduction: The income on which the individual or the other taxpayer is required to pay taxes is…
Q: Corporation BBB, a public company, give you the following Financial Information for this year: ($)…
A: Rental Profit: $10,000 Taxable Capital Gains: $30,000 Net Capital Loss Carry Forward: $20,000
Q: Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made…
A: Note: Expenses incurred before the beginning of the business are considered start-up costs and…
Q: Form 1120 and complete pages 1 and 2 (Schedule C)
A: Every taxpayer has to use the appropriate forms to submit the return of income tax and have to use…
Q: Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made…
A: Organizational expenditures are those that are directly related to the formation of the company.…
Q: The company receives a $500,000 payment from a client. Half of this payment is for services that the…
A: This question deals with the impact of the transaction on the asset liability and equity section of…
Q: The following are relevant information pertair to the results of the business operations for…
A: Answer: Net profit can be defined as the earnings left to the business after paying off all the…
Q: Moletji Ltd is public company owned by two prominent business women and the local community trust…
A: Cash flow statement is a statement which provides the information about the cash inflow and cash…
Q: addition, each of them drew C2,000 as directors' fees. Pensions are the personal responsibility of…
A: Financial Statements: Financial statements are considered as a summary of the events that took place…
Q: 2. Mr Asta, domestic corporation, revealed the following data for 2019: Gross income from business…
A: Taxable income: taxable income is a part of company or individual's income, on which tax calculated…
Q: Parkman Sporting Goods is preparing its annual report for its 2021 fiscal year. The company’s…
A: Indicate whether the above items should be disclosed (A) in the summary of significant accounting…
Q: Referring to relevant statutory provisions and common law, discuss whether the following amounts…
A: 1) Making provisions does not represent the actual loss. The occurrence of actual bad debt would be…
Q: Tremonti, Inc., is obligated to pay its creditors $7,900 during the year. a. What is the value of…
A: Computation of shareholder’s equity is shown below: Formula sheet is annexed below:
Q: Required – Part C Calculate the following: The instalments originally calculated as due for the…
A: 1. Advance tax installments due dates and payments for the year ended 31st march 2021 are as…
Q: For a number of years, a private not-for-profit entity has been preparing financial statements that…
A: The correct amount of unrestricted net assets at the end of year 2 is $445,000 ($400,000 + $50,000 -…
Q: In June 2021, Wanda Fonda organized a corporation to provide drone photography services. The…
A: Journal entries recording is to be termed as first step of accounting cycle process. Under this,…
Q: Jim Ltd.'s accounting income and taxable income information for the 2021 fiscal year is set out…
A: The question has been asked about taxable income for the fiscal year 2021. Taxable income:…
Q: Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1 of the…
A: C Corporation:-It is a category for an organization as per US government that get taxed apart from…
Q: Instructions Ames Company is located in a city and county that issue property tax statements in May…
A: Solution:- Preparation of Journal Entries of AC for the period May 1 to September 30 2019 (Two…
Q: Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made…
A: Proprietorship Business: Unincorporated company with just one owner who is responsible for paying…
Q: Howard Company, which began operations on January 1, 2020, has elected to use the cash basis…
A: The accrual basis accounting records the revenue and expenses as soon as they are actually earned or…
Q: Moletji Ltd is public company owned by two prominent business women and the local community trust…
A: Cash flow statement is a statement that gives information about the cash flows of the organization.…
Q: As a tax consultant, you receive tax forms and financial reports from various companies. Following…
A: The deferral tax occurs due to the time gap between accrued tax and tax paid. Deferred tax liability…
Step by step
Solved in 2 steps with 1 images
- The following selected transactions relate to liabilities of Interstate Farm Implements for December 2018. Interstate’s fiscal year ends on December 31.Required:Prepare the appropriate journal entries for these transactions.1. On December 15, received $7,500 from Bradley Farms toward the purchase of a $98,000 tractor to be delivered on January 6, 2019.2. During December, received $25,500 of refundable deposits relating to containers used to transport equipment parts.3. During December, credit sales totaled $800,000. The state sales tax rate is 5% and the local sales tax rate is2%. (This is a summary journal entry for the many individual sales transactions for the period).Prepare journal entries to record the following transactions. You are required to show all calculations: the financial year-end of the client is 30 November 2021. 3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. 3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance WITH GENERAL LEDGER ENTERIES: Please dont provide answer in image format thnkuConsider each of the transaction below independently. All expenditures were made in cash Xon Corporation paid $35,000 in 2020 for continuing frequent, and low-cost repairs to an existing building Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CR
- Prepare the journal entry for the following transaction. Apr. 15 Last year, Titan Corporation's board of directors appropriated $150,000 for the purchase of a new storage facility over a three- year period. This year's appropriation for $50,000 was made on this date. If an amount box does not require an entry, leave it blank. POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 2On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.The Pharm Co. self-constructed an asset for its own use. Construction started on Dec. 31, 2019. Costs incurred during the year were as follows: Jan 1- P400,000; Apr. 1 – P500,000; Aug.1 – P480,000; Dec. 1 – P180,000. The company had a two-year. 18% loan of P500,000, specifically obtained to finance the asset construction. Determine the average accumulated expenditures for the self-constructed assets and capitalized interest added to the cost of the self-constructed asset.
- On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.The following trial balance of the Employees’ Retirement System Fund for Bedrock City was prepared by a clerk who used only balance sheet accounts in recording the events for the fiscal year ended June 30, 2018:Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,000 Due from the city . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 Investments, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 497,000 Due to resigned employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,000) Annuities payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,000) Net plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (540,000)…
- Accounting Two fixed assets are purchased during 2021: a copier for $10,987.65 on September 30, 2021 and an office desk for 5,432.10 on December 31, 2021. Depreciation entries are recorded at the end of each month. What will be general journal adjusting entry on December 31, 2021 for the depreciation of these fixed assets, if tax basis 150% MACRS is used?BUG Company constructed an asset for its own use. Construction started on January 1, 2019 and the asset was completed on December 31,2019. Expenditures incurred during the year were as follows: January 1- $400,000 April 7 - $500,000 August 14- $480,000 December 15 $150,000 If the company had a 6 months, 18% loan of $500,000, specifically obtained to financed the asset construction and prior to construction it earned an interest income of $5,000 from temporary investment, what is the amount of interest to be capitalised in the total cost of the self constructed asset?The Municipal Golf Course located in the Town of Darlene had the following during its 2019 fiscal year, ending on December 31, 2019: Amount paid for salaries for 2019 : Amount paid on 12/31/19 for the purchase of delivery truck $ 5400 $12600 What amount should be reflected in the statement of revenues, expenses, and changes in net position for the Municipal Golf Course located in the Town of Darlene. BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer: