Dr. Buffet maintains the accounting records of its medical clinic on a cash basis. During 2021,Dr. D Buffet collected P1,234,500 from his patients and paid P987,600 in expenses. On December31, 2020 and December 31, 2021, he had the following account balances.Dec. 31, 2020P54,32026,20018,2006,400What is the medical clinic's profit for 2021 under the accrual basis?Dec. 31, 2021P43,21029,00023,500Professional Fees ReceivableUnearned Professional FeesAccrued ExpensesPrepaid Expenses5,120

Total revenue earned = Cash collected + Ending Fees receivable - beginning fees receivable +…

Answered: Dr. Buffet maintains the accounting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Help me form 1040 - line12a thru 20 Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2019, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income— City of Albuquerque general purpose bonds $1,000 Ford Motor company bonds 1,100 Ally Bank certificate of deposit 400 2,500 Child support payments from John Allen 7,200 Annual gifts from parents 26,000 Settlement from Roadrunner Touring Company 90,000 Lottery winnings 600 Federal income tax refund (for tax year 2018) 400 Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.)…
List and record each transaction (in 000s) for the Claymont Outpatient Clinic, under the accrual basis of accounting, at December 31, 20X1. You are creating a General Ledger using exhibit 3-6 on page 112 as a guide. Zelman( Workbook) a. The clinic received a $10,000,000 unrestricted cash contribution from the community. b. The clinic purchased $4,500,000 of equipment using cash. c. The clinic borrowed $2,000,000 from the bank on a long-term basis. d. The clinic purchased $550,000 of supplies on credit. e. The clinic provided $8,400,000 of services on credit. f. In the provision of these services, the clinic used $420,000 of supplies. g. The clinic received $800,000 in advance to care for capitated patients. h. The clinic incurred $4,500,000 in labor expenses and paid cash for them. i. The clinic incurred $2,230,000 in general expenses and paid cash for them. j. The clinic received $6,000,000 from patients and their 3rd party payers in payment of outstanding accounts. k.…
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $578,000. Of this amount, $68,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Age Group AmountReceivable Estimated Percent Uncollectible Not yet due $ 28,000 5 % 0-90 days past due 14,800 10 % 91–180 days past due 9,800 30 % More than 180 days past due 15,400 80 % Total $ 68,000 3. On July 19, 2022, a customer’s account balance of $6,800 is written off as uncollectible. Record the write-off. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
On June 7, 2022 your mother visits Jewel to purchase purchase shampoo, paper towels, toothpaste, and laundry detergent. She finds all of the items on her list and pays the cashier $40 in cash (including taxes) for her purchases. Your mother returns home to find you studying for Acc. 350 and you comment that she had a contract with Jewel. She states that she paid in cash ... no legal document was signed. Eplain why a contract existed between your mother and Jewel on June 7, 2022?
please answer in detail. how to record a journal entry this on 30/06/21 Restaurant Due to surplus cash in the bank account, on 1 June 2021, The Unit Trust prepaid its insurance premium for the next 12 months totalling $13,200 (GST-inclusive) By making this payment, this means that the restaurant's insurance is prepaid until 31 May 2022. Belinda recorded the following journal entry in MYOB on 1 June 2021: DATE PARTICULARS POST REF DEBIT CREDIT 1 June Insurance expense 6-1110 GST receivable 2-1040 Cash at bank - Bank of Brisbane 1-1010 13,200 (Prepayment of insurance policy for the next 12 months) 30/June InSulance expense 1.000 plepaid insurance Ignore any GST consequences. If any adjusting entries are required, please record this entry in the general journal in MYOB. Note: There are 30 days from 1 June 2021 to 30 June 2021. 12,000 1,200
s
Amara is a sole proprietor who operates her business using the cash method of accounting and a calendar year. Based on the following list, how much income will be reported on her 2023 Schedule C? $10,000 check received January 4, 2024, for a job completed December 20, 2021. $15,000 check received December 29, 2023, for a job completed December 28, 2022, deposited January 5, 2024. $9,500 balance due for work that Amara performed in June 2023. Amara took her client to small claims court in December 2023, but did not receive any satisfaction. 1) $9.500 2) $15,000 3) $19,500 4) $25,000
Create a journal entry and a T-account entry for each of the following transactions: $30,000 worth of supplies purchased with cash $10,000 worth of supplies used to provide clients with goods and services Wages due to employees that had been previously recorded as a liability now paid in cash in the amount of $50,000 Bills submitted to insurance companies in the amount of $90,000 for services rendered to patients Cash payments of $60,000 received for services previously provided and billed $5,000 worth of additional supplies purchased on account
January 25 Received $1150 cash for laundry services provided in January 2022. JOUonal ene xy
form the Journal entry of the given transaction: date/s transaction debit credit Sep-02 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 3 Paid monthly office rent of P4,000. 4 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 10 Borrowed P50,000 from the bank, signing a note payable 15 Performed service for patients on account, P3,600 22 Received cash from patients billed on September 3, P2,000 25 Received and paid a utility bill, P200 26 Paid monthly salary to nurses, P3,000 30 Paid interest expense of P200
Morgan runs a calendar printing business. He rented a shop to expand his business. The rent costs $2 000 per month. His business has a financial year end of 31 March. The following information has been provided. Rent expense account Date 2020 Apr 1 2021 Jan 31 Mar 31 REQUIRED Particulars Cash at bank Prepaid rent expense 31 Income summary (i) (ii) State the name of the item. Account balances at 1 April 2020 Commission income received in advance (b) State the amount to be shown on 31 March 2021 (c) Explain both entries on 31 March 2021. The business also provided the following information. During the year ended 31 March 2021 Commission received by cheque Debit S 30 500 $ 800 4 200 Credit $ 600 (b)(0) (b)(ii) Balance $ Additional information Commission income, $1 200, had not been received on 31 March 2021. 600 Cr 29 900 Dr REQUIRED (d) Prepare the journal entries to account for commission income for the year ended 31 March 2021, including the closing entry. Narrations are not required.…
es Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her expenses for her clients include the following: Cab fare to and from restaurants Gratuity at restaurants Meals Cover charges All expenses are reasonable. Required: a. How much of these expenses can Jackie deduct? b. How is the deduction classified? Complete this question by entering your answers in the tabs below. Required A Required B $ 390 340 4,200 290 How much of these expenses can Jackie deduct? Note: Leave no cells blank. Enter "0" wherever required. Cab fare to and from restaurants Gratuity at restaurants Meals Cover Charges Total deduction

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