Of the following transactions, which should be recorded as income? Of the following transactions, which should be recorded as income? Harry's Hats sold inventory on credit for $ 3000. Chandler & Co Plumbing's owner contributes $10 000 of personal funds to the business. M. Witham borrowed $80 000 from the bank. T. O'Toole pays $5500 for goods sold to her on credit last month.

Big Buy Appliances sells Mike and Katy a refrigerator for $1,200 in March. Big Buy paid $500 for the refrigerator in Feburary. Big Buy received a 900 payment from Mike and Katy in March and will receive an additional 300 in April. If Big Buy uses the Accrual Basis of Accounting then the gross profit rate for the month of March would bea. 500b. 800c. 900d. 700

PLEASE SHOW SOLUTIONS IN GOOD ACCOUNTING FORM.   6. On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. 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?

Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). March 1 Purchased $37,000 of merchandise from Van Industries, terms 1/15, n/30. March 2 Sold merchandise on credit to Min Cho, Invoice Number 854, for $14,800 (cost is $7,400). March 3 (a) Purchased $1,110 of office supplies on credit from Gabel Company, terms n/30. March 3 (b) Sold merchandise on credit to Linda Witt, Invoice Number 855, for $7,400 (cost is $3,700). March 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. March 9 Purchased $18,500 of office equipment on credit from Spell Supply, terms n/30. March 10 Sold merchandise on credit to Jovita Albany, Invoice Number 856, for $3,700 (cost is $1,850). March 12 Received payment from Min Cho for the March 2 sale less the discount of $148. March 13 (a) Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $370.…

How is income defined by the IRC? For example, suppose you decided to hold a garage sale one fine summer weekend. The proceeds of such came out to $40. Do you report this? Why or why not?

Sales at Joslin's Shoe Mart totaled $2,505 in August. The shoes cost $1,030. During the month, the owner paid $871 in rent, supplies, insurance, and utilities. The $614 left over is the owner's...........

In performing accounting services for small businesses, you encounter these situations pertaining to cash sales. 1. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $53,000 and sales taxes $2,650. Sheffield Company does not segregate sales and sales taxes. Its register total for April 15 is $24,300, which includes a 89% sales tax. 2. Prepare the entries to record the sales transactions and related taxes for each client. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit ORIOLE COMPANY SHEFFIELD COMPANY >

Listed below are selected transactions of Ben’s HomeGoods Store for the current year ending December 31, 2022. a) During December, credit card sales totaled $675,000, which includes the 8% sales tax that must be remitted to the state by the fifteenth day of the following month. (At time of sale, the total amount is recorded in Sales.) b) On December 1, the store received $5,000 from the local community theater for the rental of certain furniture to be used in a stage production during December and January. The furniture will be returned on February 1. c) On December 31 the store was notified it will be required to restore the area (considered a land improvement) surrounding one of its parking lots, when the store moves in 5 years. Ben determined it will cost $78,000 in 2027. Ben estimates the fair value of the asset retirement obligation on December 31, 2022 is $61,500. Prepare the necessary journal entries necessary to record the above transactions as they occurred and any adjusting…

At the beginning of the year, the inventory of a convenience store was 189,950. The purchases made during the year amounted to 90,460.00. the ending inventory wqs 86,780. its salary expenses amounted to 325,450.00, and its rental expense was 420,000. The store owner also collected 135,200 for utilities. the store also received sales returns worth P50,000. The total sales of the convenience store was p1,875,500. what is the net profit/loss of the convenience store?

Assignment#2-handwritte-in-class Mark as done 1 Dec1, 2020 Jimmy, the business owner input cash $7,000 and $2000 computer into the business 2 Dec2, 2020 Business purchased office supplies $1,500 and office equipment $4,500, paid $4000 cash and signing a note payable for the balance 3 Dec3, 2020 Business paid $2400 for a two-years insurance 4 Dec4, 2020 Business received $4,200 cash for the services provided. 5 Dec6, 2020 Business paid owing balance for Transaction#21 6 Dec12, 2020 Business received $6,300 from the customer for the services to be performed in the near future. 7 Dec 17, 2020 Business bought office supplies for $5,500 on credit. 8 Dec20, 2020 Business finished $3000 services for the Transaction#6 9 Dec22, 2020 Business found $600 defective office supplies from the Dec 17, 2020 purchase, returned them back to supplier 10 Dec28, 2020 Business received electricity bill for Dec, 2020 $270, it will be paid in next month. 11 Dec 31, 2020 Business paid the owing amount for…