On 1st April 2021, Jazni established an interior decorating business, JazniDeco. During the month, the following transactions have occurred: 2021 5 Purchases equipment on account for RM3,500 June 7 Receives RM2,800 cash from a customer for services rendered Paid in full, with cash, for the equipment purchase on June 5 10 11 Cash sales worth RM1,000 14 Owner took RM150 cash from the business for his daughter's school fees 17 Receives RM4,000 cash in advance from a customer for services not yet rendered 18 Received cheque for sales worth RM7,600 22 Received a cheque of RM5,000 from Arrogant Furniture Enterprise. 25 Owner withdrew goods amounted RM150 for personal use 30 Paid salaries of employees for June, RM5,000. Required: Determine the effect of each transaction on accounting equation.

Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2019:     Gross receipts $ 203,000   Business mileage: 27,000 (miles incurred ratably throughout       the year) 35,000 miles total during the year 2019       Van (over 6,000 lbs) placed in service 1/01/19, cost 27,000       Postage   (500 ) Wages   (26,000 ) Payroll taxes   (1,950 ) Supplies   (12,500 ) Phone   (1,250 ) Internet service   (600 ) Rent   (2,400 ) Insurance   (2,800 ) Van expenses   (4,500 )     Business assets Date Purchased Cost Computer 1 5/18/19 $ 2,200   Computer 2 6/01/19   2,700   Printer 3/01/18   900   Copier 3/02/18   2,100   Furniture 3/01/18   6,000       Required: Determine Cassi’s self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets…

During the current year, Paul, the vice president of a bank, made gifts in the following amounts. To Sarah (Paul's personal assistant) at Christmas $39 To Darryl (a key client)-$3 was for gift wrapping 42 To Darryl's wife (a homemaker) on her birthday 14 To Veronica (Paul's boss) at Christmas 75 In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $50. Presuming that Paul has adequate substantiation and is not reimbursed, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent.

Melissa recently paid $875 for round trip airfare to San Francisco to attend a business conference for 3 days. Melissa also paid the following expenses: $280 fee to register for the conference, $435 per night for 3 night's lodging, $275 for meals in restaurants and $235 for cab fare. What amount of these costs can Melissa deduct as a business expense