Ramandeep borrowed $15,000 at 8% on January 17, 2019. She repaid $5,000 on March 3, and $9,000 on May 23, 2019. Determine the final payment required on August 23, 2019 using the Declining Balance Method (U.S. Rule). Required: All work must be shown to obtain full marks. (formulas, substitution, answer).

Ramandeep borrowed $15,000 at 8% on January 17, 2019. She repaid $5,000 on March 3, and $9,000 on May 23, 2019. Determine the final payment required on August 23, 2019 using the Declining Balance Method (U.S. Rule). Required: All work must be shown to obtain full marks. (formulas, substitution, answer).

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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ichard Nkambi (60 years of age and has a disability as defined) had the following receipts and accruals during the 2020year of assessment:Income received for the year:Salary from employer 540 000Interest from local bank 140 000Dividend from South African company 14 000Interest from a tax free investment 54 000Uniform allowance received 1 570(The uniform that he wears in a distinct black and blue colour with the company logo on it)Monthly rental Income 12 000Richard incurred the following expenses during the current year of assessment:Tax deductible pension fund contributions 51 000Repairs incurred on the property rented out by Richard 16 000Household expenses 20 000Richard is a member of a medical aid scheme and for the year of assessment he made a total contribution to the fund ofR50 000.Richard has also been working for his company for a period of 20 years and he had received a Rolex watch which wasvalued at R 15 000 for the unbroken period of service that he provided the company…
Do not copy from bartleby. Otherwisw i will give you dislike When DeSoto Water Works purchased equipment at the end of 2020 at a cost of $64,000, the company debited Buildings and credited Cash $64,000. The error was discovered in 2021. Prepare the journal entry DeSoto will use to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record entry to correct error. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal
ly, 2023, In 2023 be res received a base salary of John secured employment as a commissioned salesman in July, 2023. In 2023, he $60,000, and $5,000 of commissions. A further $6,000 of commissions earned in December 2023 was paid to him in January, 2024. John worked away from the office negotiating sales contracts, and he is required to pay his own automobile and promotional expenses. His employer has signed a T2200 certifying that requirement, and certifying that no reimbursements are paid for any expenses John incurs to earn commissions. John incurred the following expenses from July through December 2023: Meals and entertainment for potential customers Driving expenses (90% of driving was for employment purposes): Fuel Insurance Repairs Automobile leasing expenses ($500 a month) $14,000 4,000 750 2,250 3,000 What is the maximum deduction John may claim for employment expenses in 2023? $5,000. O $9,000. O $11,000. O $16,000.
(b) Prepare the general journal entries, if any, the accountant should make at December 31, 2023. Factor in tax effects. The company has a 25% tax rate for 2019 to 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round the rate of deprecition under double decling balance method to 5 decimal places, ie. 13.33333%. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Dec. 31, 2023 Dec. 31, 2023 (To correct for the omission of depreciation expense in 2020) Dec. 31, 2023 (To adjust for change in depreciation method) (To record adjusting entry for depreciation) Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer
The entire amount of P765, 000 was charged to rent expense in 2019. What amount should Goetz have charged to expense for the year ended December 31, 2019? 90,000 94,125 184,125 495,000
Thompson Limited, a private company with no published credit rating, completed several transactions during 2020. In January, the company bought under contract a machine at a total price of $1.46 million. It is payable over five years with instalments of $292,000 per year, with the first payment due January 1, 2020. The seller considered the transaction to be an instalment sale with the title transferring to Thompson at the time of the final payment. If the company had paid cash for the machine at the time of the sale, the machine would have cost $1,280,000. The company could have borrowed from the bank to buy the machine at an interest rate of 7%. It is expected that the machine will last 10 years. On July 1, 2020, Thompson issued $12.20 million of bonds priced at 99 with a coupon of 10% payable July 1 and January 1 of each of the next 10 years to a small group of large institutional investors. As a result, the bonds are closely held. The July 1 interest was paid and on December 30 the…
(b) In 2023, Martinez receives the raw materials and pays the required $1,700,000. The raw materials now have a market value of $1,360,000. Prepare the entry to record the purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Dec. 31, 2023 Debit Credit
3. Assume on December 31, 2018, Tran receives $1,000,000 for all sales-based royalties earned from Lyon in2018. What journal entry would Tran record on December 31, 2018, to recognize any revenue that should berecognized in 2018 with respect to the Lyon license that it has not already recognized?
Gansac Publishing Company signed a contract with an author to publish her book. The signing took place on January 1, 2019, and a payment of $20,000 was made to obtain a copyright. Gansac expects to sell 200,000 books evenly between 2019 and 2023 at a price of $10 per book. Required: 1. Prepare journal entries to record the events related to the copyright and sales of the book during 2019 and 2020, assuming that sales were as projected. 2. Next Level How would your answer change if Gansac expected sales of the book to be 100,000 copies in 2019, 80,000 copies in 2020, and 20,000 copies over the remainder of the copyright’s useful life?
Atty. Namjoonie began business on January 1, 2020. The unadjusted trial balance for the first year of operation is found below. The following data were collected for adjustments: 1. The balance in the Notes Receivable is for a single P60,000 note from a customer dated December 16, 2020. The note, due February 14, 2021, carries an interest rate of 20%. 2. A count of office supplies showed P12,000 still on hand as at December 31. 3. Bad accounts should be established amounting to P7,000 which seems to be uncollectible. 4. Atty. Namjoonie invested P35,000 of the furniture and fixtures when the clinic was opened on January 1. It is estimated to have a useful life of five years, no scrap value. 5. The office equipment was purchased on February 28 for P280,000. It has as estimated useful life of five years and a residual value of P40,000. 6. The salary of a newly hired secretary, Miss Queenie, amounting to P9,000 for the month of December, has not been paid and recorded. 7. Only P7,000 shown…
atty. namjoonie began business on january 1, 2020. the unadjusted trial balance for the first year of operation is found below. the following data were collected for adjustments: 1. the balance in the notes receivable is for a single p60,000 note from a customer dated december 16, 2020. the note, due february 14, 2021, carries an interest rate of 20%. 2. a count of office supplies showed p12,000 still on hand as at december 31. 3. bad accounts should be established amounting to p7,000 which seems to be uncollectible. 4. atty. namjoonie invested p35,000 of the furniture and fixtures when the clinic was opened on january 1. it is estimated to have a useful life of five years, no scrap value. 5. the office equipment was purchased on february 28 for p280,000. it has as estimated useful life of five years and a residual value of p40,000. 6. the salary of a newly hired secretary, miss queenie, amounting to p9,000 for the month of december, has not been paid and recorded. 7. only p7,000 shown…

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