Adwoa is a business consultant. She provided the following information at the end of her first financial year on 30 April 2019. fees earned during the year fees owed by clients at 30 April 2019 cost of computer equipment purchased loan interest paid other business expenses What was Seema's profit for the year? GHC 244 000 22 000 26 000 4 000 142 000

Adwoa is a business consultant. She provided the following information at the end of her first financial year on 30 April 2019. fees earned during the year fees owed by clients at 30 April 2019 cost of computer equipment purchased loan interest paid other business expenses What was Seema's profit for the year? GHC 244 000 22 000 26 000 4 000 142 000

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 20DQ

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Adwoa is a business consultant. She provided the following information at the end of her first financial year on 30 April 2019. fees earned during the year fees owed by clients at 30 April 2019 cost of computer equipment purchased loan interest paid other business expenses What was Seema's profit for the year? A. GHC 72,000 B. GHC 94,000 O C. GHC98,000 O D. GHC120,000 GHC 244 000 22 000 26 000 4 000 142 000
Robbie Nicholls commenced business offering landscaping and tree pruning services to clients. During the 2023 income year, Robbie recorded the following transactions: Cash received from clients $165,000 (incl. GST) Coffee machine received from client valued at $ 1,100 (incl. GST) Fees outstanding from clients as at 30 June 2023 $2,200 (incl. GST) Calculate Robbie's assessable income for the 2023 income year. Question 19Select one: $153, 000 $168, 300 $152, 000 $167, 200
Z was an employee with the following information from her employment in 2021. Salaries and wages - $57,500 RRSP contribution in the final months of 2021 - $5,500 Membership dues paid by Ms. Z’s employer on her behalf - $500 What is Ms. Z’s net employment income for 2021? ___________
for the year ended 31 July 2019. Was her net profit for the year understated or overstated as a ments totall ing & heating expense' in Angela's Income Sta result, and by how much? (c) The annual insurance premium for Claire's business premises (covering the period 1 Septemhar vOstly 20% more +han her previous vear's premium
Sam is a small business owner. In the year ended at the 30th of June 2019 the business has the below information: Beginning of Sam’s Capital account: $55,000 Net Income: $32,000 Outstanding Note Payable: $150,000 Total Expenses: $125,000 Ending of Sam’s Capital account: $54,000 Amounts withdrawn by Sam during 2019 will be: Select one: a. $33,000 b. $31,000 c. $23,000 d. $25,000
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
ASSIGNMENT Helmuth owns a hardware store. His financial year ends 30 June. He provided the follo information: 1. His debtors on 1 July 2019 included N$700 owed by Gunter. On 30 June 2020 Gunter paid half of the amount owing in cash and the balance was written off as bad debt. On 15 January 2021 Gunter paid the outstanding amount in cash. REQUIRED (a) Make the appropriate entries for the financial year ending 30 June 2020 and 30 June 2021 in the following ledger accounts. The accounts should be balanced or closed off. (i) Gunter's Account [3 (ii) Bad Debts Account [2 (iii) Bad Debts Recovered Account
Carol was an employee during 2019 with the following income and benefits received from her employer: Salaries - $60,000 Bonus accrued in 2019 by employer but paid to Carol in 2020 - $5,500 Private health services plan paid by employer - $500 What is Carol’s total employment income that will be reported from her employer in 2019? ______________
Francis Mayberry, M.D., maintains the accounting records of Mayberry Clinic on a cash basis. During 2020, Dr. Mayberry collected $134,269 from her patients and paid $50,926 in expenses. At January 1, 2020, and December 31, 2020, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) January 1, 2020 December 31, 2020 Accounts receivable $8,768 $14,914 Unearned service revenue 2,908 3,733 Accrued expenses 3,444 2,049 Prepaid expenses 1,835 3,239 Prepare a schedule that converts Dr. Mayberry’s "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020.
On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23500. July 10: Purchased a truck for $14900, paying $7200 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4220. July 20: Completed services on account and billed the customer, $7310 July 25: Received cash from customers on account, $3520. July 31: Paid salaries expense of $460 and utilities expense of $300. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020
Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2020, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At January 1, 2020, and December 31, 2020, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) January 1, 2020 December 31, 2020 Accounts receivable $9,250 $15,927 Unearned service revenue 2,840 4,111 Accrued expenses 3,435 2,108 Prepaid expenses 1,917 3,232 Instructions Prepare a schedule that converts Dr. Accardo’s “excess of cash collected over cash disbursed” for the year 2020 to net income on an accrual basis for the year 2020.
Give typing answer with explanation and conclusion Donna owns and operates a dress shop . In 2022, her total sales were$80,000. She refunded $950 to customers who were unsatisfied. Her cost of goods sold was $30,000 what is Donna's gross income on her schedule c, profit or loss from business (sole proprietorship)