Required: A. Analyze the transactions using the following accounts and provide a money column for each one: Cash, Supplies, Rent Deposit, Furniture and Fixtures, Equipment, Accounts Payable, Notes Payable, and De Jesus Capital. Use the format of demonstration problem 2 but do not extract the balances until after the last transaction. B. Prove the accounting equation. C. Prepare a statement of financial position.
Q: On November 1 of the current year, a business paid the annual rent on the building it occupies. A…
A: GIVEN On November 1 of the current year, a business paid the annual rent on the building it…
Q: a. Determine for each truck the depreciation rate per mile and the amount to be credited to the…
A: Units of activity method of Depreciation: Under this method, the asset's cost ( less any salvage…
Q: Activity 2* for the year ended 31 December 20X3 and a statement of financial position as at that…
A: Financial statements are a set of high-level reports that summaries an organization's financial…
Q: Problem On January 1. 2021, Lilianne Company issued mandatorily redeemable preference shares in…
A: Company means the form of business where management is separately from owner and have perpetual…
Q: At December 31, 2019 and 2020, Lapham Corp. had 200,000 shares of common stock and 20,000 shares of…
A: The earnings per share is calculated as net income available to common shareholders divided by…
Q: Give examples
A: Quality auditing is a systematic review of an organization's quality management system (QMS).…
Q: How to do these steps in QBO? Record an owner’s contribution on 1/14/20 to Owners (a new vendor)…
A: Here discuss about how to done the quick book accounting software for recording the required journal…
Q: Which of the following is a rationale against mandatory retirement? It is a form of age…
A: Mandatory retirement refers to when an employee has to compulsorily leave a organization after…
Q: The shape of the "age-earnings" profiles reflect all of the following, except that:
A: The above question is related to the age earnings profiles. By going through all the above options…
Q: What is the difference between data and information? Give an example each of accounting data and…
A: Data is the gathered form of all the facts. Information is assembling the data to make it a…
Q: What is the effect of an increase in activity on total variable costs,variable cost per unit of…
A: Total cost refers to the cost or amount incurred by the company in production of its goods and…
Q: Chinese firms wishing to purchase American goods and services are ___ in the foreign exchange…
A: Foreign exchange market is that place where currency of one country exchanges with the currency of…
Q: Question Your investigation of Samsung Corp.’s various non-current asset transactions for 2021…
A: The franchise is a method used for marketing by big brands under which the franchisee uses the brand…
Q: Which is not an essential characteristic of property, plant, and equipment? a. These are tangible…
A: The balance sheet is one of the financial statements of the business, which tells about the…
Q: Which is an essential characteristic of Property, Plant, and Equipment? Property, Plant, and…
A: The assets can be classified as tangible or intangible assets. The assets can be classified as…
Q: Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of…
A: A balance sheet is a financial statement that shows the assets, liabilities, and shareholder equity…
Q: Suppose the market interest rate is 5%. Valuate the following bonds. (i) a 3-year discount bond with…
A: Valuation of Bond
Q: TB EX Qu. 7-204 Nate's Hot Dogs exchanges long-term assets with Lizzy's. Nate's Hot Dogs exchanges…
A: The exchange transactions are incurred by acquiring an assets by giving old assets from the…
Q: ABC Store. has budgeted sales for June and July at $690,000 and $720,000, respectively. Sales are…
A: July Cash sale = $690,000 x 10% = $69,000 July Credit sale = $690,000 x 90% = $621,000
Q: Safety regulations are superior when an Injurer can escape paying damages by filing bankruptcy. True…
A: Bankruptcy Bankruptcy refers to the legal process where people who become insolvent or are not able…
Q: Farouk bought an electric appliance through an instalment plan which he paid RM200 down payment. He…
A: Interest means the amount charged for the loan extended by one party to another party. It is an…
Q: On December 31, 20X1, the company reported a debit balance of $200,000 in accounts receivable and a…
A: Journal book: Journal book is an accounting book of an entity which creates a way for beginning of…
Q: Juan, who is single, is a self-employed carpenter as well as an e His self-employment net income is…
A: Self Employment Tax The federal government collects taxes from self-employed workers and small…
Q: A company purchased $3,200 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned…
A: Discount of 1% is valid for 10 days from the date of purchase. So the discount is valid till July…
Q: [The following information applies to the questions displayed below.] Ramirez Company installs a…
A: Annual depreciation under straight line method is calculated using following formula Annual…
Q: Problem 8-4 (IFRS) On January 1, 2017, Roma Company purchased equipment for P4,000,000. The…
A: Accumulated depreciation from 2017 to 31st December 2020. Cost - salvage value / useful life os…
Q: Direct Materials Purchases Budget Marshall Inc. budgeted production of 40,000 personal journals in…
A: Direct material purchase budget is used to estimate the units should be purchased for the…
Q: Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: P incurs $8,000 of damages because of D's negligent handling of radioactive waste. The…
A: when there is case of loss for one party due to negligence of other party . The party who Suffer…
Q: Explain the calculation procedures for and significance of each of the following:a. Return on…
A: a. Return on sales: It is a financial ratio that state how efficiently an organization is earning…
Q: Under the equity method of accounting for the operating results of a subsidiary, the dividends…
A:
Q: Kegler Bowling buys scorekeeping equipment with an invoice cost of $175,000. The electrical work…
A: Lets understand the basics. As per IAS 16 "Property, plant and equipment", PPE should initially…
Q: Jerry sprayed ury Losses: with a pesticide in June 2021. Shortly thereafter, all of the trees and…
A: Claim refers to the amount one receives after an incident which occurs.The payee to that person is…
Q: Calculate the amounto of self -employment tax that Aaron will be required to pay for the tax year…
A: Sepf employment tax rate 2020 = 15.3% Income = 345000-150000= 195000
Q: 1. Platinum Trophy, Inc. projects sales of 45,000 brass plaques for 201X. The estimated January 1,…
A: The question is based on the concept of Cost Accounting.
Q: Mar. 4 Issued 20,000 shares of $1 par value common stock at $15 per share. May 22 Purchased 1,700…
A: The treasury stock includes the own shares of the company that are repurchased from the…
Q: selling price $40 per unit Variable cost $25 per unit Fixed…
A: Solution... Contribution margin per unit = Selling price per unit - variable cost per unit =…
Q: Prepare all the necessary journal entries assuming the share warrants are fully exercised.
A: Issue price of bonds with warrants (5,000,000 x 103) = 515,000,000 Market value of bonds without…
Q: Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the…
A: Note: Titles of goods under FOB destination are transferred to the purchaser only when goods are…
Q: АВС СОМРANY Month Sales budget July August September 800,000 750,000 990,000 October 630,000…
A:
Q: You are thinking about buying a house.You find one you like that costs $200,000. You learn that your…
A: Opportunity cost is the cost that has been sacrificed by choosing an alternative among two by the…
Q: stockholders of a portion of their original investments is a
A: Property dividend is when a company pays dividend to its shareholders in the form of assets.…
Q: Giordano Corp. sold machinery for $2,000,000 and it was delivered in November 2020. On November 20,…
A: Standalone value is a method of valuation that assesses a company's worth in its current condition…
Q: Oki Company pays $285,200 for equipment expected to last four years and have a $30,000 salvage…
A: The minor expenses related to fixed assets are recorded as repairs and maintenance expenses. The…
Q: The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are…
A: Cash flow statement is the summary showing cash receipts and payments using indirect or direct…
Q: rregular transactions such as discontinued operations s
A: Single step income statement is generally used by the small businesses like…
Q: Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of t…
A: The financial statements of the business including income statement and balance sheet are prepared…
Q: The purchase of treasury shares Choices; Decreased authorized share capital Decreased outstanding…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Nolan Company's cash account shows a $28,500 debit balance and its bank statement shows $28,323 on…
A: The bank reconciliation statement is prepared to record day to day transactions of the business on…
Q: On January 1, 2019, Jericho Company purchased a patent for P7,140,000. The patent is being amortized…
A: Answer is option B) 4,896,000
Step by step
Solved in 2 steps
- Calculate the IRR for the following business scenario by using excel or google sheets. Upload your excel file or provide a link to your Google sheets file. (If you are providing a link to your Google sheets file please make sure it is available for viewing - meaning it is available for users to view at FIT) I started my AirBnB business on 4/1/2018 by investing $30,000 of my savings. I made net revenue in the amounts of $4000 on May 30, 2018, $5000 on June 30, 2018 and $7000 on July 30, 2018 and $8000 on August 30, 2018. I closed my business on September 15, 2018 and sold all the furniture in the apartment for $4000.4. Angela De Dios, a business graduate student who was working in Think Computer Company selling all kinds of computers, decided to become an entrepreneur and put up an internet shop. The following are the transactions for March. 01 Angela started an internet shop called "Playnet.Com" by investing her savings of P 50,000 and the proceeds from the sale of her car of P 300,000. Angela hired two workers to assist her in the shop for a salary of P 3,000 05 per week. Mr. Lee, the lessor, required Angela to pay for two months' rent deposit, P 10,000 10 15 Paid P 15,000 for building materials to fix the shop, P 8,000 for furniture and fixtures, P 45,000 for one-unit of aircon and two units of electric fan Purchased supplies for cash, P 1,500 The shop was ready for the installation of the computer units. Angela purchased units of computer hardware from Think PC. She paid 50% in 20 25 Vision: Mission: A globally competitive university for science, technology, and environmental conservation…Investment Planning Activity1. Suppose that Rodel Rivera places an order to buy 100 shares of SM Investments Corp. (SM) from an online broker. Explain how the order will be processed.
- Оь Масhinery OG. Copyright O d. Account recievable Aziza wants to start her own business and she is debating between organizing the business as a sole proprietorship or a corporation. Explain the pros and cons of both forms of business organization A- BI - ackground noise Il mcbs.proctoring.online is sharing your screen. Stop sharing 日 DELLinarn LO4 1. Calculate amount to invest to meet objec- tives. Use Worksheet 11.1. Phoebe Jones is now employed as the managing editor of a well-known business journal. Although she thoroughly enjoys her job and the people she works with, what she would really like to do is open a bookstore of her own. She would like to open her store in about eight years and figures she'll need about $50,000 in capital to do so. Given that Phoebe thinks she can make about 10 percent on her money, use Worksheet 11.1 to answer the following questions. 01 a. How much would Phoebe have to invest today, in one lump sum, to end up with $50,000 in eight years? If she's starting from scratch, how much would she have to put away annually to accumulate the needed capital in eight years? b. LO4 If she already has $10,000 socked away, how much would she have to put away annually to accumulate the required capital in eight years? C. d. Given that Phoebe has an idea of how much she needs to save, explain how she…i hope you will can solve it quickly Assume that you are going to start a Business after graduation. Describe 10 transactions that thebusiness might undertake by using your own idea with the following assumptions:• Started business with cash• Goods purchase for cash• Goods purchased on credit• Any asset purchased and paid cash• Any asset purchase on credit• Sold goods for cash• Sold goods on credit• Paid any bill• Paid salary to staff• Cash withdraw from business for personal useBased on your own 10 transactions, prepare:1. Accounting Equation2. Journal3. Ledger4. Trail Balance5. Financial statement
- t.php?attempt%3D1347310&cmid3D701917&page3D2 E-learning services SQU Libraries SQU Portal Attendance English (en) Ali decided to install a new internet fiber service. He signed a contract with Company XYZ. The contract states that Ali pays a monthly subscription fee. Ali's monthly internet cost can be classified as a: t of estion Select one: a. Sunk cost b. Fixed cost C. Moderation cost O d. Mixed cost Oe. Variable cost ious page Next page - Answers to Ch3 Additional Exercises Jump to Exam 1 Part 2- Sp20f (1) Facebook * (1) Messenger y Home / Twitter + A messenger.com/messenger_media?thread_id=100002241957998&attachment_id=314510063851030&message_id=mid.%24cAAAAB9NIna-DczgrdV9QfMNXf86N Forward Follow the format below for your journal entries: Debit Cash 1,000 and Credit Sales 1,000 Debit Cash 500 Debit Accounts Receivable 500 and Credit Sales 1,000 Note: use single space On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face amount), one-year, noninterest-bearing note. The going (i.e. market) rate of interest is 10 percent. The annual reporting period for Nico Company ends on December 31. Customer Francis paid the note in full on its maturity date. What is the journal entry to record April 30, 2015 transaction? 3:58 PM ble 6:10 pm 24°C Mostly sunny A 4») ENG 21/11/2021 立Bb https://learn-us-east-1-prod-fleet02... Bb https://learn-us-east-1-prod-fleet02... C ormat Tools Add-ons Help Normal text Arial Last edit was seconds ago 18 + BI UA ▼ 1 1 2 1 3 4 51 6 BUS 208 - Principles of Accounting II Chapter 12 Karen Smith and Abby Jones formed a partnership, investing $250,000 and $125,000, respectively. Determine their participation in the year's net income of $420,000 under each of the following independent assumptions. Please show your calculations. M THERN FIL I d. Salary allowances of $50,000 and $60,000, respectively, and the remainder divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $40,000 and $80,000 respectively and the remainder divided equally. MAY 1 25 SC 7198 280 Bb https://learn-us-east- E 11 I átv
- fter researching the different forms of business organization. Lily Koebel decides to operate "Cookie Creations" as a proprietorship. he then starts the process of getting the business running. In November 2021, the following activities take place. Nov. 8 8 11 13 14 (a) 16 17 20 25 30 Lily cashes her U.S. Savings Bonds and receives $540, which she deposits in her personal bank account. She opens a bank account under the name "Cookie Creations" and transfers $520 from her personal account to the new account. Lily pays $70 for advertising. She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $130 cash. (Hint: Use Supplies account.) Lily starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top- of-the-line food processor and mixer that originally cost her $780. Lily decides to start using it only in her new business. She estimates that the equipment is currently worth $310. She invests the equipment in…Love Doddle is a gifting enterprise of Ms. Dorati. The enterprise generates inflows by arranging gift hampers for the customer's loved ones. The inflows arise from the sale of gift hampers Rs 505000 and from bank interest, dividend receipt Rs4200. Ms. Dorati is confused on how to record these inflows. She would like to understand from you about the concepts Revenue from operation and other income, so that she can record the information so as to prepare the profit and loss statement of the enterprise. Define, share examples, and elaborate on your understanding towards the terms Revenue from Operation and Other Income?D6. research a technical computer or accounting or business magazine for their most current list of the best accounting software programs. describe and compare their four programs for their features, advantages and disadvantages and cost which one would you use if you were starting a small retail store and why