services .the Company, called zeeshan crop dusting, began operations immediately. Transactions during the month of June were as follows: June 1 zeeshan deposited $60,000 cash in a bank account in the name of the business | June 2 purchased a crop dusting aircraft form utility aircraft for $220, 000.made$40,000 cash down payment and issued a note payable for $180,000 June 4 paid Woodrow airport $2,500 to rent office and hangar space for the month. June 15 billed customers $8320 for crop dusting services rendered during the first half of June. June 15 paid $5,880 salaries to employees for services rendered during the first half of | June. June 18 paid hannigan's hangar $1,890 for maintenance and repair services June 25 collected $4,910 of the amounts billed to customers on June 15 June 30 billed customers $16,450 for crop dusting services rendered during the second| half of the month June 30 paid $6,000 in salaries to employees for services rendered during the second half of June. June 30 received a fuel bill from henrys' feed and fuel for $2,510 of aircraft fuel purchased during June. this amount is due by July 10 June 30 zeeshan withdrew $2,000 cash from the business for personal use Requirements:

services .the Company, called zeeshan crop dusting, began operations immediately. Transactions during the month of June were as follows: June 1 zeeshan deposited $60,000 cash in a bank account in the name of the business | June 2 purchased a crop dusting aircraft form utility aircraft for $220, 000.made$40,000 cash down payment and issued a note payable for $180,000 June 4 paid Woodrow airport $2,500 to rent office and hangar space for the month. June 15 billed customers $8320 for crop dusting services rendered during the first half of June. June 15 paid $5,880 salaries to employees for services rendered during the first half of | June. June 18 paid hannigan's hangar $1,890 for maintenance and repair services June 25 collected $4,910 of the amounts billed to customers on June 15 June 30 billed customers $16,450 for crop dusting services rendered during the second| half of the month June 30 paid $6,000 in salaries to employees for services rendered during the second half of June. June 30 received a fuel bill from henrys' feed and fuel for $2,510 of aircraft fuel purchased during June. this amount is due by July 10 June 30 zeeshan withdrew $2,000 cash from the business for personal use Requirements:

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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