1 From the following transactions as well as additional data, please complete the entire accounting cycle for Parker’s Plowing 201X Jan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowing company. 1 Paid rent for six months in advance for garage space, $6,000. 4 Purchased office equipment on account from Lumen Corp., $12,600. 6 Purchased snow supplies for $800 cash. 8 Collected $14,000 from plowing local shoppin

1 From the following transactions as well as additional data, please complete the entire accounting cycle for Parker’s Plowing 201X Jan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowing company. 1 Paid rent for six months in advance for garage space, $6,000. 4 Purchased office equipment on account from Lumen Corp., $12,600. 6 Purchased snow supplies for $800 cash. 8 Collected $14,000 from plowing local shoppin

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 44P

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01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;
01 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(i) general journal for the transactions;
V1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).
1. Smith invested P 35,000 cash to start the business 2. Purchase 350 of office supplies on account 3. Paid P30,000 to acquire land as a failure site 4. Earned service revenue and received cash of P1,900 5. Paid 100 on account 6. Paid cash expenses for rent ,400 and utilities 100 7. Sold office for cost P150. NOTE: PLEASE FOLLOW THE SAMPLE FORMAT.
Question1 -FN2 W bought a new printing machine. The cost of the machine was $80,000. The installation costs were $5,000 and the employees received training on how to use the machine, at a cost of $2,000. Before using the machine to print customers' orders, a test was undertaken and the paper and ink cost $1,000. What should be the cost of the machine in the company's statement of financial position?
MARCH 1 Caleb invested ₱50,000 cash and ₱20,000 equipment to his Kaizen Consultancy Services. 3 Bought ₱15,000 equipment from Triple M Co., on credit. 6 Consultancy services rendered on account, ₱12,000. 6 Paid Triple M Co., ₱5,000 as partial payment of account. 7 Consultancy services rendered for cash, ₱8,000. 8 Collected ₱3,000 from a customer. 10 Received electric bill from Meralco, ₱2,800. 12 Returned ₱1,500 defective equipment to Triple M Co. 13 Caleb withdrew ₱9,000 from the company’s bank account and deposited it to his own account. 14 Paid electric bill to Meralco. 15 Caleb withdrew ₱40,000 for his vacation. 23 Paid Triple M Co., in full. 24 Caleb deposited ₱14,000 to the company’s bank account. 28 Paid telephone bill for the month, ₱9,600. This bill includes ₱6,000 of Caleb’s personal plan.
GL0305 (Algo) - Based on Problem 3-5A LO P1, P3, P4, P5, P6 On April 1, Rick Mitchell created a new travel agency, Mitchell Travel. The following transactions occurred during the company’s first month. April 2 Mitchell invested $38,000 cash and computer equipment worth $18,600 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,200 cash for the first month’s (April) rent. April 4 The company purchased $2,200 of office supplies for cash. April 10 The company paid $1,800 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 24 The company collected $16,000 cash for commissions revenue. April 28 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 29 The company paid $650 cash for minor repairs to computer equipment. April 30 The company paid $650 cash for this month’s telephone…
April 01 - Invested capital. P1,7000,00002 - Paid P12,000 as two months advance rent on a completely furnished building.05 - Paid cash for delivery trucks P950,00006 - Rendered delivery services P60,250.07 - Billed credit clients, P50,15008 - Acquired computers, printers and other office requirement totalling to P122,000 on account.09 - Paid P3,200 for supplies recieved.12 - Performed delivery services for costumers who promised to pay P27,000 at a later date.15 - Invested additional cash P50,20015 - Paid P8,400 salaries to employees for 1st half of the month.18 - Paid promotionals tarpaulins for its advertising for the month, P3,51020. Collected cash of ₱4,500 from customers on account (see April 12 entry).21. Received a bill and paid for ₱1,500 for advertising in the local newspaper in April.25. Paid cash for gas and oil consumed in April, ₱650.27. Performed services cash, ₱10,500.28. Acquired office chairs for ₱5,200 on account29. Paid expenses for petty items, ₱1,000.30. Withdraw…
FE16 From the following transactions as well as additional data, please complete the entire accountingcycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing201X Jan1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbingcompany.1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.4 Purchased office equipment on account from Daisy Corp., $42,610.
Q3 James Collier left his job at a large corporation where he had worked as a senior accountant. He was getting $82000 as yearly salary. He established his own J.C. Accounting firm. J.C. Accounting earned total revenue $680000 in first year. The material cost was $49000; costs for rented equipment were $30000, salary given to the security man was $18800 and wages given to workers were $158229 in a year. The interest forgone for the invested funds was $22000 per year. James Collier estimated his entrepreneurial talent was worth $19850 per year. He was also offered $26985 per year to train employees in another firm. Two students assist him managing his account books for which they are paid $6550 each per year. Find accounting profits and economic profits for J.C. Accounting firm. Should James Collier stay in his business? Why? Explicit costs = Implicit costs = Economic costs = Accounting…
FE16 From the following transactions as well as additional data, please complete the entire accountingcycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing201X Jan1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbingcompany.1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.4 Purchased office equipment on account from Daisy Corp., $42,610. 6 Purchased supplies for $12,455 cash.8 Collected $39,000 from plumbing local shopping centers.12 Chris withdrew $23,050 from the business for his own personal use.20 Repaired Alton Co. parking lots, payment not to be received until March, $9,200.26 Paid salaries to employees, $10,285.28 Paid Daisy Corp. one-half amount owed for office equipment.29 Advertising bill received from bigtime Co. but will not be paid until May, $3,740.30 Paid telephone bill, $1,030Adjustment Dataa. Supplies on hand, $1,310.b. Rent expired, $3,250.c. Depreciation on office…
Q1 Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form. Q2Select any five financial transactions of your choice and make journal entries for the same.