A COMPANY PAID $20,000 IN JANUARY 2008 TO A CONSULTANT FOR WORK THAT WAS TO BE #2 PERFORMED IN FEBRUARY. THE WORK WAS PERFORMED IN FEBRUARY. MAKE THE REQUIRED ENTRIES IN JANUARY AND FEBRUARY FROM THE CONSULTANT'S POINT OF VIEW AND FROM THE CLIENT'S POINT OF VIEW.
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- A company paid $20,000 in Jnauary 2008 to a consultant for work that was to be performed in febuary. The work was performed in Febuary. Make the required entries in January and Febuary for the consultant.The consultancy firm ABG was commissioned to prepare an economic study for the company HΨZ in December 20X0. During the last week of December, three (3) employees were engaged in the implementation of the study, but the study was not completed. Their hours of employment and expenses are given below:Employee Hours expensesAugustus 36 360Kingdom of Vasileiou 29 185George 22 0All expenses relate to travel on behalf of HPSZ. The annual salaries of Avgeriou, Vassiliou & Georgiou amount to €. 23.500, €. 38.200 and €. 47.300 respectively.As regards production overheads, these are estimated at 60% of the direct labour costs. Calculate the cost of ABG's inventory on 31/12/20X0 assuming that the hourly cost of each employee is based on his annual salary and an annual employment of 2,000 hours, representing the average annual employment of…In June, Blackfly Ltd. received a $7,000 cash payment for work performed & billed the previous month. The company replanted a clear-cut area of northern Alberta for which it sent out an invoice for $25,000. At the beginning of the month the company had $2,000 of trees for planting. During the month the company purchased $2,000 more, and at the end of the month it was left with trees that had cost $1,000. The company's expenses were $1,000 in rent for its office and $3,000 in other expenses. Amortization on the truck and office equipment was calculated to be $2.000. The income tax rate is 10%. Total expenses for the month of June were _______________.
- Jamie Hopen, CPA, prepares tax returns. The production costs and the number of tax returns prepared for the month of September are as follows: Direct materials $ 200 CPA staff salaries 4,000 Overhead 1,800 Total $6,000 Number of tax returns 300What is the cost of services sold? a.$4,000 b.$200 c.$6,000 d.$1,800Pen Supply Corp. began operations on March 1, 20Y5. On this date, the company paid for the following expenses: legal fees related to organization, $5,000; rent for the upcoming month, $1,500; license fees, $2,000; promotional costs, $1,200; and insurance for the fiscal year, $9,000. Prepare the journal entry to record the organizational expenses paid.On September 9, Mavtech paid $30,000 in advance to suppliers to buy 30 computers. On September 10, Mavtech paid $450 and bought office supplies The computers that were paid for on September 9th were delivered to Mavtech on September 15. On September 17, a customer placed an order on Mavtech for 25 computers for a total price of $31,000. (This does not meet revenue recognition criteria.) On September 21, Mavtech hired an employee. The employee’s wage was fixed at $2,400 per month. The employee will be paid every month on the 21st. The first payment will be made on October 21. On September 22, Mavtech purchased an additional 40 computers for $40,000 on credit, due for payment on October. Prepare Journal Entry
- The following transactions were completed by the company: The company completed consulting work for a client and immediately collected $5,500 cash. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. The company paid an assistant $1,400 cash as wages for the period. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. The company paid $700 cash for this period's cleaning services. Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)On January 1. Choco Co. received and paid a P10,000 bill for advertising done in December of last year. In addition to this bill, the company paid P50,000 during January for expenses incurred last month. On February 2. Choco received a P8,000 bill for utilities used for January. This bill is due on February 14. On February 1, Fruitty Co. paid a P46,000 payroll to employees for work done in January. How much total expenses for the month of January should Choco Co. report?For the month of December, Jenny Company’s employees had worked and earned wages of $550,000. Jenny will pay her employees $420,000 on December 24th and the remaining $130,000 will be paid on January 7th. What amount will Jenny Company report as wages payable on their balance sheet on December 31?
- In December, a company signed a contract with a regular customer to sell products for $100,000. In January, the company received a payment of $100,000 from this customer for products to be delivered in February. Revenue regarding this transaction is recognized: In February, when the products are delivered In January, when payment is received Equally over the 3 months In December, when the contract is signedXYZ Company is a landscaping service. In July, they provided $30,000 of services for several customers and billed them. During July, they received $25,000 from their customers for services performed. Employees clocked 500 hours of work and had earned $6,000 of wages. During July, XYZ had paid their employees $5,000. What is their income using accrual-based income measurement? Group of answer choices $25,000 $24,000 $20,000 $30,000Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well.Issued $30,000 of QCI stock for cash.Incurred $820 of utilities costs this month and will pay them next month.Incurred and paid wages for the current month, totaling $2,800.Performed cleaning services on account worth $4,000.Some of Quick Cleaners’s equipment was repaired at a total cost of $202. The company paidthe full amount at the time the repair work was done.Find the preliminary net incomeI have done the journal entry but how do you know what to add