at the end of the accounting period(sept 30th, T account after AJE), what is the total of owners equity including the net income/loss of the period? use accural accounting multiple choice: a) less than $40,000, b) between $55,000 and $60,000, c) between $40,000 and $49,000, d) between $50,000 and $54,000, e) more than $60,000
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at the end of the accounting period(sept 30th, T account after AJE), what is the total of owners equity including the net income/loss of the period? use accural accounting
multiple choice: a) less than $40,000, b) between $55,000 and $60,000, c) between $40,000 and $49,000, d) between $50,000 and $54,000, e) more than $60,000
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- Kathy Wintz formed a lawn service business as a summer job. To start the corporation on May 1, 2018, she deposited $1,000 in a new bank account in the name of the business. The $1,000 consisted of a $600 loan from Bank One to her company, Wintz Lawn Service, and $400 of her own money. The company issued $400 of common stock to Wintz. Wintz rented lawn equipment, purchased supplies, and hired other students to mow and trim customers’ lawns. At the end of each month, Wintz mailed bills to the customers. On August 31, she was ready to dissolve the corporation and return to college. Because she was so busy, she kept few records other than the checkbook and a list of receivables from customers. At August 31, the business’s checkbook shows a balance of $2,000, and customers still owe $750. During the summer, the business collected $5,500 from customers. The business checkbook lists payments for supplies totaling $400 and it still has gasoline, weed trimmer cord, and other supplies that cost…dont uplode images in answerKathy owns her own marketing firm and incurred the following expenses in 2022 related to meetings with clients and potential clients. Assume that all entertainment expenses were directly associated with a business discussion. Dues to golf and country club $3,000 Green fees for playing golf with clients $2,000 Meals and drinks with clients after golf at a restaurant (separate invoice) $1,200 Tickets to NCAA Basketball Tournament (face value = $400) $2,000 How much of these expenses are deductible for the current year? $0 $1,200 $3,600 $8,200The following events concern Anita Wilson, a Manitoba law school graduate, for March 2021: 1. On March 4, she spent $20 on a lottery ticket. 2. On March 7, she won $ 260,000 in the lottery and immediately quit her job as a junior lawyer. 3. On March 10, she decided to open her own law practice, and deposited $ 65,000 of her winnings in a business chequing account, Wilson Legal Services. 4. On March 14, she purchased a new luxury condominium with a down payment of $150,000 from her personal funds plus a home mortgage of $ 250,000. 5. On March 15, Anita signed a rental agreement for her law office space for $2,500 a month, starting March 15. She paid the first month’s rent, as it is due on the 15th of each month. 6. On March 19, she hired a receptionist. He will be paid $ 750 a week and will begin working on March 24. 7. On March 20, she purchased equipment for her law practice from a company that had just declared bankruptcy. The equipment was worth at…
- The following events concern Anita Moore, a Manitoba law school graduate, for March 2021: 1. On March 4, she spent $20 on a lottery ticket. 2. On March 7, she won $285,000 in the lottery and immediately quit her job as a junior lawyer. 3. On March 10, she decided to open her own law practice, and deposited $80,000 of her winnings in a business chequing account, Moore Legal Services. 4. On March 14, she purchased a new luxury condominium with a down payment of $150,000 from her personal funds plus a home mortgage of $250,000. 5. On March 15, Anita signed a rental agreement for her law office space for $2,500 a month, starting March 15. She paid the first month’s rent, as it is due on the 15th of each month. 6. On March 19, she hired a receptionist. He will be paid $675 a week and will begin working on March 24. 7. On March 20, she purchased equipment for her law practice from a company that had just declared bankruptcy. The equipment was worth at least…After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie 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…After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie 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…
- Brianna and Britney are two sisters opening a clothing store with no other competition within the area. Both Brianna and Britney believe they will gain huge profits in the first year, providing them with the ability to sell franchises in the future. They can start the business as a partnership, however it is believed that cash flow will be an issue as they expand, thus they feel as though a corporate form of the business is best. Assume one year later (2017) their company Bee’s Clothing is formed. Help them prepare the company’s journal entries and statement of owner’s equity based on the following information. The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: Bee’s Clothing purchased a piece of land from the original owner. In payment for the land, Bee’s issues 300,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of…1Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem…2. Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per…