Calculate Sapna's chargeable income for 2019
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- Sia, a CPA, is employed as accounting professor in a University. On the side, she also provides accounting services to selected clients. One of these clients was so impressed with her that she was made a consultant for one of companies enganged in agri-business. For 2018, she received the following income: Salary form the University, net of CWT of P42,000 268,000 13th month pay received form the University 95,000 Monetized unused vacation leave credits (10 days) 50,000 Employee longevity award, tangible with monetary value of 10,000 Fees received as consultant, gross of 10% CWT 80,000 Professional fees from clients, net of 15% CWT 850,000 Damages won in a defamation suit filed against her ex-boyfriend 8,0000,000 Capital gains from the saleof jewelry bought in 2000 100,000 How much is Sia's taxable compnesation…Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly financial statement dated 31 January 2020. During this month period he completed the following transaction.January 1. Ms. Maryam invested cash OMR 50,000, Equipment value OMR 5,000 January 2. Ms. Maryam went to Malaysia and paid the cost from her own money.January 3. Paid for advertisement published in the newspaper OMR 300. January 4. Completed work for a client and immediately collected cash OMR 5,000. January 8. Hired an accountant and promised to give him OMR 750.January 10. Purchased Computer OMR 1000 on credit.January 12. Purchased supplies OMR 8,000 cash. January 14. Ms. Maryam withdraw OMR 2,000 from the business bank account for personal use. January 15. Performed a service for a customer who promised to pay later in this month OMR 500. January 17. Received cash OMR 6,000 from a client for the service to be provided for the month of February and March 2020. January 18. Collected OMR…Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly financial statement dated 31 January 2020. During this month period he completed the following transaction.January 1. Ms. Maryam invested cash OMR 50,000, Equipment value OMR 5,000 January 2. Ms. Maryam went to Malaysia and paid the cost from her own money.January 3. Paid for advertisement published in the newspaper OMR 300. January 4. Completed work for a client and immediately collected cash OMR 5,000. January 8. Hired an accountant and promised to give him OMR 750.January 10. Purchased Computer OMR 1000 on credit.January 12. Purchased supplies OMR 8,000 cash. January 14. Ms. Maryam withdraw OMR 2,000 from the business bank account for personal use. January 15. Performed a service for a customer who promised to pay later in this month OMR 500. January 17. Received cash OMR 6,000 from a client for the service to be provided for the month of February and March 2020. January 18. Collected OMR…
- Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly financial statement dated 31 January 2020. During this month period he completed the following transaction.January 1. Ms. Maryam invested cash OMR 50,000, Equipment value OMR 5,000 January 2. Ms. Maryam went to Malaysia and paid the cost from her own money.January 3. Paid for advertisement published in the newspaper OMR 300. January 4. Completed work for a client and immediately collected cash OMR 5,000. January 8. Hired an accountant and promised to give him OMR 750.January 10. Purchased Computer OMR 1000 on credit.January 12. Purchased supplies OMR 8,000 cash. January 14. Ms. Maryam withdraw OMR 2,000 from the business bank account for personal use. January 15. Performed a service for a customer who promised to pay later in this month OMR 500. January 17. Received cash OMR 6,000 from a client for the service to be provided for the month of February and March 2020. January 18. Collected OMR…Simon Sayze formed a single-person window cleaning business in Prince George B.C., as a summer job. To start, on May 1, 2020 he deposited $3,000 in a new bank account called “Sayze cleaning” for this proprietorship to start purchasing needed items. The $3,000 consisted of a $1,500 loan from his father and $1,500 of his own money. Simon rented scaffolding equipment, purchased supplies, and hired high school students to assist with customer’s windows. At the end of each month, Simon emailed bills to customers owing for services provided. On August 31, he was ready to return to university for the fall semester and closes up shop for summer #1. Simon has been so busy, he had forgot the importance of keeping records of payment! Using online bank statements, expense receipts, and a list of amounts owed/paid by customers, he had some serious accounting to do for the filing his 2020 income tax return. At August 31, the bank account shows a positive balance, so he’s not worried about…On July 01, 2020, Maria initially invested P200,000 cash into Maria Merchandising. On the same date, she paid P45,000 for six months rent on the store space, P10,000 for business licenses and permits, and P50,000 for various store furniture. She also bought P60,000 worth of office supplies on account with the intention to sell them at a higher price. However, the next day, the business received a P1,500 credit memo for allowance granted on the purchased merchandise. The supplies were bought from 123 Supplies Store on terms n/60. On July 6, the business bought from 45 Supplies Shop P5,000 worth of supplies to be used in the store on terms 50% downpayment, balance n/30. Francisco, a part time employee, was able to sell on July 12 some of the store's merchandise to Mr. Sam for P16,000 on terms 50% downpayment, balance 2/10, n/30. On July 24, the business sold to Mrs. Aslani merchandise for P12,000 on terms 2/10, n/30. On July 30, Mr. Boom paid the business P42,000 for merchandise bought…
- Upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of RM60,000 annually. Last year you earned a total revenue of RM100,000. Rent and supplies last year were RM50,000. Based on the above information, describe the condition of your firm.Mr. Naveed decided to start a courier service Business in Ibra that named as Courier delivery service. On 1st January 2021, he invested OR. 90,000 cash in the business. 3rd January. The business purchased furniture worth OR. 4,000 and paid cash. 10th January. The business purchased office supplies worth RO.4, 000 from Musana Traders LLC and paid cash OR.1000, and agreed to pay balance after one month. 15th January. The business performed a service to a customer and receives OR. 1,800 cash. 25th January. The business paid salaries to employees totalled OR.1, 200 30th January. Mr. Nasser withdraw cash of OMR 400 from the business for his personal use. You are required to show the effect of above transactions on accounting equation and prove the accounting equation at the endDilly’s dream was to open a cookie shop, so she did her homework carefully be-fore finally opening “Dilly’s Delights” on July 1, 2019. Before that date she had incurred the following “soft costs” – $12,000 realtor’s fee for finding a storefront to rent, $16,000 attorneys’ fees for negotiating a lease and trademark services, $8,000 wage expense for employees during the pre-opening period, and $18,000 for pre-opening TV and other advertising. Calculate and state the exact amount that you, in preparing Dilly’s 2019 return, will enter as her 2019 start-up costs deduction.
- Dilly’s dream was to open a cookie shop, so she did her homework carefully be-fore finally opening “Dilly’s Delights” on July 1, 2019. Before that date she had incurred the following “soft costs” – $12,000 realtor’s fee for finding a storefront to rent, $16,000 attorneys’ fees for negotiating a lease and trademark services, $8,000 wage expense for employees during the pre-opening period, and $18,000 for pre-opening TV and other advertising. Calculate and state the exact amount that you, in preparing Dilly’s 2019 return, will enter as her 2019 start-up costs deduction. Note: There’s no useful reason to show your work here because there’s only one correct dollar-amount answer; no explanation of an incorrect answer will help.Hye Jin started his accounting consultancy business on January 1, 2021. During the first month of the business, the following transactions occurred: Hye Jin purchased a laptop on January 1, 2021 for P50,000. 30% of the purchase price was paid in cash, the balance was subject to a 2-year note at 3% interest. Vera expects that the laptop will be used in the business for 3 years. On January 5, Vera received P12,000 for services to be rendered on the succeeding 4 months. On January 3, Vera purchased a 1-year insurance policy for P24,000. Office supplies purchased cost P15,000. A count of supplies at month-end indicates P12,000 supplies are on hand. On January 31, Hye Jin received a bill from the lessor for January rent amounting to P16,000, and utilities amounting to P4,000. Services performed to clients but were not yet billed amounted to P7,850. REQUIRED (show supporting calculations):1. Prepare the adjusting entries on January 31 if the company makes use of the…On 1 March 2021, Tom set up J Hair Salon by investing $50,000 cash and $30,000 of equipment in J Hair Salon. On that day, he paid rent of $15,000 for three months. During March 2021, he completed the following additional transactions: Purchased $3,000 of supplies on account. Provided haircuts and treatments and received $20,000 cash. Determined that the cost of supplies on hand in end-March was $500.Analyse the above and record the necessary entries for March 2021. For this question, dates and narrations are not required
