CengageNOWv2 | Online teaching and learning resource from Cengage Learning 8/28/2019 CengageNOWv2 | Online teaching and learning resource from Cengage Learning Dues to a country club $4,500 (The country club was used for business 25 days of the total 75 days that it was used.) Business meals at the country club ca not associated with golf or tennis 1,200 Dues to a tennis club 1,000 B (The club was used 75 percent for directly related business.) Tennis fees (personal use) tey 260 Business meals at various restaurants 1,844 a. Indicate whether the following are "Deductible" (partially or fully) or "Not deductible". Dues to a country club Business meals at the country club Dues to a tennis club . Tennis fees (personal use) . Business meals at various restaurants b. How much is Marty's deduction for entertainment expenses for 2018? $

CengageNOWv2 | Online teaching and learning resource from Cengage Learning 8/28/2019 CengageNOWv2 | Online teaching and learning resource from Cengage Learning Dues to a country club $4,500 (The country club was used for business 25 days of the total 75 days that it was used.) Business meals at the country club ca not associated with golf or tennis 1,200 Dues to a tennis club 1,000 B (The club was used 75 percent for directly related business.) Tennis fees (personal use) tey 260 Business meals at various restaurants 1,844 a. Indicate whether the following are "Deductible" (partially or fully) or "Not deductible". Dues to a country club Business meals at the country club Dues to a tennis club . Tennis fees (personal use) . Business meals at various restaurants b. How much is Marty's deduction for entertainment expenses for 2018? $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalize the following transactions from the books of Arts and Styles. The owner wants to see the result of its operation after a month of existence December, 2020. December   1   Chon Loo invested 1,500,000 and equipment worth 500,000.                      3   Paid Permits and licenses to operate 12,000.                      5   Bought tables, chairs, on account from SM Malls, 250,000.                      8   Rendered services for cash worth 50,000.                      9   Rendered services on account with a promissory note from Aces worth 30,000.                    10   Bought canvas and paints worth 20,000.                    15   Paid salaries of artist for 6 months, worth 300,000.                    20   The owner withdraw 10,000 for personal use.                    25   Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with                            Interest of 8% per annum.                    27   Collected from Aces ½ of the account.…
Journalize the following transactions from the books of Arts and Styles. The owner wants to see the result of its operation after a month of existence December, 2020. December   1   Chon Loo invested 1,500,000 and equipment worth 500,000.                      3   Paid Permits and licenses to operate 12,000.                      5   Bought tables, chairs, on account from SM Malls, 250,000.                      8   Rendered services for cash worth 50,000.                      9   Rendered services on account with a promissory note from Aces worth 30,000.                    10   Bought canvas and paints worth 20,000.                    15   Paid salaries of artist for 6 months, worth 300,000.                    20   The owner withdraw 10,000 for personal use.                    25   Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with                            Interest of 8% per annum.                    27   Collected from Aces ½ of the account.…
Journalize the following transactions from the books of Arts and Styles. The owner wants to see the result of its operation after a month of existence December, 2020. December   1   Chon Loo invested 1,500,000 and equipment worth 500,000.                      3   Paid Permits and licenses to operate 12,000.                      5   Bought tables, chairs, on account from SM Malls, 250,000.                      8   Rendered services for cash worth 50,000.                      9   Rendered services on account with a promissory note from Aces worth 30,000.                    10   Bought canvas and paints worth 20,000.                    15   Paid salaries of artist for 6 months, worth 300,000.                    20   The owner withdraw 10,000 for personal use.                    25   Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with                            Interest of 8% per annum.                    27   Collected from Aces ½ of the account.…
Your business operates on January 1 to December 31 calendar year basis. On April 1, 2020, you purchased a new delivery truck for your business. The truck was imported from India. The price of the truck is $50,000. Other costs related to the truck are as follows: insurance during transportation $2,000, painting and lettering your company logo $500, one-year road insurance $1,000, sales taxes and fees $2,500, oil and lubricants for the truck $500, import taxes $5,000. The truck's estimated useful life is 7 years and you expect that the salvage value of the truck will be $1,000. It will be depreciated using the double-declining method. Your task: Assume that on December 31, 2024, you sell this truck for $12,000. Prepare a journal entry for this sale. Assume on December 31, 2025, the truck is destroyed in an accident and has to be disposed of with no salvage. Prepare a journal entry for disposal.
Your business operates on January 1 to December 31 calendar year basis. On April 1, 2020, you purchased a new delivery truck for your business. The truck was imported from India. The price of the truck is $50,000. Other costs related to the truck are as follows: insurance during transportation $2,000, painting and lettering your company logo $500, one-year road insurance $1,000, sales taxes and fees $2,500, oil and lubricants for the truck $500, import taxes $5,000. The truck's estimated useful life is 7 years and you expect that the salvage value of the truck will be $1,000. It will be depreciated using the double-declining method. Your task: Assume that on August 1, 2024, you decide to change your depreciation estimates. The new depreciation will be using the straight-line method, the total useful life of the truck is estimated to be 9 years and the new salvage value is estimated to be $500. Prepare a depreciation schedule for the truck using straight-line depreciation.
GIVEN:REF. AMOUNT Business Transactions1. 120,000 DEPOSITED CASH FOR HIS CPA PRACTICE BUSINESS2. 15,000 PAID OFFICE RENT FOR DEC 20193. 80,000 EQUIPT PURCHASED; P40K D/P; P40K PROMM NOTE4. 10,000 OFFICE SUPPLIES BOUGHT ON ACCT5. 25,000 BOOKEEPING SERVICES DONE & PAID FOR CASH6. 12,000 Salary paid7. 6,000 RECEIVED UTILITY BILLS FOR DEC 20198. 35,000 BILLED CLIENTS FOR SERVICES; NO CASH YET9. 6,000 PAID CREDITOR IN PART, SEE #310. 15,000 RECEIVED CASH FROM BILLED ACCTS, SEE #811. 16,000 W/DRAWN CASH FROM #1, FOR PERSONAL USE12. 10,000 TAX CONSULTATION SERVICES, RECEIVED IN CASH13. 6,000 UNUSED SUPPLIES REMAINING, SEE #4 REQUIRED: A TRANSACTIONAL ANALYSIS USING ACCOUNTING EQUATION AND SPECIFIC ACCOUNT TITLESPROFORMA TEMPLATE: A S S E T SGIVEN: Accts SHOPref. Amount, Cash, Rec'ble,Supplies,Equipments…
CrissCross Words creates crossword puzzles. It offers a subscription service for weekly puzzles and will also create custom crossword puzzles to order. Below is its adjusted trial balance for 2020. CrissCross Words Adjusted Trial Balance December 31st, 2020 Debit Credit Cash $37,000 Accounts Receivable 700 Supplies 300 Deferred Revenue $14,000 Common Stock 10,000 Retained Earnings 11,200 Service Revenue 7,000 Subscription Revenue 10,000 Rent Expense 2,400 Salaries Expense 11,000 Supplies Expense 400 Utilities Expense 400 Total $52,200 $52,200 Complete the 2020 Balance Sheet for CrissCross Words. The company's Net Income for 2020 is $2,800.
Answers are given. Only need solution for the answers. 16. Listed below are selected transactions of Lychee’s Department Store for the current year endingDecember 31.1. On December 5, the store received P4,500 from the Fruit Players as a deposit to be returnedafter certain furniture to be used in stage production was returned on January 15 the followingyear.2. During December, cash sales totaled P798,000, which includes the 12% VAT that must beremitted to the BIR by the 5th day of the following month.3. The store determined it will cost P100,000 to restore the area surrounding one of its buildingwhen the store is closed in 4 years. The present value of restoration is P64,000.4. As a result of uninsured accidents during the year, personal injury suits for P350,000 andP60,000 have been filed against the company. It is the judgment of Lychee’s legal counsel thatan unfavorable outcome is unlikely in the P60,000 case but that an unfavorable verdictapproximating P250,000 (reliably estimated)…
Q4Journalize the following transactions in the books of AHMED for the month of March. 2020 2020 March. 1 Introduced cash as capital OMR 50,000. March. 5 Goods purchased on cash for OMR 10,000. March. 8 Purchased furniture on credit for OMR 10,000. March. 10 Paid OMR 2,000 as charity in COVID-19 fund. March. 15 Paid tuition fee for owner’s children from the business bank account OMR 200. March. 18 Paid electricity bill OMR 100. March. 20 Purchased goods from Rashid for OMR 8,000 and paid only 4,000 to him. March. 22 Purchased an extra machine for cash OMR 10,000 March. 25 Paid salaries OMR 500 from the bank account March. 28 Cash sales to Mohammed OMR 1,000.
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 $8,200
PLEASE SHOW SOLUTIONS IN GOOD ACCOUNTING FORM. 8. Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment and which excludes P5,000 inventories out on consignment. How much is the inventories in a combined balanced sheet as of December 31, 2021?
Part A Linda started the business of buying and selling toys in Oxford on the 1st of October 2020. She is preparing accounts to 31st October 2020. She contributed to the business with £8,000 in the Bank, £5200 cash, and 3,000 Van. The transactions during the month are as follows:2/10 Bought a new Laptop £1000 from a local shop in Oxford and paid by cheque4/10 Purchased toys (goods) £2450 on credit from Toys Ltd5/10 Sold goods for £ 1500 and received the money in Bank12/10 Paid in Cash £80 for repairing laptop18/10 Goods returned to Toys Ltd £10021/10 Received rent for part of the premises by cheque £50023/10 Sold goods to Fred £1900; from this amount £1500 cash received immediately and the rest remains on credit.23/10 Sold goods of £500 to David and received cash24/10 Bought a second-hand car from Oxford motor vehicle auction for business use by issuing a cheque £250026/10 Paid the month’s wages to the part-time shopkeeper by cheque £82030/10 Paid rent by cheque £100031/10 Linda has…