Consider the following cases, each of which is a consulting client: 1. Performance Bicycles, a mail-order company that supplies bicycles, parts, and bicycling equipment and clothing. 2. The Nathalie Hotel, a downtown hotel that serves primarily convention and business travelers. 3. The Barangay Asenso Public Health Clinic, which is supported by tax revenues of Barangay Asenso and public donations. 4. The American motorcycle company. 5. The Metro pharmaceutical company,
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- Question 4. On March 1, 2023, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development. March 1 S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company. March 3 The company purchased $1,420 of computer supplies on credit. March 6 The company billed Easy Leasing $4,800 for services performed in installing a new web server. March 8 The company paid $1,420 cash for the computer supplies purchased on credit on March 3. March 10 The company hired a part-time assistant. March 12 The company billed Easy Leasing another $1,400 for services performed. March 15 The company received $4,800 cash from Easy Leasing as partial payment toward its account. March 17 The company paid $805 cash to repair its computer equipment. March 20…Business emphasis Assume that you are considering developing a nationwide chain of women’s clothing stores. You have contacted a Seattle-based firm that specializes in financing new business ventures and enterprises. Such firms, called venture capital firms, finance new businesses in exchange for a percentage of the ownership. For each emphasis you listed in (1), provide an example of a real-world business using the same emphasis.Hi, Need some help with this one as well Brief Exercise 3-29 (Algorithmic)Revenue and Expense Recognition Lauhl Corporation provides janitorial services to several office buildings. During April, Lauhl engaged in the following transactions: On April 1, Lauhl received $69,000 from Metro Corporation to provide cleaning services over the next 6 months. On April 5, Lauhl purchased and received $8,500 of supplies on credit from Eagle Supply Company. During the month, Lauhl paid $5,000 to Eagle and used $1,300 of the supplies. On April 20, Lauhl performed one-time cleaning services of $3,000 for Jones Company. Jones paid Lauhl the full amount on May 10. On April 30, Lauhl paid employees wages of $4,900. An additional $850 was owed to employees for work performed in April. Required: 1. Calculate the amount of net income that Lauhl should recognize in April under cash-basis accounting.$ 2. Calculate the amount of net income that Lauhl should recognize in April under accrual-basis…
- Comprehensive Problem 3-1 Gordon Temper is a single taxpayer (birthdate July 1, 1986 and Social Security number 242-11-6767) who operates a food truck that specializes in food from South Africa. His business is named "Mobile Peri Peri" and although the truck moves around quite a bit, he generally parks it in an office park where he maintains an office and a supply of inventory. The business address is 150 Erie Street, Laramie, WY 82070. The principal business code is 722300. Gordon's food truck business is fairly new, so he also works part-time as a cook at a steak house restaurant in Laramie. His 2023 Form W-2 follows (see separate tab). Gordon provided the following financial information related to Mobile Peri Peri: Revenues $80,000 Beginning Inventory 5,600 Purchases 43,000 Ending inventory 5,800 Truck rental 24,000 Office rental 8,600 Advertising 700 Insurance 3,000 Food license 500 Uniforms 200 Dues 100 Travel 1,600 Office expense 400 Mobile Peri Peri uses the cash method of…Journalizing Service Concern TransactionsMr. Henry labasan is engaged in a Rent-A-Car business to cater tourists who are visit Tagbilaran City. His investment consisted of the following: 2 units Toyota Van - P2,000,000 Cash which he deposited with RCBC, P50,000 Chart of Accounts Assets Cash in Bank Tires and Tubes Inventory Prepaid Insurance Transportation Equipment Liabilities Accounts Payable Unearned Rental RevenueOwner's Equity H. Labasan, Capital H. Labasan, Drawing Income Rental Revenue Expenses Gasoline and Oil Taxes and Licenses Commission Expense Repairs and Maintenance The following details are in the images:Comprehensive Problem 1Part 1: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below: 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly ConsultingPost-Closing Trial BalanceApril 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14…
- messageQ&A notifications account_circle Business AccountingQ&A LibraryQuestion 1 Jo, a lawyer, took a voluntary redundancy from her full-time position at a law firm. She had done some photography when she was younger and decided to engage an architect to build her a dark room in her house. The dark room was completed at a cost of $55,000, equipped with all of the equipment that she needed to take her photography further. Jo advertised her services in the local newspaper and hired an assistant to help carry her expensive photography equipment around photo shoots, but few people were interested in paying Jo for her photography. For the year ending 30 June 2020 Jo sold $12,200 worth of professionally finished photographs and had expenses of $16,500. She is considering selling her photography equipment and taking up painting. Referring mainly to income tax cases, advise Jo of the tax implications of these activities. Would she be carrying on a business? What…Case 2: Float Management Case Nathan Daniel is a company that produces and retails designer accessories for young professionals. The company partners Nathan Phillips and Daniel Collins, have been best friends since they started university. Both graduated from Majesty University with a major in accounting and a minor in economics. Both found articling positions in a co-op program during their fourth year at Majesty University. After convocation, Daniel went to work for his father’s accounting firm, whereas Nathan worked full-time with the firm where he had articled. After three years, they both passed their national certification exams to become certified accountants. After two more years of accounting work, the two friends decided to strike out on their own. However, Daniel and Nathan had had enough of spreadsheets, year-end deadlines, and high stress work, and decided to pursue a completely different direction: retail sales of accessories for young, metrosexual professionals. They…Comprehensive Problem 1Part 1: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The chart of accounts for Kelly Consulting is shown below: 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 34 Income Summary 15 Prepaid Rent 41 Fees Earned 16 Prepaid Insurance 51 Salary Expense 18 Office Equipment 52 Rent Expense 19 Accumulated Depreciation 53 Supplies Expense 21 Accounts Payable 54 Depreciation Expense 22 Salaries Payable 55 Insurance Expense 23 Unearned Fees 59 Miscellaneous Expense 31 Common Stock The post-closing trial balance as of April 30, 2018, is shown below: Kelly ConsultingPost-Closing Trial BalanceApril 30, 2018 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400…
- Direction: Encircle the letter of the best answer. 1.) jade invested P200,000 in a repair business. A. Debit land, credit cash B. Debit cash, credit Juan Dela Cruz, capital C. Debit land, credit account payable 2.) She paid the monthly rent of the office, P10,000. A. Debit cash, credit Juan Dela Cruz, capital B. Debit rent expense, credit cash C. Debit Juan Dela Cruz, personal, credit cash 3.) Sold a house and collected P15,000 commission. A. Debit cash, credit commission income B. Debit cash, credit Juan Dela Cruz, capital C. Debit commission expense, credit cash 4.) Received P20,000 as payment for services rendered to samantha A. Debit cash, credit service income B. Debit accounts receivable, credit service income C. Debit cash, credit accounts receivable 5.) Paid P10,000 salary of the mechanic for the first half of the month. A. Debit cash, credit Juan Dela Cruz, capital B. Debit salary expense, credit cash C. Debit salary expense, credit accounts payableProblem #10Journalizing, Posting and Preparing a Trial Balance Leonila Generales won a concession to rent out bicycles in the Quezon Circle duringthe summer. During the month of April, Generales completed the following transactionsfor her bicycle rental business: Apr. 2 Began business by placing P120,000 in a business checking account.3 Purchased supplies on account for P 1,500.4 Purchased ten bicycles for P25,000, paying P12,000 down and agreed topay the balance in thirty days.5 Paid P29,000 in cash for a furnished container to store the bicycles anduse for other operations.6 Received P4,700 in cash for rentals during the first week of operation.8 Paid P4,000 in cash for shipping and installation costs (considered anaddition to the cost of the container) to place the container at the parkentrance.9 Hired a part-time assistant to help on weekends.10 Paid a maintenance person P750 to clean the grounds.13 Received P5,000 in cash for rentals during the second week of operation.16 Paid the…QUESTION 1 3 former professional football players have combined their expertise and resources to form a partnership. They have started a food outlet specializing in menus - named after the world’s famous footballers. It is called FoodBallerz Dome with a huge open space for live screening of football matches. The business information taken from the book of accounts for the year ended 31 December 2020: RM Beginning capital: Cane 60,000 Firmano 60,000 Aguarra 40,000 Bavani 80,000 Current account: Cane 40,000 Firmano 60,000 Aguarra 20,000 Bavani 80,000 Partner’s drawings: Cane 20,000 Aguarra 20,000 Annual Salaries:…