How much should be the capital balance of Mr. Wa Is on December 31, 2020, under the cash basis of accounting?

Q: Faith D. Nakpil started her accounting practice on November 3, 2021 by investing P138,000 cash and…

A: The initial capital if Faith  will be fair value of assets & cash invested by her.

Q: In 2019, Jenny had a $12,000 net short-term capital loss and deducted $3,000 as a capital loss…

A: Net capital gain" as the amount by which net long-term capital gain (long-term capital gains minus…

Q: During the year 2020, Mr. Ahmed purchased goods for $ 500, 000 and sold 3/5th of the goods for $…

A: Net profit calculated by Mr. Ahmed is as per Matching concept.    Matching concept: As per matching…

Q: Mr. Wa Is started a service business on October 1,2020 with an initial investment of P400,000.…

A: Cash basis accounting is the concept of accounting that states  the revenue is recognized at the…

Q: Mr. A, a real estate dealer, sold real estate for P2,000,000 on November 30, 2019. The cost of the…

A: Sales are the proceeds received from the delivery of goods and services. Cost means actual expenses…

Q: 12. Mr. Wa Is started a service business on October 1,2020 with an initial investment of P400,000.…

A: The cash basis accounting method is more simple.

Q: Carlo and John have been operating an accounting firm for a number of years. At the beginning of…

A: Let the net income after salary allowances be N , therefore closing capital of each partner will be…

Q: Nicanor, head of the family, died in 2020. The list of his properties is given below: House and lot…

A: A deceased person's property will be taken over by his lawful heirs or beneficiaries. A tax is…

Q: Splish Brothers Industries collected $130,200 from customers in 2022. Of the amount collected,…

A: Cash basis accounting method says that all cash incomes and cash expenses should be considered for…

Q: Zephyr died on July 5, 2021 leaving the following data on deductions Unpaid 2020 real estate taxes,…

A: Calculations are as follows.

Q: A, a real estate dealer sold a house and lot for 600,000 on November 20, 2021. The cost of the…

A: Income calculation for 2021   Installment = 125,000/600,000 = 20.83% Total gain on sale of house =…

Q: On March 16, 2022, BLUE Company paid property taxes of P375,000 on its building for calendar year…

A: Answer

Q: 1. Owner Pedro invested an initial capital of amounting P50,000 in order to put up his janitorial…

A: Note:We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: For the current year,  santos has wages of $80,000 and the following property transactions: Stock…

A: AGI means adjusted gross income of the individual on which taxes needs to be paid. These taxes are a…

Q: Nena invested real property in the year 2017 amounting to P 2,000,000. In 2018, the value of the…

A: Answer:-  Income meaning:- Individuals and businesses get money, property, and other transfers of…

Q: Owner, Juan invested an initial capital amounting P50,000 in order to put up his janitorial services…

A: Solution Given initial capital  50000  revenue During the first year of operations…

Q: Owner Pedro invested an initial capital of amounting P50,000 in order to put up his janitorial…

A: Capital means the amount invested by the owner in its business. Net income increases capital…

Q: Faith D. Nakpil started her accounting practice on November 3, 2021 by investing P145,000 cash and…

A: Initial Capital = Cash Contribution + Fair Value of Non monetary asset

Q: purchased a P5,000,000 life insurance policy on its president, of which Charm is the beneficiary.…

A: Advance premium paid     200000 Add : opening cash surrender value   435000     635000…

Q: Alex, single, earns wags of $42,000 in 2026. He also conducts an activity that produces the…

A: GIVEN     Alex, single, earns wags of $42,000 in 2026. He also conducts an activity that produces…

Q: In 2018, North Company rented a villa for three years and received a total of $60,000. The rent is…

A: Taxable Profit: It is the earnings/profit based on the relevant tax laws in the country. It is used…

Q: In the early part of 2021, the partners of Hugh, Jacobs, and Thomas sought assistance from a local…

A: 1. Date General Journal Debit Credit Dec. 31, 2020 Hugh, drawings $8,000               Repair…

Q: Determine how much loan payable in business has Mrs. Sy as of December 31, 2021 if portion of…

A: Mae Sy, Proprietor  Loan taken on January 2,2021 = 13500000 Bank - BDO Bank , term - 10 years…

Q: Compute for the ending capital balance of Juan for the year 2017.

A: Meaning of Capital Capital is the money contributed by the owner is his business. Capital may be in…

Q: On September 1, 2020, Peter Senen began a service proprietorship with an initial investment of…

A: Step 1 Under cash basis accounting incomes are recognized when collection is made out and expenses…

Q: Pong Pagong is the CEO of Sesame Zoo Corporation. In 2019, he received total compensation of…

A: Income tax is levied on the income earned by an individual or business and is the chief source of…

Q: During the 2019-2020 financial year, Tim James received a cash payment of $500,000 and goods worth…

A: Any amount of income earned by an assessee will be taxable under any one of the 5 heads of income…

Q: Owner, Juan invested an initial capital amounting P50,000 in order to put up his janitorial services…

A: Capital means the amount invested by the businessmen in the business. Any profit will increase the…

Q: Last January 1, 2020, Mrs. Dimalanta started a laundry shop business by contributing cash of…

A: Total assets = Total liabilities + Equity P3,000,000 = P500,000 + Equity Equity = P3,000,000 -…

Q: Owner, Juan invested an initial capital amounting P50,000 in order to put up his janitorial services…

A: Formula: Ending capital balance = Beginning capital + Net profit - Drawings

Q: As of May 31, 2020, Mr. Michael Kors has a capital balance of P 235,000. During the month of June,…

A: The ending capital of owner is calculated as adjusted capital after drawings and additional…

Q: How much should be the capital balance of Mr. Wa Is on December 31,2020 under the cash basis of…

A: Working capital: Managing day to day operations of an organisation is called working capital…

Q: a. Prepare the journal entry to record income taxes for 2019. b. Which approach have you applied in…

A:

Q: of the calendar year, what amount would her assets be sitting at?   a.R690 000 b.R710 000 c.R700…

A: Basic Accounting Equation is given as under:     Assets  = Equity  + Liabilities    Meaning, Total…

Q: Please answer e, d and 1 Princess Town Insurance Inc., located in a country that has a capital…

A:

Q: On January 1 of the current year, Stuart borrows $150,000, pledging the assets of his business as…

A: Interest expense has been classified into different categories for tax purpose: Active Trade…

Q: Mae Sy, widow, is a proprietor of Mae Beauty Brands which is a merchandising business. She acquired…

A: Introduction         As per the accounting standard, borrowing costs refer to the interest…

Q: Dixon Development began operations in December 2021. When lots for industrial development are sold,…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Evan Corporation provided consulting services for Kensington Company in 2019. Evan incurred costs of…

A: According to the accrual concept of accounting, revenues and expenses should be recorded in the…

Q: On September 1, 2021, Feeling Company began a service proprietorship with an initial investment of…

A: Cash basis of accounting is a method where the income and expenses are recognized as and when they…

Q: 18 for $26,000,000. In March 2019, they spent $1, 800,000 to install solar panels for electricity in…

A: Dates  Particulars Amount Feb-18  Purchase cost     2,60,00,000 Mar-19  Solar panels…

Q: . Prepare the journal entry to record income taxes for 2019 2. Which approach have you applied in…

A:

Q: Owner,Juan invested an initial capital amounting P50,000 in order to put up his janitorial services…

A: Capital balance is determined after considering the profit and loss during the year and the…

Q: In 2015, Maine Corporation bought a $5,000,000 life insurance policy on its president, of which…

A: Insurance expense is described as that amount of insurance coverage which has expired during the…

Q: Nicanor, head of the family, died in 2020. The list of his properties is given below: House and lot…

A: Estate Tax: The executor or administrator impose estate tax  to heir or beneficiary before the…

Q: In the early part of 2021, the partners of Hugh, Jacobs, and Thomas sought assistance from a local…

A: Particulars Hugh Jacob Total Net Income (Loss)          43,500.00 Interest Allowance - 10%…

Q: Princess Town Insurance Inc., located in a country which has a capital gains tax, purchased a…

A: A capital gains tax is a tax on the increase in the valuation of shares that occurs when entities or…

Q: Bernstein invests office equipment with a fair market value of $62,000, delivery equipment with a…

A: Answer: Option a:$140,000 Explanation: Owners Capital = Total Assets – Total Liabilities

Q: Mae Sy, widow, is a proprietor of Mae Beauty Brands which is a merchandising business. She acquired…

A: Loan taken  P 13500000 used for     3 storey commercial building  P5000000 Buy merchandise…

Q: John and Mary had the following transactions for 2020. Calulate net capital gain/loss, how much to…

A: calculation of above requirement are as follows