Is this treatment appropriate?

Q: On January 2, 2020, Cobra Kai sets up a firm and brings in office equipment of P50,000 and…

A: Firm capital on January 31, 2020 = Office equipment by Owner + Merchandise inventory by Owner + Cash…

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: Let  us  assume  that  Mr. Amir starts  a  business  called  Amir Enterprises  on  1st  January,…

A: The accounting equation is written as : Assets = Liabilities + Owner's Equity

Q: Mr. Igiria started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs.…

A: "Since you have asked multiple sub part question we will solve the first three sub part question for…

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: Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing…

A: A.  What is Rob and Marie's taxable income before the QBI deduction?   Particulars  Amount ($)…

Q: Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a…

A:

Q: ASLEY  is in the business of purchasing accounts receivable from businesses at a discount and then…

A: Accounts receivable represents the revenue earned by the company but money for the same has not been…

Q: On July 1, 2016, Rex purchases a new automobile for $43,000. He uses the car 84% for business and…

A: Solution: Since Part A seems to be incomplete because the rate per mile is not given and should be…

Q: After researching the different forms of business organization, Larry decides to operate "LLM" as a…

A: Journal entry: A systematic recording of transactions occurred in business in a book called General…

Q: Laila Ramos decided to open abicycle and car rental business on October 1, 2021 to augment the…

A: Laila Ramos Trial Balance As on October 31, 2021 Account  Debit   Credit  Cash  2,23,000…

Q: Let  us  assume  that  Mr. Amir starts  a  business  called  Amir Enterprises  on  1st  January,…

A: Accounting equation is; Assets = Liabilities + Capital

Q: KATY, a sole proprietor wanted to expand her profitable business but she does not have enough…

A: Partnership is an example of one of the legal form of business arrangement under which at least two…

Q: On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in…

A:

Q: Unfortunately, Betty’s business was not profitable. She decided to sell the business and seek work…

A: Given, Advertisement expense = $22,000

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: In July of this year, Stephen started a proprietorship called ECR. ECR uses the cash method of…

A:

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: Brad operates a hardware store. He maintains the books using the cash method. At the end of the…

A: Calculation of accrual basis gross receipts:It is given that, Brad had cash receipts of $2,200,000,…

Q: How much is the total assets of the partnership after the formation?

A: Given information is: KATY had the following assets and liability accounts: Cash - ₱420,000;…

Q: hs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During…

A: A financial statement is one prepared by the companies to depict the financial performance and the…

Q: On July 1, 2017, Brent purchases a new automobile for $37,000. He uses the car 92% for business and…

A: a). Calculation of basis adjustment for depreciation of each year.  Year Miles   Rate per miles…

Q: In June 2020, Shalimar organized a corporation to provide aerial photography services. The company,…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: Cameron works as an accountant for PWC Pty Ltd. Hoping to increase his earnings, he re-enrolled to…

A: There are income earned during the year and some of them is reduced because of taxable deductions…

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: Debra King is the sole owner of Cullumber Vista Park, a public camping ground near the Crater Lake…

A: Net Income - It is an entity's net income minus all the relevant cost with regards to same i.e. cost…

Q: Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing…

A: Dear student, as per Bartleby answering guidelines we can not answer more than three sub-parts if a…

Q: Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing…

A: Given Information:   Marie wage income: $250,000 Gross business income: $421,000 Business expenses:…

Q: Cynthia is an electrician, age 29, and single.  • Cynthia has investment income and has a…

A: SOLUTION SHORT TERM CAPITAL GAIN IS A PROFIT REALIZED FROM SALE ,TRANSFER OR OTHER DISPOSITION OF…

Q: Seong Gi-hun started his cleaning services business on November 1, 2020, with a P240,000 investment…

A: solution Given On November 1 2020 Owners equity   =P 240,000 Bank loan (liability )        =P…

Q: Keith Williams and Brian Adams were students when they formed a partnership several years ago for a…

A: The partnership comes into existence when two or more persons agree to do the business and share the…

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: In June 2021, A.B. Malinaw established a photography business. Transactions that transpired during…

A: Transaction No.  Assets      =   Liabilities      +   Equity   Cash   Accounts Receivable   Photo…

Q: The owner of ABC Company invested cash to the business amounting P500,000 and office furniture and…

A: The owners' capital is calculated as difference between assets and liabilities of the business.

Q: Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000,…

A: The cash receipt and payment is the account in which all the transactions related to the cash and…

Q: Pat invites Tin to join him in his business. Tin agreed that the following adjustments are taken up…

A: The revaluation account is prepared to record changes in assets and liabilities before admission of…

Q: Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.

Q: AGI

A: AGI or adjusted gross income is a income which is calculated from the gross income. On calculation…

Q: In February Ola Gott invested an additional 12,000 in her business, Gott's pharmacy, which is…

A: solution: In February Ola Gott invested an additional 12,000 in her business, Gott's pharmacy, which…

Q: Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000,…

A: A financial statement is one prepared by the companies to depict the financial performance and the…

Q: Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a…

A:

Q: Mr.Karue started business on January 01, 2018, with cash of Kshs. 50,000, furniture of Kshs. 10,000,…

A:

Q: Let  us  assume  that  Mr. Amir starts  a  business  called  Amir Enterprises  on  1st  January,…

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

Q: Isla runs a bicycle shop in Wellington. During the tax year ending 30 June 2021, her records…

A: The taxable income of an individual is the total receipts less all the expenses incurred to earn…

Q: In the early part of 2020, the partners of Manuel, Benjamin, and Solomn went to local accountant…

A: A partnership is a formal arrangement between two or more individuals who agrees to be a partner in…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.