Jill invested $25,000 in her business, Fashion Unlimited. The journal entry would include a
Q: Q12 Gourmet Aroma Coffee House has an exclusive contract with Columbia exporters. Two brands of…
A: Contribution margin per unit=Selling price per unit-Variable cost per unit Contribution margin sales…
Q: Required information [The following information applies to the questions displayed below.] Finion…
A: Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - ending…
Q: A partner has withdrawn the following sum of money during the half year ended June 30, 2016. Months…
A: Lets understand the basics. In average due date method, one average due date is calculate for the…
Q: Return on Sales Coca Cola Company Pepsi Co Return on Assets Coca Cola Company Pepsi Co Return on…
A: The financial ratio is used to calculate the financial status or production of a company compared to…
Q: On January 1, 2021, Marshall Company acquired 100 percent of the outstanding common stock of Tucker…
A: Introduction: A consolidated balance sheet is prepared that reveals a major company´s financial…
Q: 1) Prepare a report showing the overhead cost of the order for heavy-duty trailer axles according to…
A: Under activity-based costing the total cost of overhead is calculated by assigning activity drivers…
Q: This question is based on the following information: Sphinx Company is planning to invest in a…
A: Introduction: The payback period is the time it takes for an asset's net cash flows to return its…
Q: Q24 Fast Wire Incorporated manufactures a scrambling device for cellular phones. The main…
A: Partial operational productivity ratio = Number of phones manufactured / Units of DTV-12 used
Q: The following statement of financial position account balances for the partnership of Pierce.…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: On January 1, the Matthews Band pays $66,400 for sound equipment. The band estimates it will use…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Work in Process 2,268 b. Work in Process 2,268 Cash 2,268 c. Work in Process…
A: The act of recording or keeping track of any financial or non-financial action is known as a journal…
Q: Allen and Michelle are partners with capitals of P200,000 and P100,000 and sharing profit and losses…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Manufacturing Company is trying to determine the cost of materials used to produce an A Toy. If…
A: The cost of a toy is determined by summing the product of the number of parts needed to make the toy…
Q: Note: If E=P28,091.16 and N = P11,213.00, what is the value of D? E= Total Earnings D Deduction N =…
A: Formula: Net pay = Total earnings - Deductions All the deductions are to be deducted from total…
Q: Gent Designs requires three units of part A for every unit of A1 that it produces. Currently, part A…
A: Cost when producing Direct materials $4.00 Direct labor…
Q: Charles and Clement are partners with capital balances of P 24,500 and P 15.500, respectively. The…
A: The profit and loss on realisation is distributeed to parners in PSR ( profit sharing ratio) and…
Q: X and Y are partners with capital account balances of P 600,000 each and share profits and loss…
A: A partnership firm is an arrangement wherein two or more individuals agree to share profits and…
Q: In September, Numbers Incorporated sold 40,000 units of its only product for $339,000 and incurred a…
A: Formula: Total amount of variable costs in the flexible budget = Variable costs - Variable cost…
Q: Audi Motors acquired 80% of BMW Service Center outstanding shares on January 1, 2022 by paying cash.…
A: The amount of the fair value of the assets paid, liabilities incurred, and equity issued by the…
Q: Holland Corporation's annual report is as follows. March 31, 2023 March 31, 2024 Net Income…
A: Common stockholders are the owners of the company. They have voting rights. They are able to get…
Q: Moving estion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible.…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
Q: Question 6, P1-1 (book/static) Part 1 of 3 Liability comparisons John Bailey invested $50,000 in The…
A: The corporation, partnership firm, and sole proprietorship are the different forms of business. Ina…
Q: Please help me answer this. Thank you.
A: Given that; The PH debt as of today amounts 12000000000000 The Philippines is estimated to have…
Q: On January 1, 2019, S Corp purchased a computer with an expected economic life of 20 years. On…
A: Consolidated financial statements are a set of financial statements prepared for a group company…
Q: XOX Company manufactures part C-1 in producing product B. To save on cost, the company is planning…
A: The fixed costs are unavoidable when product is brought from suppliers instead of manufacturing.
Q: Calculate the annual, semiannual, quarterly, and monthly premium for the following fe insurance…
A: The insurance premium are given in the table of insurance policy table given by the insurance board…
Q: Using the information given, and assuming Kim offered to join for a 20% interest in the new BLK…
A:
Q: West Texas Exploration Co. was established on October 15 to provide oil-drilling services. West…
A: Journal Entry: A journal entry is a type of accounting entry that is used to record a business…
Q: Lens Care Incorporated (LCI) manufactures specialized equipment for polishing optical lenses. There…
A: The numerical has covered the concept of Activity Based Costing. Activity-Based Costing is a system…
Q: Q3 Hollaway Corporation has the following data for the current fiscal year: Actual Budget…
A: Sales mix variance reflects the difference between the planned and actual amounts. To calculate…
Q: Q10 Empty Company maintains no inventories and has the following data pertaining to one of its…
A: The variance is the difference between the actual data and standard output of the production.
Q: Blank Corporation owns 60% of stocks of Grand Corp. On December 31, 2020, Blank paid Grand P276,000…
A: Depreciation Expenses For Calculating the depreciation expenses first to determine the Acqusition…
Q: An analysis of the accounts of Williams Company reveals the following manufacturing cost data for…
A: Cost of Goods Manufactured (COGM) is a term used in managerial accounting that refers to a schedule…
Q: X Dr Theory Exam - Intermediate X way pt-3958111&cmid=1071690&page=23 Theory Exam
A: Under the FIFO method of inventory valuation, goods purchased first are sold out first.
Q: a) Analyze the sales budget (in unit and value). b) Analyze the production budget of the Bobo Co. c)…
A: The question is related to Budgetory Control. The Sales budget and Production Budget are…
Q: Research & Development. Edwards Corporation purchases a building for $2,000,000 which is to be used…
A: Research and development expenses (R&D) refers to those expenditure which are related to the…
Q: ! Required information [The following information applies to the questions displayed below.] Danni…
A: Partnership: - When two or more persons come together to agree on setting up the business, run it…
Q: PB13. LO 4.3 Prepare adjusting journal entries, as needed, considering the account balances…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: The liquidation of the partnership of James, Larry and Brix resulted in a deficiency in James'…
A:
Q: The management of Sheridan Company is trying to decide whether it can increase its dividend. During…
A: The cash flow statement is prepared to record the cash flow from various activities such as…
Q: XYZ Corporation is authorized to issue 150,000 ordinary shares with par of P150. On June 1 eight…
A:
Q: D4) What is absorption? What is positive absorption? What is negative absorption? When evaluating…
A: Here discuss about the details of the absorption which are related with the real estate property…
Q: Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories.…
A: Overhead is the indirect expense incurred by the company in the production process of the company.
Q: waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: QUESTION 1 Khaled has developed a new technology device that is so exciting he is considering…
A: (Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Marcos Putnam receives a regular salary of $3,120 a month and is paid 1½ times the regular hourly…
A: Introduction: Excess hours worked: In a week maximum 40 hours to be worked for normal pay rate and…
Q: Refer again to the data in (2) above. The president feels that the company must raise the selling…
A: Selling price is the rate in terms of money at which units produced are sold to the customers.
Q: porated makes two types of industrial component parts - the B300 and the T500. The Income Statement…
A: The predetermined overhead rate refers to the rate which is used to apply t the manufacturing…
Q: During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a…
A: Form 1040 is a form that is used by the US citizens and NRIs to file their annual income tax…
Q: non stock Of earnings of $210,000 on that date. Equipment was unde 30,000 and buildings were…
A: Consolidated financial statements are prepared when two or more business entities are associated…
53 )
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Heather and Dan Holt met while both were employed in the interior trim and upholstery department of an auto manufacturer. After their marriage, they decided to earnsomeextra income by doing small jobs involving canvas, vinyl, and upholstered products. Their work was considered excellent, and at the urging of their customers, they decided to go into business for themselves, operating out of the basement of the house they owned. To do this, they invested $120,000 cash in their business. They spent $10,500 for a sewing machine (expected life 10 years) and $12,000 for other miscelianeous tools and equipment (expected life 5 years). They undertook only custom work, with the customers purchasing the required materials, to avoid stocking any inventory other than supplies. Generally, they required an advance deposit on all jobs. The business seemed successful from the start, as the Holts received orders from many customers. But they felt something was wrong. They worked hard and charged…during 2017, Regina, a sole proprietor, had the following income and expenses from herhome jewelry business. Regina is also employed as an office assistant at a local business. W-2 wages from employer$28,000 Proceeds from jewelry sales15,000 Supplies for jewelry5,000 Travel for jewelry1,400 Charitable contributions to church3,000 a.What income or loss should be reported on Schedule C? b.What is Regina's AGI?Fauzana owns a business that makes and sells pets During the financial year ended 31 July 2020, she incurred the following items of expenditure. State whether each of the below is Capital Expenditure or Revenue Expenditure. a. Clay for making the pets toys. b. Wages of sales staff c. Purchase of potters wheel for use in the business d. Installation costs for the potters wheel e. Wages of staff operating the potters wheel f. Redecoration of store room g. Payment of extra wages to own staff for fitting the alarm and cctv h. Payment of architect fees for designing the proposed new shop i. Purchase of new telephone system for the business
- Ginny is an accountant by trade, she paid $1,000 each year to join as CPA member. She also has a knack for programming; hence she also joins the Computer Associates membership for $500 per year as she planned to find a new career as a programmer. Discuss her eligibility whether she can deduct both membership fees from her assessable income! please put 3 referencesMelanie is employed full-time as an accountant for a national hardware chain. She also has recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2020 are as follows: Real property taxes $5,000 Interest on home mortgage 6,000 Operating expenses of home 1,250 Melanie's residence cost $412,000 (excluding land) and has living space of 2,000 square feet, of which 28% (560 square feet) is devoted to business. The office was placed in service in February 2019, and under the Regular Method, Melanie had an unused office in the home deduction of $500 for 2019. Assume there is sufficient net income from her consulting practice. a. What amount can Melanie claim this year for her office in the home deduction under the Regular Method?$ b. What is Melanie's office in the home deduction under the Simplified Method?$Melanie is employed full-time as an accountant for a national hardware chain. She recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2020 are as follows: Real property taxes $3,600 Interest on home mortgage 3,800 Operating expenses of home 900 Melanie's residence cost $350,000 (excluding land) and has living space of 2,000 square feet, of which 20% (400 square feet) is devoted to business. The office was placed in service in February 2019, and under the Regular Method, Melanie had an unused office in the home deduction of $800 for 2019. Assume there is sufficient net income from her consulting practice. Round deprecation to the nearest dollar. a. What amount can Melanie claim this year for her office in the home deduction under the Regular Method? b. What is Melanie's office in the home deduction under the…
- 2. Fauzana owns a business that makes and sells pets clay. During the financial year ended 31 July 2020, she incurred the following items of expenditure. State whether each of the below is Capital Expenditure or Revenue Expenditure.a. Clay for making the pets toys.b. Wages of sales staffc. Purchase of potters wheel for use in the businessd. Installation costs for the potters wheele. Wages of staff operating the potters wheelf. Redecoration of store roomg. Payment of extra wages to own staff for fitting the alarm and cctvh. Payment of architect fees for designing the proposed new shopi. Purchase of new telephone system for the businessWai Yeung is a self-employed insurance Salesperson. She started her business on January 1, 2022, and ended her first taxation year on December 31, 2022. On July 1, she purchased a car for $36,000 plus 13% HST. The car is financed with a bank loan and interest costs amounted to $1,970 from July 1 to December 31. Wai incurred the following additional expenses relating to her automobile: Repairs and maintenance $ 400 Insurance 1,200 Gasoline 1,900 Parking while on business 500 During the period, Wai drove 16,000 Km, of which 12,000 Km were for business. Assume the car is not designated as immediate expensing property. Required: Complete the table below to answer the following questions. a. Determine the maximum amount that Wai can deduct from her business income for tax purposes in 2022. Show expenses as negative numbers. b. Calculate the maximum CCA that Wai can deduct in 2023 and 2024, assuming that business kilometres driven and total kilometres driven both remain constant and that she…Faith D. Nakpil started her accounting practice on November 3, 2021 by investing P138,000 cash and her old laptop with an original cost of P64,000 but with a fair value of P31,000 at the time of investment. How much was the initial capital of Faith?
- Ray owns a Chocolate store as a sole proprietor. In 2021, sales revenue equaled $100,000. The business had the following expenses in 2021: $2,000 of advertising, $15,000 of supplies, and $1,500 of insurance. Ray also incurred the following expenses related to the bakery. He traveled to a bakery convention strictly for business purposes. He spent $500 on airfare, $200 on hotels, and $300 on meals. He also incurred $400 of expenses related to entertaining clients of the bakery and a $100 fine for not paying his taxes on time. What is Ray's adjusted gross income for 2021?Ronald runs his own public relations business. During the year he incurred the following expenses: (a) salary costs of $350,000; (b) travel expenses of $7,000 for travel between home and work; (c) travel expenses of $3,000 for travel from a client's premises to his home; (d) $1,500 on a new suit to impress his clients; (e) $700 on membership of the local sports club where he entertains clients; (f) $8,000 in meal expenses on entertaining clients. Required: State whether the above would be allowed as allowable deduction against assessable income. Provide a justification for your argument based on statute and case lawMelanie is employed full-time as an accountant for a national hardware chain. She also has recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2020 are as follows: Real property taxes $4,750 Interest on home mortgage 5,700 Operating expenses of home 1,188 Melanie's residence cost $415,000 (excluding land) and has living space of 2,000 square feet, of which 29% (580 square feet) is devoted to business. The office was placed in service in February 2019, and under the Regular Method, Melanie had an unused office in the home deduction of $1,600 for 2019. Assume there is sufficient net income from her consulting practice. What amount can Melanie claim this year for her office in the home deduction under the Regular Method?