Mike purchased furniture for $8,400 and received an invoice dated February 5, 2017, with terms 2.5/10, n/30. He made a partial payment of $3,600 on February 10, 2017, and the balance on February 20, 2017. What was the balance?
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Mike purchased furniture for $8,400 and received an invoice dated February 5, 2017, with terms 2.5/10, n/30. He made a partial payment of $3,600 on February 10, 2017, and the balance on February 20, 2017. What was the balance?
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- On July 1, 2017, Brent purchases a new automobile for $49,000. He uses the car 88% for business and drives the car as follows: 7,000 miles in 2017, 17,500 miles in 2018, 19,600 miles in 2019, and 14,000 miles in 2020. Determine Brent's basis in the business portion of the auto as of January 1, 2021, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2017: $fill in the blank 5d0ce403cfe2029_1 2018: $fill in the blank 5d0ce403cfe2029_2 2019: $fill in the blank 5d0ce403cfe2029_3 2020: $fill in the blank 5d0ce403cfe2029_4 Brent's adjusted basis in the auto on January 1, 2021, is $fill in the blank 5d0ce403cfe2029_5. b. Brent uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is…On July 1, 2016, Rex purchases a new automobile for $43,000. He uses the car 84% for business and drives the car as follows: 12,000 miles in 2016, 30,000 miles in 2017, 33,600 miles in 2018, and 24,000 miles in 2019. Determine Rex's basis in the business portion of the auto as of January 1, 2020, under the following assumptions: If required, round your computations to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2016: $ 2017: $ 2018: $ 2019: $ Rex's adjusted basis in the auto on January 1, 2020, is $ b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2016 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).] Compute his…On July 1, 2015, Rex purchases a new automobile for $40,000. He uses the car 80% for business and drives the car as follows: 8,000 miles in 2015, 19,000 miles in 2016, 20,000 miles in 2017, and 15,000 miles in 2018. Determine Rex's basis in the business portion of the auto as of January 1, 2019, under the following assumptions: If required, round answers to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2015: $fill in the blank 7c768af94f81f83_1 2016: $fill in the blank 7c768af94f81f83_2 2017: $fill in the blank 7c768af94f81f83_3 2018: $fill in the blank 7c768af94f81f83_4 Rex's adjusted basis in the auto on January 1, 2019, is $fill in the blank 7c768af94f81f83_5. b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery…
- The entire amount of P765,000 was charged to rent expenses in 2016. What amount should Goetz have charged to expense for the year ended December 31, 2016?On July 1, 2016, Rex purchases a new automobile for $40,000. He uses the car 80% for business and drives the car as follows: 8,000 miles in 2016, 19,000 miles in 2017, 20,000 miles in 2018, and 15,000 miles in 2019. Determine Rex’s basis in the business portion of the auto as of January 1, 2020, under the following assumptions:In December 2016, Marcus purchased a car at RM 60,000 from Toyota UMW Sdn. Bhd. through a hire purchase agreement. He paid RM 20,000 down payment with 20 monthly instalments of RM2,266.67 each. After nine months of payment defaults, the car was legally repossessed and sold for RM 20,000. Find the amount of refund that she would receive from the company or the amount that of money that she would have to pay to the company.
- In the last quarter of 2016, Alexander, a Filipino supervisory employee, was given 15,000 worth of groceries for personal use. Provide the journal entry.On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23000. July 10: Purchased a truck for $14400, paying $7400 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4510. July 20: Completed services on account and billed the customer, $7780 July 25: Received cash from customers on account, $2640. July 31: Paid salaries expense of $400 and utilities expense of $320. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020On July 01, 2020, Maria initially invested P200,000 cash into Maria Merchandising. On the same date, she paid P45,000 for six months rent on the store space, P10,000 for business licenses and permits, and P50,000 for various store furniture. She also bought P60,000 worth of office supplies on account with the intention to sell them at a higher price. However, the next day, the business received a P1,500 credit memo for allowance granted on the purchased merchandise. The supplies were bought from 123 Supplies Store on terms n/60. On July 6, the business bought from 45 Supplies Shop P5,000 worth of supplies to be used in the store on terms 50% downpayment, balance n/30. Francisco, a part time employee, was able to sell on July 12 some of the store's merchandise to Mr. Sam for P16,000 on terms 50% downpayment, balance 2/10, n/30. On July 24, the business sold to Mrs. Aslani merchandise for P12,000 on terms 2/10, n/30. On July 30, Mr. Boom paid the business P42,000 for merchandise bought…
- Allan’s employer purchased a car in March 2019 at a cost of $44,000 GST inclusive and provided the car to Allan on 1 July 2019. Allan garages the car at his home each night from 1 July 2019 to 31 March 2020, excluding the month of December 2019. Allan travelled 40,000 kilometres in the car during the year, and the odometer and logbook records show that 20,000 kilometres were for business purposes and 20,000 kilometres were for private purposes. The operating costs of the car (not including deemed depreciation and deemed interest) were $9,000 (GST inclusive). Allan did not make any contribution but provided all the necessary documents for his employer to calculate his FBT liability. Question Assuming the employer elects to use the operating cost basis, explain and calculate the taxable value of the car fringe benefit and the FBT consequences for Allan’s employer.In December 2016, Marcus purchased a car at RM 60,000 from Toyota UMW Sdn. Bhd. through a hire purchase agreement. He paid RM 20,000 down payment with 20 monthly instalments of RM2,266.67 each. After nine months of payment defaults, the car was legally repossessed and sold for RM 20,000. Find the amount of refund that he would receive from the company or the amount that of money that hw would have to pay to the companyOn December 4, 2019 Charie purchased office equipment for 400,000 , terms 2/10,n/15 , inclusive of a 12 % creditable input VAT entry was made on the date of purchase . The same was paid on December 31, 2019 and the former accountant debited Office Equipment and credited Cash for 400, 000 What is the correct initial carrying amount of the PPE?