Questions:1. What is the total value of the asset that Ms. QWE contribute to the business?2. Determine the value of Ms. QWE's ownership in the business. For questions 2-3, use the following information.Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash.P3.000,000; Office Supplies, P 276,000; Office Equipment, P 700,000; Furniture and Fixtures, P2,100,000.

solution given The below are the asset contributed to business by Ms QWE Cash 3000000…

Answered: uestions: 1. What is the total value of…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 2MCQ

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Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash, P 3,000,000, Office Supplies, P 275,000, Office Equipment, P 700,000, Furniture and Fixtures, P 2,100,000. A. What is the total value of the assets that Ms. QWE contributed to the business? B. Determine the value of Ms. QWE's ownership in the business.
Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash 3,000,000 Office Supplies 275,000 Office Equipment 700,000 Furniture and Fixture 2,100,000 Question: 1. What is the total value of the assets that Ms. QWE contributed to the business? 2. Determine the value of Ms. QWE's ownership in the business.
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How would i compute if she had a net income or net loss? Connie Young , an architect, opened a office on October 1, 2019. During the month, she completed the following transactions connected with her personal practice: a. Transferred cash from a personal bank account to an account to be used for the business, $36,000. b. Paid October rent for the office and workroom, $2,400. c. Purchased used automobile for $32,800 and, paying $7,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000. e. Paid cash for supplies, $2,150. f. Paid cash for annual insurance policies, $4,000. g. Received cash from client for plans delivered, $12,200. h. Paid cash for miscellaneous expenses, $815. i. Paid cash to creditors on account, $4,500/ j. Paid $5,000 on note payable. k. Received invoice for blueprint services, due in Novembre, $2,890. l. Recorded fees earned on plans delivered, payment to be received in November, $18,300. m. Paid salary of…

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uestions: 1. What is the total value of the asset that Ms. QWE contribute to the business? 2. Determine the value of Ms. QWE's ownership in the busines