what is the correcting entry for... the sole propietor of desmond hardware invests $100,000 to start a new business
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what is the correcting entry for... the sole propietor of desmond hardware invests $100,000 to start a new business
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- Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for extraordinary repairs If all transactions were recorded properly, what amount did Jada capitalize for the year, and what amount did Jada expense for the year?For each of the following situations write the principle, assumption, or concept that justifies or explains what occurred. A. A landscaper received a customers order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. The owner should record the revenue from the customer order in March of next year, not in December of this year. B. A company divides its income statements into four quarters for the year. C. Land is purchased for $205,000 cash; the land is reported on the balance sheet of the purchaser at $205,000. D. Brandys Flower Shop is forecasting its balance sheet for the next five years. E. When preparing financials for a company, the owner makes sure that the expense transactions are kept separate from expenses of the other company that he owns. F. A company records the expenses incurred to generate the revenues reported.On 1 January 2020, Michael invested £13,000 in a car wash business in front of his house. He used part of the money to buy equipment for £3,000 and supplies worth £1,000 good for 1.5 years. During the first year of operations, the business received only £5,000 after rendering car wash services. Michael prepared the following income statement for the year ended 31 December 2020. He asked your help to assess the presentation of the relevant information in his income statement. Michael Car Wash Income Statement For the year ended 31 December 2020 (£) Service revenue 5,000 Less expenses: Equipment 3,000 Supplies 1,000 Salaries 1,200 Electricity and water 150 Income tax 700 Net income (loss) for the month (1,050)…
- Josh Reily is the owner of Dispatch Delivery Sevice. Recently josh paid intrest of $4,500 on a personal loan of $75,000 that he used to begin the business. Should Dispatch Delivery Service record the intrest payment? Explain. A) Land with an assessed value of $750,000 for property tax purposes is acquired by a business for $900,000. Ten years later, the plot of land has an assessed value of $1,200,000 and the business receives an offer of $2,000,000 for it. Should the monetary amount assigned to the land in the business records now be increased. B) Assuming that the land acquired in (A) was sold for $2,125,000 how would the various elements of the accounting equation be affected.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 2020Please help me with the following problem. Thank you in advance. Rob operates a small plumbing supplies business as a sole proprietor. In 2018, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term capital gain of $15,000. The business has $300,000 of qualified business property in 2018. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in 2018 and generated a long-term capital gain of $13,000. Rob and Marie have no dependents and in 2018, they take the standard deduction of $24,000. The income threshold for QBI limitations starts at $315,000 for married filing jointly taxpayers. a. What is Rob and Marie's taxable income before the QBI deduction?$ b. What is Rob and Marie's QBI?$ c. What is Rob and Marie's QBI deduction?$
- On November 1, 2020, Aleli Gomuna purchased a pest – control company from its previous owner. Aleli paid ₱220,000 from her personal checking account for assets consisting of pesticides supplies, ₱75,000 and spraying equipment, ₱145,000. The company is to operate under the name of Lily Gomuna Pest Control. The following transactions occurred during the month of November: a. Aleli invested additional ₱230,000 in the business. b. Pest control service for customers was done on account, ₱42,000. c. Pesticide supplies were acquired on account, ₱39,500. d. Spraying equipment costing ₱67,000 was acquired on account. e. Pest control service was rendered for cash, ₱87,000. f. Repairs were made to the equipment; ₱28,500 was paid in cash. g. Paid ₱17,000 for pesticide supplies recently acquired h. Rendered pest control service for customers on account, ₱63,000. i. Purchase pesticide supplies on account, ₱54,500 j. Paid for utilities, ₱20,500. k. Paid ₱56,500 for the salaries of personnel. l.…Owner juana invested 100,000 to start her laundry business.During the first year of operation the company had a net income of 15,000, juana invested additional 100,000 to grow business.The business earned 50,000as of december 31,2019 juana's capital balance is 200,000. how much is juana's withdrawalI need help with question C Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2022, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term capital gain of $15,000. The business has $300,000 of qualified business property in 2022. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in 2022 and generated a long-term capital gain of $13,000. Rob and Marie have no dependents and in 2022, they take the standard deduction of $25,900. The income threshold for QBI limitations starts at $340,100 for married filing jointly taxpayers. a. What is Rob and Marie's taxable income before the QBI deduction?406,100 b. What is Rob and Marie's QBI?154,000 c. What is Rob and Marie's QBI deduction?
- Peters Consulting completed these transactions during June 2023:June 2 Trevor Peters, the sole proprietor, invested $46,000 cash and office equipment with a $24,000 fair value in the business.June 4 Purchased land and a small office building. The land was worth $268,000 and the building was worth $66,000. The purchase price was paid with $30,000 cash and a long-term note payable for $304,000.June 8 Transferred title of his personal automobile to the business. The automobile had a value of $7,000 and was to be used exclusively in the business.June 10 Purchased $600 of office supplies on credit.June 14 Completed $2,400 of services for a client. This amount is to be paid within 30 days.June 18 Paid $1,800 salary to an assistant.June 22 Paid the account payable from the transaction on June 10.June 24 Purchased $4,000 of new office equipment by paying $2,400 cash and trading in old equipment with a recorded cost of $1,600.June 28 Received $1,000 payment on the receivable created from the…Compute for total assets if the owner's initial contribution for opening a business is P150,000. Three months later, he made an additional investment of P200,000. During the 2nd quarter of the fiscal year, the business spent P100,000 to buy equipment for the business. Within the normal operations of the business, total revenues amounted to P500,000. The business did not incur any present obligations.Binbutti Engineering, a sole proprietorship, completed the following transactions during July 2023, the third month of operations: July 1 Bob Binbutti, the owner, invested $300,000 cash, office equipment with a value of $12,000, and $90,000 of drafting equipment in the business. July 2 Purchased land for an office. The land was worth $108,000, which was paid with $10,800 cash and a long-term note payable for $97,200. July 3 Purchased a portable building with $150,000 cash and moved it onto the land. July 5 Paid $12,000 cash for the premiums on two one-year insurance policies. July 7 Completed and delivered a set of plans for a client and collected $1,400 cash. July 9 Purchased additional drafting equipment for $45,000. Paid $21,000 cash and signed a long-term note payable for the $24,000 balance. July 10 Completed $4,000 of engineering services for a client. This amount is to be paid within 30 days. July 12 Purchased $4,500 of additional office equipment on credit. July 15 Completed…