What would the journal entries be for the transactions noted above? Assume that all amounts are paid in cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
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- 1. During 2004, farmer Seema, who reared pigs, was charged water rates at $210.00 per quarter, even though she used less water during certain months of the year. a. State the names of this type of cost, and the reason for your answer? 2. Farmer Seema paid Dr. Marie for veterinary services on three occasions during 2004 when a few of her pigs were ill. a. What type of cost was this? State a reason for your answer.For each of the following items state whether they would be measured (a) at fair value under AASB 141 or (b) at the lower of cost and net realisable value under AASB 102: 1. living pigs2. living sheep3. pigs’ carcasses4. pork sausages5. trees growing in a plantation forest6. furniture7. olive trees8. olives9. olive oil10. vines growing in a vineyard.Lisa Manoban, operates a pet shop at the same time, offers interior design services to her clients. The following data were provided by Lisa for the 2018 taxable year. Pet Shop GROSS SALES 1,800,000 COST OF SALES 600,000 OPERATING EXPENSES 200,000 Interior design services GROSS SALES 1,150,000 COST OF SALES 120,000 OPERATING EXPENSES 80,000 How much is her income tax provided she opted to use the graduate rate?
- Kate is an executive for the Cozy Furniture Manufacturing Company. She purchased furniture from the company for $9,500, the price Cozy ordinarily would charge a wholesaler for the same items. The retail price of the furniture was $12,500, and Cozy’s cost was $9,000. The company also paid for Kate’s parking space in a garage near the office. The parking fee was $600 for the year. All employees are allowed to buy furniture at a discounted price comparable to that charged to Kate. However, the company does not pay other employees’ parking fees. Kate’s gross income from the above is: answer choices: $3,500. $4,100. $-0-. $900 $600.What is the Amount Realized, Type and amount of Basis, and Gain or Loss of: Lois buys a herd of llamas from Brian for 20,000 cash and 180,000 non-recourse note carried by the seller. She intends to breed them as racers. When the llama market fails, she surrenders the herd back to the seller pursuant to a provision in the note. She took a deduction of 35,000 because some of her llamas died of heatstroke. At that time, the herd is only worth 50,000, and she has 175,000 remaining on the note.Which of the following will result in the recognition of gross income? Gail's employer allows her to set aside $ 4,000 from her wages to cover the cost of daycare for Gail's four-year-old daughter. Gail's daycare costs are $ 4,300 for the year. Hannah purchases a new sofa from her employer, Sofas-R-Us, for $ 1,200. The cost of the sofa to the furniture store is $ 1,100 and the sofa normally sells for $ 1,700. Jayden's employer purchases her commuting pass for the subway at a cost of $ 225 per month. Havana is a lawyer. The law firm she works for pays for her subscription to Lawyer's Weekly, a trade magazine for attorneys. None of the above will result in recognition of gross income.
- Jackie, a higher-paid employee, has a 1000cc, diesel van which was first registered in 2017 when it had a list price of £20,000 and produces emissions of 95g/km of carbon dioxide. Fifty percent of Jackie’s mileage was for business purposes and she makes no contributions towards the cost of the van she has the van for the whole year and has a satellite navigation system fitted as an accessory to the van (not standard) costing £250. Calculate the taxable benefit. A £3,170 B £3,200 C £3,430 D £3,490Lisa Manoban, operates a pet shop at the same time, offers interior design services to her clients. The following data were provided by Lisa for the 2018 taxable year. Pet Shop GROSS SALES 1,800,000 COST OF SALES 600,000 OPERATING EXPENSES 200,000 Interior design services GROSS SALES 1,150,000 COST OF SALES 120,000 OPERATING EXPENSES 80,000 How much is her income tax provided she opted to use the 8% Gross income tax?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
- Igor owns a rental house and had to paint the living room, kitchen and bathroom after the most recent tenant moved out. The rooms had not been painted in the last five years and he worried he would not be able to rent it out to another tenant at the current fair market value if he didn’t repaint. The cost to repaint the three rooms was $1,500 ($1,000 labor and $500 paint). What amount, if any, can Igor deduct of this expense and on what form should it be listed?Aaron, a resident of Minnesota, has been a driver for Green Delivery Service for the past six years. For this purpose, he leases a truck from Green, and his compensation is based on a percentage of the income resulting from his pickup and delivery services. Green allows its drivers to choose their 10-hour shifts and does not exercise any control on how these services are carried out (e.g., the route to be taken or the order in which parcels are delivered or picked up). Under Green’s operating agreement with its drivers, Green can terminate the arrangement after 30 days’ notice. In practice, however, Green allows its truckers to quit immediately without giving advance notice. The agreement also identifies the drivers as independent contractors. Green maintains no health or retirement plans for its drivers, and each year it reports their income by issuing Forms 1099–MISC (and not Forms W–2). Green requires its drivers to maintain a commercial driver’s license and be in good standing with…Leilani receives a crop share from Galictica Farms, which she rents to her neighbor, Dustin. She does not materially participate in the activities on Galictica Farms. The crop share has a value of $35,000. She received it on December 15, 2019. Leilani immediately used the crop share to feed her cattle, starting in January of 2020. Which of the following represents the best scenario of reporting the income and expenses? (a) Leilani will have income and expenses reported on Form 4835, and the net income carried to Schedule E. (b) Leilani will have income and expenses reported on Schedule C. (C) Leilani will have income and expenses reported on Schedule F. (d) There will be no income or expenses reported since Leilani was a tenant.