P1-64A. (Learning Objectives 2, 3, 4: Apply underlying accounting concepts; evaluatebusiness operations; construct a balance sheet) Brandon Hilton is a realtor. He organized hisbusiness as a corporation on June 16, 2019. The business received $65,000 cash from Hiltonand issued common stock. Consider the following facts as of June 30, 2019:a. Hilton has $15,000 in his personal bank account and $55,000 in the business bank account.b. Hilton owes $3,400 on a personal charge account at a local department store.c. Hilton acquired business furniture for $30,000 on June 24. Of this amount, the businessowes $16,000 on accounts payable at June 30.d. Office supplies on hand at the real estate office total $8,000.e. Hilton’s business owes $112,000 on a note payable for some land acquired for a totalprice of $165,000.f. Hilton’s business spent $20,000 for a Realty Universe franchise, which entitles him torepresent himself as an agent. Realty Universe is a national affiliation of independentreal…

A few years ago, Sam Gig founded Gig n Spin Consultancy Services. Sam is aware that you and your group members are pursuing an accounting course while in college and therefore has approached the team for advice. He wishes to know how much net income his business earned during the past year in order to decide whether to keep the company going. His accounting records consist a trial balance and some additional notes required to make adjustments to the financial statements. The company unadjusted trial balance for the year ended December 31st, 2015 was shown as follows: Gig n Spin Consultancy ServicesTrial BalanceDecember 31st 2015DR CRCash 120,000Accounts receivable 65,000Supplies 25,000Lease Hold Improvement 100,000Accumulated depreciation - Leasehold Improvement 40,000Furniture and Fixtures 500,000Accumulated depreciation - Furniture and Fittings 300,000Accounts payable 25,000Salary PayableUnearned service revenue 18,500Sam Gig, Capital 223,200Sam Gig, Withdrawal 148,000Service revenue…

Create an accounting situation which iplies the basic concept and principles of accounting and specify the concept/s being used. P.s. You may use your personal experiences if you think the concept/s in/are applicable. Example: A. Jeepney Driver carried a total of 50 passengers and they paid 10 each except for 5 passengers, the jeepney driver paid 100 php for gasoline and 50 for his lunch. For this situation, The following concepts are being applied; 1. Seperate business Entity - Payment for gasoline is chargd to business while lunch paid is charged to the driver'os personal Expense. 2. Money Measurement, Matching and Cost Concept - driver records 450 income from transport ervices and 100 for gasoline expense. 3. Accrual concept - driver recognizes 50 as accounts recievable for the unpaid fares.

Learning Objective 2: Show the impact of business transactions on the accounting equation) Dr. Char Morin opened a medical practice specializing in surgery. During thefirst month of operation (July), the business, titled Dr. Char Morin, Professional Corporation(P.C.), experienced the following events:Morin invested $155,000 in the business, which in turn issued its commonstock to her.The business paid cash for land costing $62,000. Morin plans to buildan oce building on the land.The business purchased medical supplies for $1,500 on account.Dr. Char Morin, P.C., ocially opened for business.During the rest of the month, Morin treated patients and earned servicerevenue of $9,100, receiving cash for half the revenue earned.The business paid cash expenses: employee salaries, $3,300; ocerent, $1,400; utilities, $400.The business sold medical supplies to another physician for cost of $500 andreceived cash.The business borrowed $33,000, signing a note payable to the bank.The business paid…

WRITTEN TASK 6. Critical ThinkingDirections: Read carefully the following situation and determine the Assets, Liabilities, and Equality of this situation:1. The business was put up from a cash of ₱200,000, the initial capital of the owner. Then, ₱40,000 of the cash wasused to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of₱20,000. How much are the total assets of the business? (10 points)Solution:2. The business is a trading business. For the period, it purchased goods for sale valued at ₱100,000. The goodswere all sold for a total price of ₱120,000. For the sale only 10% was received as down payment, 60% werelater collected, and at the end of the year 30% are still for collection. How much is the business income? (10points)Solution:

i hope you will can solve it quickly    Assume that you are going to start a Business after graduation. Describe 10 transactions that thebusiness might undertake by using your own idea with the following assumptions:• Started business with cash• Goods purchase for cash• Goods purchased on credit• Any asset purchased and paid cash• Any asset purchase on credit• Sold goods for cash• Sold goods on credit• Paid any bill• Paid salary to staff• Cash withdraw from business for personal useBased on your own 10 transactions, prepare:1. Accounting Equation2. Journal3. Ledger4. Trail Balance5. Financial statement

You are the accountant for Sangat Serdap Sdn Bhd, a food production company. During the month, a new intern has joined the company and he approached you to understand how fundamentals accounting principles and concepts are used practically in the preparation of financial statements for Sangat Serdap Sdn Bhd. Required: Explain FOUR (4) fundamentals accounting principles and concepts. Your explanation should be supported with examples that are relevant to your company.

Discuss how each of the following transactions will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. A company purchased $450 worth of office supplies on credit. B. The company parking lot was plowed after a blizzard. A check for $75 was given to the plow truck operator. C. $250 was paid on account. D. A customer paid $350 on account. E. Provided services for a customer, $500. The customer asked to be billed.

PURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the firm can pay its bills on time 2. Managersb. Detailed, up-to-date information to measure business performance (and plan for future operations) 3. Creditorsc. To determine taxes to be paid and whether other regulations are met 4. Government agenciesd. The firms current financial condition