8. Suppose that you and a friend decide to set up a lawn mowing service next summer. Describe the source documents that you would need to account for your activities.
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8. Suppose that you and a friend decide to set up a lawn mowing service next summer. Describe the source documents that you would need to account for your activities.
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- Beth and Bob are scheduled to close on the purchase of a new home soon. They were surprised by how much the total closing costs turned out to be, particularly the amount they have to pay to an escrow account. These funds are for A : the home inspection and estimated repairs. B : prepayment of homeowner’s insurance and property taxes. C : payment of the attorneys and real estate agents. D : payment for the lender’s origination fee.Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years old who runs a professional office engaged in considering and contacting work for the Tema development corporation, Tema, as well as for the private sector. Today Mr. Briggs calls to discuss with you his housing mortgage loan matter under your banks mortgage loan scheme for private house ownership. For the discussion he had produced a contractor’s estimate of the cost of a private house he plans to build. The cost of the house was estimated at GHȼ30million. He says he has been allocated a plot of land at Tema and he has been given all the necessary documents. He is applying for a mortgage loan of GHȼ20million repayable within a period of 10 years. He has in his house ownership savings account a total of GHȼ16million, more than the minimum savings required of beneficiaries under the scheme. You are prepared to help him. Your bank takes a legal mortgage…To earn money to pay some college expenses, you ran a lawn-mowing business during the summer. Before heading to college at the end of August, you wanted to find out how much money you earned for the summer. Fortunately, you kept good accounting records. During the summer, you charged customers a total of $5,000 for cutting lawns (which includes $500 still owed to you by one of your biggest customers). You paid out $1,000 for gasoline, lawn mower repairs, and other expenses, including $100 for a lawn mower tune-up that you haven’t paid for yet. You decided to prepare an income statement to see how you did. Because you couldn’t decide whether you should prepare a cash-basis statement or an accrual statement, you prepared both. What was your income under each approach? Which method (cash-basis or accrual) more accurately reflects the income that you earned during the summer? Why?
- Stephanie Baskill, an unemployed accounting clerk, lives one block from Cleaver Manufacturing Company. While walking her dog last year, she noticed some ERP manuals in the dumpsters. Curious, she took the manuals home with her. She found that the documentation in the manual was dated 2 months previous, so she thought that the information must be fairly current. Over the next month,Stephanie continued to collect all types of manuals from the dumpster during her dog-walking excursions. Cleaver Manufacturing Company was apparently updating all of its documentation manuals and placing them online.Eventually, Stephanie found manuals about critical inventory reorder formulas, the billing system, the sales order system, the payables system, and the operating system. Stephanie went to the local library and read as much as she could about this particular operating system.To gain access to the organization, she took a low profile position as a cleaning woman, giving her access to all areas in…Hello I need help with part 3, I already had the first couple questions answered. I am only able to attach 2 attachments so I will include the 3rd one on here as part of the question as well. The question I need help is below, thanks. For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owner’s equity, and a balance sheet for the month ended July 31, 2019. If you didn’t complete the end-of-period work sheet in Part 1, use the…Katie Wright’s banker has asked her to submit a personal balance sheet as of June 30, 2020, in support of an application for a $6,000 home improvement loan. She comes to you for help in preparing it. So far, she has made the following list of her assets and liabilities as of June 30, 2020:
- Simon Sayze formed a single-person window cleaning business in Prince George B.C., as a summer job. To start, on May 1, 2020 he deposited $3,000 in a new bank account called “Sayze cleaning” for this proprietorship to start purchasing needed items. The $3,000 consisted of a $1,500 loan from his father and $1,500 of his own money. Simon rented scaffolding equipment, purchased supplies, and hired high school students to assist with customer’s windows. At the end of each month, Simon emailed bills to customers owing for services provided. On August 31, he was ready to return to university for the fall semester and closes up shop for summer #1. Simon has been so busy, he had forgot the importance of keeping records of payment! Using online bank statements, expense receipts, and a list of amounts owed/paid by customers, he had some serious accounting to do for the filing his 2020 income tax return. At August 31, the bank account shows a positive balance, so he’s not worried about…Suppose that 10 years ago you bought a home... Please answer questions 1-3 thank youAssume you are the accounting manager for Logan’s Landscaping & Design. On December 1, 2013, Logan Karver, the owner, presents you with a check for $15,000 from a customer, Anna DeJuliet, to do a landscape design at her residence as soon as the ground thaws in the spring of 2014. No work on this project can be done until then. Logan wants you to deposit the check and include the $15,000 in the 2013 income statement. He is expecting to include the $15,000 in his 2013 net income in order to secure a loan from the bank in January 2014 for some new equipment. Write a Business Memo in proper format to Logan explaining how this check should be accounted for and why.
- Assume you are the accounting manager for Logan’s Landscaping & Design. On December 1, 2013, Logan Karver, the owner, presents you with a check for $15,000 from a customer, Anna DeJuliet, to do a landscape design at her residence as soon as the ground thaws in the spring of 2014. No work on this project can be done until then. Logan wants you to deposit the check and include the $15,000 in the 2013 income statement. He is expecting to include the $15,000 in his 2013 net income in order to secure a loan from the bank in January 2014 for some new equipment. Explain how this check should be accounted for and why. (short answer)While she was a college student, Angel lived by a bookstore located near campus. She thinks a bookstore located on the other side of campus would be successful. She incurs expenses of $42,800 (legal fees, accounting fees, marketing survey, etc.) in exploring its business potential. Her parents have agreed to lend her the money required to start the business. What amount of these investigation costs can Angel deduct if she opens the bookstore on August 1, 2019.How is income defined by the IRC? For example, suppose you decided to hold a garage sale one fine summer weekend. The proceeds of such came out to $40. Do you report this? Why or why not?