Segining odyearService Revenwes -200,000160,o0040,000R00salary expensesesRentexpensesInsurance expensesOrowingsO Close Books ?@Net income ?what is ending Owner's equity ?20,000

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Description: Segining odyearService Revenwes -200,000160,o0040,000R00salary expensesesRentexpensesInsurance expensesOrowingsO Close Books ?@Net income ?what is ending Owner's equity ?20,000

Temporary accounts are those which are closed at the end of each accounting year. So at the end of…

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Begining od year Service Revenwes 200,000 salary expenseses Rent expenses 160,000 40,000 R00 o Insurance expenses Osawings 20,000 O Close Books ? @ Net income ļ oWhat is endli ag owner's equity ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem C-1A (Algo) Calculate the future value of a single amount (LO C-2) Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 70 and puts $9,200 into an account earning 9% compounded annually. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.) Required: Calculate how much each person will have accumulated by the age of 70. Answer is complete but not entirely correct. Current Person Age Initial Investment Accumulated Investment by Retirement (age 70) Alec 60 $ 9,200 $ 21,804.00 Daniel 50 9,200 51,520.00 William 40 9,200 122,084.00 Stephen 30 9,200 288,972.00
8. Fay Teng's expenditures for the past 3 months were: August, $1,735.50; September, $1,829.42; and October, $1,793.88. What is her average monthly expenditure? 9. You uce the utility comu.'sbudect praWor paving vour Vour -------. SA6:Docember S100 27 M Tu $94 10. aw-Hill Companies, Inc. All rights reser
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X derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 Interest income from 5/6 lending to clients: P150,000 Interest income from bank deposits in the amount of P25,000. Royalty income for the sale of books where he is the author: P120,000. Capital gain on sale of personal car in the amount of P20,000. Capital gain on the sale of stocks directly to buyer: P30,000. Ordinary gain on sale of old office furniture in the amount of P10,000. Dividend income from stocks of San Miguel Corporation: P60,000. Proceeds received from the life insurance of his deceased father: P1,000,000 what is the total income of X which is subject to regular tax?
B2
Assignment - 11. Quiz: Savings Accounts SECTION ASSIGNMENTS COURSES Attempt 1 of 1 1 2 3 4 Which functions denotes the value of a car loan that accrues 18% annual simple interest for t years? Of (t) = 10000 + 120t Og(x) = 10000 + 12t Oh(x) = 12000t Ok (x) = 10000 1.12t NEXT QUESTION O ASK FOR HELP S Type here to search
Tina Parker, a single mother, is 20 years old. She has called on you for an insurance consultation. Her objective is to purchase life insurance protection for the next 10 years while her children are growing up. Tina tells you that she can afford about $350 per year for insurance premiums. You have suggested either a 10-year term policy or a whole life policy. (a) Using Table 19-1, rounded to the nearest thousand, how much insurance coverage (in $) can Tina purchase under each policy? Hint: Divide her annual premium allowance by the rate per $1,000 for each policy. 10-year term policy $ whole life policy (b) If she should die in the next 10 years, how much more (in $) will her children receive under the term insurance? $
+ a. Convert the following Annual Salaries Monthly 4,583.33 3,333.33 3,125.00 2,000.00 8,000.00 a. $ 55,000.00 b. $40,000.00 c. $ 37,500.00 d. $ 24,000.00 e. $ 96,000.00 Semi-monthly Biweekly 2,115.38 1,538.46 1,442.31 923.08 3,692.31 2,291.67 1,666.67 1,562.50 1,000.00 4,000.00 What would each insurable Hours be based on 8 hour day? Weekly 1,057.69 769.23 721.15 461.54 1,846.15
keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false еВook Problem 10-25 (LO. 2) For calendar year 2020, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2020. How much of these premiums may Jean deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct % of their medical insurance premiums as a deduction for AGI in 2020. Thus, Jean may deduct $ as a deduction - AGI and she may deduct $ as an itemized deduction (subject to the AGI floor). Previous Check My Work
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