C. In June, Nikea Inc. received the $10,000 payment from XYZ Which of Nikea's accountsare affected by this transaction and what is its effect on the accounting equation?Type your response here:D. What is the effect on XYZ's accounting equation in June when it remitted the $10,000?Type your response here:EvaluationYour teacher will use this rubric to evaluate the completeness of your work as well as theclanty of thinking you exhibitTotal Points: 100Basics of Fundamental AccountingTask points: (100]The owner invests more money in the business(10]

Given transaction is: Nikea Inc. received the $10,000 payment from XYZ. Cash (Assets) - Increase XYZ…

Answered: C. In June, Nikea Inc. received the…

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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above transactions and determine the balances. Prove total amounts c. Prepare a statement of Income for July and a statement of financial 48 MGMT 101a: Principles of Accounting I Learning Tasks/Activities Direction: Analyze and answer the following problems provided below. Problem 1. The Family Clinic is owned and operated by Dr. Galing. Dr. Galing has the following assets and liabilities when he started the clinic on July 1: Cash P 54,200 , Medical Supplies P 3,850, Medical Equipment P 75,000, Accounts Payable on Medical Equipment P 25,000. His business transactions during July are the following a. Received cash from patient for services performed, P 40,000 b. Paid amounts owed for medical equipment, P 15,000 C. Paid Office Rent for the month, P 15,000 d. Charged patients for services performed, P 8,025 e. Received cash from account patients P 10,000 for Medical Services of P 20,000 f. Purchased medical supplies on account, P 12,450 a. Received cash from patients for amounts owing, P…
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Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who are looking for tutoring services, and TiX, which can be used to buy, sell, or exchange event tickets. For the following year, SMI expects the following results. Toot! TiX Total Users 10,700 18,100 28,800 Revenues $ 1,600,000 $ 1,440,000 $ 3,040,000 Engineering hours 8,200 6,200 14,400 Engineering cost $ 516,500 $ 635,500 $ 1,152,000 Administrative costs $ 921,600 Required: Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the number of usersto allocate administrative costs. Based on the rates computed in requirement (a), what is the profit for each service?
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Prepare the financial statements for Smart Touch Learning for the month of December. Remember that the business started operations this month so all beginning balances were zero. For the Statement of Retained Earnings and the Balance Sheet, enter any decreases with a minus sign or parentheses. Check your spelling carefully and do not abbreviate. Enter account names exactly as provided in the adjusted trial balance. SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash 35,270 Accounts Receivable 1,700 Office Supplies 290 Prepaid Insurance 1,350 Furniture 13,400 Accumulated Depreciation - Furniture 200 Salaries Payable 4,600 Unearned Revenue 3,400 Common Stock 36,800 Dividends 4,200 Service Revenue 20,800 Salaries Expense 6,600 Depreciation Expense - Furniture 200 Insurance Expense 450 Utilities Expense 230 Rent Expense 2,000 Supplies Expense 110 Total…
Prepare journal entered for the attached transactions
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Learning Outcomes Covered in the Assignment: Outcome No. 3, 4 and 5 > Recording the Journal > Posting in the ledger > Preparing unadjusted trial balance Assignment Question(s) Problem 1. Mr. Amjad started his Car Repair Business in Muscat in June 2020. During the month of June, the following transactions occurred: June 1 Amjad opened the business by investing OMR 200,000. June 2 Purchased Computers for OMR 2,500 and immediately paid OMR 2,000 cash and promised the supplier to pay the remaining amount in the future. June 5 Purchased supplies on account for OMR 8,500. June 6 Provided repair service to a customer, OMR 5,600. The customer paid OMR 2,000 and the remaining will be paid in the near future. June 10 Paid the remaining amount of OMR 500 for the Computers bought June 2. June 15 Provided repair service to a customer on account, OMR 20,000. June 16 Purchased Computer Equipment by cash, OMR 9,000 June 23 Received cash from the customer who was billed on June 15", OMR 20,000. June 24…
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Name: Date: Grade/Section: Score: Activity 5: Problem Solving Directions: Make a trial balance of Nagaget Computer Repairs as of June 30, 2020, using the following transactions. Place your answer in a three- column columnar sheet. June 14, 2020 - Mr. Peter Nagaget invested Php200,000 into his Nagaget Computer Repair business. June 15, 2020 - Purchased one computer unit from XY Computer Store to be used for his business. He issued a check amounting to Php25,000. June 16, 2020 - Peter hired Juan Nalaing, an experienced secretary. June 17, 2020 - Repaired the computer of Jean and collected Php10,000. June 18, 2020 - Repaired the computer of Mike; however, Mike will pay PHP15,000 only on July 18, 2020. June 19, 2020- Peter purchased Office Supplies from MM Merchandise amounting to Php5,000 on the account. Peter will pay this on July 30, 2020. June 25, 2020- Paid the salary of Juan amounting to Php4,000. June 30, 2020 - Withdraw two reams of bond paper for personal used amounting to Php500.…
(Learning Objective 4: Journalize and post transactions) Consultant Mary Gervaispurchased supplies on account for $4,300. Later Gervais paid $3,450 on account.1. Journalize the two transactions on the books of Mary Gervais, Consultant. Include anexplanation for each transaction.2. Open a T-account for Accounts Payable and post to Accounts Payable. Compute thebalance and denote it as Bal.3. How much does the business owe after both transactions? In which account does thisamount appear?

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