Cal Cycle Sales has an inventory of $100,000 in bikes and accessories for sale. His sales for the year totaled $200,000. During the year, he paid $20,000 in building rent and utilities, $25,000 to his assistant who does repairs, and $125,000 for the bikes he sold. What was Cal's ROA?
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- You are to refer to Kate Minimart operation below: Kate operates a minimart store located in a private estate. She invested $20,000 of her own funds and took an additional $10,000 bank loan to pay for the renovation and store fittings totaled $22,000, balance funds to use for operation needs. Kate paid a monthly rent of $5,000 for the store. The minimart sells a variety of goods estimated a total worth of $10,000. All sales are on cash basis amounting to about $12,000 to $14,000 each month. Kate is at a loss how to prepare the accounts for her business. You will perform the following: (0) Select an accounting principle and explain how it can be applied to Kate Minimart 3(iii) (iv) element Select THREE (3) transactions that Kate Minimart performs and illustrate their effect on the accounting equation. Select ONE (1) financial statement to prepare at period end. Describe the following: -the purpose of preparing the statement the key components ONE (1) user and how he can use its information provide a brief format of the selected financial statement (with no numbers).Rita is keen to grow her business and provided some information on two transactlons that she undertook during the year. The first was the purchase of an individual asset for the business called a Techpager. wwym ww The initial cost of the machine itself was $32,000 with several extra required fees and charges. Rita also decided to include a number of optional extras in the purchase. Installation of Techpager $1500 Transportation and Shipping Costs $600 Extended Warranty/Service Program $300 per year. This is an optional service offered by the company that covers all maintenance and repairs costs and is paid annually in advance Sorting and Stapling Unit $1200 (required to allow Rita to produce the booklets for her business) Custom Painting $400 (Rita does not need to have this done but has decided she wants the machine to match her office décor) Insurance $500 per year payable in advance Prepare a general Journal entry to record the individual of the purchase business called Techpager.
- 1. Maria is the owner and operator of a small local bakery that has annual sales revenue of $200,000. The annual salary expense paid to Maria's employees is $50,000. The cost of supplies used during the year totals $50,000. The amount paid for the annual rent for the building and utilities is $30,000. Maria used $100,000 of her personal savings to purchase equipment for the shop. Maria could have earned a 10% interest rate on this $100,000 if it had been left in the bank. Maria has rerently been offered a job to work full-time as a pastry chef for $65,000 at a restaurant in town.. 1. Calculate the accounting profit for this business. 2. Calculate the economic profit for this business. 3. Explain whether Maria should continue to own and operate the bakery or whether she should accept the job at the restaurant.Sally owns a rental house. Her house income is 1000 a month. The expenses for the year are as follows: mortgage interest 3600, property tax is 1545, property manager is 1200, insurance 400, cleaning and maintenance 600 repairs 55 and depreciation 2000. What is Sally's net income loss from the rental property?This year Evans graduated from college and took a job as a deliveryman in the city Evans was paid a salary of $72,300 and he received $700 in hourly pay for the part-time over the weekends. Evans summerized his expenses aa follows. . Cost of moving his possessions to the city (125miles) $1,200. .interest paid on accumulated student loans $2,800. .Cost of purchasing a delivery uniform $1,400. .contribution to state university deliveryman program $1'300. Using TaxAct, complete page 1of Evans form 1040 for 2019 and calculate his adjusted gross income and taxable income.
- Joshua Pty Ltd runs a furniture retailing business. During the tax year 19-20, Joshua provided customers with various loan arrangements to finance the purchase of furniture. Total expenses relating to the loan arrangements (specific loan calculation software and computers) totaled $33,000 (inc. GST) Joshua’s total expenses during the year (All expenses to run the business included the $33,000) were $2.2 million (inc. GST). Joshua Pty Ltd is registered for GST purposes. Required: Discuss Joshua’s Ability to claim the $3,000 Input Tax Credit?Kelvin owns and lives in a duplex. He rents the other unit for $720 per month. He incurs the following expenses during the current year for the entire property: Mortgage interest $ 7,350 Property taxes 1,880 Utilities 1,420 Fixed light fixture in rental unit 85 Fixed dishwasher in personal unit 220 Painted entire exterior 1,010 Insurance 1,700 Depreciation (entire structure) 6,200Bob is a farmer and is required to use the accrual method. At the beginning of the year, Bob has inventory, including livestock held for resale, amounting to $10,000. During the year, Bob purchased livestock totaling $3,000. Bob’s ending inventory was $4,000. Bob’snet sales for the year totaled $17,000. What is Bob’s gross profit for the current year?a. $9,000b. $17,000c. $8,000d. $13,000
- Brittany, who is an employee, drove her automobile a total of 20,000 business miles in 2022. She drove 10,000 miles in the first half of the year and 10,000 miles in the second half of the year. This represents about 75% of the auto's use. She has receipts as follows: parking(business only) $500 tolls (business only) 200 Repairs $1000 Brittany's AGI for the year of $50,000, and her employer does not provide any reimbursement. She uses the standard mileage rate method. After application of any relevant floors or other limitations, Brittany can deduct A) $0. B) $12,000. C) $11,825. D) $13,000.Sam bought a ring for $2,000 from Zales. He must pay at 6% sales tax and 9% excise tax. Since the Jeweler is shipping the ring, Sam must also pay a $20 shipping charge. What is the total purchase of Sam's ring?During his first year of trading, Tanwir brings his private car, valued at $6,000 into the business as well as his initial $20,000 of capital. The business made a net profit of $17,500 for the year, after deducting $650 for petrol which was paid out of his private funds. He has drawn $5,000 out of the business bank account for himself, as well as paying his home telephone bill of $450 from business funds. Tanwir's capital at the end of his first year of trading was $ ...........................