businessman who buys packages of goods and wholesales the package for cash. Hi
Q: Shown below is the bank reconciliation for Mat Company for November 20x7: Balance per bank, Nov 30,…
A: The bank reconciliation statement is prepared to record the balance as per bank statement and cash…
Q: Instructions: ldentify each of the following accounts as an asset, Liability or Equity. ACCOUNTS…
A: An equity is residual interest in net assets of the organization.
Q: ose you de
A: Suppose an equal sum of money is invested in the bank on a recurring basis what would be the future…
Q: Illustration 2. Business Combination Achieved in Stages and without transfer of consideration On…
A: In most circumstances, the consideration transferred is valued at its fair market value. The…
Q: Appraised Value Percentage of Percentage Appraised Value (in $) First Mortgage Lender's Balance of…
A: Formula used: Potential credit = Percentage of Appraised value - Balance of first mortgage
Q: Required information PA11-2 (Algo) Making Automation Decision (LO 11-1, 11-2, 11-3, 11-5) (The…
A: Lets understand the basics. In this question, we are required to calculate missing figures. After…
Q: Current assets $22400 Net income $4450 Stockholders' Current liabilities 13400 6640 equity Average…
A: The ratio analysis helps to analyse the financial statements of the business.
Q: George, an ophthalmologist, owns a separate business (not real estate) in which he participates. He…
A: Answer: The correct option is b. If George participates for 600 hours and the employee participates…
Q: Required Information Problem 7-42 (LO 7-2) (Algo) [The following information applies to the…
A: Capital gain is the increase in the value of asset and is realized when it is sold. The minimization…
Q: Find the present value of the ordinary annuity. (Round your answer to the nearest cent.) Amount of…
A: Since compounding will be done quarterly, the annual rate of interest is divided by 4 (i.e., 8%/4 =…
Q: Basic Accounting Equation) Fill up the missing amounts for each case Case 1 Case 2 Case 3…
A: The basic accounting equation based on which the financial statements of a business can be prepared…
Q: Contribution Margin Incone Statenent Sales (420, 000 units) Variable costs Direct materials Direct…
A: The question is based on the concept of Cost Accounting.
Q: n from the separ ome of P Compa as follows: ial position acco ..... ...
A: Given The percent of non-controlling interest ownership in S Company as of December 31, 2019.
Q: n July 1, 2020, Rudy Project (a calendar-year corporation) had capitalized cost of P1,200,000 for a…
A: Amortization of assets Accounting Basic Concept of Accounting
Q: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, S10,000; Accounts…
A: Since basic accounting equation is Total assets = Total liabilities + equity
Q: Using the following information, prepare the journal entries to reconcile the bank statement. Bank…
A: Bank reconciliation is drawn up by the organizations to verify the cash balance as per the books of…
Q: A company has annual fixed cost of Php 600,000 and a breakeven point at 42% of capacity. The ratio…
A: Contribution margin analysis is used to determine the various sales level. It mainly helps the firm…
Q: Ms. Ligaya wants to buy her dream car. However, she does not have enough money to pay for ₱5,000,000…
A: The question is based on the concept of Financial Management.
Q: Sherborne sold his rental house in California, for a sales price of $750,000. He recognized a…
A: The rise in the value of a financial instrument when this is sold is referred to as a capital gain.…
Q: You are a mortgage broker at Interamerican Bank. One of your clients, Bill Cramer, has submitted an…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Vegas Company has the following unit costs: Variable manufacturing overhead $ 20 Direct materials 25…
A: The contribution margin is calculated as difference between sales revenue and variable cost.
Q: Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic…
A: Cost of goods of sold in simple terms is the amount or price at which the seller sells the goods or…
Q: A company reports the following: Net income $738,000 Preferred dividends $42,000 Shares of…
A: EPS on common stock is calculated as net income available to common shareholders divided by average…
Q: Using the information in AA8, how much is the total amount of Retained Earnings? P 150,000 P 100,000…
A: Retained earnings means the amount that is left after paying all the expenses and amount that…
Q: . Partners Lanvega, Tauroneo, and Bryce share profits and losses in the ratio of 4:5:1. The…
A: Liquidation of partnership means cancelling all the rights and liabilities of the partners,…
Q: Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as…
A: Equivalent Units of Production: It is the number of completed units of an item that a company could…
Q: Calculate the missing values and express the answers rounded to two decimal places. Rate of Amount…
A: Markup means the difference between the selling price and direct cost. Markup is generally related…
Q: How much is Vancouver Company's amortization expense and franchise fee expense for the year 2020?
A: On April 1, 2020, Vancouver Company purchased from Sunbucks Company (franchisor), a franchise to…
Q: One day, the company chooses to buy their new accounting information system (AIS), and decide which…
A: Accounting Information System is the system of various program or functions for accounting. It…
Q: Financial statement analysis is a part of business analysis. please explain about that statement!…
A: Financial Statements Financial Statements refer to those statements that provide a snapshot of the…
Q: ASSETS LIABILITII OWNER'S EQUITY $30,000 $22,000 a. b. $ 7,000 $98,000 C. $25,000 $11,000
A: Asset equation satisfies the double entry system of accounting. It is given by the formula, "Assets…
Q: Calculate the percentage of appraised value and the potential credit available for a second mortgage…
A: Loan is the debt amount which is given by bank to the borrowers and the borrower have to repay the…
Q: a. Using the information provided in the image below, determine the carrying amount of the inventory…
A: As per the given information in the above question we must determine the carrying amount of the…
Q: Cammie received 100 NQOs (each option provides a right to purchase 10 shares of MNL stock for $10…
A: b. Tax savings on grant date = $0 (No tax can be deducted on the grant date as the option cannot be…
Q: Required information [The following information applies to the questions displayed below.] Hans runs…
A: Ordinary gain = Non recapture 1231 losses of previous 5 years which are offset by 1231 gain during…
Q: 19. Partners Lanvega, Tauroneo, and Bryce share profits and losses in the ratio of 4:5:1. The…
A: If the partnership decides to liquidate, the assets of the partnership are sold, liabilities are…
Q: Equipment for immersion cooling of electronic components has an installed value of P 819,000 with an…
A: The question is based on the concept of Depreciation Accounting. Depreciation is the reduction in…
Q: office.com received an $8000 invoice dated April 10. Terms were 2/10, 1/15, n/60. On April 14,…
A: The 2/10 in the terms stands for a 2% discount if paid within the first 10 days. Given…
Q: The following data were gathered to use in reconciling the bank account of Crystal Company: Balance…
A: Bank reconciliation consists of reconciling balance as per bank books to adjusted bank balance and…
Q: Apples Ban
A: Incremental IRR is the one of the method of finding best project among all and used for comparison…
Q: ute cash as it becomes available. At each end of the month. On February 28, 2018 some assets were…
A: The distribution of Cash is in the following sequence: i) Payments for the Liabilities ii) Payment…
Q: How will differentiate investment on gambling?
A: Investment and gambling both necessitate putting money at risk in order to earn. Limiting risk while…
Q: Sand and Sea Resorts owns and operates two resorts in a coastal town. Both resorts are located on a…
A: Lets understand the basics. Cost driver is a driver which is used to allocate the cost to product or…
Q: In 2021 an investor sold capital property for $80,000. The cost base of the property was $55,000.…
A: A capital gain is the increase in the value of a financial instrument when it is sold. A capital…
Q: Rafiel, Reyson, and Leanne are partners sharing profits and losses equally. The partnership is being…
A: The insolvency of one partner would be borne by remaining partners in profit loss sharing ratio.
Q: Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and share…
A: Income Statement PARTICULARS AMOUNT PARTICULARS AMOUNT Ebanks 475000 Interest on partner's…
Q: Nivea Company is planning to introduce a new product. Market research information suggests that the…
A: Life cycle costing accounts for all costs incurred during a product's life cycle. When life cycle…
Q: ransactions during 2020 of the newly organized Atomic Corporation included the following: •…
A: Intangible assets are assets that doesn’t have physical form, they cannot be seen or touched but…
Q: Q1 Mention in brief the results of measures undertaken to bring about reforms in state finance under…
A: Answer:- Taxation system:- Taxation system is the process through which the government collects the…
Q: guid iabil odger ingle orris
A: Given:
Neil Brown is a businessman who buys packages of goods and wholesales
the package for cash. His business is registered as a Vat Vendor. During
March 2022 he purchased for cash a package of goods for R28 000
(exclusive of 15% Vat). Neil used a mark-up of 30% on the cost price and
sold the package for R41 860 (Inclusive of 15% VAT). Neil uses the perpetual
inventory system to keep records of his trading activities.
Required:
Record general
goods. You do not have to record the dates but must include a brief narration
appropriate for both the purchase and sale of the goods above.
Step by step
Solved in 2 steps with 1 images
On this question may you please explain how it came to 41880 instead of 41860
- Jack Lowes $358.32 on his Visa account. He returns two items costing $23.13 and $32.77 for credit. Then he makes purchases of $43.00 and $97.14. a) How much should his payment be if he wants to pay off the balance on the account? b) Instead of paying off the balance, he makes a payment of $300 and then incurs a finance charge of $24.66. What is the balance (amount owed) on his account? a) He needs to make a payment of $ to pay off the balance. b) The balance is $S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:- 2020 July 3 He purchases shop fittings for sh. 2,500 and pays by cheque. July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000. July 6 He buys stock for Sh. 1,500 and pays through bank. July 8 He sells goods for cash Sh.1,000. July 10 Buys goods on credit from XY & Co. for Sh. 1,200 July 12 Sells goods to A. Smith for Sh. 900 on credit July 13 Pays wages Sh. 120 by cash July 14 A. Smith returns goods worth Sh. 200 July 15 Pays to AB & Co. Sh. 3,000 by cheque July 17 Goods returned to XY & Co. amounting to Sh. 350 July 21 Receives from A. Smith a cheque for Sh. 700 July 25 Sells goods for cash Sh. 300. July 30…
- Archie makes plumbing fittings. He is currently preparing accounts for the year ended 31 December 2021, but his sales book was destroyed in a flood. He has a separate list of the moneys owing by customers at 31 December 2021, which amounted to £41,000 in total. Generally, Archie allows his customers 30 days credit. Archie estimated his sales for the year ended 31 December 2021 at:a) £14,235,000b) £1,170,000c) £488,500d) None of the aboveFreddy runs a business selling clocks. He buys 457 clocks for $44 each (including GST) and sells for $77 each (inc GST). He is registered for GST credits. How much should he remit to the ATO once all the clocks are sold?On June 7, 2022 your mother visits Jewel to purchase purchase shampoo, paper towels, toothpaste, and laundry detergent. She finds all of the items on her list and pays the cashier $40 in cash (including taxes) for her purchases. Your mother returns home to find you studying for Acc. 350 and you comment that she had a contract with Jewel. She states that she paid in cash ... no legal document was signed. Eplain why a contract existed between your mother and Jewel on June 7, 2022?
- Marcus runs a business selling reclining chairs. He buys 540 chairs for $55 each (including GST) and sells for $85 each (inc GST). He is registered for GST credits. How much is he liable to remit to the ATO assuming all the chairs are sold? For all answers (unless otherwise indicated), please round your answer to the nearest dollar and use numerals only eg 9999Tre owns his own business selling drums. Tre prefers to sell the drum kits for cash, but occasionally will sell on credit to people he trusts. On January 1, 2020, Tre has Accounts Receivable of $20,000. During the year, he sold a total of $120,000 worth of drums and collected $90,000 in total cash. What are Tre’s Accounts Receivable on December 31, 2020? Group of answer choices $0 $20,000 $50,000 No way to figure this outKate decided to open Kate’s Kupcakes on 1 July 202X. Kate will sell cupcakes in her storeand also take custom orders. She contributed ingredients valued at $2,000, equipmentvalued at $10,000 and shopfitting’s valued at $6,000. She also deposited $12,000 into abusiness bank account. Kate plans to use her own vehicle to make deliveries and pick upsupplies. Kate purchased the vehicle for $30,000 on 1 July 202X. The expected life of the caris 5 years with a residual value of $5,000. On 1 July Kate took out a $20,000 business loanwith a fixed rate of interest of 12% p.a. Monthly repayments on the loan are $450 and aredue on the 18th of every month. Transactions during July were: 4 Took a five-year lease on a shop and paid the first 6 months of rent $9,000. 4 Mrs. Jones requested a quote for a custom order of 200 cupcakes. 4 Kate purchased a $300 printer on credit. 8 Kate contacted Mrs. Jones to inform her the custom order would cost $600. 9 Purchased office supplies for $400, paid $75 cash…
- Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at 70% of their face value and then attempts to collect these accounts. During the current year, Bob collected $75,200 on an account with a face value of $90,240. Bob has debt deduction. He has of $fill in the blank 3.In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2022. Question Content Area a. Is Sonja subject to the FBAR reporting requirement? Sonja is required to file an FBAR form for 2022 because on at least one day during 2022 she had over $fill in the blank 08426906fff3031_1 in a foreign bank account. Question Content Area b. Is the interest income taxable in the United States? , of the interest income earned from this account is taxable in the United States.Thabo Baloyi is the owner of Thabo's General Dealer business in Orlando East. He started the business on 1 January 2020. He is married to Cynthia, however she has no involvement in the business. Thabo employees only one assistant, Lucas. Thabo is a member of the Infinity Medical Aid. Most of Thabo's sales are for cash, however he does provide credit sales to 2 debtors, namely, Mr Khumalo and Miss Ncube. In order to start his business Thabo took a 3-year loan from First Allied Bank on 1 February 2020. The business purchases from one supplier, AB Wholesalers on credit. Thabo's father invested R50 000 in the business, the business is expected to pay Thabo's father 1% of the profit annually in the form of a dividend. Thabo's General Dealer is a registered VAT Vendor. Q.1.1 If the persons/entities listed in the first column below are users of the financial information of Thabo's General Dealer, then place a cross in the applicable column (i.e. investor, employee, lender, etc.). If not, then…