Need Answer During October, a firm had the followingtransactions involving revenue and expenses.1. Paid $1,075 for rent for October.2. Provided services for $2,500 in cash.3. Paid $200 for the October telephone service.4. Provided services for $1,650 on credit.5. Paid salaries of $1,550 to employees.6. Paid $300 for the monthly office cleaning service.Calculate the net income or net loss for the period.

Step 1: Definition of Net Income/Loss:Net income or loss is an important line item on the income…

Answered: During October, a firm had 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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Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000. How much is the Total Service and Business Income collected?
Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000. How much is the Total Revenue collected?
Sam formed a corporation called Sam Inc on December 1, 2010. The new corporation was able to begin operations immediately by purchasing all the assets and taking over the location of Buy-It, an equipment rental company which was going out of business. The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered the following transactions: Dec. 1 Issued 20,000 shares of capital stock at an issue price of $15 per share. Dec. 2 Paid $158,000 cash and issued a 12 months note payable for the balance to buy equipment of $288,000 in which the note will be paid in full together with interest at the end of 1 year. Dec. 3 Paid quarterly rental of $4,800 per month in one lump sum to Lovely as three months' advance rent on the rental yard and office formerly occupied by Lovely. Dec. 7 Purchased office stationery from ICan Book Store for $1,200 on credit. Dec. 10 Polar Company paid $9600 in advance for equipment…
Wall Design Services billed its customers a total of $490,200 for the month of August, including 9 percent federal excise tax and 5 percent sales tax. 1. Determine the proper amount of service revenue to report for the month.2. Prepare a journal entry to record the revenue and related liabilities for the month
6. Agency XYZ collected the following income during the month: Income Taxes - Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000 How much is the Total Service and Business Income collected
Suppose your company sells services for $325 cash this month. Your company also pays $100 in salaries and wages, which includes $15 that was payable at the end of the previous month and $85 for salaries and wages of this month. prepare journal entries a) Record the service revenue of $325 for cash. b) Record the salaries and wages paid of $100.
Determine the amount of employees net, wages?
For the month of September, Statewide Sales Inc. recorded gross pay of $59,750. The net pay for the month amounted to $57,000. The company decided to pay the salaries on October 5. What are the journal entries for the payment of salaries?
Prepare and Complete the Worksheet using the Following Information: a. Supplies on hand at December amounted to 7,400 b. Salaries of 1,800 have accrued at month end c. Depreciation is 800 for December d. Detoya has spent 20 hours on a tax fraud case during December. When completed in January, his work will be billed at 500 per hour. Note: the firm uses the account Fees Receivable to reflect the amounts earned but not yet billed.
The following information is taken from the accrual accounting records of Kroger Sales Company:a. During January, Kroger paid $9,150 for supplies to be used in sales to customers during the next2 months (February andMarch). The supplies will be used evenly over the next 2 months.b. Kroger pays its employees at the end of each month for salaries earned during that month.Salaries paid at the end of February and March amounted to $4,925 and $5,100, respectively.c. Kroger placed an advertisement in the local newspaper during March at a cost of $850. Thead promoted the pre-spring sale during the last week in March. Kroger did not pay for thenewspaper ad until mid-April.Required:1. Under cash-basis accounting, how much expense shouldKroger report for February andMarch?2. Under accrual-basis accounting, how much expense should Kroger report for February andMarch?3. CONCEPTUAL CONNECTION Which basis of accounting provides the most useful informationfor decision-makers? Why?
5. Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes - Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000 How much is the Total Revenue collected
In providing accounting services to small businesses, you encounter the following situations. 1. Grainger Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $5,200 plus GST of $300 and PST of $400. 2. Darby Corporation receives its annual property tax bill in the amount of $8,100 on May 31. 3. (i) During the month of March, Neufeld Corporation’s employees earned gross salaries of $60,400. Withholdings deducted from employee earnings related to these salaries were $2,950 for CPP, $1,068 for EI, $7,780 for income taxes, and $370 for union dues. (ii) Neufeld’s payroll costs for the week were $2,950 for CPP and $1,495 for EI. Prepare the journal entries to record the above transactions. (Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit 1. 2. 3…

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