I need answer of this question solution general accounting Jackson's Small Engine Repair Shop, a proprietorship,started the year with total assets of $60,000 and totalliabilities of $40,000. During the year, the businessrecorded $100,000 in repair revenues, $55,000 in expenses,and Mike Jackson, the owner, withdrew $10,000. Jackson'sCapital balance at the end of the year was:A) $65,000B) $35,000C) $55,000D) $45,000

Step 1:Define Shareholders EquityAfter deducting all the liabilities of a company from the assets,…

Answered: Jackson's Small Engine Repair Shop, a…

Principles of Accounting Volume 1

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Chapter11: Long-term Assets

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Problem 5PB: Johnson, Incorporated, had the following transactions during the year: Purchased a building for...

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Jada Company had the following transactions during the year: Purchased a machine for $440,000 using a long-term note to finance it. Paid $460 for ordinary repair. Purchased a patent for $48,000 cash. Paid $160,000 cash for addition to an existing building. Paid $52,000 for monthly salaries. Paid $240 for routine maintenance on equipment. Paid $10,000 for major repairs. Depreciation expense recorded for the year is $20,000. A) If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jada’s balance sheet resulting from this year’s transactions? B) What amount did Jada report on the income statement for expenses for the year?
Jessica's Art Studio, a sole proprietorship, began the year with total assets of $80,000 and total liabilities of $50, 500. During the year, the studio generated $120,000 in revenue and incurred $65, 400 in expenses. Additionally, Jessica withdrew $15,000 for personal use. What is Jessica's capital balance at the end of the year? A) $64, 100 B) $39,600 C) $49, 100 D) $69, 100
Johnson, Incorporated, had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for extraordinary repairs Depreciation expense recorded for the year is $15,000. If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Johnsons balance sheet resulting from this years transactions? What amount did Johnson report on the income statement for expenses for the year?
Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?
Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for extraordinary repairs If all transactions were recorded properly, what amount did Jada capitalize for the year, and what amount did Jada expense for the year?
Greene operates a parking lot that yielded net income of $13,000 during the current year. The only other transactions that Mr. Greene had during the year were: 1) a gain of $16,000 on the sale of some Dell Corporation stock that he bought two years ago; 2) a loss of $10,000 on the sale of one acre of the land used in his parking lot business; 3) a gain of $4,000 on the sale of half an acre of the land used in his parking lot business. All of the land used in his parking lot operations was purchased seven years ago. Mr. Greene's net capital gain from sale or exchange of capital assets for the current year is Question 14 options: 20,000 16,000 10,000 10,000
Greene operates a parking lot that yielded net income of $13,000 during the current year. The only other transactions that Mr. Greene had during the year were: 1) a gain of $16,000 on the sale of some Dell Corporation stock that he bought two years ago; 2) a loss of $10,000 on the sale of one acre of the land used in his parking lot business; 3) a gain of $4,000 on the sale of half an acre of the land used in his parking lot business. All of the land used in his parking lot operations was purchased seven years ago. Mr. Grenee's net capital gain from sale or exchange of capital assets for the current year is 20,000 16,000 10,000 15,000 Please note answer is not 10,000
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Casello Mowing & Landscaping's year-end 2018 balance sheet lists current assets of $435,400, fixed assets of $550,600, current liabilities of $416,800, and long-term debt of $314,900. Calculate Casello's total stockholders' equity. Crane Company purchases a new delivery truck for $50,000. The sales taxes are $5,000. The logo of the company is painted on the side of the truck for $1,600. The truck's annual license is $130. The truck undergoes safety testing for $270. What does Crane record as the cost of the new truck? A) $56,870 B) $54,870 C) $55,000 D) $57,000 Which of the following account titles should the following expenditure be debited: Paid $7,000 of accrued taxes at the time the plant site was acquired? a. Land Improvements b. Land c. Prepaid Insurance d. License Expense e. Equipment
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A business purchased a motor car on 1 July 20X3 for $20,000. It is to be depreciated at 20 per cent per year on the straight line basis, assuming a residual value at the end of five years of $4,000, with a proportionate depreciation charge in the years of purchase and disposal. The $20,000 cost was correctly entered in the cash book but posted to the debit of the motor vehicles repairs account. How will the business profit for the year ended 31 December 20X3 be affected by the error?
The accounting records of Ehrlich Inc. show the following data for 20201. Life insurance expense on officers was $10,000.2. Equipment was acquired in early January for $450,000. Straight-line depreciation over a 6-year life is used, with no salvagevalue. For tax purposes, Ehrlich used a 30% rate to calculate depreciation.3. Interest revenue on municipal bonds totaled $3,600.4. Product warranties were estimated to be $90,000 in 2020. Actual repair and labor costs related to the warranties in 2020were $24,000. The remainder is estimated to be paid evenly in 2021 and 2022.5. Sales on an accrual basis were $500,000. For tax purposes, $400,000 was recorded on the installment-sales method.6. Fines incurred for securities violations were $10,600.7. Pretax financial income was $460,000. The tax rate is 30%.Instructions(a) Prepare a schedule starting with pretax financial income in 2020 and ending with taxable income in 2020.(b) Prepare the journal entry for 2020 to record income taxes payable,…

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