Jacob started a business with the following transactions: 1. Invested $20,000 into the business. 2. Purchased supplies worth $2,000 on account. 3. Sold goods for $10,000; these goods cost $6,000. 4. Paid salaries of $1,000. What is Jacob's net income after these transactions? A) $3,000 B) $4,000 C) $2,000 D) $1,000
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- Talbot purchases business machinery for a price of $100,000. Talbot pays the seller $20,000 in cash and finances the rest by giving the seller a note for $80,000. What is Talbot’s initial basis in this machinery?Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the year, accounts receivable were $15,000. What was Mosh's gross taxable income for the current year? A. $75,000 $90,000 B. C. $100,000 D. $110,000Mark Waugh starts business. Before any sales, he has purchased fixtures $12,000, motor vehicle $30,000 and stock of goods $21,000. Although he has paid in full for the fixtures and motor vehicle, he still owes $8,400 for some of the stock. His brother Steve has lent him $18,000. Mark, after the above, has $16,800 in the business bank account and $600 cash in hand. Calculate Mark’s capital?
- In order to prepare the statement of Financial position, you identified the following assets and liabilities of Ms. Santos after she made an investment of 159,000. A. Her store has cash deposited in a bank account amounting to 25,000.B. Her store has a lot of uncollected sales from customers amounting to 75,000.C. The total amount of merchandise left inside the store is 30,000.D. He already paid one year's rent in advance amounting to 12,000.E. The value of all the company's furniture amounted to 100,000F. He bought merchandise from his supplier amounting to 25,000 and the supplier agreed that payment can be made 2 months after year end.G. SSS, PHILHEALTH and PAG-IBIG payables for his one employee totaled 5,000.H. The sari-sari store had outstanding Liabilities to utility companies amounting to 3,000.I. She had a loan from the bank amounting to 50,000 to be paid in 3 years. Please make the statement of Financial position.Shields Corporation purchases 5 flashlights for $5 each and sells them to customers for $9 each. What is Shield's total gross profit? a. $4 b. $20 c. $25 d. $45 e. $5Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past year. The A.P.R. on her credit card for the past year was 19.99%. Approximately how much interest would Louisa have paid over the course of the year? She would have paid interest charges of $2,000. She would have paid interest charges of $20. The credit card company would have paid Louisa $20. She would have paid interest charges of $200.
- Using the following information about the family’s assets and liabilities, calculate the total assets: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000 A) 464,000 B) 400,000 C) 415,000 D) 479,000Laura borrowed a total of $25,000 from two different banks to start a business. One bank charged the equivalent of 3% simple interest, and the other charged 4.5% interest. If the total interest after 1 year was $810, determine the amount borrowed from each bank.Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…
- Mr. Shankar has started a business by cash Rs.35,000 and bank balance Rs.1,50,000 on 1st Jan.The other information are as follows:Jan 02purchased goods for Rs.50,000 from Hari and paid partially Rs.20,000Jan 07 Paid for wages Rs.22,000 by chequeJan 10Mr.Shankar withdrew Rs.1,500 for personal use from the bank.Jan 15 Dividend of Rs.5,000 was collected by the bank.Jan 18 Withdrew from the bank for office use Rs.20 000.Jan 25 Sold goods for Rs.30,000 to .Ram and received Rs.15, 000 by cheque partially.Jan 26 paid to Han in full settlement by cheque.Jan 27 deposited the cheque of Mr.Ram.Required:Cash book with cash and bank column.The following transactions occurred during a recent year: a. Paid wages of $1,000 for the current period (example). b. Borrowed $5,000 cash from local bank using a short-term note. c. Purchased $2,000 of equipment on credit. d. Earned $400 of sales revenue; collected cash. e. Received $800 of utilities services, on credit. f. Earned $1,700 of service revenue, on credit. g. Paid $300 cash on account to a supplier. h. Incurred $70 of travel expenses; paid cash. i. Earned $400 of service revenue; collected half in cash, with balance on credit. j. Collected $100 cash from customers on account. k. Incurred $300 of advertising costs; paid half in cash, with balance on credit. Required: 1. For each of the transactions, complete the following table, indicating the account, amount, and direc and for decrease) of each transaction under the accrual basis. Include revenues and expenses as equity, as shown for the first transaction, which is provided as an example. 2. Determine the company's…Suppose hunt company has receivables of 72000