Law firm had $250,000 gross receipts. Received monthly parking benefit worth $200 for legal services. Client provided office furniture (fair market value $3,500) for legal work. Calculate gross income.
Q: Need help with this general accounting question
A: To solve this, we need to calculate the present value difference caused by the change in interest…
Q: What is the accrued on the $100,000 face amount of this note ?
A: To calculate the accrued interest on the U.S. Treasury note, we need to follow these steps:Step 1:…
Q: Please solve this question Accounting question
A: Step 1: Define Absorption CostingAbsorption costing is described as one of the classifications of…
Q: None
A: Step 1: Given Value for Calculation Amount Received in 2 years = a = $43,000Time = t = 9Interest…
Q: Hii expert please provide correct answer general Accounting
A: The basic earnings per share (EPS) measure the profit available to common shareholders for each…
Q: Solve this question financial accounting
A: Step 1: Define Payroll TaxesIn payroll taxes, employers act as collectors, and the employees are the…
Q: Need help with this general accounting question
A: Given Data:Equity = $800,000ROA = 15% (0.15)ROE = 1.25 × ROA = 1.25 × 0.15 = 0.1875 or 18.75%.…
Q: Don't use ai given answer accounting questions
A: Detailed explanation:Given : Annual Revenue $ 205,000Expenses $ 113,700Dividends Paid $…
Q: What does it cost per year to carry this inventory? (financial accounting)
A: Explanation of Average Annual Inventory: This represents the typical value of inventory a company…
Q: Don't use ai for this general account questions.
A: The correct answer is:B. Debit Capital; Credit Withdrawals Explanation:The Withdrawals account…
Q: Please provide answer ASAP to this accounting problem
A: Explanation of Joint Costs: Joint costs are expenses that are incurred to produce or acquire…
Q: Calculate the answer of the Problem
A: Calculation of Gross ProfitGross Profit = Net Sales - Cost of goods sold =…
Q: What is the adjusted book balance?
A: Step 1: Starting Cash BalanceThe company's cash account shows an ending balance of $4,400. Step 2:…
Q: What is amount of current liabilities?
A: Explanation of Current Ratio:The current ratio is a financial metric used to evaluate a company's…
Q: Need help with this accounting question
A: Step 1: Define EquityEquity represents the residual interest in the assets of a company after…
Q: NDB Company has a factory with fixed costs of $650,000 and a production capacity of 225,000 units…
A: 1. Determine the required total contribution margin:Total Contribution Margin Required = Fixed Costs…
Q: Can you please give me correct answer this accounting question?
A: Step 1: Define Interest ExpenseInterest expense represents the cost incurred by an entity for…
Q: Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following…
A: To compute the equivalent units of production (EUP) using the weighted-average method, we need to…
Q: Solve degree of operating leverage accounting questions
A: Step 1: Definition of Degree of Operating LeverageThe degree of operating leverage (DOL) measures…
Q: Financial Accounting Question
A: Step 1: Define Contribution Margin RatioThe contribution margin ratio quantifies the percentage of…
Q: The matching principle requires that: (a) Expenses are recorded when cash is paid (b) Assets and…
A: Concept of Matching Principle: The matching principle is a fundamental accounting concept that…
Q: General Account
A: Problem:To calculate the product cost per unit under variable costing, we need to focus on variable…
Q: Financial accounting question
A: Step 1: Define U.S. RuleThe U.S. rule is defined the "Truth in Lending Act" of the United States…
Q: None
A: Degree of Operating Leverage = Contribution Margin/Operating IncomeDegree of Operating Leverage =…
Q: To close the Withdrawals account. A. debit Withdrawals; credit Capital B. debit Capital; credit…
A: Approach to solving the question: To close the Withdrawals account, you should: B. debit Capital;…
Q: Hi teacher please help me this question general accounting
A: Step 1: Define Variance AnalysisVariance analysis is conducted by comparing the actual values of…
Q: Please see this accounting Problem
A: Explanation of Contribution Margin:The contribution margin represents the portion of sales revenue…
Q: Financial accounting question
A: Step 1: Define Du Pont AnalysisDu Pont model aids in assessing return equity. To obtain a clear…
Q: Hi teacher please help me this question general accounting
A: Step 1: Define Cash Payback PeriodThe cash payback period is one of the simplest non-discounting…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Avoidable CostsAvoidable costs are the costs a business can eliminate if it…
Q: A company’s beginning inventory is $13,000, purchases during the period are $33,000, and the ending…
A: Concept of Beginning Inventory:The beginning inventory refers to the value of a company's stock of…
Q: Smith manufacturing estimated their annual solution general accounting question
A: Explanation: First, we have to calculate the predetermined overhead rate. Since the company uses…
Q: How long will it take for the population to double on these financial accounting question?
A: For this question we are asked to determine the number of years until the present value will double…
Q: Outdoor Man uses the weighted-average method in its process costing system. The following data…
A: To calculate the equivalent units of production for materials and conversion using the…
Q: Calculate the contribution margin per unit, in total, and as a ratio.
A: Step 1: Key InformationSelling Price per Unit: $90Variable Cost per Unit: $50Fixed Costs: $2,500 per…
Q: How much net income did the partnership earn in that period?
A: Step 1: Define Net incomeIt's the amount of money left to the business after the incurrence of all…
Q: Hello tutor provide correct answer general Accounting
A: Step 1: Define Absorption CostingAbsorption costing is also known as full costing and it is used by…
Q: At the start of the year, Finished good Goods Inventory=$1,000,000. At the end of the year, the…
A: The Variable Costing method only includes variable manufacturing costs such as direct materials,…
Q: What was the interest revenue that techprime earned in this period?? General accounting
A: Step 1: Definition of Interest RevenueInterest Revenue: Interest revenue is the amount of interest…
Q: Give me Answer
A: Approach to solving the question:Freeform Detailed explanation: To calculate the net profit for the…
Q: Need this general account answer
A: Step 1: Recall the Formula for DOLThe formula for the degree of operating leverage is:…
Q: Need help with this accounting questions
A: Step 1: Definition of Quick RatioThe quick ratio, also known as the acid-test ratio, measures a…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Required SalesRequired sales represent the total sales revenue a company needs…
Q: Compute the cost per equivalent unit for materials, labor, overhead, and in total.
A: Weighted-Average MethodIn process costing, the weighted-average method calculates the cost per…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Contribution MarginContribution Margin is the difference between sales and…
Q: The matching principle requires that: (a) Expenses are recorded when cash is paid (b) Assets and…
A: Option (a): Expenses are recorded when cash is paid.It describes cash accounting, not the matching…
Q: answer this financial accounting mcq
A: In accounting, nominal accounts are temporary accounts that track transactions for a specific period…
Q: Kindly help me with general accounting question
A: Step 1: Define Overhead AllocationOverhead allocation refers to the process of assigning indirect…
Q: Which of the following accounts is considered a nominal account? (a) Rent Expense (b) Cash (c)…
A: (a) Rent ExpenseType: Nominal AccountReason: Nominal accounts are temporary accounts that record…
Q: Hello teacher please help me this question
A: Step 1: Define Operating LeverageOperating leverage is a ratio which is used to compute the…
Please provide this question solution general accounting
Step by step
Solved in 2 steps
- To help pay for college, you worked part-time at a local restaurant, earning $22,000 in wages and tips. Employee's Rates: 7.65% on first $ 142,800 of income. 1.45% of income in excess of $142,800. Matching Rates Paid by the Employer: 7.65% on first $142,800 paid in wages. 1.45% of wages paid in excess of $142,800. Self-Employed Rates: 15.3% on first $142, 800 of net profits. 2.9% of net profits in excess of $ 142,800. calculate the FICA taxes, the FICA taxes are $_______?As a real estate salesman, Fred earned a base salary of $8,000 and received commissions of $7,000. In relation to his real estate work, he incurred the following expenses: Dues to a local real estate association Fee for a three-day seminar on how to be an effective salesperson Advertising-calendars and pens Automobile operating costs Promotion (meals and drinks for clients) Personal meals (during in-town business) $ 400 3,000 1,700 4,000 2,800 400 Purchase of a cellhone Fred used his own automobile for his real estate activities. The car has an undepreciated capital cost for tax purposes of $10,000. During the year, he drove a total of 30,000 km, of which 27,000 was related to selling real estate. His employer provided him with a monthly car allowance of $200 ($2,400 per year). 600 Required: Determine the expenses that Fred may claim from his real estate sales income.Subject: accounting
- Please given answer general accountingMs. Cumacaliua is concurrently employed at Cumanan Corporation and Paatras Company. She received the following during the month: Cumanan 50,000 P Paatras 40,000 Professional fees P Less: 6,000 12,000 Creditable withholding tax Loan repayment SSS, PhilHealth, HDMF Net pay 7,000 3.000 40.000 P P. 22,000 ist Compute the amount subject to business tax. c. P 77,000 d. P 90,000 a. PO Her b. P 62,000 combare tue smonurPurrfect Pets, Inc. provides animal daycare for $ 28 per day. Customers buy three month packages, which provide 15 days of care per month. In January they received cash payments from 12 customers. For the month of January, they will recognize ________ of revenue under the cash basis, and ________ of revenue under the accrual basis. A. $15,120;$5,040 B. $ 420; $1,260 C. $5,040;$5,040 D. $15,120;$15,120
- A CPA prepares tax returns for clients and bills them after the work is completed. It usually takes two weeks of work to prepare the tax returns. It takes 30 days on average to receive payment from the clients. The CPA uses cash-basis accounting. The revenue should be recorded when the CPA: O A. receives payments from the clients O B. bills the clients. OC. starts working on the tax returns O D. completes working on the tax returns. Click to select your answer. 11-50nm 99+Give me answer please general accountingYour client A1 Services Ply Ltd has 10 employees and has approached you for advice on the following transactions: a) Payment to an employee for an estimated cost of electricity used in his home workshop. The total amount paid during the Fringe Benefits Tax (FBT) year is $450. b) Loan to an employee at 1% interest. The employee used the loan as a deposit to buy a holiday home with the intention of renting it out. A loan of $45,000 was provided on the 1st of April 2023. c) Payment of an employee's medical bills for a recent heart scare. The total amount paid during the FBT year is $3,500. d) $150 gift card to all employees as a Christmas present e) Payment of Christmas party for all employees to attend, total cost $2,500 Additional Information Refresh the assessment to view updated details after you submit an attempt. I REQUIRED: Advise A1 Services Pty Ltd which of the above items will be subject to Fringe Benefits Tax and determine the taxable value of the benefit provided. Provide…
- help me in a journal entry. please indicate the description below the entryQ3. Joe's Tax Service prepares tax returns for low-to middle-income taxpayers. Its service operates January 2 through April 15 at a counter in a local grocery store. All jobs are classified into one of three categories: standard, multiform, and complex. Following is information for last year. Also, last year, the fixed cost of rent, utilities, and so forth were $50,000. Standard Multiform Complex Billing rate $60 $125 $250 Average variable costs (30) (75) (150) Average contribution margin $20 $50 $100 Number of returns prepared 1,750 600 350 (a.) Determine Joe's break-even dollar sales volume. Product , Weighted Selling Price , Weighted Contribution Margin Standard Multiform Complex Total Contribution margin ratio: Break-even sales volume: (b.) Determine Joe's margin of safety in sales dollars.Identify transaction(s) with a variable consideration 1. Ford Motor estimates expenses relating to a quality-assurance warranty on its cars that were sold. 2. An attorney is entitled to 40% of the award to his/her client if the litigation is won, and nothing if the litigation is lost. 3. An accounting firm charges every audit client $10,000 plus $150 per hour. 4. As a promotion of it new store, Acme Inc. mailed $25 voucher to every family in a city. Acme estimates that customers will probably redeem three-fourth of all vouchers. 2, 3 and 4 1 and 4 2 and 4 1, 2 and 3
