Owner juana invested 100,000 to start her laundry business.During the first year of operation the company had a net income of 15,000, juana invested additional 100,000 to grow business.The business earned 50,000as of december 31,2019 juana's capital balance is 200,000. how much is juana's withdrawal

Owner juana invested 100,000 to start her laundry business.During the first year of operation the company had a net income of 15,000, juana invested additional 100,000 to grow business.The business earned 50,000as of december 31,2019 juana's capital balance is 200,000. how much is juana's withdrawal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

a mother earned $15000.00 from royalties on her cookbook. She set aside 20% of this for a down payment for a new home. The balance will be used for her son's future education. She invested a portion of the money in a bank certificate of a deposit (cd account) that earns 4% and the remainder in a savings bond that earns 7%. IF the total interest earned after one year is $720.00, how much money was invested at each rate?
Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. Heresided in the home for the remainder of the year. Rental income from the property was $6,500.Expenses associated with use of the home for the entire year were as follows: Real property taxes $ 3,100Mortgage interest 12,000Repairs 1,500Insurance 1,500Utilities 3,900Depreciation 13,000 a. What effect does the rental have on Dillon's AGI? b. What effect does the rental have on Dillon's itemized deductions (assuming he itemizesdeductions before considering deductions associated with the home)?
Rita is keen to grow her business and provided some information on two transactlons that she undertook during the year. The first was the purchase of an individual asset for the business called a Techpager. wwym ww The initial cost of the machine itself was $32,000 with several extra required fees and charges. Rita also decided to include a number of optional extras in the purchase. Installation of Techpager $1500 Transportation and Shipping Costs $600 Extended Warranty/Service Program $300 per year. This is an optional service offered by the company that covers all maintenance and repairs costs and is paid annually in advance Sorting and Stapling Unit $1200 (required to allow Rita to produce the booklets for her business) Custom Painting $400 (Rita does not need to have this done but has decided she wants the machine to match her office décor) Insurance $500 per year payable in advance Prepare a general Journal entry to record the individual of the purchase business called Techpager.
Jozy Altidore invested $6,000 at 5% annual interest, and left the money invested without withdrawing any of the interest for 12 years At the end of the 12 years, Jozy withdrew the accumulated amount of money. Click here to view the factor table 1. Table 2 Table 3 Table 4 (a) What amount did Jozy withdraw, assuming the investment earns simple interest? The amount Jozy withdrew (b) What amount did Jozy withdraw, assuming the investment earns interest compounded annually? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, e.g. 5.25471. Round answer to 2 decimal places, e.g. 25.25.) The amount Jozy withdrew $
* Your answer is incorrect. The Lahiri family rents a room in their home on Airbnb. They deposit all of the money that they earn into a vacation fund that earns 3% that is compounded annually. Their revenues for five years of their business are shown below. Year $ 1 2 3 4 5 Revenue $1,000 $850 $1,275 $1,800 $800 In year six, they did not rent their room due to extensive remodeling. How much would be in the account at the end of year 6? Click here to access the TVM Factor Table calculator. 5,114.36 Carry all interim calculations to 5 decimal places and then round your final answer to a whole number. The tolerance is ±5.
i need the answer quickly
On 1 January 2020, Michael invested £13,000 in a car wash business in front of his house. He used part of the money to buy equipment for £3,000 and supplies worth £1,000 good for 1.5 years. During the first year of operations, the business received only £5,000 after rendering car wash services. Michael prepared the following income statement for the year ended 31 December 2020. He asked your help to assess the presentation of the relevant information in his income statement. Michael Car Wash Income Statement For the year ended 31 December 2020 (£) Service revenue 5,000 Less expenses: Equipment 3,000 Supplies 1,000 Salaries 1,200 Electricity and water 150 Income tax 700 Net income (loss) for the month (1,050)…
Yolanda is a cash basis taxpayer with the following tranasctions during the year: Cash received from sales of products $70,000 Cash paid for expenses (except rent and interest) $40,000 Rent prepaid on a leased building for 18 monts beginning December 1 $48,600 Prepaid interest on a bank loan, paid on December 31 for the next 3 months 5,000 Calculate Yolanda's income from her business for this calendar year.
Tabitha sells real estate on March 2 of the current year for $305,200. The buyer, Ramona, pays the real estate taxes of $15,260 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. Tabitha: Ramona: $ b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale. Tabitha: $ Ramona: $
Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare $ 440 Lodging 2,400 Meals 600 Entertainment of clients 480 Required: How much of these expenses can Jordan deduct? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.)
Jerry invested $5,400 in a small business venture and received $9,200 twenty years later. What is the rate of return on the investment? O 2.46% 2.48% 2.70% O 2.51%
Jessica purchased a home on January 1, 2018 for $510,000 by making a down payment of $200,00 and financing the remaining $310,000 with a 30-year loan, secured by the residence, at 6 percent. During 2018 and 2019, Jessica made interest-only payments on this loan of $18,600 (each year). On July 1, 2018, when her home was worth $510,000 Jessica borrowed an additional $127,500 secured by the home at an interest rate of 8 percent. During 2018, she made interest-only payments on the second loan in the amount of $5,100. During 2019, she made interest only on the second loan in the amount of $10,200. What is the maximum amount of the $28,800 interest expense Jessica paid during 2019 may she deduct as an itemized deduction if she used the proceeds of the second loan to finish the basement in her home and landscape her yard? (Assume not married filing separately.) Multiple Choice ___ $0. ___ $10,200. ___ $27,106. ___ $6,600.