QUESTION 1910 paThe following information has been extracted from Olivia's books for the year to 31 August 2019E'000Purchases144,315Sales193,306Purchase returns63Sales returns1,836Opening Inventory16,399Closing Inventory as 31 August 201917,041Calculate Olivia's Gross profit for the year end 31 August2019For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).BIUS ParagraphArial15pxC onSlmt to save and submit. Click Save All Answers to save all answers.Save All Answe!!!

Answered: QUESTION 19 The following information…

Business

Accounting

QUESTION 19 The following information has been extracted from Olivia's books for the year to 31 August 2019

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Joey, age 49, who is single, is not covered by another qualified retirement plan and earns $140,000…

A: A personal retirement account (IRA) is a tax-advantageous savings account that an individual can…

Q: Mr. A has three children. He is getting hostel allowance of Rs. 550 p.m. per child. What will be the…

A: Eligible Exemption of Hostel expense allowance: 300 per month per child, Maximum up to 2 children

Q: During 2020, you receive from your employer: • a $400 gift certificate. • a $600 chair for…

A: Net Income of Division B = Gift certificate + chair for outstanding customer service + cash reward…

Q: Tutorial Question X: The balances on Festus's insurance account as at 31" of March, 2012 were a…

A: The insurance account indicates detailed information like insurance expenses paid, accrued expenses,…

Q: 23 eBook Print References Determine the amount of the Earned Income Credit in each of the following…

A: a. A single person with earned income of $8,720 and no qualifying children:The credit is calculated…

Q: Question 16 A retirement plan offers a career average retirement benefit where a member will…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: 1. LO.3 Liz and Doug were divorced on December 31, 2020, after 10 years of marriage. Their current…

A: A dividend is a profit distribution made by a corporation to its shareholders.When a corporation…

Q: Financial Planning Exercise 2 Estimating taxable income, tax liability, and potential refund…

A: a) Arabella earns $39200 as a representative and has interest income of $185. Her total gross income…

Q: Currem Attempt in Progress Natalie is thinking of reporying all amosts outstanding to her…

A: Accrued Interest: It implies the interest that is earned by the lender on the money lent but yet to…

Q: Suppose that Diane

A: 1]AGI (Adjusted gross income) refers to the sum value of money gained by an entity after deducting…

Q: Required: Use the above information to determine Mr. Brown’s - Clawback amount for the social…

A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: What is Kathy's Taxable Income?

A: To calculate Kathy's taxable income, need to start with total income and then subtract eligible…

Q: Question 1 (a) Assume that a pension plan offers to pay $500,000 on a person's retirement (his/her…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Mary is a 47-year old corporate attorney. She earns $225,000 per year and receives group term life…

A: Income from the benefits which has been got by the employee from the employer requires to be…

Q: Leroy s employer has offered him the following employment package at Providence Hospital.…

A: Gross Income:-It refers to the total income earned by an individual before paying any taxes and…

Q: Which of the following is exempt from the Illinois Real Estate License Act of 2000? O 1. executor…

A: The answer to the above problem is option 1: Executor of an estate The Executor of the estate is…

Q: Individual Retirement Accounts (LO 5.3) Karen, 28 years old and a single taxpayer, has a salary of…

A: For the 2021 calendar year, Karen, who is a single taxpayer and is 28 years old, will report a…

Q: John Adams plans to retire at the age of 62. He wants an annual income of $60,000 per year. He…

A: Present value is a financial concept that represents the value of a future sum of money in terms of…

Q: When a buyer goes in to apply for a loan on a new first mortgage, what must the lender give to the…

A: In the financial terms, the loan is referred to as the lending of the funds from one party to other…

Q: Yousif has purchased insurance for his home with four different companies, Company A covers 3,797,…

A: Company A coverage = 3797 Company B coverage = 3796 Company C coverage = 3934 Company D coverage =…

Q: Under the terms of Jenny's auto insurance policy, she mus deductible is included in Jenny's auto…

A: In this question, we will find out that this case belongs to the deductible included in Jerry's auto…

Q: Interview Notes • Luther and Lexi are married and file a joint retun. • Luther was enrolled in…

Q: In 2021, Jeremy and Celeste, who file a joint return, paid the following amounts for their daughter,…

A: Answer:- AOTC meaning:- For qualifying education costs incurred during the first four years of a…

Q: question 3 out 20

A: Future Value = Present value*(1+Interest rate)*No. of periods WherePresent Value = $15,768Interest…

Q: Economic Impact Payment and Recovery Rebate Credit (LO 1.7) Luke and Vanessa have been married since…

A: Recovery Rabate Credit (RRC)=Base amount+Addition for Child

Q: George provides you with the following information in respect of the 2022 income year. $ • gross…

A: Assessable income refers to the income which includes the salary, wages, tips, gratitudes, interest…

Q: Mr. and Mrs. Kim, married filing jointly, own a principal residence and a vacation home. Each…

A: As per the provisions of IRS, qualified residence interest is an amount of interest incurred on…

Q: Jamie is single. In 2023, she reported $100,550 of taxable income, including a long-term capital…

A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…

Q: An insurance company is offering a new policy to its customers. Typically the policy is bought by a…

A: Given: Variables in the question:DescriptionPayments ($)First birthday820Second birthday820Third…

Q: eBook Mary Jarvis is a single individual who is working on filing her tax return for the previous…

A: Tax Liability: Tax liability is the total amount of taxes that a person, business, or other entity…

Q: enses argaret and John Murphy (age 66 and 68, respective ncurred the following expenses: nsurance…

A: AGI stands for aggregate gross income which is the sum total of income gained by an entity after…

Q: Andrew deposits $1102.32 each quarter into an annuity account for his child's college fund in order…

A: Amount Deposited = Deposit amount per quarter * 4 quarters * Number of years =1,102.32 * 4 quarters…

Q: Write a brief report about the accruals and deferrals of Amazon’s 2018 annual report.

A: Accrual - The process of recording transactions w.r.t Income or Expenses to the accounting period to…

Q: What is the remaining expenditure and the remaining loan period to calculate the claim for borrowing…

A: There are some of the costs which are allowed by the authorities to get the claim over such…

Q: QUESTION 12 George provides you with the following information in respect of the 2022 income year: $…

A: According to the given question, we are required to compute George's assessable income for the 2022…

Q: Novak Company sponsors a defined benefit pension plan for its employees. The following data relate…

Q: Question 12 Mr. Ainspan is a college student working on a degree in accounting. He received the…

A: Taxable income is the amount of money that you are legally required to pay taxes on. It is…

Q: Chapter 14 Financial Planning Exercise 5 Average Social Security benefits and taxes Use Exhibit 14.3…

A: Answer:- Social security benefits meaning:- For eligible retired adults, people with disabilities,…

Q: Janet and James purchased their personal residence 15 years ago for $302,500. For the current year,…

A: Interest Expense • Deductible only to the extent paid and related to the current period ✓ Prepaid…

Q: - Carmen, age 61, is single. She owns her home and provided all the costs of keeping up her home for…

A: Dependent Child:Any child for which more than 50% of expenses are borne by the parents is qualified…

Q: Michael is single and

A: The total annual contribution limit for the Roth IRA is $6,500 in 2023. An additional catch-up…

Q: Bonita, Inc. is a furniture manufacturing company with 50 employees. Recently, after a long…

A: Present value of annual pension payment at the end of 10th year:= 847,500 x [1-(1+0.15)-10]/0.15=…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

eBook Chapter 14Financial Planning Exercise 8Deciding between traditional and Roth IRAs Elijah James is in his early 30s and is thinking about opening an IRA. He can't decide whether to open a traditional/deductible IRA or a Roth IRA, so he turns to you for help. To support your explanation, you decide to run some comparative numbers on the two types of accounts; for starters, use a 25-year period to show Elijah what contributions of $5,000 per year will amount to (after 25 years) if he can earn, say, 9 percent on his money. Round your answers to the nearest dollar. Traditional IRA $ Roth IRA $ Will the type of account he opens have any impact on this amount?-Select-YesNoItem 3 Explain. Assuming that Elijah is in the 25 percent tax bracket (and will remain there for the next 25 years), determine the annual and total (over 25 years) tax savings he'll enjoy from the $5,000-a-year contributions to his IRA. Contrast the (annual and total) tax savings he'd generate…
QUESTION 9 Create a spreadsheet for the scenario described below and submit it as your answer to this question. You will then use the spreadsheet you created to answer questions #10-12. Right now, Raelynn has $28,575 in her IRA (retirement account). She plans to make deposits to this account of $2,000 per year for the next 10 years, and then $3,500 per year for the fifteen years after that, and beyond that no further payments, Create a spreadsheet to find the future value of her IRA 40 years from now, assuming she earns 8.25%. Attach File Browse Local Files Browse Content Collection
Sh16
4
Please Do not Give Image format Otherwise rejected my question
Case Study 1 Other Information 0 Question 6/10 In February of 2023, during the preparation of Julia's 2022 return, you explained to her the options for using either the section 179 deduction or special depreciation for the purchases of her 2022 assets. In her first few years in business, she was learning so much, depreciation was too confusing for her. When you showed her the tax savings she would receive to benefit her for 2022, she understood how this might change her choices for additional larger assets she may purchase in 2023. If Julia decided to use special depreciation for the assets purchased in 2022, Julia's refund would increase by what amount? $3,200 $571 $1,044 $757 Want to review the scenario? At any time, select the "?" button in the screen to display the initial prompt. Back Next Julia J Julia Jimenez, Owner Hav A Java At
Problem 7-22 Adoption Expenses (LO 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021. They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2021? $ 13,810 b. How much credit could they claim if the adoption falls through and is never finalized? $4 c. How much credit could they claim if their AGI was $221,660? 8,797
need sep 20 payment nov 5 dec 31
Auto 48 months hnttps//www.consumerscu.org/ Use the calculator at https:l/www.bankrate.com/calculators/auto/auto-loan-calculator aspx to calculate the monthly payment and the total interest someone will pay for the following scenarios: Suntrust Bank Monthly Payment (4.34% interest) Alliant Credit Union Monthly Payment (2.74% interest) Total interest Total interest paid paid $29,000 automobile with 10% deposit Monthly Payment (2.74% interest) Total interest Monthly Payment (4.34% interest) Total interest paid paid $29,000 automobile with $12,000 deposit
Problem 7-22 Adoption Expenses (LO 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2022. They pay $8,000 in 2021 and $7,500 in 2022 for qualified adoption expenses. In 2022, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2022? $ b. How much credit could they claim if the adoption falls through and is never finalized? c. How much credit could they claim if their AGI was $229,410?
Preparing income and expense statement Use Worksheet 2.2 Ariana and Nicholas Peterson are about to construct their income and expense statement for the year ending December 31, 2020. Nicholas is finishing up college and currently has no income. They have put together the following income and expense information for 2020: Ariana's salary $43,000 Reimbursement for travel expenses 1,700 Interest on: Savings account 110 Bonds of Delta Corporation 70 Groceries 4,150 Rent 9,300 Utilities 960 Gas and auto expenses 650 Nicholas' tuition, books, and supplies 3,300 Books, magazines, and periodicals 280 Clothing and other miscellaneous expenses 2,900 Cost of photographic equipment purchased with charge card 2,200 Amount paid to date on photographic equipment 1,600 Ariana's travel expenses 1,950 Purchase of a used car (cost) 9,750 Outstanding loan balance on car 7,300 Purchase of bonds in Delta Corporation 4,900 Using the information provided,…
2