Reddish Fell is a painting contractor. He paints houses, buildings, apartments for profit. During the month of April, he completed the following transactions: Date Transaction April 2 Invested in the painting business equipment at P12,300 and P71,000 cash. 3 Purchased a car costing P80,000. Paid P50,000 cash and signed a note for the unpaid amount. Purchased painting supplies on account for P3,200. Completed a painting job for a customer on account for P4,800. 7 Received P1,500 cash for painting an apartment room for a customer. 10 Purchased painting supplies for P1,600 cash. 11 Received P4,800 from a customer on April 5. 12 Paid P4,000 for insurance for one-year. 13 Performed painting services on account, P6,200. 18 Paid for the painting supplies bought on April 4. 20 Purchased new equipment for P6,000 and painting supplies for P2,900 both on account. 22 Received a telephone bill for P600, to be paid next month. 23 Received P3,300 in cash from the customer on April 13. 25 Received P3,600 in cash for painting a two-room apartment for a customer. 27 Paid P2,000 on the note signed for the car purchased on April 3. 29 Paid the assistant salary P1,800 30 The owner withdraws P3,000 for personal use.

Reddish Fell is a painting contractor. He paints houses, buildings, apartments for profit. During the month of April, he completed the following transactions: Date Transaction April 2 Invested in the painting business equipment at P12,300 and P71,000 cash. 3 Purchased a car costing P80,000. Paid P50,000 cash and signed a note for the unpaid amount. Purchased painting supplies on account for P3,200. Completed a painting job for a customer on account for P4,800. 7 Received P1,500 cash for painting an apartment room for a customer. 10 Purchased painting supplies for P1,600 cash. 11 Received P4,800 from a customer on April 5. 12 Paid P4,000 for insurance for one-year. 13 Performed painting services on account, P6,200. 18 Paid for the painting supplies bought on April 4. 20 Purchased new equipment for P6,000 and painting supplies for P2,900 both on account. 22 Received a telephone bill for P600, to be paid next month. 23 Received P3,300 in cash from the customer on April 13. 25 Received P3,600 in cash for painting a two-room apartment for a customer. 27 Paid P2,000 on the note signed for the car purchased on April 3. 29 Paid the assistant salary P1,800 30 The owner withdraws P3,000 for personal use.

Name: Construct an analysis of the following transaction (refer to the image
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Construct an analysis of the following transaction (refer to the image) and use the table:Assets =Liabilities +Owner's Equity Account titleDebitCredit Account titleDebitCredit Account titleDebitCredit Reddish Fell is a painting contractor. He pain

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter6: Losses And Loss Limitations

Section: Chapter Questions

Problem 2CE

See similar textbooks

Similar questions

On April 5, Timothy established an interior decorating business, Tim’s Design, with a cash investment ofP200,000. Timothy completed the following transactions for April:6 Paid rent for the month, P8,000.7 Purchased from Delta Co. office equipment, P55,0008 Purchased a used car for P180,000, paying P80,000 cash and taking a bank loan for theremainder.10 Purchased supplies and materials for cash, P11,315.12 Received cash from Miss Laura for job completed in her condo, P57,500. Supplies were used upamounting to P8,250.20 Purchased materials and supplies on credit, P15,000.23 Recorded job completed for Ms. Ferrer. Term: on account 10 days, P14,950. Supplies were usedup amounting to P3,500.24 Received an invoice for repairs on car and paid P4,500.25 Paid utilities expense, P1,750.26 Paid P20,000 on the bank loan.27 Received cash from Ms. Ferrer, P10,000.28 Paid salary of worker, P5,00029 Paid Delta a portion of the amount owed for equipment, P5,000.30 Withdrew cash for personal use, P3,500.…
p. On April 5, Timothy established an interior decorating business, Tim's Design, with a cash investment of P200,000. Timothy completed the following transactions for April: 6 Paid rent for the month, P8,000. Purchased from Delta Co Office equipment, P55,000, using his credit card. Purchased a used car for P180,000, paying PS0,000 cash and taking a bank loan For the remainder. 10 Purchased supplies and materials for cash, P11.315. Received cash from Miss Laura for a job completed in her condo, P57,500. Supplies were used amounting to PS,250. Purchased materials and supplies on credit, P15,000 12 20 23 Recorded job completed for Mr. Ferrer. Tem: on account 10 days, P14,950. Supplies were used up amounting to P3,500. Received an invoice for repairs on the car and paid P4,500. Paid utilities expense, P1,750. Paid P20,000 on the bank loan. Received cash from Mr. Ferrer, P10,000. 24 25 26 27 28 Paid Salary of worker, P5,000. Paid Delta a portion of the amount owed for equipment, P5,000.…
Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in the month of January: Jan Borrowed RM100,000 cash and signed a 12-month, RM100,000 note. Interest is in addition to the face value, at the rate of 15%. 1 2 Bought a factory for RM200,000, paying RM80,000 in cash and the balance is on account. 3 Sold RM104,000 of furniture and billed customers. 5 Bought goods from Bob Shop with purchase invoice amounted to RM10,500. Terms of purchase is 5/10, n30. 14 Make payment to Bob Shop for the balance due by cash. 20 Received a 50% deposit in cash from a customer on a RM20,000 order to be filled next month. 25 Mr. Alex took RM2,000 cash to buy washing machine for his wife. 28 Paid utility bill for the current period in the amount of RM1,200 using cash. 31 Made the end-of-year adjusting entry to accrue interest expense on a 12-month, RM100,000 note. Required: a) Journalise the above transactions b) Prepare cash account and show the cash balance as…
This year Evans graduated from college and took a job as a deliveryman in the city Evans was paid a salary of $72,300 and he received $700 in hourly pay for the part-time over the weekends. Evans summerized his expenses aa follows. . Cost of moving his possessions to the city (125miles) $1,200. .interest paid on accumulated student loans $2,800. .Cost of purchasing a delivery uniform $1,400. .contribution to state university deliveryman program $1'300. Using TaxAct, complete page 1of Evans form 1040 for 2019 and calculate his adjusted gross income and taxable income.
Pita purchased a small roadside inn in April with inheritance money he received from his wealthy aunt. Help him prepare his T accounts for his first month of operations using the information provided. a. Pita invested P5,000,000 cash in the inn.Cash Owners’ Equityb. Pita purchased a P50,000 point of sale (POS) system with P5,000 cash and P45,000 notes payable.Cash POS system Notes Payablec. Pita generated P75,000 in revenues with P52,000 cash and P23,000 accounts receivable.Cash Accounts Receivable Revenuesd. Pita paid utilities of P750 in cash.Cash Utilities Expense
Chuck recently purchased brand new equipment for his sign making business. He received an invoice for $3,625 dated March 22 with terms 4/10, 2/20, n/60. Chuck paid $1,225 on April 1 and $480 on April 11. What balance was still owed after April 11? Your Answer:
Mr. Yiadom decided on 1 July, to invest his insurance compensation of GHȼ 4,000,000 in a retail business to buy and sell second hand shovels. The following transactions took place from that month to December. Date Purchases Quantity Cost Date Sales Quantity ValueJuly5 200 720,000 Aug 2 500 2,500,000Aug 1 400 1,520,000 Sept 3 600 2,400,000Oct 4 400 1,400,000 Oct 12 600 2,700,000Dec 7 500 1,400,000 Dec 12 400 1,500,000RequiredCalculate the cost of shovels issued during the period and the cost of shovels on hand on 31/12 using the following methods of pricing 1. Calculate and discuss the effect, each of the pricing methods will have on the reported profit of the business 2Examine critically the performance of the business during the period.
Donato Menorca was a service advisor in a car dealership. He supervised a team of mechanics that keeps and restores the customers’ cars to good operating condition. Tired of being an employee, he decided to put up Express Repair Shop. During the month of January 2020, Menorca completed the following transactions: Started his business by transferring Php 90,000 of his personal money to the business bank account; Paid rent for the month, Php 12,000; Purchased several equipment for Php 40,000; made a down payment of Php 20,000 and arranged to pay the balance the following month; Bought supplies for cash amounting to Php 6,000; Performed services amounting to Php 70,000 of which Php 40,000 was received in cash; Paid the following cash expenses: wages, Php 20,000; utilities, Php 6,000. REQUIRED: Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; D. Menorca, Capital; Service Revenue; Wages Expense; Rent Expense; Utilities Expense Record the…
On march 4 she spent $20 on a lottery ticket, on mrach 7 she won $ 265000 in the lottery. on march 10 she deposited $80000 in a business chequing account, on march 14 she made a down payment of $150000 from her personal funds plus a home mortgage of $240000. on march 15 she signed a rental agreement for her office for $2000 per month starting march 15, she paid 1st month rent and rest on 15th of every month. on march 19, she hired a receptionist for $725 a week starting march 24, she bought office equipement for $8000. on march 21, she purchased $225 of supplies on account. on march 24 she purchased $6700 of equipment for $3000 plus a $3700 note payable due in 6 months. On march 31 she performed $3700 of legal services on account . On march 31 she received $2500 cash for legal services to be provided in april. On march 31 she paid her receptionist $725 for the week , On march 31 she paid $225 for the supplies purchased on march 21. prepare a tabular analysis of the effects of above…
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.
DigiCom repairs laptops. Using the format provided below, show the effects of the activities listed in (a) through (i). (Enter all amounts as positive values.) Stacey Comeau, owner of DigiCom, invested cash of $29,000 into her business. DigiCom paid $4,000 to cover rent for the current month. DigiCom purchased supplies on credit; $1,550. DigiCom completed work for a client on credit; $4,900. DigiCom purchased a new piece of equipment by paying cash of $2,700. DigiCom hired a technician, to start next month, who will get paid $6,500 per month. DigiCom paid for the supplies purchased in (c). DigiCom performed work for a client and received cash of $4,900. DigiCom paid the administrative assistant’s salary of $4,200. i want balance sheet answer
During the current year, Jobul Krist has the following costs: Utilities Maintenance And Repairs Property Taxes House Insurance Interest On Mortgage Repainting And Rewiring The Work Space In The Home Home Internet Service Fees Home Telephone: Monthly Charge Employment/Business Related Long Distance Charges $2,400 4,600 5,200 A. He is an employee with $250,000 in income (no commissions). He is an employee with $250,000 in commission income. B. C. He is self-employed and earns $250,000 in business income. 2,300 7,800 1,000 960 600 390 Mr. Krist is a workaholic with no family, friends, pets, or personal interests. He estimates that he uses 25 percent of his residence and 95 percent of his home phone and home internet service for employment/business related purposes. Maximum CCA on 100 percent of the house would be $12,000. Determine the maximum deduction that would be available to Mr. Krist assuming: