Sam is a small business owner. In the year ended at the 30th of June 2019 the business has the below information: Beginning of Sam’s Capital account: $55,000 Net Income: $32,000 Outstanding Note Payable: $150,000 Total Expenses: $125,000 Ending of Sam’s Capital account: $54,000 Amounts withdrawn by Sam during 2019 will be

Q: Travis and Jessica Coleman, a married couple who will file jointly, are both teachers. In 2019,…

A: Educator Expense Tax Deduction: Educator Expense Tax Deduction allows teachers and certain academic…

Q: On May 31, 2019, John Deere sold a tractor to Dirtco in exchange for a 2-year, $440,000…

A: If a note that does not pay interest is classified as a bond, then the issuer is offering the bond…

Q: Sam is a small business owner. In the year ended at the 30th of June 2019 the business has the below…

A: Capital account represents the investments made by the owner in the business.

Q: What is the total relevant cost of reworking the defective units?

A: Answer: a. $2,250

Q: Hopper works as an independent contractor (self-employed sole proprietor) for local businesses on…

A: Gross income is the total of a person's earnings before taxes and other deductions. The amount that…

Q: Germaine was employed during the first six months of 2021 and earned an $80,000 salary. During the…

A: Adjusted Gross Income (AGI) A person's adjusted gross income (AGI) is their total gross income less…

Q: An accountant agrees to perform $410 of tax services for an auto mechanic who has agreed to perform…

A: TAXABLE INCOME YEAR ACCOUNTANT MECHANIC 2021 $410 $0…

Q: e Cecil C. Seymour is a 64-year-old widower. He had income for 2019 as follows: Pension from former…

A: Tax liability refers to the total amount of tax due to tax authority by an individual, corporation,…

Q: Nicholas, sigle 23 years old and attended university in 2022. His T2202 shows 8 months full time…

A: A scholarship refers to the aid or help for education that is provided by the government to a…

Q: jordan purchased a $20,000 piece of office furniture during 2019. The balance in his UCC pool for…

A: Un-amortized Capital Cost:The entire amount of depreciation that has been recorded against a fixed…

Q: During the current income year, George received: salary and wages of $35,000 A bonus of $2500 from…

A: In this question, we will find out the George's assessable income for the current year ended 30 June…

Q: The EPBO for Branch Industries at the end of 2021 was determined by the actuary to be $20,000 as it…

A: APBO (Accumulated Post-retirement Benefit Obligation) is the proportion of EPBO (Expected…

Q: Westford Corporation purchases life insurance policies on its officers, and these policies all carry…

A: INTRODUCTION: A journal entry is often made in the general ledger, but it can alternatively be…

Q: Calculate the Hong Kong salaries tax payable by Peter for the year of assessment 2019/20. (Note: you…

A: The amount of tax being paid by the salaried person is known as salaries tax payable. It is computed…

Q: Generally, if the owner of an IRA dies after December 31, 2019, and before beginning required…

A: As per the SECURE ACT, 2019 if an IRA owner dies after December 31, 2019, and whether required…

Q: 45. Mr. Gerry, hired as employee on July 1, 2019 received the following compensation for the year:…

A: If maximum value is to be achieved for both employers and employees, tax efficient incentive plans…

Q: During the summer of 2019, college student Jason worked for his uncle, a painting contractor, for…

A: Tax is a charge which is charged on the taxable income of a taxpayer. A self-employment tax is…

Q: Adrian was awarded an academic scholarship to State University for the 2023-2024 academic year. He…

A: These questions are focused on whether Adrian's academic scholarship is subject to taxes and whether…

Q: Douglas Druper is single and was unemployed from August through November 2019. During this time, he…

A: Unemployment compensation refers to an amount that is paid to unemployed workers by the federal or…

Q: ASSIGNMENT 1. Helmuth owns a hardware store. His financial year ends 30 June. He provided the folowe…

A: When the amount is paid by the debtor his account is credited with the amount paid. Also the amount…

Q: Colbert operates a catering service on the accrual method. In November of year 1, Colbert received a…

A: Under accrual method of accounting income is recognise as and when earn not when actually received.…

Q: Ian retired in December of 2022 at the age of 72 (his birthday is January 6). Ian's retirement…

A: To calculate Ian's required minimum distributions (RMDs) for each scenario, we'll use the…

Q: waldo deposits $114 into his retirement account each month. The account has an APR of 6.70% he…

A: We need to use excel FV function in excel to calculate account balance after 24 years  Formula is =…

Q: The spring semester at the University of Colorado begins in January. In addition to the above,…

A: To determine the amount of qualifying expenses for the American Opportunity Tax Credit (AOTC) and…

Q: i) Ms Tee rents her premises at an annual rental of GHC2,400. On June 1, 2016, Ms Tee had paid her…

A: Income statement The income statement is also called the statement of retained earnings. It is the…

Q: On 10th March 2019, A draws on Ba bill at 3 months for $ 20,000 which B accepts immediately and…

A: A Bill of exchange is a negotiable instrument where one party agrees to pay a specific amount on a…

Q: Carey opens a law office in Chicago on January 1, 2023. On January 1, 2023, Carey purchases an…

A: The objective of the question is to calculate the total tax deduction for Carey for the year 2023…

Q: PART A: Ms. Sonia Nexus is a computer specialist with net employment income of $96,000 in 2019. She…

A: RRSP income is calculated by adding all employment earnings, self-employment earnings, and…

Q: Question 40 of 75. Stephania Ruzuto borrowed $21.000 from her employer's plan. When she left her…

A: The checking account is the bank account in which the individual allowed to deposit and withdraw the…

Q: 14. Anne Able, age 86, spends considerable time each year pursuing her hobby of baseball card…

A: Income from Hobby come under income from other sources.

Q: Pietr is 22 years of age. He is currently a GBC student and is working part-time while completing…

A: The term "pensionable earnings" refers to the fraction of a person's income that is taken into…

Q: self-employed attorney, incurs the following expenses in 2019: (Click the icon to view the…

A: The costs incurred by people or enterprises as a result of producing income are referred to as…

Q: a. Compute Al's gross income for 2023 using the cash basis of accounting. Feedback Check My Work b.…

A: Cash-based accounting recognizes income and expenses when actual cash transactions occur. Income is…

Q: Planning Al is a medical doctor who conducts his practice as a sole proprietor. During 2023, he…

A: Detailed explanation:a. cash basis : cash received in 2023$ 280,000advanced payment received from…

Q: Sam is a small business owner. In the year ended at the 30th of June 2019 the business has the below…

A: Note: Any share from net income increases the capital of the business owner and any amount…

Q: As of May 31, 2020, Mr. Michael Kors has a capital balance of P 235,000. During the month of June,…

A: The ending capital of owner is calculated as adjusted capital after drawings and additional…

Q: Mr. Joplin sells a line of computer software for a company in Western Canada. In 2023, he was paid a…

A: A tax deduction known as the capital cost allowance lets qualified taxpayers write off the whole…

Q: Pastor Bingham retired in December 2020. prior to his retirement he received the following: an…

A: Gross income is the amount of income that is obtained by adding all the money earned by an…

Q: Dennis, the owner of Dennis Company, incurs the following expenses while away from home on a 3-week…

A: Travel Expenses for the trip =$800 + $1,800 + (50% × 740) +$ 40=$3,010   Thus, the amount Dennis may…

Q: Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing…

A: Given Information:   Marie wage income: $250,000 Gross business income: $421,000 Business expenses:…

Q: Menard is single and has the following income and expenses Form W-2 wages Interest income received…

A: The objective of the question is to calculate the total allowable deduction for interest expense on…

Q: The Standard Corporation paid wages of $140,000 to it chief accountant in 2020. Determine the amount…

A: Given, Wages = $ 140000   To compute Social security tax & Medicare tax:

Q: Mike, a self-employed consultant, incurs the following business-related expenses in 2020: Actual…

A: a. Mike's deduction in 2020 for business-related expenses is computed as follows: Particulars…

Q: Wesley, who is single, listed his personal residence with a real estate agent on March 3, 2021, at a…

A: A recognized gain refers to the amount raised from the sale of investment or assets used in business…

Q: During 2019, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of…

A: Calculate the amount of FICA taxes that should be withheld from Person R. Particulars OASDI HI…