Show how Ben Sarpong should treat the Life membership fee in the financial Statements of Ben Quayson’s Social Club for 2017 and 2018 years.

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: Denver Fabricators manufactures products DF1 and DF2 from a joint process, which also yields a…

A: When more than one product is produced from one process then all the products are known as a joint…

Q: Below are four independent cases (a to d) affecting Wong Auto Repair Inc. (WARI) in 2019. a. Each…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

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

A: Beginning capital: Its a initial capital required for business set up. Owner's Capital is considered…

Q: Are there any tax advantages they can gain by restructuring areas of their finances (More…

A: Registered Retirement Savings Plans (RRSPs) are Canadian investment accounts designed to help…

Q: Lisa Anderson, M.D., maintains the accounting records of Anderson Clinic on a cash basis. During…

A: A major accounting approach that considers revenues and expenses at the time cash is collected or…

Q: On January 1, 2009, Landon owed $7,926 to his friend Wendy, who was kind enough not to charge Landon…

A: Since no interest is charged on the borrowed amount, the difference in the amount on January 1, 2017…

Q: What is Frank's balance right after his last contribution?

A: The time value of money recognizes the idea that the value of an amount of money today differs from…

Q: Joan Raft had taken out an $80,000 fire insurance policy for her new shop at a rate of $0.81 per…

A: Given, The fire insurance guidelines says that the person is only eligible for the refund only…

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: Every Day Gym, uses the accrual method of accounting. The corporation sells memberships that entitle…

A: Lets understand the basics. Therefore two method followed for recording any tranaction which are,…

Q: Pat invites Tin to join him in his business. Tin agreed that the following adjustments are taken up…

A: Partnership is one of the agreement between two or more than two persons, in which they invest their…

Q: accounting treatments

A: Contingent liabilities are liabilities that may arise in future period due to the outcome of an…

Q: Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15.…

A: Variables in the question:Unpaid taxes=$4200Penalty charge=9.40% (simple interest)Note: Exact…

Q: f. Assume that on December 31, 2020, the treasurer of Hames decided to pay $15,000 of accounts…

A: Introduction:- Ratio analysis used identify the business performance of the company. It is used to…

Q: Vini was owed RM200 by a debtor, Kelvin. However, Kelvin was declared bankrupt. Vini later received…

A: Current assets are those assets which are held by the business for shorter period of time, say less…

Q: Tim retired during the current year at age 59. He purchased an annuity from American National Life…

A: As per the given information: Current age of Tim - 59Annuity purchased - $90,000Annuity pays -…

Q: Eifel, Inc. is an S corporation and has three employees. Eifel has established a Simple IRA plan for…

A: Extra Points to keep in mind:Employees can choose to contribute more than the minimum or maximum…

Q: c) A Club collects annual subscriptions of K20 from each member. It is club policy to accrue…

A: Income and Expenditure A/c It is a summary of all items of incomes and expenses of non-trading…

Q: McGill recieved a huge donation from a famous hockey player for the new gym, and so they decide to…

A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…

Q: On March 31, 2018, Dučóté Bödy Shop was införmed that a 1,000 hote that he was noloaing will be The…

A: Note receivable in general is a promise which is to be in written to receive cash of specific amount…

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: uary 2021 48,000 =934,000.The following additional information was provided; [i]inventories at 31…

A: The income statement for the year Dec 31, 2021 as,

Q: The EPBO for Branch Industries at the end of 2018 was determined by the actuary to be $20,000 as it…

A: Accumulated Post-retirement Benefit Obligation (ABPO): It is that part of Expected Post-retirement…

Q: Engr. Secula became a full professor when he was hired in a State university at the age of 34.…

A: Monthly payment It is the minimum amount that is required to be paid/withdrawn by an individual…

Q: Below are four independent cases (a to d) affecting Wong Auto Repair Inc. (WARI) in 2019. a. Each…

A: Accrued wages for 1 day = Monday Wages expense = 6000*1/5=1200   Supplies expense = Beginning…

Q: In 2019, a non-stock and non-profit organization provided a 3-day trip in Batanes to its President.…

A: As per Financial Accounting Standard Board any Expenditure which is incurred by the Non-profit…

Q: he owner of Yummy Seafood, a seafood supermarket. The business accounts for GST on an accrual basis.…

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Q: Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time e lay note. On May…

A: Notes are financial instruments in which interest is paid on maturity along with principal amount.

Q: Dominique Fouque owns and operates Dominique’s Doll House. She has a small shop in which she sells…

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: None

A: To calculate the minimum repayment amount for Ms. Freya Matthews during 2019 under the Home Buyer's…

Q: The following transactions occurred during the year. Record these transactions. HHL took out a…

A: Journal entry:- A journal entry is the process of recording business transaction into an accounting…

Q: Do not type dollar signs. Use commas when appropriate as in 129,000. Sasha is a physician who…

A: The cash basis accounting records the revenue and expenses when the cash is received for revenues…

Q: Sheffield Company reported net income of $73000 for the year. During the year, accounts receivable…

A: the company from prepare the cash flow statement in order to know the cash flow position and also…

Q: Iman

A: A mortality table shows the death rate at any given age in terms of…

Q: Willis and Charlotte both opened savings accounts with APYs of 5.45% on January 1, 2009, with Willis…

A: Amount deposited by Willies = $3800 Amount deposited by Charlotte =$8300 Year = 1 APR= 5.45% Amount…

Q: In 2019, a non-stock and non-profit organization provided a 3-day trip in Bicol to its President.…

A: Any amount of money spent to generate the revenues in a business is known as expenses.