Tutor need your help with this Subject: Financial AccountingJacob started a business with the followingtransactions:1. Invested $20,000 into the business.2. Purchased supplies worth $2,000 on account.3. Sold goods for $10,000; these goods cost $6,000.4. Paid salaries of $1,000.What is Jacob's net income after these transactions?A)$3,000B) $4,000C) $2,000D) $1,000Answer: A) $3,000

Explanation of Revenue:Revenue is the total amount of money earned by a business from its primary…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Debit and Credit Effect on Transactions Jefferson Framers engaged in the following transactions: a. Purchased land for $65,000 cash. b. Purchased equipment for $26,400 in exchange for a 1-year, 8% note payable. c. Purchased office supplies on credit for $1,200 from Office Depot. d. Paid $20,000 principal plus $700 interest on a note payable. e. Paid an account payable in the amount of $3,550. f. Provided $61,300 of services on credit. g. Provided $12,800 of services for cash. h. Collected $26,910 of accounts receivable. 1. Paid $12,760 of wages in cash. j. Issued common stock for $45,000 cash. Required: Select the correct information for each transaction. Enter the debits before the credits. Transaction a is entered as an example. Transaction Account Increase/Decrease Amount Increase $65,000 Decrease $65,000 a. Land Cash Debit/Credit Debit Credit
On May 1, Year 1, Benz's Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry?
Of the following transactions, which should be recorded as income? Of the following transactions, which should be recorded as income? Harry's Hats sold inventory on credit for $ 3000. Chandler & Co Plumbing's owner contributes $10 000 of personal funds to the business. M. Witham borrowed $80 000 from the bank. T. O'Toole pays $5500 for goods sold to her on credit last month.
Answer full question.
On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 7 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? (For all requirements, round your answers to the nearest dollar amount.) а. Int est income b. Receivables C. d. Interest income e. Cash f. g. Interest earned
A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.
On May 1, Year 1, Benz’s Sandwich Shop loaned $14,000 to Mark Henry for one year at 8 percent interest. Requireda. What is Benz’s interest income for Year 1?b. What is Benz’s total amount of receivables at December 31, Year 1?c. How will the loan and interest be reported on Benz’s Year 1 statement of cash flows?d. What is Benz’s interest income for Year 2?e. What is the total amount of cash that Benz’s will collect in Year 2 from Mark Henry?f. How will the loan and interest be reported on Benz’s Year 2 statement of cash flows?g. What is the total amount of interest that Benz’s earned on the loan to Mark Henry?
21. M. Bassie sold the balance in its accounts receivable account of $120,000 to a factor, giving 3% factoring fee. How will this sale be journalized in Kassie's books?
Example: Mr Lehoko paid his personal telephone account of R75 with a business aheque, 4.1 4.1 contribution. He was issued with recelpt 001. Mr Lehoko deposited R35 000 directly into the business bank account as his capital 4.2 yueg 000 0 increase 4.2 %3D Equipment to the value of R2 355 was purchased (bought). 4.3 Lehoko Plumbers received R1 700 for services rendered. 4.4 Weekly wages of R800.were pald to Mr Lehoko's assistant. -500 Bank decrease 4.3 4.5 A loan to the amount of R5 000 was made with Capitec Bank. Owner's Equity - /+ Assets Liabilites No. Amount Amount +/- Amount 4.4 4.1 4.2 4.3 4.4 4.5 Record the following transactions of Lehoko Plumbers in the above table provided to ensure that the Accounting Equation is correct after every transaction. All transactions C ---
Presented below are accounts of Cutie Company Additional: During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000. Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash. Prepare the supporting notes.
On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 9 percent interest. Required: a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? Note: For all requirements, round your answers to the nearest dollar amount. a. b. ذان C. e f. f. g. × Answer is not complete. Interest income Receivables Cash used in investing activities Interest income Cash Cash provided by operating activities Cash provided by investing activities Interest earned P ✔ >>
Give Accounting Equation for the following transactions of Jitesh:– Started business with cash $. 36,000– Paid rent in advance $. 800– Purchased goods for cash $.10,000 and on credit $. 4,000– Sold goods for cash $. 8,000– Rent paid $. 2000 and rent outstanding $. 400– Bought cycle for personal use $. 16,000– Purchased equipment's for cash $. 10,000– Paid to creditor$ $. 1,200– Some business expenses paid $. 1,800– Depreciation on equipment $. 2,000

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