USE THE FOLLOWING DATA FOR QUESTIONS 24& 25The Duke of Earl operates a catering enterprise. His accounting records at the end of2008 included the following data:ITEMSEXPENSESa. Office expenses :b. Wages & SalariesREVENUEc. Commission Incomed. Rent IncomeSTART OF THEYEARa. $35,000b. $45,000c. $55,000d. $65,000Prepaid 5,000Owed 10,000a. $20,000b. $24,000c. $26,000d. $30,000Owed 3,000Prepaid 7,000DURING THEYEARPaid 15,000Paid 50,000END OF THEYEAROwed 2,500Prepaid 5,000Received 25,000Received 12,000 Owed 1,000Prepaid 2,00024. The amount that must be shown in the income statementas Wages & Salaries expense forthe year is25. The amount that must be shown in the income statement asCommission Income for theyear is

The deferred and accruals are adjusted at the year end to get the actual expenses and revenues for…

USE THE FOLLOWING DATA FOR QUESTIONS 24 & 25 The Duke of Earl operates a catering enterprise. His accounting records at the end of 2008 included the following data : ITEMS EXPENSES a. Office expenses : b. Wages & Salaries START OF THE YEAR REVENUE c. Commission Income d. Rent Income Prepaid 5,000 Owed 10,000 Owed 3,000 Prepaid 7,000 DURING THE YEAR Paid 15,000 Paid 50,000 Prepaid 5,000 Received 25,000 END OF THE YEAR Received 12,000 Owed 2,500 Prepaid 2,000 Owed 1,000

USE THE FOLLOWING DATA FOR QUESTIONS 24 & 25 The Duke of Earl operates a catering enterprise. His accounting records at the end of 2008 included the following data : ITEMS EXPENSES a. Office expenses : b. Wages & Salaries START OF THE YEAR REVENUE c. Commission Income d. Rent Income Prepaid 5,000 Owed 10,000 Owed 3,000 Prepaid 7,000 DURING THE YEAR Paid 15,000 Paid 50,000 Prepaid 5,000 Received 25,000 END OF THE YEAR Received 12,000 Owed 2,500 Prepaid 2,000 Owed 1,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Here is another question: From here what should I put as the total income on a 1040 line 6 where it says, "total income, add lines 1 through 5. Add any amount from Schedule 1, line 22___________? Gross Income $325,000 Business Expenses $201,000 Records related to Sarah’s employment provide the following information. Salary $145,000 Unreimbursed travel expenses (including $200 of meals) $1600 Other pertinent information for the tax year includes the following. Capital gain/losses spot: Proceeds from sale of stock acquired on July 15, 2018 (cost of $12,000) and sold on August 1, 2018 $9,800 Proceeds from sale of stock acquired on September 18, 2017 (cost of $5,000), sold on October5, 2018 $3,800 Wages paid to full-time domestic worker for housekeeping and child supervision $10,000 Interest income received $7,000 Total itemized deductions (not including any potential deductions above) $27,900 Federal income tax withheld $31,850 Estimated payments of Federal income tax $20,000…
Use the following information for the next two questions:The following relates to the transactions of GRIMACE FROWN Co. during 20x1:Directors' and officers' remuneration 8,000,000Post-employment benefits of officers 800,000Fringe benefits in the form of housing assistance to directors and officers 20,000,000Share options granted to officers 1,200,000Officers' expenses on travels, representation and entertainment subject to liquidation and reimbursement 400,000Loans to directors and officers 12,000,000Sales to related entities 40,000,000 A. How much is the amount of related party disclosures on GRIMACE’s separate financial statements?a. 30,000,000 b. 52,000,000 c. 82,000,000 d. 42,000,000 B. How much is the amount of related party disclosures on GRIMACE’s consolidated financial statements?a. 12,000,000 b. 30,000,000 c. 82,000,000 d. 42,000,000
Read the following information and answer questions that follow.Brian Ndlovu is employed as a manager in Gaborone. During the year ended 30 June 2020, hehad the following incomes and expenditures:Amount (P)Salary 1,40,000Performance related award 50,000Entertainment allowance 60,000Barclays Bank Interest 40,000Commission 70,000Interest from BBS Subscription shares 10,000Other Investment Income 20,000Medical aid contributions from the employer 5,000Compensation for injury at work 6,000Rental Income 1,60,000Expenses incurred during the year:Approved Pension contributions 10,000Contributions to approved retirement annuity fund 15,000Annual subscriptions to ACCA 1,500Contributions to an unapproved fund 20,000Contributions to life assurance policy 15,000P.A.Y.E. deducted 40,000Additional Information:(1) During the year, the company paid a total of P10 000 to Brian for private telephone andelectricity bills(2) Brian had the use of a company car that cost P100 000 for which he paid for his…
PROBLEM Mr. Me: Using the data provided , Gross Sales P1,972,103 Cost of Sales P274,100 Operating Expenses P58,043... REQUIREMENT: Determine the net income of Mr. Me assuming that he is a Purely Self Employed and/or Professional. a. 1,639,960 b. 1,309,960 c. 1,639,900
Using the information provided, prepare an income and expense Use a Worksheet. Chuck and Judy Schwartz are about to construct their income and expense statement for the year ending December 31 2014. They have put together the following income and expense information for 2014. Judy's salary. Reimbursement for travel expenses P 37,000 1,950 Interest on: Savings account Bonds of Alpha Corporation. Groceries 110 .70 4,150 .9,600 960 Ren Utilities Gas and auto expenses Chucks tuition, books, and supplies. Books, magazines, and periodicals Clothing and other miscellaneous expenses Cost of photographic equipment purchased with charge card Amount paid to date on photographic equipment Judy's travel expenses. Purchased of a used car (cost) Outstanding loan balance on car Purchase of bonds in Alpha Corporation 650 .3,300 280 ..2,700 . 2,200 1.600 .1,950 .9,750 .7,300 4,900 statement for the Schwartzes for the year ending December 31, 201
What is Schedule C net income (Business income)? Paul sells real estate in the evening and on weekends (considered an active trade or business). He runs his business from a rental office he shares with several other realtors. Paul has been operating in a business-like way since 2004 and has always shown a profit. He had the following income and expenses from his business: Commissions earned $21,250 Expenses: Advertising 2,200 Telephone 95 Real estate license 130 Rent 6,000 Utilities 600 This real estate activity qualifies as a trade or business under the Internal Revenue Code for purposes of the Qualified Business Income deduction.
Hamish Carter is employed as a parking attendant at Crowne Metro Hotel. During the 2023 income year, Hamish received the following amounts: Net Wages from Crowne (PAYGW of $11,000) $59,000 Tips from customers $ 1,000 Allowance from Crowne for uniform $ 2,000 Calculate Hamish's assessable income for the 2023 income year. Question 8 Select one: $73,000 $62,000 $71,000 $60,000
T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…
Mr. A is in business, Mrs. A is the practice of profession, and Mr. and Mrs. A had gross rent income and expenses related to it. Below are the data: Gross Sales of Mr. A from business P1,500,000 Gross receipts of Mrs. A from practice of profession 900,000 Gross Rent Income (Gross Receipts) 500,000 Cost and Expenses, business of Mr. A 700,000 Cost and Expenses, profession of Mrs. A 200,000 Expenses on the rental property 200,000 REQUIRED: Compute for the income taxes of Mr. and Mrs. A. 2. Mr. C is a professional with gross receipts of P2,000,000 and deductible expenses of P1,100,000 or a net income of P900,000 in 2020. How much is Mr. C’s income tax for 2020.
Question: Mr. Rafiq has salary income or Rs. 80,000 per month (gross) he also has invested in business where he got annual profit of Rs. 350,000 a) Identify Mr. Rafiq as Salaried Individual or Non Salaried Individual Mr. Rafiq is Individual b. Give reason to support your answer in part a Write correct reason selecting from below given reasons • Mr Rafiq's Salary income is less than 75% of his total income. • Mr Rafiq's Salary income is more than 75% of his total income. • Mr Rafiq's Salary income is more than 50% of his total income. • Mr Rafiq's Salary income is less than 50% of his total income. • Amount doesnot matter as his claim of salary income will be good enough to be salaried individual
Qe/ from the following tralasaction, prepar income Statement Sales reven ue tinished Goods V 50006 Net purchoses loo00 rent expenses 250 000 returns sales lo o00 So00 rent revenue 30oo administrutive Expensese 2e00 Sales salaries looo Depreriation other expensese tax income tooo +5006 finished goads 344 7o00 . tooo
During 2022, Janice reported the following income and expense items connected with her business. Income from sale of articles Rent $95,000 16,500 Utilities 7,900 Supplies 1,800 Insurance 5,000 Travel (including restaurant meals of $600) 2,900 Calculate Qualified Business Income.