White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business had total assets of $ 85,000, and total liabilities of $ 17,000 During the year 2022, total revenue was $ 61,000, while total expenses amounted to $ 35,000 Also, during the year, Mr. Mansoor made an additional investment of $ 12,000 to his business. On 31/12/2022, total business assets amounted to $ 126,000. Calculate the total liabilities on 31/12/2022, Please note to insert only a number. NO signs or commas are to be used. الرجاء كتابة الرقم فقط بدون فواصل او انشارة دولار أو غيرها Answer

White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business had total assets of $ 85,000, and total liabilities of $ 17,000 During the year 2022, total revenue was $ 61,000, while total expenses amounted to $ 35,000 Also, during the year, Mr. Mansoor made an additional investment of $ 12,000 to his business. On 31/12/2022, total business assets amounted to $ 126,000. Calculate the total liabilities on 31/12/2022, Please note to insert only a number. NO signs or commas are to be used. الرجاء كتابة الرقم فقط بدون فواصل او انشارة دولار أو غيرها Answer

Name: White Cleaning Services was established by Mr. Mansoor early in 2021.
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business had total assets of $ 85,000, and total liabilities of $ 17,000 During the year 2022, total revenue was $ 61,000, while total expenses amounted to $ 35,000 A

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

The accounting records of Sandhill Inc. show the following data for 2020 (its fırst year of operations). 1. Life insurance expense on officers was $9,000. Equipment was acquired in early January for $321,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Sandhill used a 30% rate to calculate depreciation. 2. 3. Interest revenue on State of New York bonds totaled $3,800. Product warranties were estimated to be $51,600 in 2020. Actual repair and labor costs related to the warranties in 2020 were $10,100. The remainder is estimated to be paid evenly in 2021 and 2022. 4. 5. Gross profit on an accrual basis was $93,000. For tax purposes, $79,000 was recorded on the installment-sales method. 6. Fines incurred for pollution violations were $4,400. 7. Pretax financial income was $817,800. The tax rate is 30%.
Ross Company is a C corporation providing property management services. Ross has used the cash method since inception because its gross receipts did not exceed $26,000,000. This year its average annual gross receipts for the prior three years crossed the $26,000,000 mark, requiring Ross to change from the cash method to the accrual method. At the end of its prior year, Ross had accounts receivable of $850,000 and accounts payable of $540,000. Compute and explain the adjustment to taxable income that Ross must make due to the change in accounting method. When must Ross include this adjustment in its income?
Ivanhoe Industries collected $104,000 from customers in 2022. Of the amount collected, $24,800 was for services performed in 2021. In addition, Ivanhoe performed services worth $41,600 in 2022, which will not be collected until 2023. Ivanhoe Industries also paid $72,200 for expenses in 2022. Of the amount paid, $30,200 was for expenses incurred on account in 2021. In addition, Ivanhoe incurred $40,800 of expenses in 2022, which will not be paid until 2023. (a) Compute 2022 cash-basis net income. Cash-basis net income $ (b) Compute 2022 accrual-basis net income. Accrual-basis net income $
The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Allison withdrew $32,000 and $39,000, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no referenceto the division of net income.a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts.b. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison.
Sandhill Industries collected $105,000 from customers in 2022. Of the amount collected, $25,700 was for services performed in 2021. In addition, Sandhill performed services worth $38,900 in 2022, which will not be collected until 2023. Sandhill Industries also paid $71,300 for expenses in 2022. Of the amount paid, $29,300 was for expenses incurred on account in 2021. In addition, Sandhill incurred $40.900 of expenses in 2022, which will not be paid until 2023. (a) Compute 2022 cash-basis net income. Cash-basis net income $ (b) Compute 2022 accrual-basis net income. Accrual-basis net income $ 33.700
ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of commonstock outstanding for the year. The following income statement account balances are availablefor ERS at the end of 2019.Advertising expense $24,200Depreciation expense(on service van) 16,250Income taxes expense 15,150Insurance expense 11,900Interest expense 10,100Rent expense 58,400Salaries expense (foradministrative personnel) $195,600Service revenue 933,800Supplies expense 66,400Utilities expense 26,100Wages expense (for servicetechnicians) 448,300Required:1. Prepare a single-step income statement for ERS for 2019.2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able toincrease its service revenue by $100,000, what should be the effect on future income?
Chuckwagon Company went into business on July 1, 2020. During 2020, Chuckwagon had the following transactions: July 1 - Issued 150 shares of stock to stockholders for a total of $15,000 in cash. July 1 - Borrowed $15,000 from the bank. Chuckwagon will pay nothing until July 1, 2025, and then the company will pay $21,000. July 15 - Bought land for $10,000 in cash. Aug. 1 - Bought equipment for $12,000 in cash. The equipment has an expected useful life of four years and no salvage value. Sep. 1- Paid $1,200 for six months of insurance. Sep. 30 - Bought inventory for $8,000, one-half in cash and one-half on account. Oct. 8 - Sold half of the inventory for $7,000 in cash. Nov. 25 - Sold one-half of land for $4,500 in cash. Dec. 1 - Received $1,000 for work that will be performed in January, 2021. Dec. 16 - Sold $1,000 of inventory for $2,000 on account. Dec. 30 - Received a utility bill for $300, which will be paid in January 2021. • Dec. 31 - Paid a dividend of $200 in cash. How much did…
BLOSSOM's balance sheet at December 31, 2020, is as follows. (See Image 1) (See Image 2) Other information about BLOSSOM is as follows. Salary expense, all paid with cash during 2021 $700 Sales, all for cash 2,990 Purchases, all for cash 2,020 Inventory at 12/31/21 1,790 Property originally cost $2,100 and is depreciated on a straight-line basis over 25 years with no residual value.Interest on the note payable is 10% annually and is paid in cash on 12/31 of each year.Dividends declared and paid are $190 in 2021. Prepare an income statement for 2021. (Round answers to 1 decimal place)
Jackie Company is an FIRB-registered enterprise. Following is its financial performance for a five-year period. Assume all are earned/incurred evenly for each year. Assuming it is a Tier 1 domestic enterprise which started its commercial operation at Quezon City in September 1, 2026, how much is its income tax payable for 2035 assuming the use of SCIT and that it relocated to Cagayan in 2031?
Jax, Jewels, and James organized Big Three as a corporation; each contributed $24,000 cash to start the business and received shares of stock. The store completed its first year of operations on December 31, 2019. On that date, the following financial items for the year were determined: cash on hand and in the bank, $24,300; amounts due from customers from sales of books, $29,900; equipment, $56,900; amounts owed to publishers for books purchased, $8,200; one-year notes payable to a local bank for $29,000. No dividends were declared or paid to the stockholders during the year. On December 31, 2020, what are Big Three’s total assets? $______
The accounting records of Ehrlich Inc. show the following data for 20201. Life insurance expense on officers was $10,000.2. Equipment was acquired in early January for $450,000. Straight-line depreciation over a 6-year life is used, with no salvagevalue. For tax purposes, Ehrlich used a 30% rate to calculate depreciation.3. Interest revenue on municipal bonds totaled $3,600.4. Product warranties were estimated to be $90,000 in 2020. Actual repair and labor costs related to the warranties in 2020were $24,000. The remainder is estimated to be paid evenly in 2021 and 2022.5. Sales on an accrual basis were $500,000. For tax purposes, $400,000 was recorded on the installment-sales method.6. Fines incurred for securities violations were $10,600.7. Pretax financial income was $460,000. The tax rate is 30%.Instructions(a) Prepare a schedule starting with pretax financial income in 2020 and ending with taxable income in 2020.(b) Prepare the journal entry for 2020 to record income taxes payable,…