Expenses: The cost that is incurred during business is called business expenses. To earn revenue, some expenses are to be paid. Expense may be operating expenses or non operating expense. Liabilities: Liabilities are generally the amount owned by the company from lenders, suppliers, or bank. Liabilities are the burden on the company that they have to pay to others. Equity: A company needs finance to run the business. Equity is one of the method through which the company raise the capital. Return on Assets: The return on assets is the return earned on the amount invested in assets. The return on assets is also known as the return on investment . In getting income individual or company will invest money; the ultimate aim is to earn a good return on the amount invested. 1. To compute: Return on assets of K manufactures.

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Answer 1

Question

Chapter 1, Problem 10PSA

To determine

Expenses:

The cost that is incurred during business is called business expenses. To earn revenue, some expenses are to be paid. Expense may be operating expenses or non operating expense.

Liabilities:

Liabilities are generally the amount owned by the company from lenders, suppliers, or bank. Liabilities are the burden on the company that they have to pay to others.

Equity:

A company needs finance to run the business. Equity is one of the method through which the company raise the capital.

Return on Assets:

The return on assets is the return earned on the amount invested in assets. The return on assets is also known as the return on investment. In getting income individual or company will invest money; the ultimate aim is to earn a good return on the amount invested.

1.

To compute: Return on assets of K manufactures.

2.

To determine

To explain: The comparison with competitors.

3.

To determine

To compute: The total expenses of K manufacture.

4.

To determine

The average total amount of liabilities and equity of K manufactures.

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Martin Hughes earns net self-employment income of $157,100. He works a second job from which he receives FICA taxable earnings of $127,600.Self-Employment tax =

Question 2 U. Richards does not keep his books on the double entry system. His bank summary amount for 2010 is as follows: Balance 1.1.2010 1890 Receipts from $44656 debtors Creditors Loan from U. Miller $2.000 Rates Rent Drawings Cash withdrawn from bank $540 0 Payment to Trade $316 95 2750 1316 3095 1642 Sundry Expense Records of cash paid were sundry $122, trade creditors $642. Cash sales amounted to cash drawings were $5289. The following information is also available: 31.12.201 31.12.2 0 011 Cash in hand $48 $93 Trade creditors $4896 $5091 Accounts Receivables 60 $71 13 32 Rent Owing $250 Rates in Advance $282 $312 Motor van (at valuation) 2800 2400 Stock 11163 13021 Required: A. Statement of Affairs. (to find opening capital as at 31.12.2010) B. Cash Account & Bank Account. C. Accounts Receivables & Accounts Payables Control A/Cs. D. Income Statement for the year ended 31 December 2011.

2: Martin Hughes earns net self-employment income of $157,100. He works a second job from which he receives FICA taxable earnings of $127,600. Self-Employment tax = $ 6,440.70 3: Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $100,400. Self-Employment tax = $ 30,294.00

Answer 2

Question

Chapter 1, Problem 10PSA

To determine

Expenses:

The cost that is incurred during business is called business expenses. To earn revenue, some expenses are to be paid. Expense may be operating expenses or non operating expense.

Liabilities:

Liabilities are generally the amount owned by the company from lenders, suppliers, or bank. Liabilities are the burden on the company that they have to pay to others.

Equity:

A company needs finance to run the business. Equity is one of the method through which the company raise the capital.

Return on Assets:

The return on assets is the return earned on the amount invested in assets. The return on assets is also known as the return on investment. In getting income individual or company will invest money; the ultimate aim is to earn a good return on the amount invested.

1.

To compute: Return on assets of K manufactures.

2.

To determine

To explain: The comparison with competitors.

3.

To determine

To compute: The total expenses of K manufacture.

4.

To determine

The average total amount of liabilities and equity of K manufactures.

Expert Solution & Answer

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See solution

Answer 3

Question

Chapter 1, Problem 10PSA

To determine

Expenses:

The cost that is incurred during business is called business expenses. To earn revenue, some expenses are to be paid. Expense may be operating expenses or non operating expense.

Liabilities:

Liabilities are generally the amount owned by the company from lenders, suppliers, or bank. Liabilities are the burden on the company that they have to pay to others.

Equity:

A company needs finance to run the business. Equity is one of the method through which the company raise the capital.

Return on Assets:

The return on assets is the return earned on the amount invested in assets. The return on assets is also known as the return on investment. In getting income individual or company will invest money; the ultimate aim is to earn a good return on the amount invested.

1.

To compute: Return on assets of K manufactures.

2.

To determine

To explain: The comparison with competitors.

3.

To determine

To compute: The total expenses of K manufacture.

4.

To determine

The average total amount of liabilities and equity of K manufactures.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 1, Problem 10PSA

To determine

Expenses:

The cost that is incurred during business is called business expenses. To earn revenue, some expenses are to be paid. Expense may be operating expenses or non operating expense.

Liabilities:

Liabilities are generally the amount owned by the company from lenders, suppliers, or bank. Liabilities are the burden on the company that they have to pay to others.

Equity:

A company needs finance to run the business. Equity is one of the method through which the company raise the capital.

Return on Assets:

The return on assets is the return earned on the amount invested in assets. The return on assets is also known as the return on investment. In getting income individual or company will invest money; the ultimate aim is to earn a good return on the amount invested.

1.

To compute: Return on assets of K manufactures.

2.

To determine

To explain: The comparison with competitors.

3.

To determine

To compute: The total expenses of K manufacture.

4.

To determine

The average total amount of liabilities and equity of K manufactures.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 1, Problem 10PSA

To determine

Expenses:

The cost that is incurred during business is called business expenses. To earn revenue, some expenses are to be paid. Expense may be operating expenses or non operating expense.

Liabilities:

Liabilities are generally the amount owned by the company from lenders, suppliers, or bank. Liabilities are the burden on the company that they have to pay to others.

Equity:

A company needs finance to run the business. Equity is one of the method through which the company raise the capital.

Return on Assets:

The return on assets is the return earned on the amount invested in assets. The return on assets is also known as the return on investment. In getting income individual or company will invest money; the ultimate aim is to earn a good return on the amount invested.

1.

To compute: Return on assets of K manufactures.

2.

To determine

To explain: The comparison with competitors.

3.

To determine

To compute: The total expenses of K manufacture.

4.

To determine

The average total amount of liabilities and equity of K manufactures.

Answer 6

Chapter 1, Problem 10PSA

To determine

Expenses:

The cost that is incurred during business is called business expenses. To earn revenue, some expenses are to be paid. Expense may be operating expenses or non operating expense.

Liabilities:

Liabilities are generally the amount owned by the company from lenders, suppliers, or bank. Liabilities are the burden on the company that they have to pay to others.

Equity:

A company needs finance to run the business. Equity is one of the method through which the company raise the capital.

Return on Assets:

The return on assets is the return earned on the amount invested in assets. The return on assets is also known as the return on investment. In getting income individual or company will invest money; the ultimate aim is to earn a good return on the amount invested.

1.

To compute: Return on assets of K manufactures.

Answer 7

Chapter 1, Problem 10PSA

To determine

Expenses:

The cost that is incurred during business is called business expenses. To earn revenue, some expenses are to be paid. Expense may be operating expenses or non operating expense.

Liabilities:

Liabilities are generally the amount owned by the company from lenders, suppliers, or bank. Liabilities are the burden on the company that they have to pay to others.

Equity:

A company needs finance to run the business. Equity is one of the method through which the company raise the capital.

Return on Assets:

The return on assets is the return earned on the amount invested in assets. The return on assets is also known as the return on investment. In getting income individual or company will invest money; the ultimate aim is to earn a good return on the amount invested.

1.

To compute: Return on assets of K manufactures.

Answer 8

2.

To determine

To explain: The comparison with competitors.

Answer 9

2.

To determine

To explain: The comparison with competitors.

Answer 10

3.

To determine

To compute: The total expenses of K manufacture.

Answer 11

3.

To determine

To compute: The total expenses of K manufacture.

Answer 12

4.

To determine

The average total amount of liabilities and equity of K manufactures.

Answer 13

4.

To determine

The average total amount of liabilities and equity of K manufactures.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 1 - Prob. 1MCQ Ch. 1 - Prob. 2MCQ Ch. 1 - If the assets of a company increase by $100,000...Ch. 1 - Brunswick borrows $50,000 cash from Third National...Ch. 1 - Geek Squad performs services for a customer and...Ch. 1 - Prob. 1DQ Ch. 1 - Prob. 2DQ Ch. 1 - Identify four kinds of external users and describe...Ch. 1 - Prob. 4DQ Ch. 1 - Prob. 5DQ

Solution Summary: The author explains how the return on assets of K manufactures is more than to its competitors.

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To explain: The comparison with competitors.

To compute: The total expenses of K manufacture.

The average total amount of liabilities and equity of K manufactures.

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Chapter 1 Solutions