INTERMEDIATE ACCOUNTING WPNG MULTI-S
17th Edition
ISBN: 2818440096532
Author: Kieso
Publisher: WILEY
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What is eastwood debt to equity ratio?
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Cash withdrawn from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.
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- 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 = $ 30,294.00arrow_forwardCash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable The Lexington Group Unadjusted Trial Balance May 31, 2016 Debit Balances Credit Balances 20,350 37,000 1,100 200 171,175 36,000 26,000 Common Stock 50,000 Retained Earnings 94,150 Dividends 15,000 Fees Earned 429,850 Wages Expense 270,000 Rent Expense 63,000 Advertising Expense 25,200 Miscellaneous Expense 5,100 608,125 636,000arrow_forwardTrial Balance Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: Cash (1) 40,000 (2) 4,000 (7) 13,100 (3) 5,000 (4) 6,175 (6) 6,000 (9) 1,500 Equipment (3) 15,000 Dividends (9) 1,500 Accounts Receivable Accounts Payable Service Revenue (5) 20,500 (7) 13,100 (6) 6,000 (3) 10,000 (5) 20,500 Supplies (2) 4,000 (8) 2,200 Common Stock Operating Expenses (1) 40,000 (4) 6,175 (8) 2,200arrow_forward
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