EBK ADVANCED FINANCIAL ACCOUNTING
11th Edition
ISBN: 8220102796096
Author: Christensen
Publisher: YUZU
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Chapter 14, Problem 14.3.3E
To determine
Introduction:The Securities Exchange Act of 1934 regulates the trading of securities and imposes reporting requirements on companies whose securities trade on one of the stock exchanges. The three basic periodic reporting forms used for this updating are Form 10-K, Form 10-Q, and Form 8-K.Form10-K is the annual filing to the SEC, Form 10-Q is the quarterly reporting to SEC, and Form 8-K is used to disclose unscheduled material events.
To choose:The correct answer to determine the time period for filing Form 10-Q.
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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Cash withdrawn from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
Chapter 14 Solutions
EBK ADVANCED FINANCIAL ACCOUNTING
Ch. 14 - Prob. 14.1QCh. 14 - Prob. 14.2QCh. 14 - Prob. 14.3QCh. 14 - Prob. 14.4QCh. 14 - Prob. 14.5QCh. 14 - Prob. 14.6QCh. 14 - Prob. 14.7QCh. 14 - Prob. 14.8QCh. 14 - Prob. 14.9QCh. 14 - Prob. 14.10Q
Ch. 14 - What type of items that specially involve the...Ch. 14 - Prob. 14.12QCh. 14 - Prob. 14.13QCh. 14 - What types of information must be disclosed in the...Ch. 14 - Prob. 14.15QCh. 14 - Objectives of Securities Acts [CMA Adapted] During...Ch. 14 - Prob. 14.7CCh. 14 - Prob. 14.8CCh. 14 - Prob. 14.1.1ECh. 14 - Prob. 14.1.2ECh. 14 - Organization Structure and Regulatory Authority of...Ch. 14 - Prob. 14.1.4ECh. 14 - Prob. 14.1.5ECh. 14 - Prob. 14.1.6ECh. 14 - Prob. 14.2.1ECh. 14 - Prob. 14.2.2ECh. 14 - Prob. 14.2.3ECh. 14 - Prob. 14.3.1ECh. 14 - Prob. 14.3.2ECh. 14 - Prob. 14.3.3ECh. 14 - Prob. 14.3.4ECh. 14 - Prob. 14.3.5ECh. 14 - Prob. 14.3.6ECh. 14 - Prob. 14.3.7ECh. 14 - Prob. 14.4.1ECh. 14 - Prob. 14.4.2ECh. 14 - Prob. 14.4.3ECh. 14 - Prob. 14.4.4ECh. 14 - Prob. 14.6.1ECh. 14 - Prob. 14.6.2ECh. 14 - Prob. 14.6.3ECh. 14 - Prob. 14.6.4ECh. 14 - Prob. 14.6.5ECh. 14 - Prob. 14.6.6ECh. 14 - Prob. 14.6.7E
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