-Use the Financial Statements;Do not create new accounts jusr follow whats below bank and…
SOLUTION AT Australian Expert Writers
-Use the Financial Statements;Do not create new accounts jusr follow whats below bank and cash reconciliation for May 31st 2020.the General Journal for the month (all journal entries including AJE). Prepare Closing Entries for the month of May to continue with business in the month of June as the next period.Post all transactions to the T-accounts and a trial balance. Show a detailed balance of each of these accounts for the month of May operations (end of Month),Create the Financial Statements in good form including contingency disclosures that are exclusive of the transactions of this case (do not include general notes). Create an Income Statement, a Statement of Owners Equity (Retained Earnings), and a Statement of Financial Position (Balance Sheet). Cash flow statement is not required.Each General Journal entry should satisfy all formalities (date, explanation, accounts, etc.). STEP 2: Analyze the financial statements by answering the following questions:Indicate if the net income of the month is in line with John’s expectations?Make one clear suggestions of how the business can be improved so John can achieve and surpass his target.Indicate if John will be able to scale up his operations in another location (Wasaga Beach) during July and August if the lead rider (manager) is to be paid $1,000 per month to operate the business on top of the salary received for the rides he/she provides. STEP 3: Submit all the 9 items in one word or readable PDF document (no pdf pictures or scans, instead generate the pdf file as a print out of the software you are using: Word, Excel, etc.). Before submitting check that the files have been printed as desired and that the PDF file generated can be read.
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $665,000; Allowance for
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $665,000; Allowance for Doubtful Accounts has a debit balance of $6,000; and sales for the year total $2,990,000. Bad debt expense is estimated at 1/4 of 1% of sales.a. Determine the amount of the adjusting entry for uncollectible accounts.b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.c. Determine the net realizable value of accounts receivable.
101 ) In April of 2019, Shawn purchased and placed in service $70,000 of automobiles (5-year class life) for his
101 ) In April of 2019, Shawn purchased and placed in service $70,000 of automobiles (5-year class life) for his business. In August of 2019, he purchased and placed in service $40,000 of trucks (5-year class life) for his business. In November of 2019, he purchased and placed in service $90,000 of furniture (7-year class life) for his business. These are the only assets placed in service during the year. His taxable income (before the 179 deduction) for 2019 is $50,000. Shawn elects to take his full allowable Section 179 deduction but no additional first-year depreciation in 2019. What depreciation convention (half-year mid-quarter, mid-month) will he be required to use under MACRS? Which assets should he allocate his Section 179 deduction to in 2019 in order to minimize his 2019 tax liability? What is Shawn’s depreciation deduction for 2019? Show work!
6) Robin is in the business of dairy farming. During the year, one of her barns was completely destroyed by
6) Robin is in the business of dairy farming. During the year, one of her barns was completely destroyed by fire. The adjusted basis of the barn was $92,000. The fair market value of the barn before the fire was $75,000. The barn was insured for 95% of its fair market value, and Robin recovered this amount under the insurance policy. Robin has adjusted gross income for the year of $40,000 (before considering the casualty). Determine the amount of loss she can deduct on her tax return for the current year. How would the answer change if the barn was a personal asset? Why? Show work
On March 1, 2019, PT Maju purchased a cash supply of 500 boxes of fresh detergent soap merchandise @ 24
Accounting Assignment Writing ServiceOn March 1, 2019, PT Maju purchased a cash supply of 500 boxes of fresh detergent soap merchandise @ 24 packs with a total purchase value of IDR 108,000,000. On April 1, 2019, all of the Fresh detergent merchandise inventory was sold in cash to PT Jaya at a price of IDR 144,000,000. As of December 31, 2019, 400 boxes were sold in cash. The sales value of Fresh detergent per box by PT Jaya is IDR 360,000. On April 5, 2019, PT Maju purchased 500 dozen Green Coffee coffees at a price of IDR 54,000 per dozen from PT Jaya in cash. PT Jaya itself bought the Green Coffee coffee in cash at a price of IDR 48,000 per dozen on March 31, 2019. During 2019, PT Maju sold 400 dozen Green Coffee coffees at a price of IDR 66,000 per dozen in cash. So, as of December 31, 2019, PT Maju has 100 dozen Green Coffee coffees. During 2019, PT Jaya announced a net profit of Rp1,200,000,000 and a cash dividend totaling Rp300,000,000. PT Maju itself distributed cash dividends of IDR 500,000,000 during 2019. It is assumed that both PT Jaya and PT Maju use the perpetual inventory recording method. Question: a) Describe how PSAK 65 (R.2014) explains the consolidation procedure (the procedure for preparing consolidated financial statements). b) Make a journal related to the sale and purchase of Fresh detergent soap and Green Coffee coffee from PT Maju and PT Jaya during 2019. c) Keep the necessary consolidated elimination journal. Make an Inventory consolidation calculation if necessary, to make calculations easier. d) Prepare a consolidated working paper. e) Prepare a consolidated profit and loss statement, a consolidated statement of retained earnings, and a consolidated statement of financial position for the period ended 31 December 2019
The Central Stores Funds of the City of Bilbo provides centralized management of purchasing, storage, and issue of supplies for
The Central Stores Funds of the City of Bilbo provides centralized management of purchasing, storage, and issue of supplies for the entire City. For the following summarized transactions and event for the year ended June 30. Provide the entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.(1) The Purchasing and Stores Fund ordered supplies at an estimated cost of $51,000.(2) The supplies ordered in (1) above were received at invoice costs of $53,600; these invoices were approved for payment.(3) Supplies costing $49,800 were issued to the City General Fund and billed to that fund at a markup on 20 percent cost.(4) Expenses paid in cash during the year were: purchasing, $4,100; warehousing, $7,400; and general and administrative, $8,200.
On December 31, 2019, the Green Company correctly made an adjusting entry to recognize P9,000 of accrued salaries. On January
On December 31, 2019, the Green Company correctly made an adjusting entry to recognize P9,000 of accrued salaries. On January 15 of the following year, total salaries of P15,000 were paid. Assuming the correct reversing entry was made on January 1, the entry on January 15 will result in a credit to Cash P15,000. What will be the correct following debit(s)?
PSa 5-9 Calculate Self-Employment TaxNOTE: For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual
PSa 5-9 Calculate Self-Employment TaxNOTE: For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under Married Filing Jointly status. For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.1:Annabelle Jefferson earns net self-employment income of $68,400. She does not work a second job.Self-Employment tax = 2:Alexander Ryan earns net self-employment income of $116,900. He works a second job from which he receives FICA taxable earnings of $46,600.Self-Employment tax = 3:Morgan Cruise earns net self-employment income of $220,500. She works a second job from which she receives FICA taxable earnings of $110,600.00.Self-Employment tax =
Management is considering the purchase of a new machine for a cost of $65,000. It is estimated that the machine
Management is considering the purchase of a new machine for a cost of $65,000. It is estimated that the machine will generate positive net cash flows of $12,000 per year for eight years and will be sold for salvage at the end of that time for $2,500. Assuming a return of 9% compounded annually, determine if management should purchase this machine by finding the present value of all future cash flows (round to the nearest whole dollar; circle the answer that is closest to your calculation of present value of future cash flows).
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