ear on 30 April 2019. fees earned during the year fees owed by clients at 30 April 2019 cost of computer equipment purchased loan interest paid other business expenses was Seema's profit for the year? . GHC 72,000 GHC 244 000 22 000 26 000 4 000 142 000
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- Adwoa is a business consultant. She provided the following information at the end of her first financial year on 30 April 2019. fees earned during the year fees owed by clients at 30 April 2019 cost of computer equipment purchased loan interest paid other business expenses What was Seema's profit for the year? GHC 244 000 22 000 26 000 4 000 142 000Robbie Nicholls commenced business offering landscaping and tree pruning services to clients. During the 2023 income year, Robbie recorded the following transactions: Cash received from clients $165,000 (incl. GST) Coffee machine received from client valued at $ 1,100 (incl. GST) Fees outstanding from clients as at 30 June 2023 $2,200 (incl. GST) Calculate Robbie's assessable income for the 2023 income year. Question 19Select one: $153, 000 $168, 300 $152, 000 $167, 200for the year ended 31 July 2019. Was her net profit for the year understated or overstated as a ments totall ing & heating expense' in Angela's Income Sta result, and by how much? (c) The annual insurance premium for Claire's business premises (covering the period 1 Septemhar vOstly 20% more +han her previous vear's premium
- A. You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.Required:Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019. my confusion : not sure if LSL will be 50%of or not?
- Mrs. Adul is a professional medical doctor, practicing in Nairobi. Given below are the financial details of her clinic for the year ended 31 December 2020. Sh. Gross professional fees received Directors fees received(deductions at source) Interest income from AB Bank Ltd. – Gross Dividend income (net) Subscriptions to professional association and publications Donations to destitute children’s home Subscriptions to a Wildlife Magazine Debt collection (patients) expenses Wages for clinic assistant Replacement of clinic instruments Rent for the clinic premises Electricity and water – clinic General expenses – clinic Car hire expenses – for use in practice Uniforms for staff Payment of school fees for own children Contribution to Registered Provident Fund-self Payment of life insurance premium-self Terminal benefits paid to retired receptionist Depreciation on furniture – clinic Rents received from sub-rentals Rent collection expenses Wages paid to cleaners and watchman –…Francis Mayberry, M.D., maintains the accounting records of Mayberry Clinic on a cash basis. During 2020, Dr. Mayberry collected $134,269 from her patients and paid $50,926 in expenses. At January 1, 2020, and December 31, 2020, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) January 1, 2020 December 31, 2020 Accounts receivable $8,768 $14,914 Unearned service revenue 2,908 3,733 Accrued expenses 3,444 2,049 Prepaid expenses 1,835 3,239 Prepare a schedule that converts Dr. Mayberry’s "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020.Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2020, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At January 1, 2020, and December 31, 2020, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) January 1, 2020 December 31, 2020 Accounts receivable $9,250 $15,927 Unearned service revenue 2,840 4,111 Accrued expenses 3,435 2,108 Prepaid expenses 1,917 3,232 Instructions Prepare a schedule that converts Dr. Accardo’s “excess of cash collected over cash disbursed” for the year 2020 to net income on an accrual basis for the year 2020.
- On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23500. July 10: Purchased a truck for $14900, paying $7200 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4220. July 20: Completed services on account and billed the customer, $7310 July 25: Received cash from customers on account, $3520. July 31: Paid salaries expense of $460 and utilities expense of $300. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020Z was an employee with the following information from her employment in 2021. Salaries and wages - $57,500 RRSP contribution in the final months of 2021 - $5,500 Membership dues paid by Ms. Z’s employer on her behalf - $500 What is Ms. Z’s net employment income for 2021? ___________Mr. Hussein is a trade supplier who has been approached by Al Shinas Trading LLC which is requesting credit terms for the first time.Their managing director has provided Mr. Hussein with the following extracts from the final accounts for the past two years and Mr.Hussein has approached you for advice.Details 2019 (OMR) 2020 (OMR)Accounts payables 75,000 65,000Sales revenue 620,000 910,000Equipment 30,000 22,000Cost of Goods sold 400,000 350,000Machinery 3,150,000 3,128,000Inventory 50,000 80,000Operating costs 192,000 170,000Non-operating expenses 25,000 15,000Common share capital 550,000 550,000Bonds 95,000 90,000Retained earnings 70,000 90,000Bank (25,000) 65,000Accounts Receivables 50,000 85,000Long-term loan 100,000 70,000Shareholders’ fund…