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- Cindy operates a computerized engineering drawing business from her home. Cindy maintains a home office and properly allocates the following expenses to her office: Depreciation $1,500 Utilities 500 Real estate taxes 325 Mortgage interest (100 percent deductible) 500 Assume that Cindy earns income of $4,400 from her business for the year before deducting home office expenses. She has no other expenses associated with the business. Calculate Cindy's deduction for home office expenses. $__________ Assume that Cindy earns income of $2,600 from her business during the year before deducting home office expenses. Calculate Cindy's deduction for home office expenses. $__________On July 1, 2021, Martha Jones started Martha's Auto Repair Shop, Inc. On that same day, Martha purchased the following supplies for use in the repair shop: Alt Unit of Measure Quantity Purchased Price per Unit Extended Total Cost Item Shop Towels Rolls 120 $4 $480 Degreasing Fluid Quarts 75 $9 $675 Gasket Sealer Tubes 40 $6 $240 Total $1,395 On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Quantity Remaining Unit of Item Measure Shop Towels Rolls 80 Degreasing Fluid Quarts 65 Gasket Sealer Tubes 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: Unit of Measure Quantity Remaining Item Shop Towels Rolls 55 Degreasing Fluid Quarts 48 Gasket Sealer Tubes 22 The following is a partial list of the accounts in Martha's General Ledger. These…Drex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021: April 4 The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250. April 4 Paid three months advance rental to Ninang Lessor for 1,500 per month. April 4 Paid Casualty insurance PRU UK amounting to 1,800. April 6 Received cash from GTZ Enterprise on sale of merchandise for 3,000. April 7 Purchase additional furniture on account from Crizfat Furniture amounting to 1,800. April 8 Cash Sales from walk in client amounting to 800 April 11 Paid Cash advertisement to Bulgar Newspaper amounting to 120. April 12 Paid debt amounting to 800…
- Scenario: Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000. To even out the workload, Nance travels around the country inspecting their properties. Symington manages the business and serves as the accountant. From time to time, they use small amounts of store merchandise for personal use. In preparing for his daughter's wedding, Symington took inventory that cost $10,000. He recorded the transactions as follows: Debit Credit Cost of Goods Sold $10,000 Inventory $10,000 Respond to the following questions and, if appropriate, include personal experience as part of your answers. • How do you feel Symington should have recorded these transactions? Why? • What are the ethical implications of Symington's actions?Drex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021: April 4 The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250. April 4 Paid three months advance rental to Ninang Lessor for 1,500 per month. April 4 Paid Casualty insurance PRU UK amounting to 1,800. April 6 Received cash from GTZ Enterprise on sale of merchandise for 3,000. April 7 Purchase additional furniture on account from Crizfat Furniture amounting to 1,800. April 8 Cash Sales from walk in client amounting to 800 April 11 Paid Cash advertisement to Bulgar Newspaper amounting to 120. April 12 Paid debt amounting to 800…Drex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021: April 4 The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250. April 4 Paid three months advance rental to Ninang Lessor for 1,500 per month. April 4 Paid Casualty insurance PRU UK amounting to 1,800. April 6 Received cash from GTZ Enterprise on sale of merchandise for 3,000. April 7 Purchase additional furniture on account from Crizfat Furniture amounting to 1,800. April 8 Cash Sales from walk in client amounting to 800 April 11 Paid Cash advertisement to Bulgar Newspaper amounting to 120. April 12 Paid debt amounting to 800…
- While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Purchase Date October 30, Year 1 October 30, Year 1 October 30, Year 1 October 30, Year 1 Basis $16,200 10,000 5,400 19,160 Year 1 Asseta Computers (5-year) office equipment (7-year) Furniture (7-year) Start-up costa In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow Information systems students preparing to graduate. The customer list cost $12,160, and the sale was completed on April 30. During their summer break, Dailin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after graduation. In the summer, they purchased a small van (for transportation, not considered a luxury…Shimin operates her ovwn beauty parlor. She reports the following: Items of Income Gross receipts-customers Income from sale of old parlor tools and equlpment P900.000 Salaries of beauticians Items of costs/expenses/deductions P350.000 45.000 Rent- parlor space 100,000 Income from sale of 30,000 Rent - admin space customers' cut hair Income from sale of beauty products displayed in the parlor Royalty income on her parlor franchise in CebU 30.000 Depreciation - parlor tools 120,000 and equioment Depreciation - office 10.000 400.000 computer 2.000 How much shall be reported as gross income from business/profession? О а. Р550,000 О Б. Р590,000 O c. P670,000 O d. P990,000You are to refer to Kate Minimart operation below: Kate operates a minimart store located in a private estate. She invested $20,000 of her own funds and took an additional $10,000 bank loan to pay for the renovation and store fittings totaled $22,000, balance funds to use for operation needs. Kate paid a monthly rent of $5,000 for the store. The minimart sells a variety of goods estimated a total worth of $10,000. All sales are on cash basis amounting to about $12,000 to $14,000 each month. Kate is at a loss how to prepare the accounts for her business. You will perform the following: (0) Select an accounting principle and explain how it can be applied to Kate Minimart 3
- (iii) (iv) element Select THREE (3) transactions that Kate Minimart performs and illustrate their effect on the accounting equation. Select ONE (1) financial statement to prepare at period end. Describe the following: -the purpose of preparing the statement the key components ONE (1) user and how he can use its information provide a brief format of the selected financial statement (with no numbers).unu aUcuracy of the financial statements? output of What's New Mr. Juan is a retired government employee who is good at baking. One day he decides to put up a bakery shop in your barangay. He renovates a portion of his house to serve as the area for the production of bread. He purchases baking equipment and raw materials to produce five different types of bread. Mr. Juan also hires Jose to help him with the baking and, at the same time, to be in- charge of sales. Mr. Juan pays Jose on a weekly basis. Every day, Mr. Juan's wife deposits the daily cash sales in their bank account at XY Savings Bank. With the help of accounting, what possible decisions or questions of Mr. Juan can accounting provide an answer to? Guide questions on the scenario given: • Is my business earning? (Profitability) » How much daily or monthly sales do I need in order to recover my fixed cost? (Break-even) • Do i need to hire additional workers to help me with my production? • Can I afford to set up a new store…Erica trades as a financial adviser. She rents an office in the town centre and employs three full-time staff. She advises clients on how to manage their savings, investments and pension funds. Erica decided that she needed a new computer system for the business in order to improve efficiency. The following expenditure was incurred when the new system was purchased: Cost of computer $1900 Paper, ink cartridges and other consumables $110 Cost of colour laser printer $450 Installation and testing costs $200 Staff training on new system $500 Annual insurance against theft and breakdowns $90 Cost of rewiring to accommodate new computer $340 Annual maintenance agreement $99 REQUIRED: Calculate the total of capital expenditure incurred by Erica’s business when acquiring the computer system. To what extent would the business’s profits have been reduced by the expenditure listed. If Erica had borrowed $3000 to pay for the new computer system, how would the interest payments on the…