6/ Pays rent of £4000 7/ Pays £3000 wages for the period a) Record each of the above transactions for the first week in the ledger accounts. Question 2 The transactions of a business during the first week of trading are as follows: 1/ Mr Johnson opens a business bank account with £40000 of his own money. 2/ Buys equipment for £6000 on credit from Mr Sort 3/ Purchases goods at a cost of £17000, paying by cheque 4/ Sells goods for £19000. The customer pays by cheque immediately. 5/ Pays a cheque for £5000 to Mr Sort.
Acct Unit 1 Homework Assignment 06/12/15 Question 1: Brady Brothers, a partnership, has total assets of $350,000 and $100,000 of owners’ equity. What are the partnership’s total liabilities? $350,000 – Liabilities = $100,000 $350,000 - $100,000 = $100,000 - $100,000 Answer: $250,000 = Liabilities Question 2: During the first month of operation, Brady Brothers made sales to customers totaling $12,000 but received only $6,000 from customers in cash. Brady Brothers incurred $8,000 for operating expense but only paid $5,000 in cash for those expenses. What was Brady Brothers cash basis income?
Other financial information is as follows: (18 marks) Advertising | $500 per month | Rent | $1,000 per month | Supplies | $1.50 per haircut | Utilities | $300 per month plus $0.50 per haircut | Magazines | $50 per month | Cleaning supplies | $0.25 per haircut | Price per haircut | $15 | a. Compute the fixed costs per month, the variable costs per haircut, the contribution margin and the monthly break-even point for the number of haircuts. b. In February, 1,500 haircuts were given. Compute the net income for February.
What amount should Ruiz record on March 1, 2010 as paid-in capital from stock warrants? (Points : 4) $28,800 $33,600 $41,600 $40,000 3. (TCO A) On January 1, 2010, Trent Company granted Dick Williams, an employee, an option to buy 100 shares of Trent Co. stock for $30 per share, the option exercisable for 5 years from date of grant. Using a fair value option pricing model, total compensation expense is determined to be $900. Williams exercised his option on September 1, 2010, and sold his 100 shares on December 1, 2010.
3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable. 4 Paid $1,200 for a one-year accident insurance policy. 10 Received a bill from the Daily News for advertising the opening of the Laundromat $200. 20 Bob withdrew $700 cash for personal use. 30 The company determined that cash receipts for laundry services for the month
The business required £30,000 cash for working capital. The company gets a loan of £450,000 which was transfer into the business bank account in January as shown in appendix 6. The cash budget shows a balance of £3,918 in January and £16,335 February. The loan calculation is shown in appendix 8. This is expected to be paid back within 8 years by monthly paid instalments of £5.718.41 which was calculated on a 5.1% interest rate.
b. ___O_____ Received $3,200 from cash sales. c. ___F_____ Paid a $5,000 dividend. d. ___O_____ Purchased $8,800 of merchandise for cash. e. ___F_____ Received $100,000 from the issuance of common stock.
In year 2 it reports a $40,000 loss. For year 3, it reports taxable income from operations of $100,000 before any loss carryovers. Using the corporate tax rate table, determine how much tax Willow Corp. will pay for year 3. Answer: $4,500. Description (1) Year 3 taxable income $100,000 (2) Year 1 NOL carryforward ($30,000) (3) Year 2 NOL carryforward ($40,000) (4) Taxable income reported 30,000 (1) - (2) -
(4 points) Problem 5: George Heinrich uses 1,500 per year of a certain subassembly that has an annual holding cost of $45 per unit. Each order placed costs George $150. He operates 300 days per year and has found that an order must be placed with his supplier 6 working days before he can expect to receive that order. For this subassembly, find: a) Economic order quantity. b) Annual holding cost.
3. You purchase 300 shares of Square Enix at $40 per share. To pay the purchase, you borrow $4,000 from your broker. The interest rate on the loan is 5%. a.