Financial statement and file her tax return

Assignment Help Financial Accounting
Reference no: EM131265647

Like most business owners in their first year, Dr. Rooney does not know how to create her financial statements. She hires you as her accountant to put together her financial statement and file her tax return. Here is the information Dr Rooney recounts to you at year end:

1. I started my business with $10,000 cash. The $10,000 cash came from $5,000 loan from my sister and $5,000 from my personal checking account on January 1 st .

2. I paid $50 to obtain my business license on January 21 st .

3. I made house calls and charged $500 per house call. I made 50 house calls this year.

4. I had traveling expenses of $200 a month

5. I paid $10 for business phone calls each month.

6. On December 1 st , I paid $3,600 for insurance. The insurance covers January 1st to December 31st of the coming year.

7. On November 1st., I paid $2,400 for a one page ad for 12 months.

8. I got tired of doing all the paper work and answering phone calls, so I hired an office assistant on November 1st , I pay her $800 each month. I still owe her December’s salary.

9. Mr. Best Customer paid me $5,000 on December 1st for 10 months for checkup of his German Shepherd.

10. I also sell dog food. I purchased 20 boxes at $10 a box on December 1st . The vendor insists I pay cash for these transactions.

11. On December 5th , Mr. Best Customer bought 5 boxes of dog food at $15 a box. I only collect cash for sale of my inventory. (Hint: each box cost $10 – see #10)

12. On November 31st, I bought $500 worth of supplies on account.

13. On December 31st 2014, my admin assistant took closing inventory and found we only had $400 worth of supplies left.

Instructions: Record the above transactions into an accounting equation by creating a table.

Reference no: EM131265647

Prepare current year s corporation tax return for bottle-up

Bottle-Up, Inc., was organized on January 8, 2000, and made its S election on January 24, 2000. Prepare a current year S corporation tax return for Bottle-Up, showing yourself

Discuss apple fairly presented this information

Explain how you would have advised Apple to adopt the new requirements, prospectively or retrospectively. Discuss whether or not Apple fairly presented this information in the

Testing for by examining lease agreements

It is important for the auditor to verify that the controls described by the employees during the auditor’s survey of controls over property, plant and equipment have actually

In planning the audit of a clients inventory

In planning the audit of a client's inventory, an auditor identified the following issues that need audit attention. Inventories are properly stated at the lower of cost or ma

Prepare an incremental analysis for the life of machine

Darcy Roofing is faced with a decision. The company relies very heavily on the use of its 60-foot extension lift for work on large homes and commercial properties. Last year,

Deferred compensation plan

Under the MLB deferred compensation plan, payments made at the end of each year accumulate up to retirement and then retirees are given two options. How much has accumulated i

Available to you to appropriately-ethically adjust earnings

You are the controller of ABC manufacturing corp, a publicly traded furniture manufacturing company, based on Long Island. Business has been going well for ABC. Over the last

A simplified cost approach is used based on hours

Dye and Dye, Attorneys-at-Law, each bill 1,500 hours per year and receive pay of $100,000 each. Four paralegals work for the firm and each receives pay of $40,000 and works 2,

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd