Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
S&X Co. is a retail store owned by Paul Tuner. During the monthof November, the equity accounts were affected by the followingevents: Nov.9 Turner invested an additional $15,000 in the business. Nov.15 Tuner withdrew $1,500 for his salary for the first two weeksof the month. Nov.30 Turner withdrew $1,500 for his salary for the second twoweeks of the month. Nov.30 S&X distributed $1,000 or earnings to Turner. INSTRUCTIONS: a.Assuming that the business is organized as a soleproprietorship: 1.Prepare the journal entries to record the above events in theaccounts of S&X. 2.Prepare the closing entries for the month of November. Assumethat after closing all of the revenue and expense accounts, theIncome Summary account has a balance of $5,000. Hint: Record the investment in a separate capital account and thewithdrawals (salary) in a separate drawing account. Close thedrawing account into the capital account as part of the closingentries. b. Assuming that the business is organized as a corporation. 3.Prepare the journal entries to record above events. Assume thatthe distribution of the earnings on November 30 was payment of adividend that was declared on November 20. 4. Prepare the journal entries to record above events. Assume thatafter closing all of the revenue & expense accounts (exceptIncome Tax Expense) the Income Summary account has a a balance of$2000. Before preparing the closing entries, prepare the entries toaccrue income tax expense for the month and to close the Income TaxExpense account to the Income Summary account. Assume that thecorporate income tax rate is 30%. c. Explain the causes of the differences in the net income betweenS&X as a sole proprietorship and S&X as a corporation. d. Describe the effects of the business operations on Turnersindividual income tax return, assuming that the business isorganized as 1) a sole proprietorship and 2) a corporation.
What type of fraudulent activity could this have been and what type of testing could have been included in the audit to discover it? What can auditors do to verify inventory levels and that no fraudulent activity is occurring between annual inven..
On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest is payable semiannually on January 1 and July 1. Using the effective interest method, what amount should Moon report as interest expense for the six month..
Streak Merchandising Company expects to purchase $ 60,000 of materials in July and $70,000 of materials in August. Three-quarters of all purchases are paid for in the month of purchase,
XYZ Corporation distributed land to its sole shareholder in a liquidating distribution. At the time of the distribution, the land had a fair market value of $120,000.
For each of the unrelated transactions described below, present the entry(ies) required to record the bond transactions.
During the period, the Bottling Department completed 60,000 liters, including 3,000 liters of work in process at the beginning of the period. The ending work in process was 5,000 liters. How many liters were started and completed during the period..
On December 16, 2008, the company's controller made a preliminary estimate of the predetermined overhead rate for the year 2009. The new rate was based on the estimated total manufacturing overhead cost of $3,402,000 and the estimated 63,000 total..
A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser's books at:
Senior sold all of these goods in 2011. How should Perez report the effect of the intra-entity sale on its 2011 income statement?
What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries?
Diane, the tool crib attendant, works eight hours a day, five days a week. Each order is for one small tool and each small tool takes Diane 2 minutes to retrieve from the bins. What is the average waiting time, in minutes?
Enter the trial balance on a ten-column work sheet and complete the work sheet. Add accounts as needed.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd