User Account

All Pages

Determine the profit or loss earned by the business

Assignment Help Accounting Basics
Reference no: EM132608571

Question - Equity balances for SW appearing in the balance sheets of SW's Window Washing Services as at 30 June 2019, 2018 and 2017 are set out below. 30 June 2019 30 June 2018 30 June 2017 Equity SW, Capital $27,300 $31,000 $29,000 During 2017-18, SW withdrew $25,000 for personal use and also contributed additional capital of $9,000. During 2018-19, he withdrew $11,000 capital from the business, and withdrew $16,000 cash for his own use in anticipation of profits.

Required - Determine the profit/loss earned by the business in each of the following two years: 1) year ended 30 June 2019 2) year ended 30 June 2018.

Reference no: EM132608571

Questions Cloud

What can use process flowcharts for in companies : What benefits can we receive from simulations and modeling? What can we use process flowcharts for in companies? Explain with an Example
Calculate the partnership net income : Calculate the s90 Partnership Net Income (PNI) and complete partnership schedule showing the overall distribution to each of the partners
Explain the term analytical characterization : Explain the term "Analytical Characterization" and how it used on Data Mining?
How can SMED be applied to the activities : What you know about these operations from your own driving, how can SMED be applied to these activities? What other JIT principles can be applied?
Determine the profit or loss earned by the business : Determine the profit/loss earned by the business in each of the following two years: 1) year ended 30 June 2019 2) year ended 30 June 2018
Intellectual property laws and security measures : Intellectual property law is issue facing organizations and many organizations have been fined significant amounts for violations of intellectual property law.
Evaluate the primary ethical standards of the accounting : Evaluate the primary ethical standards of the accounting organization's leadership and values that contributed to approval of the accounting issues
Create a scatter diagram : Create a scatter diagram of Y = ‘Annual % ROI' against X = ‘Cost'. Include the trendline and the coefficient of determination right on the graph.
How much withholding tax will USP be subject : How much withholding tax will USP be subject to assuming they are eligible for treaty benefits and the US model treaty is the applicable treaty

Reviews

Write a Review

Accounting Basics Questions & Answers

  Submit cost or pricing data why

Should Motley Systems be required to submit cost or pricing data? Why?

  What amount of equity method income would matthew recognize

Lindman sold additional inventory costing $41,800 to Matthew for $55,000 in 2018. What amount of equity method income would Matthew recognize

  Find total external debt

For a country that interests you and for the region in which the country you chose is located and for the low- and middle-income countries, use the table below.

  Provide a report to the partners on the proposed standard

It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard

  No new working capital would be required

Sub-Prime Loan Company is thinking of opening a new office, and the key data are shown below.

  Walters company produces 15000 pounds of product a and

walters company produces 15000 pounds of product a and 30000 pounds of product b each week by incurring a joint cost of

  Assign the costs of salaries and commissions

Derek spends 100% of his time selling advertising. Assign the costs of salaries and commissions to selling expense and administrative expense

  Calculate the amount of cash paid for dividends

Calculate the amount of cash paid for dividends during 2019. Enter your answer as a number

  Discuss the temporarily restricted net asset class

Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31

  Record the preceding events in a horizontal statements model

Record the preceding events in a horizontal statements model. The first event for 2019 has been recorded as an example

  In what way is this an ethical dilemma for barbara

In what way is this an ethical dilemma for Barbara, Use the six-step approach discussed in this chapter to resolve the ethical dilemma.

  Classes of securities-appropriate adjusting entries

Prepare the appropriate adjusting entries for Brooks as of December 31, 2010, to reflect the application of the "fair value" rule for both classes of securities described above.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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