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J. Philip started in business on 1 January 2015 with £60,000 in a bank account. Unfortunately, he did not keep proper books of account. He must submit a calculation of profit for the year ending 31 December 2015 to the Inspector of Taxes.
At 31 December 2015 he had inventory valued at cost £12,000; a van which had cost £13,500 during the year and which had depreciated during the year by £3,000; accounts receivable of £24,000; expenses prepaid of £600; a bank balance of £51,000; a cash balance £450; trade accounts payable £12,000; and expenses owing £1,200.
His drawings were: cash £750 per week for 52 weeks, cheque payments £1,500. Draw up statements to show the profit or loss for the year.
On January 31, 2013, B Corp. issued $750,000 face value, 11% bonds for $750,000 cash. The bonds are dated December 31, 2012, and mature on December 31, 2022. Interest will be paid semi annually on June 30 and December 31. What amount of accrued inter..
Discuss budgeting considerations. - Include the organization's budget process, the organization's budget variances and discuss management decisions related to budgeting.
HHH Corp. is subject to a debt covenant that requires HHH to maintain a current ratio of at least 3.00. Violation of this covenant would force HHH into bankruptcy. HHH’s FY2013 financial statements show that the current ratio is 3.01. Which the fraud..
how much income does Sean have if the benefit is provided on a nondiscriminatory basis?
The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB) known as the generally accepted accounting principles (GAAP). This system relies on rules and regulations and thus is said to be a rules-based sy..
Kinsella, Inc., has a gross payroll of $8,000 for the pay period. Provide the necessary journal entries for Kinsella to record these payroll taxes.
Prepare a horizontal analysis income statement for GAP that includes gross profit and operating income before taxes. Round to one decimal place. Comment on the results of your horizontal analysis of GAP.
Karlik Enterprises distributes a single product whose selling price is $16.70 and whose variable expense is $10.20 per unit. The company’s monthly fixed expense is $19,500. Calculate the company’s break-even point in unit sales.
Du Monde Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $100,000. The equipment will have an initial cost of $400,000 and have a 5 year life. The sa..
Barnes Company reports the following operating results for the month of August: sales $315,000 (units 5,000); variable costs $225,000; and fixed costs $71,100. Management is considering the following independent courses of action to increase net inco..
mirr. lifeline corp. is evaluating a project with the subsequent cash flowsyear cash flow0
the accumulated depreciation was $22,500. The liquidation value for the truck is $3,000 on July 1. Compute Parson s gain or loss on the sale of the truck.
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