Reference no: EM131926537
Income statement preparation On December 31, 2015, Cathy Chen, a self-employed terrified public accountant (CPA), completed her first full year in business. During the year, she billed $360,000 for her accounting services.
She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of $8,000, Ms. Chen paid annual salaries of $48,000 and $36,000 to the bookkeeper and the clerical assistant, respectively. Employment taxes and benefit costs for Ms. Chen and her employees totaled $34, 600 for the year. Expenses for office supplies, including postage, totaled $10, 400 for the year.
In addition, Ms. Chen spent $17,000 during the year on tax-deductible travel and entertainment associated with client visits and new business development.
Lease payments for the office space rented (a tax-deductible expense) were $2, 700 per month. Depreciation expense on the office furniture and fixtures was $15, 600 for the year. During the year, Ms. Chen paid interest of $15,000 on the $120,000 borrowed to start the business. She paid an average tax rate of 30% during 2015.
1. Prepare an income statement for Cathy Chen, CPA, for the year ended December 31, 2015.
2. Evaluate her 2015 financial performance.
|
Relationship and the differences between lmna
: Explain the relationship and the differences between LMNA, LMNC, and progerin.
|
|
What are the implications of the three theories
: What are the implications of the three theories for financial managers regarding the optimal capital structure?
|
|
How is urine concentrated and diluted
: How is urine concentrated and diluted? Incorporate the "single effect", corticopapillary interstitial osmotic gradient, medullary recycling of urea
|
|
Describe the mechanisms by which changes in plasma
: Describe the mechanisms by which changes in plasma osmolality or changes in mean arterial pressure or blood volume affect the secretion of AVP.
|
|
Evaluate her 2015 financial performance
: Income statement preparation On December 31, 2015, Cathy Chen, a self-employed terrified public accountant (CPA), completed.
|
|
Definitions and concepts
: A) Define osmolality. B) What are the routes of body water loss, and how much is lost by each per day?
|
|
Identify which of these describe a nurse you know
: Taking the competences of the AONE as a reference, identify which of these describe a nurse you know what qualities/competencies
|
|
Organisms over a relatively short period of time
: We are focused on microevolution, or small changes within a species/population of organisms over a relatively short period of time.
|
|
Write program that prompts user to enter an input file name
: Write a Java program called Tram.java that, firstly, prompts the user to enter an input file name. To practise reading from and writing to the console.
|