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Prepare trail balance, income statement, owners' equity statement and balance sheet.
Entry No. Entry Information
May 1
Owner H. Hadi invested $40,000 in the business.
May 4
Equipment was purchased at a cost of $7,000; a three-month, 10% note payable was signed for this amount.
May 5
Paid a supplier $1,500 cash on account.
May 8
Paid $1,800 in cash to Palmero Company for May rent.
May 10
Purchased supplies for $2,500 cash. The supplies are expected to last through July.
May 14
Paid $300 cash to the Daily News for advertisements run this past week.
May 16
Billed customers $8,000 for services rendered.
May 19
Received $5,000 from customers for services rendered during the week.
May 25
Additional supplies were purchased on account at a cost of $800 from Superior Supplies Company. These supplies will be used during June.
May 26
Received $11,000 from customers for services to be rendered early in June.
May 27
Paid the Weekly News $300 for an advertisement that will run the first week in June.
May 28
Received $4,000 on account.
May 30
Owner H. Hadi withdrew $500 for personal use.
K. Minor, H. Rath's administrative assistant, was paid $1,800 cash for her salary.
Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2011-2014. Deferral, for book purposes, of $25,000 of rent received in advance. The rent will be earned in 2011.
The LAN partnership had $15,000 in outstanding liabilities on December 31, 2010. Assuing there were no distributions to the partners, what total amount of income will Jaay report for 2010 as a result of his partnership interest?
In 2013, Ed is 66 and single. If he has itemized deductions of $7,300, he should not claim the standard deduction alternative. a. True b. False
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On January 1, 2010, Reston Co. purchased 25% of Ace Corp.'s common stock; no goodwill resulted from the purchase. Reston appropriately carries this investment at equity, and the balance in Reston's investment account was $720,000 at December 31, 2..
In reviewing the tax credits , there are just as many for small businesses as for individual taxpayers, Explain how the IRS determines and measures the impact of enacting these credits on both types of taxpayers. Provide support for your opinion.
The holders of note payable B want to collect at least $125,000. To achieve that goal, how much does the company have to receive in the liquidation of its equipment?
Based on the information given above, what amount of cost of goods sold did ABC record in 2008?
Suppose that nominal output rises from $12.5 trillion in 2005 to $13 trillion in 2006. Assume also that the GDP deflator rises from 100 to 105.
Write a formula reflecting the price estimate for a house based on the number of square feet that need to be painted. Assume that John can accurately estimate the painted area (in square feet) and the amount of time it takes to complete the prep-w..
The general manager of Qantas had two concerns: the company's worsening cash position ($3000 cash and No bank loan at the end of 2011, No cash and a $7,000 bank loan at the end of 2012) and an inadequate level of net profit. (According to Gener..
For 2010, stoneland corporation reported net income, 24,000; net sales 400,000; and average shares outstanding, 6,000. there werte no preferred stock dividends. What was the 2010 earnings per share?
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