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zloy xaker [14]
3 years ago
6

Elain's Inflatables earns service revenue by providing party planning services and inflatable playscapes. Elaine?'s Inflatables

is organized as a sole proprietorship and owned by Elaine Gibson. During the past? month, Elaine?'s Inflatables has the following? transactions:a. Gibson contributed $10,000 to the business in exchange for capital.b. Purchased equipment for $5,000 on account.c. Paid $400 for office supplies.d. Earned and received $2,500 cash for service revenue.e. Paid $400 for wages to employees.f. Gibson withdrew $1,000 cash.g. Earned $1,000 for services provided. Customer has not yet paid.h. Paid $1,000 for rent.i. Received a bill for $250 for the monthly utilities. The bill has not yet been paid.
Business
1 answer:
Ede4ka [16]3 years ago
8 0

Answer:

The accounting entry for each transaction is given below.

Gibson contributed $10,000 to the business in exchange for capital.

Debit Cash Asset       $10,000

Credit Capital              $10,000

b. Purchased equipment for $5,000 on account.

Debit equipment Asset      $5,000

Credit Payable Liability       $5,000

c. Paid $400 for office supplies.

Debit payable         $400

Credit Cash Asset   $400

d. Earned and received $2,500 cash for service revenue.

Debit Cash Asset    $2,500

Credit Income          $2,500

e. Paid $400 for wages to employees.

Debit Wages expense   $400

Credit Cash Asset          $400

f. Gibson withdrew $1,000 cash

Debit Capital          $1,000

Credit Cash Asset  $1,000

.g. Earned $1,000 for services provided. Customer has not yet paid.

Debit Receivable           $1,000

Credit Service Income   $1,000

h. Paid $1,000 for rent.

Debit Rent expense   $1,000

Credit Cash Asset      $1,000

i. Received a bill for $250 for the monthly utilities. The bill has not yet been paid.

Debit Utility expense     $250

Credit payable                $250

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Answer:

free cash flow is 2.352 million

Explanation:

Given data:

operating income is $2.30 million

depreciation $1.20

tax rate is 25%

free cash flow is calculated by using below formula

free cash flow = operating  income ( 1- Tax) + depreciation -  fixed working capital

                       = 2.75( 1 - 0.25) + 1.20 - 0.6

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free cash flow is 2.352 million

4 0
3 years ago
Woolsey Corporation, a U.S. company, expects to sell goods to a British customer at a price of 250,000 pounds, with delivery and
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Answer:

C. $10,000 positive.

Explanation:

The computation of the amount that should be included is shown below:

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3 years ago
Find out the municipal taxes you are subjected to. Calculate your average annual tax payments to your municipality.
DENIUS [597]

Answer:

I conducted an online research on the state of Virginia. The state of Virginia has 95 counties, 39 independent cities, and 190 incorporated towns. Only elected governing bodies can impose local taxes in this state of Virginia. A bulk of the local tax money comes from property taxes.

The following is the list of municipal taxes a consumer in all counties and cities of the state of Virginia is subjected to:

Items Tax Percentage Districts

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Restaurant meal 1%

Communication taxes 1.05%

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Explanation:

I conducted an online research on the state of Virginia. The state of Virginia has 95 counties, 39 independent cities, and 190 incorporated towns. Only elected governing bodies can impose local taxes in this state of Virginia. A bulk of the local tax money comes from property taxes.

The following is the list of municipal taxes a consumer in all counties and cities of the state of Virginia is subjected to:

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Retail sales tax 0.7%

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Fee on grantors of real estate $0.15 to $100 of the value of property sold only for the Northern Virginia Planning District

Wholesale distributors of motor fuel 2.1% Hampton Roads Planning District

Restaurant meal 1%

Communication taxes 1.05%

Motor vehicle rental tax 4%

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