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Dennis_Churaev [7]
3 years ago
9

Skysong Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following e

vents and transactions occurred.
April 2 Invested $27,070 cash and equipment valued at $12,900 in the business.

2 Hired an administrative assistant at a salary of $255 per week payable monthly.

3 Purchased supplies on account $833. (Debit an asset account.)

7 Paid office rent of $546 for the month.

11 Completed a tax assignment and billed client $1,160 for services rendered. (Use Service Revenue account.)

12 Received $2,589 advance on a management consulting engagement.

17 Received cash of $2,201 for services completed for Ferengi Co.

21 Paid insurance expense $100. 30 Paid administrative assistant $1,020 for the month.

30 A count of supplies indicated that $122 of supplies had been used.

30 Purchased a new computer for $5,266 with personal funds. (The computer will be used exclusively for business purposes.)

Journalize the transactions in the general journal.
Business
1 answer:
liubo4ka [24]3 years ago
8 0

Answer:

Explanation:

First of all, to make it easy, "Debit" will be written as "Dr" and "Credit" as "Cr"                  

                                       General journal

April 2

Dr Cash $27 070  

Dr Equipment $12 900

   Cr Owner's Capital      $39 970

April 2 No transaction has occurred

April 3

Dr Supplies $833  

   Cr Accounts Payable $833

April 7

Dr Rent Expense $546  

    Cr Cash          $546

April 11

Dr Accounts Receivable $1160

   Cr Revenue             $1160

April 12

Dr Cash $2,589

    Cr Unearned Revenue $2,589

April 17

Dr Cash $2,201  

    Cr Revenue  $2,201

April 21

Dr Insurance Expense $100.30

     Cr Cash                $100.30

April 30

Dr Salaries Expense $1,020

     Cr Cash                $1,020

April 30

Dr Supplies Expense $122

     Cr Supplies         $122

April 30

Dr Equipment $5,266

    Cr Capital  $5,266

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Answer:

$2,014

Explanation:

Alain's net investment income tax is the lesser of 1) his net investment income ($53,000) or 2) his modified adjusted gross income less the threshold of $200,000 .

Therefore

$304,000 - $200,000 = $104,000

3.8%×$104,000= $3,952

($53,000 × 3.8% )= $2,014

The additional tax that alain will pay on his net investment income for the year is $2,014

4 0
3 years ago
On June 7, Pixer Co. sells $1500 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21. a.
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Answer:

a.

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b.

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Explanation:

On June 7, Pixer Co. sells $1500 of merchandise to Jasmine Co. on account.

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Rachel receives employer-provided health insurance. The employer's cost of the health insurance is $5,600 annually. What is her
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Answer:

$4,424

Explanation:

Calculation for her employer's after-tax cost of providing the health insurance

Using this formula

After-tax cost =Annually employer's cost of health insurance -(=Annually employer's cost of health insurance*Marginal tax rate)

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After-tax cost =$5,600- ($5,600 × 21%)

After-tax cost =$5,600- $1,176

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Therefore her employer's after-tax cost of providing the health insurance is $4,424

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Explanation:

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hen calculating the cost of direct materials on the schedule of cost of goods manufactured, the cost of indirect materials is __
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It should be noted that When calculating the cost of direct materials on the Schedule of Costs of Goods Manufactured,

The  cost of indirect materials must be Subtracted from raw materials used in production.

<h3>What are Direct material costs ?</h3>

Direct material costs  can be regarded as those cost of the raw materials as well as those components used in making the product.

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