Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Joey Juno began a web-based computer sales and service company on June 1, 20X8,
called Juno's Toys. Joey has made a few decisions regarding the accounting system;
all prepayments and unearned revenues will be recorded as assets and liabilities and
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transactions during November of the current year:
Joey invested $12,000 cash along with $9,000 of used computer
equipment into his new business.
Purchased 8 months of insurance for $1,200 cash; the insurance is
effective immediately.
Hired a computer technician, named Barney to be paid every two weeks.
$23,000 of merchandise was purchased from Eastman Store on account
terms 1/10, n30.
Freight was paid in amount of $200 for above purchase.
Bought $400 of office supplies on account.
Sold merchandise to John Smith that cost $3,300 for $3,800. Mr. Smith
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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems.
Jan. 3
Feb. 10
13
Mar. 12
14
Apr. 3
May 11
13
July 12
Aug. 1
Oct. 5
15
Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note.
Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400.
Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000.
Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account.
Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account.
Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of
January 3. (Record both the debit and the credit to the notes receivable account.)
Received from Bradford & Co. the amount due on the note of March 12.
Dry Creek Co. dishonored its note dated March 14.
Received from Dry Creek Co. the amount owed on the…
GJ started operating his new salon business (Sir George Salon) during 2017. He provides services for corporate accounts with 60-day payment term. He submits the following data in 2018:
Supplies inventory, 1/1/2018
50,000
Supplies inventory, 12/31/2018
80,000
Revenues
3,000,000
Accounts receivable, Jan. 1, 2018
500,000
Accounts receivable, Dec. 31, 2018
700,000
Purchase of supplies from VAT registered entities (net)
100,000
Purchase of supplies from non-VAT registered entities
50,000
Determine the following:
What is the applicable business tax for the taxpayer?
How much is the correct business tax due?
Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year?
Assume the taxpayer is VAT registered, how much is the VAT payable for the year?
Chapter 3 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - Prob. 5DQCh. 3 - What contra account is used when recording...Ch. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - What are the steps in recording closing entries?Ch. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - What is the purpose of the Income Summary account?Ch. 3 - Explain whether an error has occurred if a...Ch. 3 - Prob. 18DQCh. 3 - What classes of assets and liabilities are shown...Ch. 3 - Prob. 20DQCh. 3 - Prob. 21DQCh. 3 - Prob. 22DQCh. 3 - Prob. 23DQCh. 3 - Prob. 24DQCh. 3 - Refer to Samsung’s financialstatements in Appendix...Ch. 3 - Prob. 1QSCh. 3 - In its first year of operations, Roma Company...Ch. 3 - Classify the following adjusting entries as...Ch. 3 - Prob. 4QSCh. 3 - Prob. 5QSCh. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - a. Barga Company purchases $20,000 of equipment on...Ch. 3 - For each separate case below, follow the...Ch. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - In making adjusting entries at the end of its...Ch. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - List the following steps of the accounting cycle...Ch. 3 - Prob. 23QSCh. 3 - Prob. 24QSCh. 3 - Prob. 25QSCh. 3 - Cal Consulting follows the practice that...Ch. 3 - Answer each of the following questions related to...Ch. 3 - Prob. 28QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Use the following information tocompute profit...Ch. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Prob. 16ECh. 3 - For journal entries 1 through 12, enter the letter...Ch. 3 - Arnez Company’s annual accounting period ends on...Ch. 3 - Prob. 3PSACh. 3 - A six-column table for JKL Company follows. The...Ch. 3 - Prob. 5PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 8PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Prob. 5PSBCh. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - The adjusted trial balance for Anara Co. as of...Ch. 3 - Using transactions from the following assignments,...Ch. 3 - Prob. 4GLPCh. 3 - Prob. 6GLPCh. 3 - Prob. 1FSACh. 3 - Prob. 2FSACh. 3 - Prob. 3FSACh. 3 - Prob. 1BTNCh. 3 - One of your classmates states that a company’s...Ch. 3 - Prob. 5BTN
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