Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Yarra Stationery Store is in the city center of Sydney. At the end of the business reporting period on 30 June 2013, the following accounts appeared in two of its trial balances. All accounts have normal balances.The ending inventory was determined by a physical stock take count was $47 930.
Account
Unadjusted
Adjusted
Cash at bank
$ 21 900
$21 900
Accounts receivable
26 230
Inventory (1 July 2012)
59 170
Prepaid insurance
2 400
700
Store equipment
39 060
Accumulated depreciation - store equipment
11 560
15 660
Delivery van
9 800
Accumulated depreciation - vehicle
4 100
6 130
Accounts payable
12 780
Loan payable
15 000
Interest payable
980
Rent payable
11 500
Yarra, Capital
78 620
Yarra, Drawings
21 780
Sales
357 960
Sales returns and allowances
14 610
Discount received
1 070
Purchases
199 570
Purchases returns and allowances
12 800
Freight inwards
4 120
Sales salaries expense
43 100
Freight outwards
2 000
Discount allowed
1 800
Interest expense
2 130
3 110
Insurance expense
1 700
Depreciation expense - store equipment
Depreciation expense - vehicle
2 030
Office salaries expense
46 220
Rent expense
Required:
1) By comparing the Unadjusted Trial Balance with the Adjusted Trial Balance, journalise the adjusting entries that you can discern were made. Narrations are required.
2) Journalise the closing entries that are necessary. Narrations are required.
3) Prepare an Income Statement for the year ended 30 June 2013.
question 1wedge corporation uses a discount rate of 14 and has a tax rate of 30. the subsequent cash flows occur in the
Explain how the taxable value of these fringe benefits will be calculated - Determine whether the following benefits are fringe benefits or exempt fringe benefits
Compute the Alberts net tax payable for 2011 and the Alberts would like to know how much the mortgage payments would increase net of any change in their income tax.
Determine the most significant adjustment that a corporation can take to reduce taxable income. Explain the fundamental ways in which the adjustment that you have analyzed impact corporate distributions.
During the year, Emma purchased a bathtub manufactured by Periwinkle for $1300. The bathtub only cost Periwinkle $700 to manufacture and is sold to the general public for $2,600.
He has the subsequent items pertaining to his income tax return for the present year
elaine and nbspsteve lostbucks have come to you for tax advice concerning the purchase of a condominium in faulty
Purpose a 2010 S corporation tax return (Form 1120S), including the subsequent additional schedules and forms: Schedule D, Form 4562, and Schedule K-1.
if fixed costs are billed using actual rate and budgeted usage. could the use of budgeted usage potentially cause some
Altidore Inc. operates a calendar-year-end business that suffers from dramatic seasonal variation in taxable income. For example, it often operates at a net loss for the first two quarters of the year and then operates profitably for the last two ..
Prepare the journal entries to record the current tax liability and movements in deferred tax assets and liabilities.
What rate of return do you expect to earn on your investment and what is the HPY on your investment
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd