Please explain the correct answers. 123456789July 03July 06July 09July 14July 18July 20July 27July 30July 31Accounts ReceivableService RevenueRepairs and Maintenance ExpenseAccounts PayableService RevenueAccounts ReceivableNotes ReceivableCashAdvertising ExpenseCashAccounts PayableCashNo Journal Entry RequiredNo Journal Entry RequiredCashNotes PayableXXXXXXxXXXXXxXXX470420470✔570>420S110 x570✔✓470420470570✔110420570✔ Required information[The following information applies to the questions displayed below.]Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For the month of July, the followingtransactions occurred.July 3 Jake provides lawn services to Luke's repair shop on account, $470.July 6 One of Jake's mowers malfunctions. Luke provides repair services to Jake on account, $420.July 9 Luke pays $470 to Jake for lawn services provided on July 3.July 14 Luke borrows $570 from Jake by signing a note.July 18 Jake purchases advertising in a local newspaper for the remainder of July and pays cash, $110.July 20 Jake pays $420 to Luke for services provided on July 6.July 27 Luke performs repair services for other customers for cash, $770.July 30 Luke pays employee salaries for the month, $270.July 31 Luke pays $570 to Jake for money borrowed on July 14.

Journal entries are being termed as initial step in accounting cycle process. Under this, atleast…

Required information The following information applies to the questions displayed below.] Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For the month of July, the following ransactions occurred. July 3 Jake provides lawn services to Luke's repair shop on account, $470. July 6 One of Jake's mowers malfunctions. Luke provides repair services to Jake on account, $420. July 9 Luke pays $470 to Jake for lawn services provided on July 3. July 14 Luke borrows $570 from Jake by signing a note. July 18 Jake purchases advertising in a local newspaper for the remainder of July and pays cash, $110. July 20 Jake pays $420 to Luke for services provided on July 6. July 27 Luke performs repair services for other customers for cash, $770. July 30 Luke pays employee salaries for the month, $270. July 31 Luke pays $570 to Jake for money borrowed on July 14.

Required information The following information applies to the questions displayed below.] Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For the month of July, the following ransactions occurred. July 3 Jake provides lawn services to Luke's repair shop on account, $470. July 6 One of Jake's mowers malfunctions. Luke provides repair services to Jake on account, $420. July 9 Luke pays $470 to Jake for lawn services provided on July 3. July 14 Luke borrows $570 from Jake by signing a note. July 18 Jake purchases advertising in a local newspaper for the remainder of July and pays cash, $110. July 20 Jake pays $420 to Luke for services provided on July 6. July 27 Luke performs repair services for other customers for cash, $770. July 30 Luke pays employee salaries for the month, $270. July 31 Luke pays $570 to Jake for money borrowed on July 14.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 23P

See similar textbooks

Similar questions

Hassad owns a rental house on Lake Tahoe. He uses a real estate firm to screen prospective renters, but he makes the final decision on all rentals. He also is responsible for setting the weekly rental price of the house. During the current year, the house rents for 1,500 per week. Hassad pays a commission of 150 and a cleaning fee of 75 for each week the property is rented. During the current year, he incurs the following additional expenses related to the property: a. What is the proper tax treatment if Hassad rents the house for only 1 week (7 days) and uses it 50 days for personal purposes? b. What is the proper tax treatment if Hassad rents the house for 8 weeks (56 days) and uses it 44 days for personal purposes? c. What is the proper tax treatment if Hassad rents the house for 25 weeks (175 days) and uses it 15 days for personal purposes?
Jake’s grandmother paid for their lunch with a credit card. The waitperson brought him back the card, and he signed the receipt. Several charges appeared on his grandmother’s credit card bill that he had not made a month later. Identify the victim and the violator. What term describes what the waitperson did? What should Jake advise his grandmother? Please answer with more than 200 words
Hopper works as an independent contractor (self-employed sole proprietor) for local businesses on weekends, and he often provides services in exchange for property. All of the following happened during 2019: Hopper provided security services in exchange for $1,375 of car repair services, $2,500 of groceries, and cash of $5,250. The cash was mailed to Hopper in the form of a check on December 15, 2019. Hopper, however, was out of town for the entire month of December. When he checked his mail on January 1, 2020, the check was there. Hopper also received a gift card in exchange for services he provided that could only be used for $1,000 work of clothing at a local mall shop. During 2019, Hopper only redeemed $250 worth of clothing at a local mall shop. Hopper has a total of $6,300 worth of legitimate business expenses during 2019, none of which were considered Cost of Goods Sold. Determine Hopper’s gross income for 2019 assuming that he uses the cash basis of accounting.
Jack owns a shop that sells furniture. He placed an advertisement in the Friday’s edition of the local paper stating: “Sale on all furniture 25% discount. Offer valid for one day only – tomorrow Saturday- Cash Only”. Nick saw previously a dining table with 6 chairs when he visited the shop during the week. However, he could not purchase it at that time because the prices was quite steep. He has in his possession the ID number and details of the dining table. When he saw the advertisement on Local paper, he immediately posted a letter of acceptance, since a 25% discount is a bargain for him. On the Saturday of the sale, Diana saw a wooden stool and made an offer to Jack. Diana then asked Jack if he would take a cheque for her purchase, Jack advised her that he cannot accept any cheque – Cash only. On the following Monday morning, Nick’s letter arrived. In the context of the rules governing the creation of contracts: (a) Describe the precise legal nature of Jack’s advertisement;…
Explain the outcome of each of the following transactions. a. On March 20, Andy Small became seventeen years old, but he appeared to be at least twenty-one. On April 1, he moved into a rooming house in Chicago where he orally agreed to pay the landlady $300 a month for room and board, payable at the end of each month. On April 30, he refused to pay his landlady for his room and board for the month of April. b. On April 4, he went to Honest Hal’s Carfeteria and signed a contract to buy a used car on credit with a small down payment. He made no representation as to his age, but Honest Hal represented the car to be in A-1 condition, which it subsequently turned out not to be. On April 25, he returned the car to Honest Hal and demanded a refund of his down payment. c. On April 7, Andy sold and conveyed to Adam Smith a parcel of real estate that he owned. On April 28, he demanded that Adam Smith reconvey the land although the purchase price, which Andy received in cash, had been spent in…
Kishori owns a rental property; her tenant, Daria, paid $1,200 per month in rent, except for March, April, and May. Daria did extensive electrical work and repaired two windows in the house in exchange for the rent for those months. Kishori paid: $2,100 for insurance. $2,750 real estate taxes. $311 pest control. $75 office supplies. $719 for HVAC service. What is Kishori's allowable expense total? $5,644 $5,880 $5,955 $9,555
Hannah received an invoice in the mail from Carpet Country for $4235. The invoice was dated March 22 and had term 3/15, 2/20 , n/60. If she made payment of $1000 on each of April 2, April 9, and April 22, how much does Hannah still owe?
earnest saguenza owns a rental house. the tenant paid him a $500 security deposit ( nto forfeited at year-end) when he moved into the house in february. the tenant paid a total of $4,000 for rent during the year. In addition, the tenant paid the $ 400 insurance premium for the year for the house. How much rental income does earnest have from the rental house?
Charlie, a self-employed financial planner, had the following expenses in 2021 in the following amounts: Gift To Haley, Charlie's professional assistant $36 Gift To Darryl (a key client, includes $3 for gift wrapping) 28 Gift To Darryl's daughter for her graduation (not a client) 20 Gift To Veronica, Charlie's personal hair stylist 30 In addition, Charlie took Haley to lunch at a local restaurant on administrative professional's day 62 Assuming that Charlie has adequate substantiation, how much can he deduct? Please show calculations or explanation.
Samantha and Samuel both have student credit cards issued by VISA. Their credit card statements show they are at their credit card limit of $500 this month. Samantha manages her credit well and ensures that her credit card balance is paid off in full each month before the payment deadline while Samuel cannot manage to pay off the minimum amount required each month. Complete the sentence: For Financial Statement reporting purposes, __________________________________________. a) It does not matter where Samantha or Samuel report the$500 as long as it is shown on one of their Financial Statements. b) Both Samantha and Samuel would report their $500 on their Balance Sheet as a current liability. c) Both Samantha and Samuel would report their $500 on their Cash Flow statement as an expense. d) Samantha would report her $500 on her Cash Flow statement as an expense while Samuel would report his credit card debt of $500 on his Balance Sheet as a current liability. e) Samantha would report her…
They listed for rent their home. They rented it for 12 days during the year. They provided fresh linen and prepared a hot breaskfast each morning. The couple did not received a form 1099-k. Where on their joint return will report the rental income
Brad operates a storage business on the accrual method. On July 1, Brad paid $48,000 for rent on his storage warehouse and $18,000 for Insurance on the contents of the warehouse. The rent and Insurance cover the next 12 months. What Is Brad's deduction for the rent and Insurance? Multiple Choice O O O O O $48,000 for the rent and $18,000 for the Insurance $24,000 for the rent and $18,000 for the Insurance $24,000 for the rent and $9,000 for the insurance $48,000 for the rent and $9,000 for the insurance None of the choices are correct.