Entries by Hannah Wangui

Creative Solutions Company, a computer consulting firm

March 13, 2020 in /by

InstructionCreative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell. On December 31, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording […]

 

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Determine the amount of sales

March 13, 2020 in /by

Determine the amount of sales (units) that would be necessary under Break-Even Sales Under Present and Proposed Conditions Darby Company, operating at full capacity, sold 95,850 units at a price of $99 per unit during the current year. Its income statement for the current year is as follows: Sales  $9,489,150Cost of goods sold  4,686,000Gross profit  $4,803,150Expenses:   Selling expenses$2,343,000  Administrative expenses2,343,000  Total […]

 

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May 24 Sold merchandise on account to Old Town Cafe $18,450

March 13, 2020 in /by

InstructionsMay 24 Sold merchandise on account to Old Town Cafe $18,450.The cost of goods sold was $11,000. Sept.30 Received $6,000 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec.7 Reinstated the account of Old Town Cafe that had been written off on September 30 and […]

 

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Meg and Abby are equal partners in the AM​ Partnership

March 13, 2020 in /by

Meg and Abby are equal partners in the AM​ Partnership, which earns​ $40,000 ordinary​ income, $6,000​ long-term capital gain​ (LTCG), and​ $2,000 Sec. 1231 loss during the current year. What is the amount and character of income that must be reported on​ Abby’s tax return for this​ year’s partnership​ operations? A. ​$22,000 ordinary income B. ​$19,000 ordinary​ income, $3,000 LTCG C. ​$20,000 ordinary​ income, $3,000​ LTCG, $1,000 […]

 

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