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You must complete the following tasks below for the month of April in the Excel workbook provided.
Required:
Part 1. Prepare a
Part 2. Setup appropriate T-accounts. All accounts begin with 0 balances.
Part 3. Record in the T-accounts the effects of each transaction for Sydney Stables in April, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts.
Part 4. Prepare a
Part 5. Prepare a statement of earnings, a statement of shareholders’ equity and a
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- This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $75,000 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Cash contribution to State University deliveryman program $1,200 2,980 1,580 1,390 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable incomeMr. Wu was a marketing manager. He received an annual salary totaling $848,000 and was provided with a rent--free flat by his employer during the year ended 31 March 2023. He paid an annual membership fee of $1,600 to the Institute of Marketing in December 2022 and donated cash of $1,000 to the Community Chest in March 2023. He contributed $31, 500 to an MPF scheme (Assume voluntary contribution, if any, are not paid into a TVC account). His wife died three years ago. He has to maintain a son aged 15 and his two parents, both of whom are aged over 60. His parents resided with him throughout the year ended 31 March 2023. The salaries tax liability of Mr. Wu for the year of assessment 2022/23 is:The following transactions occurred during the year. Record these transactions. HHL took out a long-term loan for $3 million. b. HHL purchased $1 million in inventory with cash. HHL purchased equipment that cost $150,000 on account. The equipment is expected to last 15 years and has no salvage value. $540,865,000 (net of allowances and charity care) was billed for patient services. The hospital estimates that 5% of these bills will be bad debt. $875,000 of inventory was used. f. Donations of $400,000 were received in cash. HHL pays in cash for a 2-year malpractice insurance premium at a cost of $5 million. One-half of the premium is for next year, and the other is for the following year. HHL pays $12,560,000 in accounts payable. HHL workers earned $259 million in wages for the year. The hospital paid out $282 million in cash. It also paid out $60 million in benefits, all in cash. The equipment purchased in transaction c was paid for in cash. $370,500,000 from bills sent to patients…
- (b) Daniel deposits $5,000 into a fund at the end of each month in the coming five years. The fund earns 6% p.a. compounded monthly. (i) Calculate the amount in the fund at the end of the fifth year. (ii) Starting from the sixth year, $X is deducted from the fund for donation to charity at the end of each month continuing forever. Find X.A donor established a scholarship that will pay $15,000 per year to a Kelley student. The scholarship will be awarded for the first time in September of 2023 (i.e., the first payment occurs three years from now). The donor decides that the scholarship should be provided in perpetuity. The IU Foundation manages investments like this for the Business School. The Foundation anticipates earning an APR of 5.6% per year on the invested funds. What is the amount of the donation that must be given to the IU Foundation today to endow this Kelley scholarship?Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise them on how Raffie’s Kids should report the mortgage on its balance sheet.
- Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise them on how Raffie’s Kids should report the mortgage on its balance sheet. 1. What is the ethical issue? 2. What is the reason for your recommendation?Rick and Taylor opened up TFSA's and will be depositing $13,000 into each over the next few months. These are their only TFSA's and no previous contributions have ever been made They will be seeking advice on how to invest inside the TFSA's. Rick's most recent NOA states unused RRSP room of $104,000. Taylor's most recent NOA states unused RRSP room of $64,000. Rick has a DB pension plan that is based on his last 3 year's average earnings with a 2% pay-out per year of pensionable service. Rick's 2021 PA = $10,819. Taylor's Group RRSP plan Rick's RRSP Plan Taylor's Spousal RRSP Rick and Taylor's Net Worth Statement Long-Term Assets $1,577,005 Total Assets $1,607,835 Total Long-Term Liabilties $726,566 Total Liabilities $730,056 Are there any tax advantages they can gain by restructuring areas of their finances (More contributions to their RRSPs)A Civil Engineer deposited PHP7,000,000 on a bank that earns ten percent compounded annually. Seven years later he perished. His will states that his recipient is children's home which will be accepting the money in perpetuity a year after he expired. How much is the yearly fund the children's home will be receiving.