College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 1, Problem 2QY
To determine
Find the correct option, the option which indicates the correct amount of owners’ equity of PT Services.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Using the following information about the family’s assets and liabilities, calculate the total assets:
Checking account: $3,000
Savings account: $13,000
Credit card balance: $5,500
Utility bill: $500
Home: $320,000
Mortgage (30 years): $210,000
Car: $25,000
Car loan (60 months): $18,000
Student loan (7 years): $25,000
Household items: $15,000
Retirement account: $64,000
Other assets: $39,000
A) 464,000
B) 400,000
C) 415,000
D) 479,000
Anna has the following income for the quarter:
a. Professional income P80,000
b. Income from her business P30,000
c. Compensation income P40,000
d. Interest income from bank deposit P10,000.
1. What amount of income will Anna report in her quarterly income tax return?
a. P80,000
b. P110,000
c. P120,000
d. P150,000
2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR?
a. P6,400
b. P8,800
c. P9,600
d. P12,000
Use the following for the next two questions:
Your clients, who file MFJ, have a MAGI of $318,000. They recently sold their principal residence for $1,195,000, which
had a cost basis $671,500. Their total other NII is $39,000.
4) What is their total Net Investment Income?
a. $0
b. $39,000
c. $62,500
d. $107,000
5) How much NIIT do they owe?
a $1,482
b. $2,375
c. $2,584
d. $4.484
Chapter 1 Solutions
College Accounting (Book Only): A Career Approach
Ch. 1 - Prob. 1QYCh. 1 - Prob. 2QYCh. 1 - Which of the following accounts would increase...Ch. 1 - Which of the following statements is true? a....Ch. 1 - M. Parish purchased supplies on credit. What is...Ch. 1 - Define assets, liabilities, owners equity,...Ch. 1 - Prob. 2DQCh. 1 - How do Accounts Payable and Accounts Receivable...Ch. 1 - Describe two ways to increase owners equity and...Ch. 1 - What is the effect on the fundamental accounting...
Ch. 1 - When an owner withdraws cash or goods from the...Ch. 1 - Define chart of accounts and identify the...Ch. 1 - What account titles would you suggest for the...Ch. 1 - Prob. 1ECh. 1 - Determine the following amounts: a. The amount of...Ch. 1 - Dr. L. M. Patton is an ophthalmologist. As of...Ch. 1 - Describe a business transaction that will do the...Ch. 1 - Describe a transaction that resulted in each of...Ch. 1 - Label each of the following accounts as asset (A),...Ch. 1 - Describe a transaction that resulted in the...Ch. 1 - Describe the transactions that are recorded in the...Ch. 1 - On June 1 of this year, J. Larkin, Optometrist,...Ch. 1 - On July 1 of this year, R. Green established the...Ch. 1 - S. Davis, a graphic artist, opened a studio for...Ch. 1 - On March 1 of this year, B. Gervais established...Ch. 1 - In April, J. Rodriguez established an apartment...Ch. 1 - In July of this year, M. Wallace established a...Ch. 1 - In March, K. Haas, M.D., established the Haas...Ch. 1 - P. Schwartz, Attorney at Law, opened his office on...Ch. 1 - In March, T. Carter established Carter Delivery...Ch. 1 - In October, A. Nguyen established an apartment...Ch. 1 - Why Does It Matter? MACS CUSTOM CATERING, Eugene,...Ch. 1 - What Would You Say? A friend of yours wants to...Ch. 1 - Prob. 3A
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Hadiya Benzema is reviewing her assets and liabilities. What is her net worth? Assets: Cash in checking account, $1,000 Cash in savings account, $2,800 Current value of investments in U.S. savings bonds, $4,000 Current value of investments in stocks & mutual funds, $9,700 Current cash value of life insurance, $7,300 Current value accrued pension benefit, $25,000 Current value of house, $155,000 Current value of furniture and appliances, $8,000 Current value of jewelry, $600 Current value of automobile, $7,200 Liabilities: Current unpaid bills, $800 Home mortgage unpaid balance, $100,000 Auto loan unpaid balance, $3,200 Property Taxes owed, $1,000 Home improvement loan balance, $1,200arrow_forwardFamily's Assets and Liabilities Checking account Savings account Credit Card account Utility Bill Home Mortgage (30 years) Car Car loan (60 months) Student loan (7 years) Household items Retirement account Other assets What are the total monetary assets? O $55300 O $22900 O $30900 O $15800 $3100 $12700 $7100 $600 $315000 $217000 $23000 $18300 $28500 $15100 $68000 $39500arrow_forwardInterest earned during the year will be: a. OMR 73,200,000 b. OMR 132,600,000 c. OMR 127,200,000 d. OMR 48,800,000 Non-interest incomes will be: a. OMR 2,800,000 b. OMR 2,400,000 c. OMR 4,400,000 d. OMR 4,200,000arrow_forward
- a homeowner is selling their home. How much transfer fee is charged at the rate of $1.10 per thousand if the sales price is $770,500 and the net proceeds are $550,000?arrow_forward*see attached What is the net rent income for the current year? *a. 275,000b. 290,000c. 350,000d. 365,000arrow_forwardWhat would be the net income for Floress Catering? a. 45,500 b. 16,800 c. 19,800 d. 10,800arrow_forward
- In order to purchase a home, a family borrows $30,000 at 2.25% for 3 yr. What is their monthly payment? Round to the nearest cent. A. $1,029.33 B. $56.25 C. $18.75 D. $862.56arrow_forwardJennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use the following balance sheet and cash flow statement information to determine her net worth and her net surplus for a recent month. Liquid assets: $15,000; home value: $200,000; monthly mortgage payment: $1,400 on $160,000 mortgage; investment assets: $100,000; personal property: $22,000; total assets: $337,000; short-term debt: $3,480 ($290 a month); total debt: $163,480; monthly gross income: $13,000; monthly disposable income: $6,200; monthly expenses: $7,000. Round your answers to the nearest dollar.arrow_forwardhow to do part two of the question? Calculate the value of the tenant's interest based upon a return of j, = 8%. Round your answer to the nearest $100. (1) $6,100 (2) $8,400 (3) $7,200 (4) $9,300arrow_forward
- What is the value of your money at year 3 if you have 1,200$ today and 1,500$ at year 5? (r= 7.12%) Select one: a.2,782 b.3,500 c.1,687 d.2,632arrow_forwardJennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use the following balance sheet and cash flow statement information to determine her net worth and her net surplus for a recent month. Liquid assets: $10,000; home value: $210,000; monthly mortgage payment: $1,300 on $170,000 mortgage; investment assets: $90,000; personal property: $20,000; total assets: $330,000; short term debt: $5,500 ($250 a month); total debt: $175,500; monthy gross income: $9,000; monthly disposable income: $6,800; monthly expenses: $6,000.arrow_forwardLambda owns a checking account with a balance of $5,000, a savings account with a balance of $3,000, and will earn $70,000 as her salary every year. Based on this information only, Lambda's total financial assets equals: O $70,000 O $5,000 O $8,000 O $78,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub