what is the gournal jeneral entry for: 1. received commission $2000 2. owner withdrew $2000 for own use.
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- where did you get $1150/12 for the depreciaition expenseTrented a house this year with the following results: Rent Income $4,000 Utilities Maintenance $3,000 Interest Expense $2,000 Repairs $42,000 Assuming T's AGI is $130,000, compute T's rental loss deduction, amount to be carried forward and what type of deduction (e.g. for AGI, itemized AGI, Misc. Itemized, not deductible)? SHOW ALL WORK $2,500Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
- kamau uhuru recorded the following wages and salaries ksh 2000 rent ksh 8000 depreciation ksh 1000 entertainment for self ksh 2000 calculate the total dis allowable expenses a. 18,000 b. 10000 c. 12000 d. 3000om th 10 1503e je amounted to $2100. Attorney's fees were $3,100 and the real estate broker's c $2,450. Determine the cost of the land. Journalize the purchase.Determine the treatment of a loss on rental property under the following facts: Basis $650,000 FMV before the loss 800,000 FMV after the Joss 200,000 The amount of the loss is $ which is a deduction for AGI - v.
- What is the seller's gain or loss on a repossessed residence with fair market value of 4000.00 on the date of repossession.where the seller's basis is 3900.00 ,and the costs of repossession were 300Question: Alton Clothing purchased land, paying $88,000 cash plus a $250,000 note payable. In addition, Alton paid delinquent property tax of $1,900, title insurance costing $500, and $4,200 to level the land and remove an unwanted building. Record the journal entry for the purchase of the land.D. On January 1, 2021, Mrs. Enjambre bought a machinery for P 325,000 with a estimated useful life of 8 years. Once fully depreciated, the machinery can be sold to a junk shop at P 5,000. I. Provide Adjusting Entry for the depreciation at Dec. 31, 2021 E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021 F. Wrong use of Account Title. The company bought an office table and chairs worth P 15,000 for cash but the bookkeeper recorded it as: Entry made. office Supplies 15,000 Cash 15,000 1 Provide a.) Should be entry and b.) Adjusting Entry to correct the entry made by the bookkeeper.
- The depreciated value of the washing machine can be modeled by the equation V= _______ + __________t. $ 1045 Washing machine is depreciated for tax purposes $ 95 per year. V = depricated value and t number of years since purchse dateRodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $164,000; land improvements are appraised at $82,000; and the building is appraised at $164,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of = Apportioned Acquisition Cost Land Land improvements Building Totals Required 2The decedent had the following data: Value of property at the time of sale 4,500,000Value of consideration 5,000,000Value of property at the time of death 5,500,000 What is the amount includible in the gross estate?