The following is Pharoah Tours Inc-'s unadjusted trial balance at its.pdf

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The following is Pharoah Tours Inc.'s unadjusted trial balance at its year-end, November 30,2025 . The company adjusts its accounts annually. Additional information: 1. The insurance policy has a 1-year term beginning April 1, 2025. At that time, a premium of $7 , 488 was paid. 2. The equipment was acquired on December 1, 2022. The equipment is depreciated at an annual rate of $25 , 165 . 3. A physical count shows $470 of supplies on hand at November 30 . 4. The note payable has a 7% interest rate. Interest is paid on the first day of each following month and was last paid on November 1. 5. Deposits of $1 , 570 each were received for advance tour reservations from 10 school groups. At November 30 , tours have been provided for all of these groups. 6. Employees are owed a total of $670 in salaries and wages at November 30 . 7. A senior citizens' organization that had not made an advance deposit took a river tour for $1 , 420 . This group was not billed until December for the services performed. 8. Additional advertising costs of $430 have been incurred, but the bills have not been received by November 30 . 9. On November 1, the company paid $2 , 570 rent in advance for November and December. 10. Income taxes payable for the year are estimated to be an additional $420 beyond that recorded to date. Prepare the adjusting entries required at November 30 . (List all debit entries before credit entries. if no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do.

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1. (1 point) Trenton Travel Agency purchased land for $90,000 cash on December 10, 2014. At December 31, 2014, the land’s value has increased to $93,000. What amount should be reported for land on Trenton’s balance sheet at December 31, 2014? 2. (2 points) Saylor Enterprises had a capital balance of $168,000 at the beginning of the period. At the end of the accounting period, the capital balance was $198,000. a. Assuming no additional investment or withdrawals during the period, what is the net income for the period? b. Assuming an additional investment of $13,000 but no withdrawals during the period, what is the net income for the period? 3. (4 points) Transactions for the Jo Smith Company for the month of June are presented below. June 1 4. Jo Smith invests $5,792 cash in a small welding business of which he is the sole proprietor. 2 5. Purchases equipment on account for $1,854. 3 6. $714 cash is paid to landlord for June rent. 12 7. Sends a bill to M. Rodero for $497 for welding work performed on account. Journalize the transactions. 4. (6 points) The following accounts are taken from the ledger of Chloe Company at December 31, 2014. 200 Notes Payable $21,670 101 Cash $7,667 301 Owner’s Capital 29,664 126 Supplies 4,333 157 Equipment 81,667 729 Rent Expense 5,667 306 Owner’s Drawings 9,667 212 Salaries and Wages Payable 4,667 726 Salaries and Wages Expense 39,667 201 Accounts Payable 12,667 400 Service Revenue 89,667 112 Accounts Receivable 9,667 Prepare a trial balance in good form. 5. (5 points) The Green Thumb Lawn Care Company began operations on April 1. At April 30, the trial balance shows the following balances for selected accounts. Prepaid Insurance $ 3,700 Equipment 27,800 Notes Payable 21,500 Unearned Service Revenue 4,500 Service Revenue 1,600 Analysis reveals the following additional data. 1. Prepaid insurance is the cost of a 1-year insurance policy, effective April 1. 2. Depreciation on the equipment is $500 per month. 3. The note payable is dated April 1. It is a 6-month, 12% note. 4. Seven customers paid for the company’s 6-month lawn service package of $410 beginning in April. The company performed services for these customers in April. 5. Lawn services performed for other customers but not recorded at April 30 totaled $1,600. Prepare the adjusting entries for the month of April. 6. (16 points) Natalie owns Cookie Creations. After journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. COOKIE CREATIONS Adjusted Trial Balance December 31, 2013 Debit Credit Cash $1,180 Accounts Receivable 875 Supplies 350 Prepaid Insurance 1,210 Equipment 1,200 Accumulated Depreciation—Equipment $40 Accounts Payable 75 Salaries and Wages Payable 56 Interest Payable 15 Unearned Service Revenue 300 Notes Payable 2,000 Owner’s Cap.

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The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: January 2 - Issued 600,000 shares of stock for $10,300,000. January 10 - Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March 1 - Paid wages of $185,600 March 23 - Billed $2,810,000 for services rendered on account April 1 - Paid $120,000 of the amount due on the supplies purchased February 22. April 17 - Collected $300,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid bill for $96,000 for utilities. May 24 - Paid $44,000 for sales commissions. June 1 - Made the first payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest and $200,000 applied against the principal of the note. June 16 - Billed eustomers for $520,000 of services rendered. June 30 - Collected $310,000 on accounts receivable. July 10 - Purchased $150,000 of supplies on account. August 25 - Paid $155,000 for administrative expenses. September 23 - Paid $31,000 for warehouse repairs. October 1 - Paid general wages of $91,000. November 20 - Purchased supplies for $61,000 cash. December 15 - Collected $145,000 in advance for services to be provided in December and January. December 30 - Declared and paid a $55,000 dividend to shareholders.Assets: 101102CashAccountsreceivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable Stockholders' Equity: 301 Common stock 310 Retained eamings 320 Dividends Revenues: 401 Service revenue Expenses: 5015025035045055065075105200ther:601Wageexpense UtilityexpenseSellingexpenseAdministrativeexpenseRepairsexpenseInsuranceexpense SuppliesexpenseDepreciationexpenseInterestexpenseIncomesummary1. Journalize the transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial balance as of December 31 . 4. Journalize and post adjusting entries to the T accounts based on the following additional information: a. Eleven months of the insurance policy expired by the end of the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services related to the advance collection of December 15 . d. There are $545,000 of supplies on hand at the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of the year. f. Marshall accrued wages of $215,000 at the end of the ear. 5. Prepare an adjusted trial balance as of December 31 . 6. Prepare a single-step income statement and statement of retained eamings for the year.

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INDIVIDUAL ASSIGNMENT 2 ACC00717 Taxation law and Practice [email protected] Description: Case Study requiring preparation of workpapers, calculation of taxable income and income tax payable, preparation of an individual tax return, and a letter of advice. Weighting: 35% Course Content:Focus on Topics 5-10, with knowledge of previous topics expected. Due: Week 11 Remember: The purpose of an assignment is for you to demonstrate your knowledge and understanding of the topic. Make sure your answers are comprehensive enough to achieve this. NOTE: THIS IS AN INDIVIDUAL ASSIGNMENT. YOU SHOULD WRITE ALL WORK SUBMITTED YOURSELF AND IT SHOULD BE BASED ON YOUR OWN RESEARCH . EVIDENCE OF COPYING FROM OTHER STUDENTS WILL BE TAKEN SERIOUSLY AND REPORTED. ASSIGNMENT INSTRUCTIONS EMPLOYMENT: Your client (use your own name as the client name) is the sole director of FinForensics Pty Ltd. The business employs five staff members, including your client who holds the position of managing director. FinForensicsanalyses financial information andprovides investment advice to registered clients. The payment summary from FinForensics Pty Ltd shows the following: § ABN 84 111 122 223 § Gross Payments $130,000 § Tax Withheld $38,376 FinForensics also paid $99 a month for your client’s mobile phone account and additional superannuation contributions of $10,000 under a salary sacrifice arrangement. This amount is in addition to superannuation guarantee requirements.The phone payments related to a fixed monthly contract in the employee’s name and payments were made directly to the phone company by the employer. Your client owns an Audi Q5. They purchased the car on 1 June 2016 for $85,000. The car travelled 38,500 kms during the year and your client has indicated that about 75% is work related but they have not kept a log book. Your client pays for all the running costs for the vehicle. During the year these costs included: Fuel & Oil $5,950 Servicing $1,200 Registration $ 760 Insurance $1,800 Tyres $2,400 Excess on insurance claim. The insurance company paid for the balance of the cost of repairs. $ 500 Car Washing $1,300 DIVIDENDS& INVESTMENTS: FinForensics Pty Ltd is a large company with two (2) shareholders, your client and their spouse. Your client owns 60% of the issued shares in the company. The shareholders were paid a lump sum of $140,000 in April. They explained that the company had been very successful over the last couple of years and had accumulated significant cash reserves. They described this payment as a fully franked dividend. The proceeds were used to reduce the line of credit that was taken out to purchase the home in which they live.Interest paid on the home loan for the year was $15,000. The client also has a portfolio of shares that were inherited from their father. The father passed away on July 15, 2016. On finalisation of the estate the following shares were transferred to y ...

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