Which of the following compounds will test positive with the ammonium ceric nitrate reagent? 5-methylhex-1-ene 2-methyl
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pre T 1 Eion 2 N F2 W S 3 Debit: El Expense Credit: Cash (or Bank) $1,354.20 11. Aug 20: Debit: Merchandise Inventory $20 (3,600 units * $22) Credit: Cash (or Bank) $79,200 (Cheque #7112) Message ChatGPT... Review Assignment #12: Goulet Inc. Goulet Inc., set up as a privately held corporation, operating as a ready to wear garments retailer, of which 100% of the Common Shares are owned by Lawrence Goulet. You were hired to account for transactions for the month of August 2023, complete month end processing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average method to determine value for the inventory. Its balance sheet as at July 31, 2023, is presented below. Assets Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Long-Term Assets Equipment Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Unearned Revenue ChatGPT can make mistakes. Consider checking important information. Shareholders' Equity Common Shares Retained Earnings Goulet Inc. Classified Balance Sheet As at July 31, 2023 Salaries Payable Current Portion of Bank Loan Total Current Liabilities Non-Current Liabilities Non-Current Portion of Bank Loan Total Liabilities Total Shareholders' Equity Total Liabilities & Equity Notes Relating to Balances: Customers and balances $81,240 30,090 27,600 9,200 175,000 -92,000 $29,200 $17,000 $9,600 22,560 148,130 83,000 $231,130 $78,360 33,840 $112,200 93,200 25,730 118,930 India $231,130 Suppliers and Balances Design Shirts Co. Printed Shirts Corp. Gabe Clothing Co. Total Vachon Inc. $7,120 Dunn Inc. $9,250 Picard Inc. $6,620 Moreau Inc. $4,100 Duncan Inc. $3,000 Total $30,090 The bank loan has an annual interest rate of 7% and has monthly principal payment of $1,880. ? $15,400 $8,300 $5,500 $29,200 Page 1 re ASSETS Message ChatGPT... The Chart of Accounts (GL no.) is shown below: Account Description Account # Cash Petty Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment Accumulated Depreciation LIABILITIES Accounts Payable Interest Payable CPP Payable El Payable Income Tax Payable Salaries Payable Unearned Revenue Bank Loan SHAREHOLDERS' EQUITY Common Shares Retained Earnings Required: ChatGPT can make mistakes. Consider checking important information. 101 105 110 120 125 140 145 200 205 220 225 230 235 240 245 300 305 Account Description REVENUE Sales Revenue Sales Discounts Sales Returns and Allowances Interest Revenue Other Income EXPENSES Cost of Goods Sold Employee Benefits Expense Depreciation Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Salaries Expense Bank Charges Expense Maintenance Expense Entertainment Expense Shipping Expense Cash Over and Short Account # 400 405 410 420 430 500 510 515 520 525 530 535 540 545 550 555 560 565 a) Prepare the journal entries for the month of August. You will also need to update the inventory in the table for each purchase and sale, return or allowance, found under the Inventory Valuation tab of this workbook. b) Post the above journal entries to the general ledger accounts. c) Complete the bank reconciliation report. d) Record the journal entries from the bank reconciliation and post amounts to general ledger accounts. e) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet found under the financial statements tab of this workbook. 800 f) Answer the analysis questions from 'a' to 'i' found under the financial statements tab of this workbook. ? Page 2 Aug 1 Aug 1 Aug 5 Transactions for the month of August: Aug 5 Aug 7 Aug 12 Aug 14 Aug 15 Aug 15 Aug 18 Aug 20 Aug 20 Aug 25 Aug 31 Aug 31 et Inc. Aug 31 tion, operating as a ready to wear garments retailer, of which 100% let. You were hired to account for transactions for the month e the financial statements and perform a financial ratio tory system and use the weigted average method 2023, is presented below. Paid the amount owing from July 31 for salaries payable amounting to $9,600, Cheque #7107. Paid rent for August amounting to $1050, Cheque #7108 Goulet Inc. decided to establish a petty cash fund for the office. A cheque #7109 of $600 was issued and cashed. Purchased merchandise from Design Shirts Co. on account, invoice #425; 6,100 units at $26 each. Terms of the purchase were net 30, FOB Destination. The seller paid the shipping cost amounting to $522. Note: Update the Inventory Valuation table after each purchase. Sold mechandise on accout to Dunn Inc., 4,250 units at $60 each with invoice # 100102. The invoice terms were 3/10, net 30, FOB Destination. Note: Update the Inventory Valuation table after each sale. Paid $15,400 with a cheque #7110 to Design Shirts Co. for the July invoices owing. Dunn Inc. paid invoice #100102 less the discount. The employees are paid bi-weekly. Paid the payroll for the first half of August, cheque #7111. Gross pay is $17,500, CPP is $893, El is $329 and income tax is $3,500. Use the general journal to record this. Record the employer's share of CPP (100%) and El (140%) of what was deducted from employees. Bought inventory from Gabe Clothing Co. with cheque #7112, 3,600 units at $22 per unit. Note: Update Inventory Valuation table to reflect purchase. Sold 3,000 units on account at $63 each with invoice #100103 to Moreau Inc.. The invoice term 3/10, net 30, FOB shipping point. Note: Update Inventory Valuation table. Received $7,120 from Vachon Inc. for a sale on account last month. The remaining balance of the petty cash account was $245. Total expenses incurred using the petty cash fund this month amounting to $230. In this amount, it includes the shipping cost incurred on August 7 in the amount of $166 and the other costs are for the office supplies expense. Prepare the entry to replenish the petty cash fund with Chq #7113. Made monthly bank loan payment of $2,209 which includes $1,880 principal and $329 interest. Prepared the payroll for the second half of August to be paid on September 5. Gross pay is $19,000, CPP is $969, El is $357 and income tax is $3,800. The cheque will be prepared later. Use the general journal to record this. Record the employer's share of CPP (100%) and El (140%) of what was deducted from employees. pre T 1 Eion 2 N F2 W S 3 Debit: El Expense Credit: Cash (or Bank) $1,354.20 11. Aug 20: Debit: Merchandise Inventory $20 (3,600 units * $22) Credit: Cash (or Bank) $79,200 (Cheque #7112) Message ChatGPT... Review Assignment #12: Goulet Inc. Goulet Inc., set up as a privately held corporation, operating as a ready to wear garments retailer, of which 100% of the Common Shares are owned by Lawrence Goulet. You were hired to account for transactions for the month of August 2023, complete month end processing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average method to determine value for the inventory. Its balance sheet as at July 31, 2023, is presented below. Assets Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Long-Term Assets Equipment Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Unearned Revenue ChatGPT can make mistakes. Consider checking important information. Shareholders' Equity Common Shares Retained Earnings Goulet Inc. Classified Balance Sheet As at July 31, 2023 Salaries Payable Current Portion of Bank Loan Total Current Liabilities Non-Current Liabilities Non-Current Portion of Bank Loan Total Liabilities Total Shareholders' Equity Total Liabilities & Equity Notes Relating to Balances: Customers and balances $81,240 30,090 27,600 9,200 175,000 -92,000 $29,200 $17,000 $9,600 22,560 148,130 83,000 $231,130 $78,360 33,840 $112,200 93,200 25,730 118,930 India $231,130 Suppliers and Balances Design Shirts Co. Printed Shirts Corp. Gabe Clothing Co. Total Vachon Inc. $7,120 Dunn Inc. $9,250 Picard Inc. $6,620 Moreau Inc. $4,100 Duncan Inc. $3,000 Total $30,090 The bank loan has an annual interest rate of 7% and has monthly principal payment of $1,880. ? $15,400 $8,300 $5,500 $29,200 Page 1 re ASSETS Message ChatGPT... The Chart of Accounts (GL no.) is shown below: Account Description Account # Cash Petty Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment Accumulated Depreciation LIABILITIES Accounts Payable Interest Payable CPP Payable El Payable Income Tax Payable Salaries Payable Unearned Revenue Bank Loan SHAREHOLDERS' EQUITY Common Shares Retained Earnings Required: ChatGPT can make mistakes. Consider checking important information. 101 105 110 120 125 140 145 200 205 220 225 230 235 240 245 300 305 Account Description REVENUE Sales Revenue Sales Discounts Sales Returns and Allowances Interest Revenue Other Income EXPENSES Cost of Goods Sold Employee Benefits Expense Depreciation Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Salaries Expense Bank Charges Expense Maintenance Expense Entertainment Expense Shipping Expense Cash Over and Short Account # 400 405 410 420 430 500 510 515 520 525 530 535 540 545 550 555 560 565 a) Prepare the journal entries for the month of August. You will also need to update the inventory in the table for each purchase and sale, return or allowance, found under the Inventory Valuation tab of this workbook. b) Post the above journal entries to the general ledger accounts. c) Complete the bank reconciliation report. d) Record the journal entries from the bank reconciliation and post amounts to general ledger accounts. e) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet found under the financial statements tab of this workbook. 800 f) Answer the analysis questions from 'a' to 'i' found under the financial statements tab of this workbook. ? Page 2 Aug 1 Aug 1 Aug 5 Transactions for the month of August: Aug 5 Aug 7 Aug 12 Aug 14 Aug 15 Aug 15 Aug 18 Aug 20 Aug 20 Aug 25 Aug 31 Aug 31 et Inc. Aug 31 tion, operating as a ready to wear garments retailer, of which 100% let. You were hired to account for transactions for the month e the financial statements and perform a financial ratio tory system and use the weigted average method 2023, is presented below. Paid the amount owing from July 31 for salaries payable amounting to $9,600, Cheque #7107. Paid rent for August amounting to $1050, Cheque #7108 Goulet Inc. decided to establish a petty cash fund for the office. A cheque #7109 of $600 was issued and cashed. Purchased merchandise from Design Shirts Co. on account, invoice #425; 6,100 units at $26 each. Terms of the purchase were net 30, FOB Destination. The seller paid the shipping cost amounting to $522. Note: Update the Inventory Valuation table after each purchase. Sold mechandise on accout to Dunn Inc., 4,250 units at $60 each with invoice # 100102. The invoice terms were 3/10, net 30, FOB Destination. Note: Update the Inventory Valuation table after each sale. Paid $15,400 with a cheque #7110 to Design Shirts Co. for the July invoices owing. Dunn Inc. paid invoice #100102 less the discount. The employees are paid bi-weekly. Paid the payroll for the first half of August, cheque #7111. Gross pay is $17,500, CPP is $893, El is $329 and income tax is $3,500. Use the general journal to record this. Record the employer's share of CPP (100%) and El (140%) of what was deducted from employees. Bought inventory from Gabe Clothing Co. with cheque #7112, 3,600 units at $22 per unit. Note: Update Inventory Valuation table to reflect purchase. Sold 3,000 units on account at $63 each with invoice #100103 to Moreau Inc.. The invoice term 3/10, net 30, FOB shipping point. Note: Update Inventory Valuation table. Received $7,120 from Vachon Inc. for a sale on account last month. The remaining balance of the petty cash account was $245. Total expenses incurred using the petty cash fund this month amounting to $230. In this amount, it includes the shipping cost incurred on August 7 in the amount of $166 and the other costs are for the office supplies expense. Prepare the entry to replenish the petty cash fund with Chq #7113. Made monthly bank loan payment of $2,209 which includes $1,880 principal and $329 interest. Prepared the payroll for the second half of August to be paid on September 5. Gross pay is $19,000, CPP is $969, El is $357 and income tax is $3,800. The cheque will be prepared later. Use the general journal to record this. Record the employer's share of CPP (100%) and El (140%) of what was deducted from employees.
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Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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