Huimin Ltd. had the following account balances at December 2021 1 3 25 29 32 30 33
Fantastic news! We've Found the answer you've been seeking!
Question:
Huimin Ltd. had the following account balances at December 2021
Transcribed Image Text:
1 3 25 29 32 30 33 Huimin Ltd. had the following account balances at Decemb Account Name Dividends Prepaid expenses Interest expense Website expense Accounts receivable Deferred revenue Income tax expense Collections from customers Purchase of intangibles Payments to suppliers Travel expense Retained earnings (beginning of year) Payment of dividends Insurance expense Office supplies expense Cash (beginning of year) Service revenue Cash received from debt Prepaid insurance Office supplies Business licence Cash (end of year) Income tax payable Owner's capital Website design Telephone expense Contributions by owners Accounts payable Bank loan payable, due in 2025 Using the above infr Amount $2,500 1,500 750 600 17,300 850 3,750 37,945 1,020 35,600 1,800 3,700 2,500 2,400 350 31,550 33,720 10,000 1,200 975 60 47,875 500 21,000 960 375 7,500 12,625 10,000 1 3 25 29 32 30 33 Huimin Ltd. had the following account balances at Decemb Account Name Dividends Prepaid expenses Interest expense Website expense Accounts receivable Deferred revenue Income tax expense Collections from customers Purchase of intangibles Payments to suppliers Travel expense Retained earnings (beginning of year) Payment of dividends Insurance expense Office supplies expense Cash (beginning of year) Service revenue Cash received from debt Prepaid insurance Office supplies Business licence Cash (end of year) Income tax payable Owner's capital Website design Telephone expense Contributions by owners Accounts payable Bank loan payable, due in 2025 Using the above infr Amount $2,500 1,500 750 600 17,300 850 3,750 37,945 1,020 35,600 1,800 3,700 2,500 2,400 350 31,550 33,720 10,000 1,200 975 60 47,875 500 21,000 960 375 7,500 12,625 10,000
Expert Answer:
Answer rating: 100% (QA)
2 Calculation of Total Operating Expenses HUIMIN Ltd Income Statement Service Revenue 33720 Less Operating Expenses Website Expenses 600 Travel Expens... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Perfect Pizza had the following account balances at December 31, 2010: Cash................ $ 33,000 Accounts receivable......... 15,000 Ingredients and supplies inventory. 10,000 Prepaid...
-
Perfect Pizza had the following account balances at December 31, 2019: During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies (inventory) were $230,000, all on...
-
The Janjua Company had the following account balances at 1/1/18: Common Stock $65,000 Treasury Stock (at cost) 13,400 Paid-in-Capital in Excess of Par 82,000 Investments in AFS Debt Securities 42,000...
-
A company has the following results for the three years to 31 March 2021: Assuming that the trading loss is carried forward and that maximum loss relief is taken as soon as possible, calculate the...
-
What is the relationship between managements financial statement assertions and audit evidence?
-
What is the most commonly accepted notation standard for object modeling?
-
Describe the role of an organizations personnel in compliance and antifraud efforts.
-
TipTop Flight School offers flying lessons at a small municipal airport. The schools owner and manager has been attempting to evaluate performance and control costs using a variance report that...
-
A young child pushes her stuffed plush cow down a frictionless slide at the playground. The slide has a height h. The cow exits the slide horizontally at the bottom. The cow slides along the level...
-
On January 1, 2023, Psalm and Trisha formed PS Partnership. The articles of co-partnership provides that profit or loss shall be distributed accordingly: 15% interest on average capital balance....
-
The following accounts and amounts (in thousands) were taken from the 2022 financial statements of Riverbed Instruments, Inc. Common shares Prepaid insurance Equipment Salaries payable Inventory...
-
The Eimac tubes in a linear amplifier for radio transmission are estimated to provide 18,000 hours of operation before requiring replacement. A pair of tubes cost $20,000 and has no salvage value....
-
Your firm decided it must acquire a new piece of machinery that includes the latest safety features required by Occupational Safety and Health Administration (OSHA). The machinery may either be (1)...
-
Suppose that we have four functions, f, g, F, and G, and that f(n) = O(F(n)) and g(n) = O(G(n)). Is it necessarily true that f(n)/ g(n) = O(F(n)/ G(n)) ? If it is true, show that it is true by using...
-
A company has cost of equity of 8% and a dividend growth rate of 3%. Its dividends for next year is $2.20 per share. What should the stock's price be? The adequately diversify your portfolio, you...
-
Why does an auditor compare the ratio of each expense to sales in the current year with that of the previous year? Select answer from the options below To determine the effect of changes in the...
-
In the mechanism shown in the figure, slider D can move freely on rod AB. The rod AC with a length of L and the rod CE with a length of 2L are connected by joints at points A, C, and D. The load W is...
-
Following is the current balance sheet for a local partnership of doctors: The following questions represent independent situations: a. E is going to invest enough money in this partnership to...
-
Van makes an investment in a partnership in 2012. Van's capital contributions to the partnership consisted of $30,000 cash and a building with an adjusted basis of$70,000, subject to a nonrecourse...
-
Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 21,732 miles during 2012, of which 95 percent was business mileage. The actual cost of...
-
Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the...
-
Are there any activities in a family that you believe should be allocated by a market? What characteristics do those activities have?
-
What is the difference between socialism in theory and socialism in practice?
-
Into what three sectors are market economies generally broken up?
Study smarter with the SolutionInn App