loan request (appendix) simon fraser started a landscaping and lawn-care business in april by...
loan request (appendix) simon fraser started a landscaping and lawn-care business in april by investing $20,000 cash in the business in exchange for capital stock. because his business is in the midwest, the season begins in april and concludes in september. he prepared the following trial balance (with accounts in alphabetical order) at the end of the first season in business: simon is pleased with his first year in business. &#8216;&#8216;i paid myself a salary of $22,000 during the year and still have $1,200 in the bank. sure, i have a few bills outstanding, but my accounts receivable will more than cover those.&#8217;&#8217; in fact, simon is so happy with the first year that he has come to you in your role as a lending officer at the local bank to ask for a $20,000 loan to allow him to add another truck and mowing equipment for the second season required 1. from your reading of the trial balance, what do you believe simon did with the $20,000 in cash he originally contributed to the business? determine the effect on the accounting equation of the transaction that you think took place. 2. prepare an income statement for the six months ended september 30. 3. the mowing equipment and truck are assets that will benefit the business for a number of years. do you think that any of the costs associated with the purchase of these assets should have been recognized as expenses in the first year? how would this have affected the income statement? 4. prepare a classified balance sheet as of september 30. as a banker, what two items on the balance sheet concern you the most? explain your answer. 5. as a banker, would you loan simon $20,000 to expand his business during the second year? draft a memo to respond to simon&#8217;s request for the loan, indicating whether you will make the loan &#160;
answer: (3) recognition of costs associated with the acquisition of the fixed assets on the income statement. none of the costs associated with the acquisition of the fixed assets (mowing equipment and truck) have been recognized as expenses on the income statement.the fixed assets of the business provide benefits to the company and its users over its economic lite. depreciation allocates the cost of long-term fixed assets to expense over its useful/ economic lite. the benefit provided by the company during the period should be recognized as an expense in that period.the recognition of depreciation expense on the income statement will result in reducing the net income. please find the attached solution in doc file.
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journalizing closing entries 
the following account names and balances appear on the worksheet for kits & pups grooming for the month ended december 31. 
 



instructions. using this information, record the closing entries for kits & pups grooming. use general journal page 11.




 step by step solution




step 1 of 3


income statement can be defined as the summary of the revenue generated and the expenses incurred by the company during the financial year. it is used to calculate the net income and evaluate the profitability.




step 2 of 3


date
 accounts and explanation
 debit
 credit
 dec 31
 income summary
 2,310,000
 

 

 abe shultz, capital
 

 2,310,000
 

 

 

 

 dec 31
 boarding revenue
 2,000,000
 

 

 grooming revenue
 800,000
 

 

 income summary
 

 2,800,000
 

 

 

 

 dec 31
 income summary
 490,000
 

 

 advertisement expenses
 

 70,000
 

 equipment repair expenses
 

 120,000
 

 maintenance expenses
 

 50,000
 

 rent expenses
 

 170,000
 

 utilities expenses
 

 80,000
 

 

 

 

 



step 3 of 3


particular
 amount
 opening balance
 5,270,000
 add: net income
 2,310,000
 less: withdrawal
 (700,000)
 ending capital balance
 6,880,000 deliveries - but requires driving... i know... you don't do that.home appraiser - need a licensed or certified appraiser to sponsor you, but you can do that with little training, make decent $. again.. driving requiredhome inspector. Dear visitor,  
Unfortunately, the statement of your question is a bit confusing.   
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this is to do with the direct debit figure. we look at your prices for the two year plan, and the annual consumption of the property, getting an annual spend and a monthly cost (if you divide that figure by 12). the tariff that you're on now just displays your current direct debit, which will of course take into account your current credit balance. 

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