People. I need some help with this assignment that needs to be done .docx

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People. I need some help with this assignment that needs to be done in Excel Problem 1: Oregon Surplus Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $75000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one-third of the sale price is collected in 2014 and the rest in 2015 and 2016. The tax rate was 35% in 2014, 30% in 2015, and 30% in 2016. The enacted tax rates of 2015 and 2016 are not known until 2015. The accounting and tax data are shown below. Financial Accounting Tax Return 2014 (35% tax rate) Income before temporary difference $ 175,000 $ 175,000 Temporary difference $ 75,000 $ 25,000 Income $ 250,000 $ 200,000 2015 (30% tax rate) Income before temporary difference $ 200,000 $ 200,000 Temporary difference $ - $ 25,000 Income $ 200,000 $ 225,000 2016 (30% tax rate) Income before temporary difference $ 180,000 $ 180,000 Temporary difference $ - $ 25,000 Income $ 180,000 $ 205,000 Required: 1) Prepare the journal entries to record the income tax expense, deferred income taxes, and the income taxes payable for 2014, 2015, and 2016. No deferred income taxes existed at the beginning of 2012. 2) Explain how the deferred taxes will appear on the balance sheet at the end of each year. (Assume Installment Accounts Receivable is classified as a current asset.) 3) Show the income tax expense section of the income statement for each year, beginning with “Income before income taxes.” Problem 2: Philadelphia Co. incurred a net operating loss of $850,000 in 2014. Combined income of 2012 and 2013 was $650,000. The tax rate for all years is 30%. Trenton elects the carry back option. Required: a. Prepare the journal entries to record the benefit of loss carry back and loss carry forward option. b. Assuming that it is more likely than not that the entire net operating loss carry forward will not be realized in future years, prepare all the journal entries necessary at the end of 2014. .

Education

$
175,000
$
175,000
Temporary difference
$
75,000
$
25,000
Income
$
250,000
$
200,000

2015 (30% tax rate)
Income before temporary difference
$
200,000
$
200,000
Temporary difference
$
-
$
25,000
Income
$
200,000

$
225,000
2016 (30% tax rate)
Income before temporary difference
$
180,000
$
180,000
Temporary difference
$
-
$
25,000

Income
$
180,000
$
205,000
Required:
1)
Prepare the journal entries to record the income tax expense,
deferred income taxes, and the income taxes payable for 2014,
2015, and 2016. No deferred income taxes existed at the
beginning of 2012.
2)
Explain how the deferred taxes will appear on the balance sheet

at the end of each year. (Assume Installment Accounts
Receivable is classified as a current asset.)
3)
Show the income tax expense section of the income statement
for each year, beginning with “Income before income taxes.”
Problem 2:
Philadelphia Co. incurred a net operating loss of $850,000 in
2014. Combined income of 2012 and 2013 was $650,000. The
tax rate for all years is 30%. Trenton elects the carry back
option.
Required:
a.
Prepare the journal entries to record the benefit of loss carry
back and loss carry forward option.
b.
Assuming that it is more likely than not that the entire net
operating loss carry forward will not be realized in future years,
prepare all the journal entries necessary at the end of 2014.

People. I need some help with this assignment that needs to be done .docx

Exercise 19-8 (Part Level Submission) Wildhorse Company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 Pretax financial income $799,000 $944,000 $951,000 Excess depreciation expense on tax return (29,100 ) (39,300 ) (10,200 ) Excess warranty expense in financial income 19,500 9,800 8,100 Taxable income $789,400 $914,500 $948,900 The income tax rate for all years is 40%. (a) Your answer is correct. Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 2017 2018 2019 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT Attempts: 1 of 3 used (b) Your answer is partially correct. Try again. Indicate how deferred taxes will be reported on the 2019 balance sheet. Wildhorse’s product warranty is for 12 months. Wildhorse Company Balance Sheet $ Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT Attempts: 3 of 3 used (c) Prepare the income tax expense section of the income statement for 2019, beginning with the line “Pretax financial income.” (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Wildhorse Company Income Statement (Partial) $ $ $ Exercise 19-17 Vaughn Co. establishes a $128,000,000 liability at the end of 2017 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2018. Also, at the end of 2017, the company has $64,000,000 of temporary differences due to excess depreciation for tax purposes, $8,960,000 of which will reverse in 2018. The enacted tax rate for all years is 40%, and the company pays taxes of $81,920,000 on $204,800,000 of taxable income in 2017. Vaughn expects to have taxable income in 2018. Determine the deferred taxes to be reported at the end of 2017. Deferred tax assets $ Deferred tax liabilities $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Indicate how the deferred taxes computed above are to be reported on the balance sheet. Vaughn Co. Balance Sheet $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Assuming that the only deferred tax account at the beginning of 2017 was a deferred tax liability of $ 12,800,000, draft the income tax expense portion of the income statement for 2017, beginning with the line “Income before income taxes.” ( .

ACCT 220 FINAL EXAM SPRING 2016

SophiaMorgans

Brief Exercise 22-1At the beginning of 2017, Bonita Constructi.docx

jackiewalcutt

Brief Exercise 22-1 At the beginning of 2017, Bonita Construction Company changed from the completed-contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The company will continue to use the completed-contract method for tax purposes. For years prior to 2017, pretax income under the two methods was as follows: percentage-of-completion $110,900, and completed-contract $80,300. The tax rate is 35%. Prepare Bonita’s 2017 journal entry to record the change in accounting principle. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Brief Exercise 22-4 Flint Company changed depreciation methods in 2017 from double-declining-balance to straight-line. Depreciation prior to 2017 under double-declining-balance was $87,900, whereas straight-line depreciation prior to 2017 would have been $54,900. Flint’s depreciable assets had a cost of $241,300 with a $43,800 salvage value, and an 8-year remaining useful life at the beginning of 2017. Prepare the 2017 journal entry related to Flint’s depreciable assets (Equipment). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Brief Exercise 22-7 At January 1, 2017, Pearl Company reported retained earnings of $2,081,000. In 2017, Pearl discovered that 2016 depreciation expense was understated by $426,000. In 2017, net income was $812,000 and dividends declared were $271,000. The tax rate is 40%. Prepare a 2017 retained earnings statement for Pearl Company. PEARL COMPANY Retained Earnings Statement $ : : : $ Brief Exercise 22-8 Indicate the effect—Understate, Overstate, No Effect—that each of the following errors has on 2017 net income and 2018 net income. 2017 2018 (a) Equipment purchased in 2015 was expensed. (b) Wages payable were not recorded at 12/31/17. (c) Equipment purchased in 2017 was expensed. (d) 2017 ending inventory was overstated. (e) Patent amortization was not recorded in 2018. Exercise 22-2 Marigold Company began operations on January 1, 2015, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2018. The following information is available for the years 2015–2017. Net Income Computed Using Average-Cost Method FIFO Method LIFO Method 2015 $16,150 $18,870 $12,080 2016 17,860 20,890 14,140 2017 19,850 25,100 17,020 (a) Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. I.

ACCOUNTING FOR BUSINESS – ASSIGNMENT SP1 2015PAGE ACCOUNTIN.docx

annetnash8266

ACCOUNTING FOR BUSINESS – ASSIGNMENT SP1 2015 PAGE ACCOUNTING FOR BUSINESS – ASSIGNMENT SP1 2015 ACCT 1008 Accounting for Business Assignment – Trimester 1, 2015 DUE DATE: 14TH May (Class 1) 15th May (Class 2 and 3) Student Name: Student ID Class Number 1._______________________________________________ ________________ ________ 2._______________________________________________ ________________ ________ All questions are to be completed in this template. QUES 1 QUES 2 QUES 3 TOTAL PLEASE DO NOT WRITE IN THESE BOXES – THESE ARE USED TO RECORD YOUR MARKS FOR EACH QUESTION Question 1 a. HARRY’S HARDWARE, END OF PERIOD WORKSHEET - YEAR ENDED 30 JUNE 2015 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Cash 6 000 Accounts Receivable 36 000 Inventory (1 July 2014) 43 000 Prepaid Rent 1 800 Warehouse Shelving 16 000 Acc’d Depreciation – Warehouse. 3 200 Point of Sale Equipment 4 000 Acc’d Depreciation – Equipment 2 000 Accounts Payable 32 250 H. Smith, Capital (1 July 2014) 58 000 H. Smith, Drawings 12 500 Sales 207 800 Sales Returns & Allowances 2 250 Discount Allowed 400 Purchases 140 200 Discount Received 900 Freight Inwards 2 150 Freight Outwards 1 200 Sales Staff Wages Expense 24 000 Local Government Rates Expense 800 Insurance Expense 3 500 Advertising Expense 3 750 Rent Expense 6 600 304 150 304 150 Profit/Loss Question 1 Part (b) Prepare a fully classified Income Statement for the period. Question 1 Part (c) Prepare a Statement of Changes in Equity for the period and a fully classified Balance Sheet as at the end of the period. Question 2: (Please type your answer to question 2 here) Question 3: YORK LTD Cash Flow Statement for the year ended 31 December 2015 Cash Flows from Operating Activities $ $ Receipts from customers Payments to suppliers & employees ______ Cash generated by operations Interest paid Income tax paid ______ _______ Cash Flows from Investing Activities Interest received Payment for Equipment ______ _______ Cash Flows from Financing Activities Proceeds from Share Issue Dividends paid ______ _______ Net increase / decrease in cash held Cash at the beginning of the year _______ Cash at the end of the year ___ ___ Question 3: (Students must show ALL calculations for question 3 or no marks will be awarded for this question) Calculations Question 3: Calculations .

Chapter 18, Question 1- The following is the financial statement o.docx

DinahShipman862

Chapter 18, Question 1- The following is the financial statement of Executive Fruit Company for the year ended December 2014. INCOME STATEMENT, 2014 (Figures in $ Thousands) Revenue $ 3,500 Cost of goods sold 3,150 EBIT $ 350 Interest 70 Earnings before taxes $ 280 State and federal tax 112 Net income $ 168 Dividends 112 Additions to retained earnings $ 56 BALANCE SHEET (Year-End, 2014) (Figures in $ Thousands) Assets Net working capital $ 350 Fixed assets 1,400 Total assets $ 1,750 Liabilities and shareholders' equity Long-term debt $ 700 Shareholders' equity 1,050 Total liabilities and shareholders' equity $ 1,750 The following are the first stage and second stage pro forma financial statements of Executive Fruit Company for the year ended December 2015. First stage pro forma statements: PRO FORMA INCOME STATEMENT, 2015 (Figures in $ Thousands) Revenue $ 3,850 Cost of goods sold 3,465 EBIT $ 385 Interest 70 Earnings before taxes $ 315 State and federal tax 126 Net income $ 189 Dividends 126 Additions to retained earnings $ 63 PRO FORMA BALANCE SHEET (Year-End, 2015) (Figures in $ Thousands) Assets Net working capital $ 385 Fixed assets 1,540 Total assets $ 1,925 Liabilities and shareholders' equity Long-term debt $ 700 Shareholders' equity 1,113 Total liabilities and shareholders' equity $ 1,813 Required external financing $ 112 Second stage pro forma balance sheet: PRO FORMA BALANCE SHEET (Year-End, 2015) (Figures in $ Thousands) Assets Net working capital $ 385 Fixed assets 1,540 Total assets $ 1,925 Liabilities and shareholders' equity Long-term debt $ 812 Shareholders' equity 1,113 Total liabilities and shareholders' equity $ 1,925 How would Executive Fruit’s financial model change if the dividend payout ratio were cut to 1/3? Use the revised model to generate a new financial plan for 2015 assuming that debt is the balancing item. What would be the required external financing? (Do not round intermediate calculations.) Dividends fall by $ [removed]. Therefore, the requirement for external financing falls from $ [removed]to $ [removed]. On the other hand, shareholders' equity will be increased by $ [removed]. The right-hand side of the balance sheet becomes (Do not round intermediate calculations. Enter your answers in thousands.) : Long-term debt $ [removed] Shareholders' equity [removed] Total $ [removed] Chapter 18, Question 2- Find the sustainable and internal growth rates for a firm with the following ratios: asset turnover = 1.60; profit margin = 6%; payout ratio = 30%; equity/assets = .50. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Sustainable growth rate [.

Intermediate accounting Slide-ACC208-ACC208-slide-05.ppt

HenokFikadu4

Accounting Help Needed by 10/10 Displaying messages 1 - 3 of 3 Participants: YourBusinessT... and Zmoves Zmoves 2015-10-09 17:20 Hi Can you do this? $40. Floppy Company's December 31, 2014 trial balance is as follows: Floppy Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 53,500 Allowance for Doubtful Accounts 1,500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 Building 150,000 Accumulated Depreciation, Building $15,000 Equipment 50,000 Accumulated Depreciation, Equipment 21,000 Goodwill 26,000 Accounts Payable 25,000 Long Term Notes Payable 75,000 Common Stock, $10 par, 2,000 shares authorized & outstanding 20,000 Retained Earnings 147,000 Sales Revenue 700,000 Salaries Expense 150,000 Utilities Expense 3,500 Cost of Goods Sold 350,000 Administrative Expenses 55,000 Sales Expenses 15,000 _______ Totals $1,003,000 $1,003,000 Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded. Additional Information: a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014. b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually. c. Building is depreciated at 3% per year. There is no salvage value. d. Equipment is depreciated at 15% year. There is no salvage value. e. Floppy discovered, on December 30 th , that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue. f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss. g. Salaries for the last half of December, payable in January, amount to $5,500. h. Floppy estimates that of the Accounts Receivable 5% will not be collectable. Required: a. Prepare in journal form, any required correcting entries b. Prepare in journal form, all end-of-the period adjusting entries c. Prepare a December adjusted trial balance d. Prepare a classified balance sheet for the year ended December 31, 2014 e. Prepare in journal form, the closing entries for the year ended December 31, 2014 Floppy uses the period method and had the following inventory events during January: Date Units Purchased Unit Cost Date Units Sold Unit Sales Price Jan. 1 150 $7.00 Jan. 2 100 $10.00 Jan. 5 225 7.20 Jan. 7 125 10.00 Jan. 10 100 7.50 Jan. 12 75 12.00 Jan. 15 150 7.80 Jan. 17 200 12.50 Jan. 20 200 7.95 Jan. 24 150 15.00 Jan. 25 150 8.00 Jan. 30 75 8.20 Note: January 1 amount was the beginning inventory and unit value. (Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.) Required: a. Calculate cost of goods available for sale. b. Calculate the dollar v.

IAS 12 Presentation.pdf

MohsinRaza25609

Financial management

Nalitye Nghitewapo

ACC205 Discussion QuestionsAccounting Equation As you hav.docx

annetnash8266

ACC205 Discussion Questions: Accounting Equation As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. Accounts What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts. Accounting Cycle Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not? Bank Reconciliation What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements? LIFO vs. FIFO The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods? Depreciation A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method? Ratios Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company? Profit Margin Year Ending December 2012 Year Ending December 2011 Year Ending December 2010 Revenues 40,000 35,000 33,000 Operating Expenses Salaries 15,000 10,000 9,000 Maintenance and Repairs 6,000 9,000 10,000 Rental Expense 2,500 2,500 2,500 Depreciation 2,000 2,000 2,000 Fuel 4,000 3,500 2,500 Total Operating Expenses 29,500 27,000 26,000 Operating Income 10,500 8,000 7,000 Sales and Administrative Expenses 6,000 4,000 3,000 Interest Expense 2,500 2,000 1,000 Net Income 2,000 2,000 3,000 Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend. BWeek Five Exercise Assignment Financial Ratios 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edi.

Smu bba sem 2 winter 2015 assignments

solved_assignments

Brief Exercise 18-3Travel Inc. sells tickets for a Caribbean cruis.docx

aman341480

Brief Exercise 18-3 Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise package costs Carmel $85,200 from ShipAway cruise liner. Travel Inc. receives a commission of 7% of the total price. Travel Inc. therefore remits $79,236 to ShipAway. Prepare the entry to record the revenue recognized by Travel Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit [removed] [removed] [removed] [removed] [removed] [removed] Brief Exercise 18-6 Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells $5,600 of prepaid cards in January 2014. It then pays TeleExpress based on usage, which turns out to be 49% in February, 31% in March, and 20% in April. The total payment by Telephone Sellers for TeleExpress lines over the 3 months is $3,100. Indicate how much income Telephone Sellers should recognize in January, February, March, and April. January income $ [removed] February income $ [removed] March income $ [removed] April income $ [removed] Brief Exercise 18-10 Guillen, Inc. began work on a $6,973,000 contract in 2014 to construct an office building. Guillen uses the completed-contract method. At December 31, 2014, the balances in certain accounts were Construction in Process $1,738,000; Accounts Receivable $368,000; and Billings on Construction in Process $1,163,000. Indicate how these accounts would be reported in Guillen’s December 31, 2014, balance sheet. Guillen, Inc. Balance Sheet December 31, 2014 [removed] [removed] $ [removed] [removed] [removed] $ [removed] [removed] : [removed] [removed] [removed] $ [removed] Exercise 18-1 Jupiter Company sells goods that have a cost of $490,000 to Danone Inc. for $740,000, with payment due in 1 year. The cash price for these goods is $604,000, with payment due in 30 days. If Danone paid immediately upon delivery, it would receive a cash discount of $7,000. Jupiter Company accepts a note receivable from Danone Inc. to pay for the goods . (a) Prepare the journal entry to record this transaction at the date of sale. (Jupiter records sales discounts using the net method) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit [removed] [removed] [removed] [removed] [removed] [removed] (b) How much revenue should Jupiter report for the entire year? Total revenue $ [removed] Exercise 18-8 Taylor Marina has 300 available slips that rent for $860 per season. Payments must be made in full at the start of the boating season, April 1, 2015. Slips for the next season may be reserved if paid for by December 31, 2014. Under a new policy, if payment is made by December ...

Single entry system.pdf

Ranjitha ranju

Single entry system is a system of accounting which does not follow the double entry system. Under this system only the accounts related to debtors and creditors are maintained. It is mixed up by both business transactions and personal transactions. Real accounts and nominal accounts are ignored. Single entry system is also known as accounts from incomplete records. According to Kohler, “ single entry system is a system of bookkeeping in which As a rule only records of cash and personal accounts are maintained. It is always incomplete double entry wearing with circumstances” Objectives of single entry system 1. To record business transactions 2. To open accounts and to obtain the balances 3. To prepare a trial balance 4. To ascertain the profit or loss of a business 5. To ascertain the financial position of a business. Features of single entry system  It does not follow strict double entry system.  It is an incomplete, inaccurate,unscientific, unsatisfactory and unreliable system of bookkeeping.  It is flexible.  It is suitable to small concerns

Reducing Taxes through Prudent Investment and Wealth Management

J.C. Corrigan

2015 Pennsylvania Tax and Budget Update

McKonly & Asbury, LLP

This webinar will be presented by Jason Skrinak (Principal) and Mike Eby (Manager) of McKonly & Asbury’s State and Local Tax group. Jason and Mike will provide a look at proposals for the Pennsylvania budget and possible outcomes. They will also review recent Pennsylvania tax updates including the Department of Revenue computer modernization project as well as the current practices at the Board of Finance and Revenue.

Advanced Financial Acct-I Chap 1-6 .pptx

Yasin Abdela

Payroll calculation and accounting entry explanation

Nghi Le

Tax Foundation University 2017, Part 3: Modeling Tax Changes — Which Help, Wh...

Tax Foundation

This lecture explores how the consequences of policy options can be determined and why they should guide the reform effort. The Tax Foundation's Taxes and Growth Dynamic Tax Model will be demonstrated. Also discussed: the benefits and limitations of dynamic vs. static analysis and scoring of tax changes, which tax features harm growth the most, which potential reforms help the most, and which revenue offsets hurt the least. Differing views of how to predict the effects of tax changes on economic growth, how different models view the effect of the federal budget deficit and the Federal Reserve on the outcomes, and the proper role of monetary policy. Register for Tax Foundation University Online here: https://taxfoundation.org/tax-foundation-university-remote/#enroll

Intermediate to Accounting By Kieso Weygandt and Warfield 2nd edition chapter...

mayada34

Chap 8.2 income taxes

AnisTehh

1) Reen Lawns, Inc., performs adjusting entries every month, but c.docx

dorishigh

1) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was: GREEN LAWNS, INC. Adjusted Trial Balance December 31, 2015 Cash $ 182,200 Accounts receivable 9,000 Supplies 600 Equipment 24,000 Accumulated depreciation: equipment $ 10,000 Accounts payable 3,000 Income taxes payable 7,000 Capital stock 50,000 Retained earnings 90,000 Dividends 4,000 Lawn care revenue earned 192,000 Salary expense 104,000 Supply expense 2,400 Advertising expense 600 Depreciation expense: equipment 2,000 Income taxes expense 23,600 $ 352,000 $ 352,000 a-1. Prepare an income statement for the year ended December 31, 2015. a-2. Prepare a statement of retained earnings for the year ended December 31, 2015. a-3. Prepare the company's balance sheet dated December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.) b. Does the company appear to be liquid? No Yes c. Has the company been profitable in the past? No Yes 2) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was: GREEN LAWNS, INC. Adjusted Trial Balance December 31, 2015 Cash $ 182,200 Accounts receivable 9,000 Supplies 600 Equipment 24,000 Accumulated depreciation: equipment $ 10,000 Accounts payable 3,000 Income taxes payable 7,000 Capital stock 50,000 Retained earnings 90,000 Dividends 4,000 Lawn care revenue earned 192,000 Salary expense 104,000 Supply expense 2,400 Advertising expense 600 Depreciation expense: equipment 2,000 Income taxes expense 23,200 $ 352,000 $ 352,000 a. Prepare all necessary closing entries at December 31, 2015. 1. Record the entry to close Lawn Care Revenue earned to income summary 2. REcord the entry to close all expense accounts to income summary 3. Record the entry to transfer net income earned in 2015 to retained earnings account 4. Record the entry to close dividends declared in 2015 to retained earnings account. Prepare an after-closing trial balance dated December 31, 2015. · Record the entry to close all expense accounts to income summary. · Record the entry to close all expense accounts to income summary. 3) Cat Fancy, Inc., has provided the following information from its most current financial statements: Total revenue $ 125,000 Total expenses 80,000 Total current assets 32,000 Total current liabilities 8,000 Total stockholders' equity, January 1, 2015 74,000 Total stockholders' equity, December 31, 2015 76,000 Compute the company’s net income per ...

Accounting for Business Major Assignment SP1 2015 Instructions.docx

annetnash8266

Accounting for Business Major Assignment SP1 2015 Instructions Due Date Thursday 7th May 2015 1.00pm Assignments must be submitted through the Turnitin link on the subject portal Groups up to 3 students maximum are permitted. Assignment must be in word format only. All calculations and workings must be shown to receive any marks for each question Do not include the question in your answers! Question 1 Bill Smith has started a lawn mowing business (Bill’s Lawnmowing) as a temporary job/business which he intends to run until he starts his business degree at the University of South Australia in five months. Bill has never owned or run a business before. To start the business on 1 February 2014, he deposited $3,600 into a new bank account opened in the name of the business. The $3,600 consisted of a $3000 interest free loan from his Uncle (to be repaid in full over 2 years in equal amounts at the end of each month) and $600 of his own money. Bill rented some equipment, purchased supplies, and hired friends to mow and trim his customer’s lawns. At the end of each month Bill sent invoices to his customers. On 30th June, he was ready to dissolve the business and start his university studies. As he was so busy, he kept few records other than his cheque book and a list of amounts owed to him by customers. At 30 June, Bill’s business account cheque book shows a balance of $2,245, and his customers still owe him $750. During the period, he collected $5,800 from customers. His cheque book lists payments for supplies totalling $550, and he still has fuel and supplies that cost a total of $75 on hand. He paid his employees $3,200, and he still owes them $620 for their final week of work. Bill rented some equipment from Kennard’s Hire. On 1 February, he signed a six-month rental agreement on lawnmowers and paid $1050 for the full period. Kennard’s Hire will refund the unused portion of the prepayment if the equipment is in good order when he returns it. In order to get the refund, Bill has kept the equipment in excellent condition. In fact during May paid $310 to repair one of the mowers. To transport employees and equipment to jobs, Bill used a trailer that he bought for $780. He believes that the period’s work used up one-quarter of the trailer’s service potential. The business cheque book lists a payment of $660 for private cash withdrawals by Bill during the period, in addition he has a diary entry indicating that he also used $35 worth of fuel for his own vehicle. Bill estimates that he spent approximately 45 hours working on the business during the period. He plans to recommence operations on a similar basis during major breaks in his university study and believes he will do better in later periods as he now has an existing customer base to work from. Required 1. Prepare the business Income Statement for the period. (9 marks) 2. Prepare the classified Balance Sheet at the end of the period. (11.

Per the text, computers are playing an increasingly important role i.docx

People. I need some help with this assignment that needs to be done .docx

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