Sheridan has a 35- income tax rate- During the following fiscal year e.docx

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River bed Corporation is preparing its December 31,2020 , balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15,2020 . Riverbed declared a cash dividend of $2.40 per share to stockholders of record on December 31 . The dividend is payable on January 15, 2021. Riverbed has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. 2. At December 31 , bonds payable of $111, 299,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $27,824,750 every September 30 , beginning September 30,2021. 3. At December 31,2019 , customer advances were $13,603,000. During 2020 , Riverbed collected $30,634,000 of customer advances; advances of $26,948,000 should be recognized in income. For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any..

River bed Corporation is preparing its December 312020 ba.pdf

abhijitakolkar1

Review the following accounting and tax data and complete the two requirements below: Although Lloyd Jones and his best friend Donna Taylor both studied biology at school, they ended up pursuing careers in professional cake decorating. Their company, Good Eats, specializes in custom-sculpted cakes for weddings, birthdays, and other celebrations. Lloyd and Donna formed the business at the beginning of 2021 and each contributed $60,000 in exchange for a 50 percent ownership interest. Good Eats also borrowed $250,000 from a local bank. Both Lloyd and Donna had to personally guarantee the loan. Both owners provide significant services for the business. The following information pertains to Good Eats 2021 activities. Good Eats uses the cash method of accounting (for both book and tax purposes) and reports income on a calendar-year basis. Good Eats received $500,000 of sales revenue and reported $200,000 of cost of goods sold (it did not have any ending inventory). Good Eats paid $50,000 compensation to Lloyd, $50,000 compensation to Donna, and $50,000 of compensation to other employees (assume these amounts include applicable payroll taxes if any). Good Eats paid $25,000 of rent for a building and equipment, $10,000 for advertising, $15,000 in interest expense, $5,000 for utilities, and $5,000 for supplies. Good Eats contributed $10,000 to charity. Good Eats received a $2,000 qualified dividend from a great stock investment (it owned 2 percent of the corporation distributing the dividend) and it recognized $3,000 in short-term capital gain when it sold some of the stock. On December 1, 2021, Good Eats distributed $30,000 to Lloyd and $30,000 to Donna. Good Eats has qualified property of $400,000 (unadjusted basis). Requirements: a. Assume Lloyd and Donna formed Good Eats as an S corporation. Complete Good Eats Form 1120S page 1, Form 1120 S, Schedule K, and Lloyds Form 1120S Schedule K-1 (note that you should use 2021 tax forms). (25 points) Compute the tax basis of Lloyds stock in Good Eats at the end of 2021. (10 points) What amount of Lloyds income from Good Eats is subject to FICA or self-employment taxes? (5 points) What amount of income, including its character, will Lloyd recognize on the $30,000 distribution he receives on December 1? (5 points) What amount of tax does Good Eats pay on the $2,000 qualified dividend it received? (5 points) b. Assume Lloyd and Donna formed Good Eats as an LLC. Complete Good Eats Form 1065 page 1, Form 1065, Schedule K, and Lloyds Form 1065, Schedule K-1 (note that you should use 2021 tax forms). (25 points) Compute the tax basis of Lloyds ownership interest in Good Eats at the end of 2021. (10 points) What amount of Lloyds income from Good Eats is subject to FICA or self-employment taxes? (5 points) What amount of income, including its character, will Lloyd recognize on the $30,000 distribution he receives on December 1? (5 points) What amount of tax does Good Eats pay on the $2,000 qualified dividend it rec.

Review the following accounting and tax data and complete th.pdf

adaacollections

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.

The John Marshall Company Inc which provides consulting s.pdf

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The John Marshall Company Inc which provides consulting s.pdf

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Whispering Winds Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, preferred stock and 1,066,800 shares of no-par common stock. The corporation assigned a $2.80 stated value to the common stock. At December 31 , 2022 , the ledger contained the following balances pertaining to stockholders' equity. The preferred stock was issued for land having a fair value of $144,000. All common stock issued was for cash. In November, 1,680 shares of common stock were purchased for the treasury at a per share cost of $13. In December, 560 shares of treasury stock were sold for $16 per share. No dividends were declared in 2022 . Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital from Treasury Stock Total Additional Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less : Treasury Stock Total Stockholders' Equity.

Whispering Winds Corporation has been authorized to issue 20,000 sh.pdf

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FOR MORE CLASSES VISIT www.acc421genius.com Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2 Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entrie To convert cash receipts from customers to revenue

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