ACC2363_QUIZ 2_Q #16
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Question 16 of 100 - Quiz Two
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Your answer is correct.
In its 2023 income statement, its ±rst year of operations, Culver Corp. reported depreciation of
$556000 and dividend revenue from a Canadian corporation of $118000. For 2023 income tax
purposes, Culver claimed CCA of $838000. The difference in depreciation/CCA will reverse in
equal amounts over the next three years. Culver's income tax rates are 35% for 2023, 30% for
2024, and 25% for both 2025 and 2026. What amount should be included as the deferred tax
liability on Culver's December 31, 2023 SFP?
$75200
$84600
$93060
$70500
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Required B
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Required C
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b. As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
c. Prepare a journal entry at January 4, year 2, to record the cash sale of these investments at $220,000.
d. What effect will the sale recorded in part c have on Wharton's tax obligation for year 2?
Required D
Wharton, Inc., pays income taxes on capital gains (including gains on marketable securities) at a rate of 30 percent. At December
31, year 1, the company owns marketable securities that cost $180,000 but have a current market value of $220,000.
Required B
Prev
‒‒‒‒‒‒‒‒‒‒‒
As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
Income taxes paid on the increase in the…
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Ch12 Homework
Question 17 of 20
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X Your answer is incorrect.
Elkins and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were:
Elkins, $149000 and Landry, $116000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If
Neumark invests $98000 in the partnership, what is Landry's capital balance after Neumark's admittance?
O $121000
O $104800
O $116000
O $106800
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https://docs.google.com/forms/d/e/1FAlpQLSXorlaxIMYwWjdrexbNIB0F6zOshlaGsSzvcHy9vKm0jUnAg/formResponseipli=1
Income Statement: The income statement of Taco Bell company is given for the
years 2020 & 2019.
2020
2019
General and administrative expenses
25,000
24,000
Interest expense
1,200
1.500
Net sales
$124,000
$138 000
12,720
11,880
$1,109 5
108.000
Selling expenses
Income taxes
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COGS
450
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Gain on Sale of land
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10:04
Assignment Details
ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
the rubric to ensure you receive full points for this
discussion.
Discussion Rubric- 25 points(1)_(3).docx
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other students' posts. This discussion board was set up so
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TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
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CT Problems
Saved
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South Sea Baubles has the following (incomplete) balance sheet and income statement.
BALANCE SHEET AT END OF YEAR
(Figures in $ millions)
2019
Assets
2018
Liabilities and Shareholders' Equity 2018
2019
Current assets
$ 102 $
200 Current liabilities
$ 74 $ 96
Net fixed assets
920
1,020 Long-term debt
660
870
INCOME STATEMENT, 2019
(Figures in S millions)
$ 2,010
1,090
410
Revenue
Cost of goods sold
Depreciation
Interest expense
252
a&b. What is shareholders' equity in 2018 and 2019?
c&d. What is net working capital in 2018 and 2019?
e. What are taxes paid in 2019? Assume the firm pays taxes equal to 21% of taxable income.
f. What is cash provided by operations during 2019?
g. Net fixed assets increased from $920 million to $1,020 million during 2019. What must have been South Sea's gross investment in
fixed assets during 2019?
Complete this question by entering your answers in the tabs below.
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Question 23 of 25
You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system.
Unit Cost or
Date
Description
Quantity
Selling Price
June
Beginning inventory
40
$34
June
4.
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37
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10
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64
June
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MYΝΟΤΕS
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Which of the following is in accordance with generally accepted accounting principles?
Accrual-basis accounting
Cash-basis accounting
Both accrual-basis and cash-basis accounting
Neither accrual-basis nor cash-basis accounting
Save for Later
OO O O
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MC Qu. 8-45 Assume Zap Industries reported the following...
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Multiple Choice
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Pelican Inc.
Comparative Statements of Financial Position
as of December 31,....
A
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Pelican Inc.
Statement of Profit or Loss
for the year ended December 31, 2023
2023
2022
en
$
$
$
$
Cash
55,000
45,000
Sales Revenue
1,000,000
Accounts Receivable
100,000
82,000
Less Cost of Goods Sold
600,000
Allowance for Doubtful Accounts
(14,000)
(12,000)
Gross Profit
400,000
Prepaid Expenses
10,000
8,000
Less Operating Expenses (Note 1)
300,000
Inventory
65,000
60,000
Income from Operations
100,000
Equity Investments (non-trading)
70,000
80,000
Other Income and Expenses:
Equipment
50,000
40,000
Loss on Sale of Investments
(5,000)
Building
300,000
300,000
Gain on Sale of Equipment
2,000
(3,000)
Land
80,000
40,000
Income before taxes
97,000
716,000
643,000
Less Income taxes
48,000
Net Income
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Question 2 of 10
The following data are taken from the financial statements of JB Chris, Inc. The average number of shares of common stock
outstanding for the year was 5,200. The following data are in are provided:
Current ratio
$20,800
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54,600
148,200
26,000
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MYOCC
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3,900
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Compute the following: (Round Earnings per share to 2 decimal places, e.g. 52.51 and all other answers to 1 decimal place, e.g. 525.1.)
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b. Is the company financed primarily by debt or equity?
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fixed assets?
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red
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Sheet1
FINA310 IP TEMPLATE FOR STUDENTS
Student name:
Date:
ACTUAL
FORECAST
Current Year
Next Year
Total Revenue
71,879
Cost of Revenue
(51,125)
Gross Profit
20,754
Operating Expenses:
Selling, General, and Administrative
(14,248)
Research and Development
Special Income/Other Charges
S
(2,194)
Total Operating Expenses
(16,442)
Operating Income
S
4,312
Net Interest Income
(666)
edite
Pre-Tax Income
3,646
Provision for Income Tax (19.5%)
(711)
Net Income
2,935
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