Self-Check Quiz for HW #1 (Ch. 1 & 3).pdf

New Life Manufacturing for year-end December 31, 2022, show an accounting profit after tax of $16,500,000 after charging the following: • Depreciation $2,500,000`• Tax for the year $500,000• Property Tax $1,000,000• Interest expense $15,000• Preference dividends of $40,000 • Legal fees $1,110,000• Insurance of $750,000• Bad debts $40,000• Foreign Travel $20,000• Repairs and Maintenance $1,500,000• General expenses $600,000   Other Information1.   Property Tax of $600,000 was paid for the property on which the company’s factory is located; $300,000 for the office premises and $100,000 for the CEO’s home. 2.   The insurance was paid for the factory and office premises. 3.   Loss on disposal of fixed assets $350,0004.   Income Tax Refund of  $700,000 was included as part of the entity’s income.5.   The bad debt expense includes a general provision of $10,000 and a specific provision of $30,000.6.   The company paid final ordinary dividends totaling $100,000.7.   Repairs and maintenance…

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Prepare journal entries to record the following transactions. You are required to show all calculations: the financial year-end of the client is 30 November 2021. 3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. 3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance WITH GENERAL LEDGER ENTERIES: Please dont provide answer in image format thnku

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This is a multiple answer question. Babcock Company just completed its first year of operations and has a net operating loss for tax purposes of $100,000. Babcock expects to be profitable within the next two years. The enacted tax rate is 40%. Which of the following components are included in the journal entry to record the NOL carryforward? (Choose all that apply) A. credit taxes payable $40,000 B. debit income tax expense $40,000 C. credit income tax expense $40,000 D.debit deferred tax asset $40,000 E. credit deferred tax liability $40,000

Dyke Company's net incomes for the past three years are presented below (ignore taxes):                          2019               2018               2017                     $480,000       $450,000       $360,000   During the 2019 year-end audit, the following items come to your attention:   Dyke bought equipment on January 1, 2016 for $490,000 with a $40,000 estimated salvage value and a six-year life. The company debited an expense account and credited cash on the purchase date for the entire cost of the asset. (Straight-line method)   During 2019, Dyke changed from the straight-line method of depreciating its cement plant to the double-declining balance method. The following computations present depreciation on both bases:                                                    2019               2018               2017       Straight-line                    36,000            36,000            36,000       Double-declining            46,080            57,600            72,000…

Mitchie, Inc. s a manufacturing company in Rhode Island,  The company had pre-tax accounting income of $1,500,000 and a tax rate of 40% in 2022, its first year of operations. During 2022, the company had the following transactions Received rent from Torres, Co. for 2023 $84,000 Municipal bond income $108,000 Depreciation for tax purposes in excess of book depreciation $48,000 Installment sales profit to be taxed in 2023 $150,000 At the end of 2022, which of the following deferred tax accounts and balances exist at December 31, 2022?

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Consider the revenues and costs in 2019 for Spruce Decor Inc., an Alberta-based furniture company entirely owned by Mr. Harold Buford. Furniture Sales $600,000 Catalogue Salos Labour Costs $13,500 $345,000 $162,000 Materials Costs Advertising Costs Debt-Service Costs $26,000 $34,900 a. What would accountants detormine Spruce Decor's profits to be in 2019? Spruce Decor's profits in 2019 equal $ 45600 b. Suppose Mr. Buford has $375,000 of capital invested in Spruce Decor. Also suppose that oqually risky enterprises ean an 18 percent rate of return on capital. What is the opportunity cost for Mr. Buford's capital? The opportunity cost for Mr. Buford's capital is $ 67500 c. What are the economic profits for Spruce Decor in 2019?

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Cadbury Co. began operations in 2020. The following data relates to Cadbury ’s 2020 operations: Pretax financial income is $1,000,000. The tax rate is 21%. Cadbury  estimates bad debt expense on 2020 accounts receivable was $35,000. Tax does not deduct the bad debts until an accounts receivable is determined to be uncollectible. Machinery was acquired in January for $500,000. Tax depreciation exceeds GAAP depreciation by 100,000. Interest received on tax-exempt FloridaState bonds was $30,000.     Prepare the journal entry to record income tax payable, income tax expense, and any deferred taxes for 2020.   Date Account Debit Credit

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How do I do the journal entries, adjusting entries, closing entries, balance sheet, and income statement for the following transactions (The startup uses straight line when depreciating long-term assets and a perpetual inventory system. It has an estimated tax rate of 35%.) Jan 1st, issued 500 shares of common stock ($0.10 par value) for $50,000. Feb 1st, paid $25,000 to purchase equipment (estimated useful life 10 years; salvage value = 1,540). Feb 28th, issued 100 shares of common stock ($0.10 par value) for $20,000. June 30th, paid $175,000 for a land by signing a 5 year Note Payable, promising to pay 5% interest on June 30th of each of those 5 years. July 1st, purchased 500 units of inventory at $15 each. $2,000 was paid in cash, the rest was on account. July 30th, sold 220 units of inventory for $63 each on account. The inventory came with a 1 year warranty. The company expects that providing the warranty will cost 1% of the sales made. Aug 2nd, incurred $450 of wages expense.…

Dyke Company's net incomes for the past three years are presented below:                       2019              2018              2017                    $480,000        $450,000        $360,000   During the 2019 year-end audit, the following items come to your attention:   Dyke bought a truck on January 1, 2016 for $196,000 with a $16,000 estimated residual value and a six-year life. The company debited an expense account and credited cash on the purchase date for the entire cost of the asset. (Straight-line method) During 2019, Dyke changed from the straight-line method of depreciating its cement plant to the double-declining balance method. The following computations present depreciation on both bases:                                            2019             2018             2017      Straight-line                    36,000           36,000           36,000      Double-declining              46,080           57,600           72,000   The net income for 2019 was computed…

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! Required information [The following information applies to the questions displayed below.] Steve's Outdoor Company purchased a new delivery van on January 1 for $65,000 plus $5,600 in sales tax. The company paid $14,600 cash on the van (including the sales tax), signing an 8 percent note for the $56,000 balance due in nine months (on September 30). On January 2, the company paid cash of $900 to have the company name and logo painted on the van. On September 30, the company paid the balance due on the van plus the interest. On December 31 (the end of the accounting period), Steve's Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $6,500. 5. What would be the net book value of the van at the end of Year 2? (Amounts to be deducted should be indicated by a minus sign.) Net book value of van at end of Year 2 Net book value at end of year 2

Gerald's Grocery Inc. incurred the following costs in the initial year of business, 2019.  Operations began on December 1, 2019. Legal fees $20,000 Market analysis and research to pick the best location $15,000 Salaries & wages for December $18,000 How much can they include as the start-up cost deduction on their 2019 tax return? Group of answer choices A.$50,000 B.$53,000 C.$35,000 D.$32,000

The accounting records of Sunland Inc. show the following data for 2025: 1. Life insurance expense on officers was $7,000. 2. Equipment was acquired in early January for $432,000. Straight-line depreciation over a 6-year life is used, with no salvage value. For tax purposes, Sunland used a 30% rate to calculate depreciation. 3. Interest revenue on municipal bonds totaled $3,600. 4. Product warranties were estimated to be $93,000 in 2025. Actual repair and labor costs related to the warranties in 2025 were $24,000. The remainder is estimated to be paid evenly in 2026 and 2027. 5. 6. Sales on an accrual basis were $494,000. For tax purposes, $385,000 was recorded on the installment-sales method. Fines incurred for securities violations were $10,300. 7. Pretax financial income was $468,000. The tax rate is 30%. Your answer is partially correct. Prepare a schedule starting with pretax financial income in 2025 and ending with taxable income in 2025. (Enter negative amounts using either a…

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The following information is available for Reynolds Corporation: Retained Earnings, December 31, 2020 $1,500,000 Profit for the year ended December 31, 2021 250,000 The company accountant, in preparing financial statements for the year ending December 31, 2021, has discovered the following information:The company's previous bookkeeper, who has been fired, had recorded depreciation expense on a machine in 2019 and 2020 using the double diminishing-balance method of depreciation. The bookkeeper neglected to use the straight-line method of depreciation which is the company's policy. The cumulative effect of the error on prior years was $9,000. Depreciation was calculated by the straight-line method in 2021. Reynolds' average tax rate is 22%. During 2021, Reynolds declared and paid cash dividends of $80,000.Instructions a)Calculate the impact on retained earnings. b)Prepare the statement of retained earnings for 2021. Please don't provide solution in an image format thank you