2. Based on the following information, compute the 2019 net operating loss (NOL)that an individual can carry over to 2020.⚫ 2018 NOL.....$(15,000).Wages......25,000•S Corporation ordinary loss...(40,000)• Schedule C net profit.....• Interest income..... Standard deduction...$7,500$8,000$19,700$23,0007,000500012,200

To compute the net operating loss (NOL) for 2019 that an individual can carry over to 2020, we need…

Answered: 2. Based on the following information,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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EQUITIES AND LIABILITIES (in Rs. crore) SHAREHOLDER'S FUNDS 2019 2018 2017 Equity Share Capital 397.13 397.13 397.13 Reserves and Surplus 21,808.05 20,615.40 19,576.08 TOTAL SHAREHOLDERS FUNDS 22,205.18 21,012.53 19,973.21 NON-CURRENT LIABILITIES Long Term Borrowings 35.28 39.68 24.12 Deferred Tax Liabilities [Net] 216.06 372.16 458.36 Other Long Term Liabilities 36.45 8.35 8.94 Long Term Provisions 50.34 38.53 35.23 TOTAL NON-CURRENT LIABILITIES 338.13 458.72 526.65 CURRENT LIABILITIES Short Term Borrowings 0.00 0.00 0.00 Trade Payables 935.98 1,109.46 1,046.53 Other Current Liabilities 3,426.07 2,514.92 2,993.37 Short Term Provisions 85.37 91.05 87.08 TOTAL CURRENT LIABILITIES 4,447.42 3,715.43 4,126.98 TOTAL CAPITAL AND LIABILITIES 26,990.73 25,186.68 24,626.84 ASSETS NON-CURRENT ASSETS Tangible Assets 5,633.62 5,563.19 5,693.45 Intangible Assets 178.83 100.41 28.54 Capital Work-In-Progress 1,108.70 610.02 348.48 FIXED ASSETS 6,921.15 6,273.62 6,119.91 Non-Current Investments…
Kincaid Company reported the following data (in millions) for the past two years:2019 2018$$$$$2801501304090$$$$$2501401103575Net revenues........................................Cost of goods sold...............................Gross profit..........................................Operating expenses..............................Operating income................................In a vertical analysis of 2019, the operating expenses percentage is closest toa. 225%.b. 69%.c. 14%.d. 32%.
3. Not for profit accounting accounts for expenses in the following manner: NET goods or services (before taxes) plus i. 18% of the former PST portion (8%) of HST* ii. 50% of the former GST portion (5%) of HST** *82% of the 8% is put through an HST recovery line **50% of the 5% is put through another HST recovery line With the above information in mind, please indicate the $ amounts that should be allocated to the Expense and HST Recovery lines. Expense $584.18 HST $75.94 Total $660.12 Enter your answer
Elliott has the following capital gain and loss transactions for 2020.
1.How much should be CREDITED (Debited) Retained Earnings as realization of Revaluation Surplus (Revaluation Loss) NEXT YEAR? 2. How much gain(loss) on sale to recognized if the equipment is sold for P8,000,000 ONE YEAR AFTER REVALUATION?
what is the post-tax loss from discontinued operation for 2020?
Question 3 of 5 The comparative unclassified statement of financial position for Ivanhoe Ltd. follows: Assets Cash IVANHOE LTD. Statement of Financial Position December 31 Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity 2021 $58,000 83,000 176,000 5,000 73,000 260,000 (79,000 ) $576,000 $26,000 9,000 107,000 217.000 217,000 $576,000 2020 $23,000 73,500 186,000 3,000 130,000 160,000 (38,000) $537,500 $42.000 6,000 185,500 174,000 130,000 $537,500
Year Net Income Cumulative (Loss) Net Income 2018 6,500,000 6,500,000 2019 400,000 What is the cumulative income? Select one: a. OMR 6,500,000 b. None of the other points c. OMR 6,900,000 d. OMR 6,100,000
Takaful company has the following information: Earned contributions SR 500 Net claim incurred SR 100 Cash SR 50 Short-term investment SR 150 Average assets SR 1500 Total expenses SR 200 Net income SR 100 Gross contributions SR 600 Net contributions SR 550 What is expense ratio? а. 40% b. 30% С. 36.3% d. 50%
ess Your answer is incorrect. During 2020, Coronado Inc. had sales revenue $1368000, gross profit $730300, operating expenses $497000, cash dividends $92300, other expenses and losses $41200. Its corporate tax rate is 30%. What was Coronado's income tax expense for the year? O $57630 O $497000 O $186900 O $62300 Save for Later Last saved 30 seconds ago. Attempts: 2 of 4 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. MacBook Pro
14. The trial balance of Rollins Inc. included the following accounts as of December 31, 2021: Debits Credits Sales revenue 5,300,000 Interest revenue 37,000 Loss on sale of investments 15,000 Loss on debt investments 126,000 Gain on projected benefit obligation 230,000 Cost of goods sold 3,860,000 Selling expense 340,000 Restructuring costs 150,000 Interest expense 15,000 General and administrative expense 240,000 The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required:Prepare a 2021 single, continuous statement of comprehensive income for Rollins Inc. Use a multiple-step income statement format. (Amounts to be deducted should be indicated with a…
Based on the depositors rate of return as the following tableDeposit TypesRate of return6 months & less6%9 months & less3%12 months & less5%More than 12 months4%determine the profit attributable to the ( A ) depositor who invested OR 44500 from 1st. January 2018 to 15 August 2019

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