A business had the following amounts of assets and liabilities at the beginning and end of a recent year: Assets Liabilities Beginning of the year $81,000 $34,000 End of the year 124,000 52,000 Determine the net income earned or net loss incurred by the business during the year under the following assumption: The owner withdrew $3,900 per month to pay personal living expenses and invested an additional $79,000 cash in the business
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- In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and a rate of 20%. During 2021, Samuel engaged in the following transactions: Received rent for 2021 $144,000 Life insurance premium on officer $30,000 Depreciation for ta purposes in excess of book depreciation $90,000 Prepaid insurance for 2021 $75,000 Compute the amount below. Round to the nearest dollar The December 31, 2020, Deferred Tax Asset Balance is: The December 31, 2020 Deferred Tax Liability Balance is :Please explain how you get the journal entries below. The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 355,000 2022 275,000 2023 345,000 2024 385,000 Included in the income of 2021 was an installment sale of property in the amount of $30,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $12,000 in 2022, $15,000 in 2023, and $3,000 in 2024.Included in the 2023 income was $10,000 interest from investments in municipal governmental bonds.The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond.Required:Prepare the year-end journal entries to record income taxes for the years 2021–2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)A property/casualty insurer sold a one-year insurance policy for $480 on July 1. The insurer incurred $144 in underwriting expenses for the policy. Disregarding losses, what is the insurer's pre-tax net income from this policy in the year the policy was written under statutory accounting rules? A-$144 B $ 96 C $168 D $236
- Indicate if assessable income has been derived and when it was derived in the following situations. (a) An employee received the sum of $1,500 on 29 June CY being in respect of long service leave commencing 30 June CY and terminating five weeks hence. The employee intended to return to work at the end of the period of leave. Would your answer be different if the leave commenced on 1 July the following year? (e) A taxpayer lent a friend $10,000. Interest was payable at 10% p.a. The friend paid the taxpayer $1,000 by cheque on 30 June CY which was not deposited in the taxpayer's bank account until 15 July of the following financial year. (f) Jeannie's employer had a cash flow problem in the previous financial year and could not pay her all her salary. $10,000 of last year's salary was paid in the current year in addition to this year's salary of $55,000Accrued Expenses: Entity D acquired a piece of land on April 1, 20x1. The purchase price was reduced by a credit for the real property taxes accrued during the year. Entity D records real property taxes at each month-end by adjusting the prepaid tax or tax payable account as appropriate On May 1, 20x1 Entity D paid the first of two equal installments of P72,000 for real property taxes. Requirement: What is the entry to record the payment on May 1?On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 7 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? (For all requirements, round your answers to the nearest dollar amount.) а. Int est income b. Receivables C. d. Interest income e. Cash f. g. Interest earned
- On May 1, Year 1, Benz’s Sandwich Shop loaned $14,000 to Mark Henry for one year at 8 percent interest. Requireda. What is Benz’s interest income for Year 1?b. What is Benz’s total amount of receivables at December 31, Year 1?c. How will the loan and interest be reported on Benz’s Year 1 statement of cash flows?d. What is Benz’s interest income for Year 2?e. What is the total amount of cash that Benz’s will collect in Year 2 from Mark Henry?f. How will the loan and interest be reported on Benz’s Year 2 statement of cash flows?g. What is the total amount of interest that Benz’s earned on the loan to Mark Henry?please provide answer accounting questionOn May 1, Year 1, Benz's Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry?
- Gregg Corp. reported revenue of $1,450,000 in its cash basis income statement for the year ended Dec. 31, Year 7. Additional information was as follows: Accounts receivable, Jan 1, Year 7 $400,000 Accounts receivable, Dec 31, Year 7 $530,000 Under the accrual basis, Gregg would report revenue of O $1,580,000 O $1,035,000 $1,335,000 O $1,505,000Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): Borrowed $18,279 from banks due in two years. Purchased additional investments for $22,200 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,584 in cash and signed a short-term note for $1,422. Issued additional shares of common stock for $1,481 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,021 for $19,021 cash. Declared $11,138 in dividends to be paid at the beginning of the next fiscal year. Prepare a classified balance sheet for Orange at September 26, 2020, based on these transactions. please complete this with working and show how did you get the number with other work answer in text thanksYou are provided with the following amounts for Susan Kim for the current year: • Net employment income (ITA 5 to 8) = $35,000 • Interest income (ITA 12) = $5,700 • Taxable amount of dividends (ITA 12) = $2,620 Taxable capital gains (ITA 38 to 55) = $2,500 • Alowabie capital losses (ITA 38 to 55) = $3,500 • Interest expense (bank loan for investment purposes) = $2,500 • Investment counsel fees = $900 • RRSP deduction (allowed pursuant to ITA 60) = $9,500 Based on the above, the "net property income" reported by Susan Kim pursuant to ITA 3(a) for the current year is: Choose the correct answer. A. $7,320 B. $8,320 C. $33,460 D. $4,920