Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $940,000 and liabilities of $300,000. During Year 2, Marson invested an additional $73,000 and withdrew $33,000 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $995,000, and liabilities were $270,000?
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- XYZ Co. is a sole proprietorship owned by X. It was organized on January 1, 2018 with X's investment of P7,550,000. Immediately after organization, XYZ Co. obtained a loan from China Bank of P1,105,000. During the first year of operations, revenue amounted to P731,000, and operating costs and expenses totaled P429,500, which included P77,500 of depreciation expense. On December 15, X withdrew P26,580 from the business. No additional activitiesf affected owner's equity in 2018. The liabilities increased by P1,296,450 by December 31, 2018. What amount should be reported as total assets on December 31, 2018?Show your work At the beginning of the year, Teal Corporation had accumulated E & P of $210,000. On March 30, Teal sold an asset at a loss of $200,000. For the calendar year, Teal incurred a deficit in current E & P of $305,000, which includes the $200,000 loss on the sale of the asset. If Teal made a distribution of $50,000 to its sole shareholder on April 1 and the shareholder had a basis in her stock of $72,000, how will the shareholder be taxed?XYZ Inc., was a C corporation through the end of year 6. Starting at the beginning of year 7, XYZ Inc., elected S corporation status. At the end of year 6, XYZ had accumulated earnings and profits (E & P) of $53,700. At the end of year 7, XYZ had a balance of $32,000 in its accumulated adjustments account (AAA). During year 8, XYZ had ordinary income of $15,300 and made distributions of $100,000. What amount of the distribution will be a taxable dividend to the shareholders of XYZ at the end of year 8? a.$1,000 b.$47,300 c.$52,700 d.$53,700
- Lefty's Piranha Farm generates sales revenue of $260,000 and incurs operating expenses of $140,000. The company incurs a gain of $13,000 from selling securities classified as availablefor- sale and records an unrealized holding loss of $17,000 from adjusting securities available-forsale to fair value at the end of the year. Prepare a statement of comprehensive income for Lefty's Piranha Farm.During the current year, Cartwright Corporation’s accountant recorded numerous transactions in an account entitled Intangible Assets, as follows: Jan. 2 Paid incorporation fees. $17,500 11 Paid legal fees for the organization of the company. 7,500 25 Paid for large-scale advertising campaign for the year. 15,000 Apr. 1 Acquired land for $15,000 and a building for $20,000 to house the R&D activities. The building has a 20-year life. 35,000 May 15 Purchased materials exclusively for use in R&D activities. Of these materials, 20% are left at the end of the year and will be used in the same project next year. (They have no alternative use.) 15,000 June 30 Paid expenses related to obtaining a patent. 10,000 Dec. 11 Purchased an experimental machine from an inventor. The machine is expected to be used for a particular R&D activity for 2 years, after which it will have no residual value. 12,000 31 Paid salaries of employees involved in R&D. 30,000…What is the journal entry to record the revaluation of the assets on June 5 prior to the dissolution of the firm?
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- ManjiLefty's Piranha Farm generates sales revenue of $260,000 and incurs operating expenses of $140,000. The company incurs a gain of $13,000 from selling securities classified as availablefor- sale and records an unrealized holding loss of $17,000 from adjusting securities available-forsale to fair value at the end of the year. Required: 1. What is the meaning of comprehensive income?On January 1, 2020, AMI Corporation purchased the non-cash net assets of Sheffield Ltd. for $8,087,900. Following is the statement of financial position of Sheffield Ltd. from the company's year-end the previous day: Sheffield Ltd.Statement of Financial PositionAs at December 31, 2019 Cash $630,000 Accounts receivable 554,000 Inventory 2,510,000 Property, plant, and equipment (net) 2,070,000 Land 2,570,000 $8,334,000 Accounts payable $324,000 Common shares 2,520,000 Retained earnings 5,490,000 $8,334,000 As part of the negotiations, AMI and Sheffield agreed on the following fair values for the items on Sheffield's statement of financial position: Accounts receivable $552,400 Inventory 2,265,000 Property, plant, and equipment 1,870,000 Land 3,620,000 Accounts payable 313,500 Prepare the journal entry on the books of AMI Corporation to record the purchase, assuming that instead of buying the net assets of…