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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- Ross Company is a C corporation providing property management services. Ross has used the cash method since inception because its gross receipts did not exceed $26,000,000. This year its average annual gross receipts for the prior three years crossed the $26,000,000 mark, requiring Ross to change from the cash method to the accrual method (per § 448). At the end of its prior year, Ross had accounts receivable of $850,000 and accounts payable of $540,000. a.Compute and explain the adjustment to taxable income that Ross must make due to the change in accounting method. b.When must Ross include this adjustment in its income?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 $920,408 and liabilities of $272,707. During Year 2, Mason invested an additional $28,054 and withdrew $25,788 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $985,846 and liabilities were $234,813?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 $925,918 and liabilities of $277,028. During Year 2, Marson invested an additional $28,516 and withdrew $25,851 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $980,615 and liabilities were $236,767? a.$54,697 b.$40,261 c.$92,293 d.$25,851
- Ross Company is a C corporation providing property management services. Ross has used the cash method since inception because its gross receipts did not exceed $26,000,000. This year its average annual gross receipts for the prior three years crossed the $26,000,000 mark, requiring Ross to change from the cash method to the accrual method. At the end of its prior year, Ross had accounts receivable of $850,000 and accounts payable of $540,000. Compute and explain the adjustment to taxable income that Ross must make due to the change in accounting method. When must Ross include this adjustment in its income?In Year 1, Lee Inc. billed its customers $56,600 for services performed. The company collected $41,700 of the amount billed. Lee incurred $36,100 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $25,000 cash from the issue of common stock. The company invested $14,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement? b. What amount of cash flow from revenue will be reported on the statement of cash flows? c. What is the net income for the period? d. What is the net cash flow from operating activities for the period? f. What is the amount of net cash flow from investing activities? g. What is the amount of net cash flow from financing…In Year 1, Lee Inc. billed its customers $56,200 for services performed. The company collected $41,800 of the amount billed. Lee incurred $37,700 of other operating expenses on account. Lee paid $24,100 of the accounts payable. Lee acquired $39,000 cash from the issue of common stock. The company invested $14,000 cash in the purchase of land. (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. What amount of revenue will Lee report on the Year 1 income statement?b. What amount of cash flow from revenue will be reported on the statement of cash flows?c. What is the net income for the period?d. What is the net cash flow from operating activities for the period?f. What is the amount of net cash flow from investing activities?g. What is the amount of net cash flow from financing activities?h. What…
- In Year 1, Lee Inc. billed its customers $56,200 for services performed. The company collected $41,800 of the amount billed. Lee incurred $37,700 of other operating expenses on account. Lee paid $24,100 of the accounts payable. Lee acquired $39,000 cash from the issue of common stock. The company invested $14,000 cash in the purchase of land. (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: a. Create an accounting equation from this information.b. What amount of cash flow from revenue will be reported on the statement of cash flows?h. What amounts of total assets, liabilities, and equity will be reported on the year-end balance sheet?As of the beginning of the year, Devers, Inc. acquired common stock of Verdugo Limited at book value. During the current year, Verdugo earned $12.5 million and declared dividends of $4 million. Indicate the amount shown for Investment in Verdugo on Devers Inc.’s balance sheet on December 31 and the amount of total income Devers would report on the income statement for the year related to its investment under the assumption that Devers did the following: A. Paid $2 million for a 10-percent interest in Verdugo and classifies the investment as a passive investment. The fair value of the investment at December 31st was now $2.3 million. B. Paid $7 million for a 35-percent interest in Verdugo and uses the equity method. The fair value of the investment at December 31st was now $7.3 million. Please dont provide handwritten or image based answers thank youThe following information is available for CANDY GH, a limited liability company:Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31st December, 2020 GH¢ Revenue7,659 Cost of sales(5,442) Gross profit2,217 Operating expenses(1,167) Operating profit1,050 Interest expenses(150) Operating before tax900 Tax expense(420) Net profit transferred to reserve480 Statement of Financial Position as at 31st December: 2020 2015 GH¢ GH¢ ASSETS Noncurrent assets Property, Plant & Equipment Cost2,160 1,785 Accumulated depreciation (1,020) (870) Carrying value1,140 915 Intangible assets750 600 Investment propertiesNil 75 Current assets1,776 1,254 Inventory450 306 Receivables1,170 945 Cash156 3 Total assets3,666 2,844 EQUITY AND LIABILITIES Equity Stated capital1,380 1,173 Retained earnings780 540 Noncurrent liabilities510 150 12% Debenture510 150 Current liabilities Trade payable381 357 Bank overdraft255 294 Taxation360 330 Equity and…
- Subject: accountingDuring 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…Pronghorn Corporation purchased for $ 322,000 a 30% interest in Murphy, Inc. This investment enables Pronghorn to exert significant influence over Murphy. During the year, Murphy earned net income of $ 183,000 and paid dividends of $ 60,000.Prepare Pronghorn’s journal entries related to this investment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record the purchase enter a debit amount enter a credit amount enter an account title to record the purchase enter a debit amount enter a credit amount (To record the purchase.) enter an account title to record the net income enter a debit amount enter a credit amount enter an account title to record the net income enter a debit amount enter a credit amount (To record the…