Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, Up t8 sIR after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020-2023 are as follows: Pretax Accounting Incone 2020 2021 2022 Service Revenue $660,000 750,000 710,000 716,000 Collections $620,e00 770,e00 702,000 720,00e $186,000 260,000 228,000 200,000 2023 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25% (Hint You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2020- 2023.) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 income taxes (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, Up t8 sIR after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020-2023 are as follows: Pretax Accounting Incone 2020 2021 2022 Service Revenue $660,000 750,000 710,000 716,000 Collections $620,e00 770,e00 702,000 720,00e $186,000 260,000 228,000 200,000 2023 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25% (Hint You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2020- 2023.) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 income taxes (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use (a) the percentage method and (b) the wage - bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2024 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2023 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard Withholding and 2023 FICA rates have been used.Amount to Be withheld
In December 2022, J-Matt, Inc. collected rent in advance from tenants who will begin occupying the rental space in January 2023. For financial reporting purposes, J-Matt recorded the rent as deferred revenue when received in 2022 and will record the rent as revenue in January 2023 when the tenants occupy the rental space. For tax reporting, the rent is taxable in 2022 when collected. The deferred portion of the rent collected in 2022 was $122 million. Taxable income is $540 million in 2022. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record J-Matt's provision for income taxes in 2022.
Please help.Thank you
Sagar
Required information [The following information applies to the questions displayed below.] Glennelle's Boutique Inc. operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2019 are issued in May 2020 and are payable in July 2020. c-2. Assume that the actual tax bill, received in May 2020, was for $7,500. Record the journal entry to show the effects of the appropriate adjustment to the amount previously accrued. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 No Event 1 X Answer is complete but not entirely correct. General Journal Real estate tax expense Real estate taxes payable Debit 2,500 X Credit 2,500 x O Apr 8
hh
Required information [The following information applies to the questions displayed below.] Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $918 774 $144 $126 2025 $ 1,010 830 $ 180 $ 214 a. Expenses each year include $36 million from a two-year casualty insurance policy purchased in 2024 for $72 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $37 million and $53 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $31 million ($14 million collected in 2023 but not recognized as revenue until 2024) and $37 million, respectively. Hint. View this as two temporary differences-one reversing in…
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2023 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2022 federal income tax tables for Manual Systems with Forms W-4 from 2020 or Later with Standard Withholding and 2022 FICA rates have been used. Click here to access the Percentage Method Tables Click here to access the Wage-Bracket Method Tables Amount to Be Withheld Filing No. of Withholding Gross Wage Employee Status Allowances or Salary Method Percentage Wage-Bracket Method Lennon, A. N/A $675 weekly Stan, P. S N/A 1,365 weekly McNeil, S. HH N/A 1,775 biweekly Harrison, W. HH N/A 2,500 semimonthly Smythe, M. MFJ N/A 5,380 monthly
! Required information [The following information applies to the questions displayed below.] Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $ 940 796 $ 144 $ 104 2025 $ 1,032 a. Expenses each year include $58 million from a two-year casualty insurance policy purchased in 2024 for $116 million. The cost is tax deductible in 2024. 852 $ 180 $ 214 b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $59 million and $75 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $53 million ($36 million collected in 2023 but not recognized as revenue until 2024) and $59 million, respectively. Hint. View this as two temporary differences-one reversing…
Asam lects $220 million in withheld and estimated income tax payments during the 2022 calendar year and an additional $20 million in wted and estimated income tax payments in January 2023 applicable to its 2022 calendar year. The state also expects to receive $6 million payments and refunt claims of 15 million for 2022 income tax returns filed by April 15, 2023. The state considers payments received who aretus led by April 15 to be available and refund claims received by that date are considered liabilities for 2022. Now much revenue should the state report for its year ending December 31, 2022? OLXW silion
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2024 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2023 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard Withholding and 2023 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Click here to access the Percentage Method Tables. Employee Louis, S. Hanks, X. Gillespie, H. Tromley, P. Farley, R. Filing Status S S MFJ MFJ MFJ No. of Withholding Allowances N/A N/A N/A N/A N/A I Gross Wage or Salary $1,040 weekly 1,910 weekly 1,890 biweekly 2,315 semimonthly. 3,200 monthly Amount to Be Withheld Percentage Method 00000 Wage-Bracket Method
How much is the gross income under cash basis? A. 2019:P1,400,000; 2020: P1,720,000 B. 2019: P1,370,000; 2020: P1,050,000 C. 2019: P1,100,000; 2020: P1,050,000 D. 2019: P900,000; 2020: P1,520,000