An Plant and Machinery loss of $200,000 from market decline occurred in October 2019. Smart Co., recorded this loss in October 2019. Which month Company posted? State the dollar amounts that should appear in Smart Company's March 31, June 30, September 30 and December 31, 2019. Select one: a. June 30 b. December 31 O c. September 30 d. March 31

An Plant and Machinery loss of $200,000 from market decline occurred in October 2019. Smart Co., recorded this loss in October 2019. Which month Company posted? State the dollar amounts that should appear in Smart Company's March 31, June 30, September 30 and December 31, 2019. Select one: a. June 30 b. December 31 O c. September 30 d. March 31

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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Required: 30. What is the amount of sales from January 1, 2021 to April 30, 2021?31. What is the amount of purchases from January 1, 2021 to April 30, 2021?32. What is the amount of fire loss to be recognized on April 30, 2021?
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At Dec. 31, 2019. H&M Co. had gift certificates outstanding, which had been sold to customers during 2019 for P 100 each H& M operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 10,000 outstanding gift certificates should be deferred at Dec. 31, 2019. * A.N one B.400,000 C.600,000 D.1,000,000
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Wool company actual earnings for the first two quarters of 2019 and its estimate during each quarter of its annual earnings are:Actual first quarter earnings $500,000Actual second quarter earnings $500,000First quarter estimate annual earnings $ 2,000,000Second quarter estimate of annual earnings $2,500,000Wool Company estimates its permanent differences between accounting income and taxable income for 2019 as:Environmental violation penalties $50,000Dividend income exclusion $200,000These estimates did not change during the second quarter. The combined state and federal tax rate for wool Company for 2019 is 50%.Required:Calculate first quarter "estimated annual income tax". Select one:a. $2,250,000b. $3,100,000c. $3,000,000d. $1,750,000
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