Denton Supplies has current assets of $8,500, fixed assets of $22,300, current liabilities of $6,400, and long-term debt of $9,500. What is the value of Denton's Owner's Equity? (Round to the nearest penny.)
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- Assume that the following balance sheets are stated at book value. The fair market value of James's fixed assets is equal to $9,300. Jurion pays $16,000 for James and raises the needed funds through an issue of long-term debt. Jurion Co. Current Current assets $ 12,000 $ 5,300 liabilities Net fixed 36,000 Long-term debt 9,800 assets Equity 32,900 Total $48,000 Total $48,000 James, Inc. Current assets $3,400 Current liabilities$ 1,300 Net fixed assets 6,400 Long-term debt 1,900 Equity 6,600 Total $9,800 Total $9,800 Construct a postmerger balance sheet assuming that Jurion Co. purchases James, Inc., and the purchase method of accounting is used. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Jurion Co., post-merger Current assets Fixed assets Current liabilities Long-term debt Goodwill Equity Total TotalConsider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan = $22,500 Loan Principal Payment = $5,926 Loan Interest Payment = $2,400 MACRS Depreciation Deduction = $16,665 Which of the following is closest to the Taxable Income? a. −$2,491. b. −$91. c. $3,435. d. $14,174Can you solve this financial accounting question using valid financial methods?
- A building with an appraisal value of $131,641 is made available at an offer price of $159,680. The purchaser acquires the property for $39,020 in cash, a 90-day note payable for $25,373, and a mortgage amounting to $53,957. The cost of the building to be reported on the balance sheet is O a. $118,350 Ob. $120,660 Oc. $131,641 O d. $159,680Whipporwill, Incorporated's, net income for the most recent year was $16,802. The tax rate was 21 percent. The firm paid $3,706 in total interest expense and deducted $4,491 in depreciation expense. What was the cash coverage ratio for the year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Cash coverage ratio timesAssume the seller owes $113,000 on a loan for the land. After receiving the $770,000 cash in, the seller pays $113,000 that's owed.
- Ayayai Company Limited reported the following for 2023: sales revenue, $1.16 million; cost of goods sold, $725, 000; selling and administrative expenses, $333, 000; gain on disposal of building, $283,000; and unrealized gain - OCI (related to FV- OCI equity investments with gains/losses not recycled), $17,000. Assume investments are accounted for as FV - OCI equity investments, with gains/losses not recycled through net income. Prepare a statement of comprehensive income. Ignore income tax and EPS.A building with an appraisal value of $129,802.00 is made available at an offer price of $150,878.00. The purchaser acquires the property for $33,175.00 in cash, a 90-day note payable for $25,972.00, and a mortgage amounting to $57,161.00. What is the cost basis recorded in the buyer's accounting records to recognize this purchase? Select the correct answer. $129,802.00 $150,878.00 $117,703.00 $116,308.00A building with an appraisal value of $125,601 is made available at an offer price of $153,140. The purchaser acquires the property for $31,231 in cash, a 90-day note payable for $23,994, and a mortgage amounting to $57,725. The cost of the building to be reported on the balance sheet is a.$121,909 b.$125,601 c.$112,950 d.$153,140
- 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 building with an appraisal value of $125,332 is made available at an offer price of $156,559. The purchaser acquires the property for $31,021 in cash, a 90-day note payable for $27,704, and a mortgage amounting to $55,713. The cost basis recorded in the buyer's accounting records to recognize this purchase is a.$114,438 b.$125,538 c.$156,559 d.$125,332what is the amount of rogers 2021 NOL? net loss from business - (30,000) salary from employment-10,000 int income from savings -3000 net loss from rental of property -(5000) bet long term capital gain from sale of business property -7000 net short term capital loss -(4000) standard deductio -12,400