During 2024, TechCorp Inc. incurred rent expense of $72,000. Rent payable showed $3,000 at December 31, 2023 and $4,500 at December 31, 2024. Calculate the rent expense, rent payable, and cash paid for rent at the end of December 31, 2024.
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- What hould i do the property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2021. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 .Under the accrual basis rental income of EL Company for the calendar year 2020 is P600,000. Additional information regarding rental income are presented below: Unearned rental income, January 1, 2020 P50,000 Unearned rental income, December 31, 2020 75,000 Accrued rental income, January 1, 2020 30,000 Accrued rental income, December 31, 2020 40,000 Under the cash basis, how much rental income should be reported by EL Company in year 2020? Group of answer choices d. P655,000 c. P625,000 b. P615,000 a. P585,000Under accrual basis, rental income of Kamahal-Mahal Company for the year 2020 is P600,000. Additional information regarding the rental income are as follows: Unearned rental income, Jan. 1, 2020- P50,000 Unearned rental income, Dec. 31, 2020- P75,000 Accrued rental income, Jan. 1, 2020- P30,000 Accrued rental income, Dec. 31, 2020 P40,000 Under cash basis, how much is the rental income should be reported in year 2020? P585,000 P615,000 P625,000 P655,000
- The following data are taken from the financial statements of Pharoah Company. 2021 2020 Accounts receivable, end of year $559,500 $ 579,000 Net credit sales 4,098,600 3,385,125 Terms for all sales are 1/10, n/60.For the year ended December 31, 2023, Bramble Ltd. reported income before income taxes of $90,000. In 2023, Bramble Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023. The company paid $72,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Bramble Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $34,000, of which $26,000 was actual repairs for 2023 and the remaining $8,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $22,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $230,000. Capital Cost Allowance (CCA) claimed for the year was $252,000. Bramble was subject to a 20% income tax…For the year ended December 31, 2023, Tamarisk Ltd. reported income before income taxes of $98,000. In 2023, Tamarisk Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023. The company paid $68,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Tamarisk Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $42,000, of which $35,000 was actual repairs for 2023 and the remaining $7,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $20,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $200,000. Capital Cost Allowance (CCA) claimed for the year was $223,000. Tamarisk was subject to a 20%…
- 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.)For the year ended December 31, 2023, Bonita Ltd. reported income before income taxes of $100,000. In 2023, Bonita Ltd. paid $66,000 for rent; of this amount, $22,000 was expensed in 2023. The remaining $44,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $66,000 was deductible for tax purposes in 2023. The company paid $76,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Bonita Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $43,000, of which $27,000 was actual repairs for 2023 and the remaining $16,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $21,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $170,000. Capital Cost Allowance (CCA) claimed for the year was $200,000. Bonita was subject to a 20% income tax…Under the accrual basis, rental income of EM Corporation for the calendar year 2019 is ₱600,000. Additional information regarding rental income are presented as follows: Unearned rental income, January 1, 2019 –₱50,000; Unearned rental income, December 31, 2019 –₱75,000; Accrued rental income, January 1, 2019 –₱30,000; Accrued rental income, December 31, 2019 –₱40,000. Under the cash basis, how much rental income should be reported? ₱ 625,000 ₱ 655,000 ₱ 585,000 ₱ 615,000
- Using the attached financial statement footnote. Explain why the application of time value is appropriate to account for the transaction.Janice Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $687,511 $665,763 Cash at Bank $109,805 $102,213 Mortgage payable this year $21,488 $31,995 Inventory $39,432 $42,929 Accounts payable $128,057 $121,309 Accounts receivable (trade debtors) $444,563 $393,798 Mortgage payable in 5 years time $516,150 $633,164 Owner's Equity $1,479,443 $1,096,378 Based on the information provided, calculate the Return on Equity for 2021.Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
