During the month of March 2014, Dark World, a tax- preparation service, had the following transactions. Billed $296,000 in revenues on credit Received $298,000 from customers' accounts receivable Incurred expenses of $159,000 but only paid $77,700 cash for these expenses - Prepaid $22,220 for computer services to be used next month What was the company's accrual basis net income for the month?
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- Romie Ltd is preparing accounts for the year ended 31 December 20X5. The company has an estimated tax charge of $35,000 for the year ended December 20X5. The trial balance includes an entry of $2,000 relating to an over provision of tax in the previous financial year. What is the charge for tax in the statement of profit or loss for the year ended December 20X5?Grotto Ltd has already sent $19,600 to the ATO in respect to PAYG, and this figure shown as a debit in the Income Tax Expense account. The Profit and Loss account is then prepared and the Net Profit (before tax) is found to be $75,000. The current company tax rate is 30%. Required: Prepare general journal entries for the following Correct the Income Tax Expense account Close the Income Tax Expense account Transfer Net Profit (after tax) to Retained EarningsThe following balances were taken from the books of Skysong Corp. on December 31, 2025. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,250 52,250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 141,250 622,250 Assume the total effective tax rate on all items is 20%. Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,250 29,250 156,250 195,250 171,250 101,250 98,250 33,250 61,250 101,250 151,250 501,250 22,250 Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per
- Tt1.The following balances were taken from the books of Whispering Corp. on December 31, 2025. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,500 52,500 1,391,500 151,500 21,500 151,500 8,500 46,500 101,500 201,500 141,500 622,500 Assume the total effective tax rate on all items is 20%. Accumulated depreciation-equipment $41,500 Accumulated depreciation-buildings 29,500 Notes receivable Salling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings WHISPERING CORP. Income Statement 156,500 195,500 171,500 101,500 98,500 33,500 61,500 101,500 $ 151,500 Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g.…Stanmer Ltd has produced accounts for the year ended 31 May 2021. Profit before tax has been calculated at £1,750,000. Included in this calculation are; Interest paid on overdraft £27,900 Depreciation £113,500 Client entertaining (note 1) £34,750 Legal and professional fees (note 2) £34,000 Miscellaneous (note 3) £97,650 Notes; Made up of entertaining and 10 x Christmas food and drink hampers Legal and professional fees includes charges for chasing customer debt (£17,500) and for the purchase of a new freehold property (£3,500) Includes a £500 qualifying charitable donation to a national charity Revenue includes £10,000 of sales (£10 per unit) from a wholly owned subsidiary operating in a tax regime with lower corporate tax rates than the UK. HMRC considers that a more appropriate selling price would be £15 and will seek to make an adjustment to total taxable profit. The tax written down value in the general pool brought forward at 1 June 2020 was £365,000. The tax written down value…
- jituAsante Limited incurred the following expenses and income for the year ended 31 December 2022 Item Wages and salaries Water and electricity Sales returns insurance Interest on savings account advertising General expenses Credit losses recovered Interest on bank overdraft Interest on creditors account Interest on debtors account Sales Rent expense Cost of sales Telephone 4 Increase additional income by 5%. Increase each operating expense by 12%. Reduce interest income by 6%. Increase interest expense by 7%. Tax is calculated at 28% of profit before tax. ● [ Assume Asante Limited introduces the following changes for the year ended 31 December 2023: Increase net sales by 8%. Increase cost of sales by 15%. • R • 120 000 73 000 56 000 48 000 64 000 23 000 13 000 37 000 12 000 65 000 46 000 1675 000 90 000 675 000 29 000 REQUIRED: Prepare the budgeted statement of comprehensive income of Asante Limited for the financial year ended 31 December 2023.A company's trial balance shows a debit balance of $2.1 million brought forward on current tax and a credit balance of $5.4 million on deferred tax. The tax charge for the current year is estimated at $16.2 million and the carrying amounts of net assets are $13 million in excess of their tax base. The income tax rate is 30% What amount will be shown as income tax in the statement of profit or loss for the year? A $15.6 million B $12.6 million C $16.8 million D $18.3 million
- Ocean Ltd recorded an accounting profit before tax of $50,000 for the year ended 30 June 2020. Included in the accounting profit were the following income and expenses: Rent revenue Interest revenue Bad debts expense An extract of the Statement of Financial Position for 30 June 2020 revealed the following: Accounts receivable Allowance for doubtful debts Interest receivable Rent Revenue in Advance $46,000 $28,000 $34,000 The company tax rate is 30%. 2020 $96,000 ($44,000) $40,000 $22,000 2019 $56,000 ($18,000) $24,000 $38,000 Required: Calculate taxable income (loss) and record the necessary journal entry for current income tax expense for the year ended 30 June 2020.What is Greenfield 's Sales Revenue under the accrual basis of accounting on these general accounting question?What must have been the credit sales for April on these financial accounting question?