e year:Barangay X operated in City A ABC has no other operations in ity A, and Barangay X produced 0.5% of the total revenue of ABC. arangay Y operated in the same City as the ABC head office It sold a fferent product from the other components of ABC, and contributed % of the total revenue of ABC Co. Which of these Barangays, if either, hould be disclosed as a discontinued operation in the current year? " Yes No

e year:Barangay X operated in City A ABC has no other operations in ity A, and Barangay X produced 0.5% of the total revenue of ABC. arangay Y operated in the same City as the ABC head office It sold a fferent product from the other components of ABC, and contributed % of the total revenue of ABC Co. Which of these Barangays, if either, hould be disclosed as a discontinued operation in the current year? " Yes No

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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Problem 24-42 (LO 24-1) (Algo) Waco Leather Incorporated, a U.S. corporation, reported total taxable income of $4.8 million. Taxable income included $1.36 million of foreign source taxable income from the company's branch operations in Mexico. All of the branch income is foreign branch income. Waco paid Mexican income taxes of $244,800 on its branch income. Return to question Compute Waco's allowable foreign tax credit. Note: Enter your answer in dollars and not in millions of dollars. X Answer is complete but not entirely correct. Foreign tax credit $ 285,600
Required information Skip to question [The following information applies to the questions displayed below.] For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to U.S. generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, net assets without donor restriction of $400,000, and net assets with donor restrictions of $400,000. This last category is composed of $300,000 in net assets with purpose restrictions and $100,000 in net assets that must be permanently held. At the end of Year 1, financial statements show total assets of $700,000, total liabilities of $60,000, net assets without donor restriction of $340,000, and net assets with donor restrictions of $300,000. This last category is composed of $220,000 in net assets with purpose restrictions and $80,000 in net assets that must be…
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Required information Skip to question [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computers 1/30 $ 28,000 Office desks 2/15 $ 32,000 Machinery 7/25 $ 75,000 Office building 8/13 $ 400,000 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset?
Two independent companies, Ball and Brown, are in the home building business. Each owns a tract of land for development, b ut each company would prefer to build on the other's land. Accordingly, the agree to exchange their land. An appraiser was hir ed, and from the report and the companies records, the following information was obtained: Ball Co.'s Land Brown Co.'s Land Cost (same as book value) 800,000 500,000 Market value, per appraisal 1,000,000 900,000 The exchange of land was made and based on the difference in appraised values, Brown paid P100,000 cash to Ball. After the exchange, Ball would record its newly acquired land at: O P920,000 O Answer not given O P700,000 O P800.000
1. A state corp, all of whose business os done within the city, showed the following for 2018: Entire net income $1000 Salaries to Office deducted in determining entire net income $40000 Average capital $450000 The corp's city business tax payable {assuming a 7% rate on income and a .001 rate on capital) is A. $546 B. $450 C.$70 D. $25
Subject: accounting
acc1
Kath, Julia and Janel formed a joint operation. Kath is to act as managing joint operator and is designated to record the joint operation accounts in his books. As manager, he is allowed a salary of P12,000. Remaining profit (loss) is to be divided equally.The following balances appear at the end of 20x6 before adjustments for joint operation’s inventory and profits. Joint operations cash (dr), P48,000; Julia, capital (dr), 3,000; Janel, capital (cr), P27,000. The arrangement is to terminate on December 31, 20x6 with unsold merchandise costing P10,400. Assuming that the joint operations profit is P5,000, what is the balance of the Joint Operation’s account before the distribution of profit?
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