Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year. Assets Beginning of the year End of the year $ 63,000 112,500 Liabilities $ 27,008 45,563 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but did withdraw $9,000 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $9,000 during the year, but the owner did invest an additional $35,000 cash near year-end. Determine net income or net loss for the business during the year for each of the above separate cases. Note: Decreases in equity should be indicated with a minus sign. a. b. C. d. Beginning of the year-Equity $ 35,992 $ 35,992 $ Owner investments 0 ΟΙ 35,992 $ 45,000 35,992 35,000 Owner withdrawals ог 0 Net income (loss) 30,945 39,945 (14,055) 4,945 End of the year-Equity $ 66,937 $ 66,937 $ 66,937 $ 66,937

Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year. Assets Beginning of the year End of the year $ 63,000 112,500 Liabilities $ 27,008 45,563 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but did withdraw $9,000 during the year. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $9,000 during the year, but the owner did invest an additional $35,000 cash near year-end. Determine net income or net loss for the business during the year for each of the above separate cases. Note: Decreases in equity should be indicated with a minus sign. a. b. C. d. Beginning of the year-Equity $ 35,992 $ 35,992 $ Owner investments 0 ΟΙ 35,992 $ 45,000 35,992 35,000 Owner withdrawals ог 0 Net income (loss) 30,945 39,945 (14,055) 4,945 End of the year-Equity $ 66,937 $ 66,937 $ 66,937 $ 66,937

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?
Data for item nos. 24 & 25 Di Ka Na Mahal Company reported the following information during the first year of operations: P 9,000,000 1,000,000 1,500,000 2,000,000 30% Pretax financial income Nontaxable interest received Long-term loss accrual in excess of deductible amount Tax depreciation in excess of financial depreciation Income tax rate 24. What is the current tax expense? A. P2,250,000 C. P1,800,000 B. P2,700,000 D. P2,550,000 25. What is the deferred tax asset at the year-end? В. Р450,000 С. Р750,000 A. P600,000 D. P150,000
Please answer in good accounting form thankyou 9. What net amount should be reported as OCI for the current year? 10. What amount should be reported as comprehensive income for the current year?
Subject: accounting
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Given: Asset change during year Liability change during year Capital Contribution Dividends Net Income / Net Loss -5 Net Income is: O a. $5 b. $2 C. $4 d. $8 O e. $2 Clear my choice 97282 O O O
COTB MC Qu. 16-76 (Algo) Assume a company provided the... Assume a company provided the following information: Net operating income Net income before tax Net income Gross margin The times interest earned ratio is closest to: $ 184,000 $ 170,000 $ 119,000 $ 680,000
Comprehensive Problem The following were taken from the books of Amihan Company: Long-term Payable Notes Payable Property. Plant and Equipment Accounts Receivable Accounts Payable Accumulated Depreciation Cash Owner's Capital Unearned Income Notes Receivable Prepaid Expenses Accrued Expenses Inventory Intangible Assets P 500,000 120.000 750,000 56.000 65,000 100,000 77,000 c. Prepaid Expenses is current. d. Date of SFP, December 31, 2020 ? 15.345 244.000 56.700 37,890 157,840 124,500 OUTPUT 1 Prepare a classified SFP given the following additional information: (ACCOUNT FORM) SFP a. Notes Payable is due 6 months from now. b. Notes Receivable is collectible 9 months from now.
9
Required information Exercise 9-8A (Algo) Current liabilities LO 9-1, 9-2, 9-4 [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48,500 from the issue of common stock. 2. Purchased equipment inventory of $175,000 on account. 3. Sold equipment for $203,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $128,000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $153,000 of the sales. 6. On September 1, Year 1, borrowed $19,500 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2. 7. Paid $5,700 for warranty repairs during the year. 8. Paid operating expenses of $53,500 for the year. 9. Paid $124,100 of…
Assume a company had net income of $61,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 46,000 $ 46,000 Inventory $ 53,000 $ 53,000 Current liabilities: Accounts payable $ 44,000 $ 49,000 Income taxes payable $ 10,000 $ 14,000 If the company did not sell any noncurrent assets during the period and its depreciation charges for the period were $21,000, then based solely on the information provided, the net cash provided by operating activities would be: Multiple Choice $49,000. $31,000. $73,000. $91,000.

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