Given the following, what is the level of total assets? Item Investment account Primary residence Mortgage Bank account Gross Income Household furnishings Total expenses A $5,500 B C D $553,500 $520,500 $920,500 $ 250,000 625,000 400,000 $5,500 $82,000 $40,000 $49,000
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- hapter 15, 16, and 17 Saved education.com%252F#/activity/q Help Save & E Isaac Incorporated began operations in January 2024. For some property sales, Isaac recognizes income in the period of sale for financial payments. reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment In 2024, Isaac had $712 million in sales of this type. Scheduled collections for these sales are as follows: 2024 $ 68 million 2025 148 million 233.53 2026 147 million 2027 170 million pped 179 million eBook eferences 2028 $ 712 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses, what deferred tax liability would Isaac report in its year-end 2024 balance sheet? Note: Round your answer to the nearest whole million. MC Graw Type here to search Multiple Choice # 2 3 W E R 4. S Z Alt C 85 00 9:25 PM High winds soon ^ la 4»)…Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Based on the following data for Checkmate Company, prepare a Statement of Retained Earnings and demonstrate that the accounting equation remains in balance after the retained earnings account has been updated. (Assume that the…Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 Based on the above data, what is the amount of working capital? Group of answer choices
- You are given the following information for Smashville, Incorporated. $249,000 $ 2,900 $ 394,000 $ 92,000 $ 7,400 $ 13,000 Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: Current liabilities: Cash: Long-term debt: Other assets: Fixed assets: Other liabilities: Investments: Operating assets: 21% Gross margin Operating margin Return on assets Return on equity $ 22,000 $ 21,000 $9,000 $ 37,000 $ 139,000 $ 5,000 $ 13,000. $ 49,000 Calculate the gross margin, the operating margin, return on assets, and return on equity. Note: Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places. % % % %Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals Credit $ 129,000 11,400 10,400 4,400 34,000 240,000 54,000 440,000 340,000 17,000 34,000 4,400 $923,200 $923,200 Debit $11,400 144,000 5,400 27,000 340,000Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accounts payable Salaries payable Income tax payable Total current liabilities (a1) a. $8,600 Current ratio 12,900 b. Quick ratio 145,000 5,200 $171,700 $53,300 3,600 1,000 $57,900 2024 $30,100 10,300 :1 105,000 $152,300 :1 6,900 $40,400 5,000 1,000 $46,400 $27,100 7,700 100,000 During 2024, credit sales and cost of goods sold were $138,040 and $82,500, respectively. The 2023 and 2022 credit sales were $151,200 and $151,840, respectively, and the cost of goods sold for the same periods were $79,950 and $82,325, respectively. The accounts receivable and inventory balances at the end of 2021 were $6,900 and $85,000, respectively. 5,600 $140,400 Using the above data, calculate the following ratios: (Round receivables turnover ratio and average collection period to 1 decimal place, e.g. 15.2, days to sell inventory to 0 decimal places, e.g. 152 and all other answers to 2 decimal…
- A domestic insurance company had the following collections: Health and accident insurance P 2,340,000 Motor vehicle insurance 1,250,000 Life and disability insurance Property Insurance 1,850,000 2,840,000 The percentage tax due is 92,500 414,000 272,000 83,800Al-Hofuf 100000 carry-over balance 100000 100000 100000 Transferred balance i Example: The following balances are extracted from the records of Al-Yaqeen commercial stores and homework (on 31/12/2009: 1500000 Fund, 2000000 Bank, 1100000 Debtors, 700000 Receipt Papers, 4000000 Goods, 7500000 Purchases, 3500000 Returns of Purchases) 1,200,000 inbound transportation expenses 400,000 customs taxes, 10,000,000 sales, 420,000 sales returns, 60,000 discounts allowed, 500,000 furniture, 450,000 tax, 300,000 general expenses, 650,000 selling expenses, 8,500,000 creditors, 65,000 payment papers, 100,000 deduction earned, 50,000 profits from selling assets Fixed, 6 million buildings, 2,000,000 cars, 300,000 personal withdrawals, 3,000,000 long-term loans, 13,000,000 capital. If you know that the goods at the end of the period are estimated after the inventory at 4,500,000 dinars. Required: Prepare trial balance with balances. : .6Click on the icons located on the top-right corners of the data tables below to copy their contents into a spreadsheet. Income Statement Balance Sheet Sales $202,590 Assets Cash and Equivalents Accounts Receivable Costs Except Depreciation $14,950 (99,910) $102,680 EBITDA 1,980 (5,940) $96,740 4,100 $21,030 Depreciation Inventories EBIT Total Current Assets Property, Plant, and Equipment Interest Expense (net) (490) 9,990 Pre-tax Income $96,250 Total Assets $31,020 (33,688) $62,562 Income Tax Liabilities and Equity. Accounts Payable Net Income $1,550 4,080 $5,630 Debt Total Liabilities Stockholders' Equity Total Liabilities and Equity 25,390 $31,020 For the next fiscal year, you forecast net income of $49,600 and ending assets of $508,300. Your firm's payout ratio is 10.6%. Your beginning stockholders' equity is $299,900, and your beginning total liabilities are $120,400. Your non-debt liabilities such as accounts payable are forecasted to increase by $10,400. Assume your beginning…