How would Adele’s financial statements have been impacted on the date of the sale of the concert tickets on December 17, 2015? What accounts would be affected? When will adele recognize revenue from the two concerts at the Bridgestone Arena in Nashville, Tennessee? How would Adele’s financial statements be impacted on the dates of these two concerts?
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- Which of the following is not considered “constructive receipt” income in 2020? A. Andrew Mason was informed that his check for services rendered was available on December 15, 2020, but he waited until January 16, 2021, to pick up the check. B. A payment on a sale of real property placed in escrow on December 16, 2020, but not received by Benjamin Miles until January 12, 2021, when the transaction was closed. c. Earned income of Candice Cord was received by her agent on December 30, 2020, but was not received by her until January 5, 2021. d. Daniel Dryer received a check on December 30, 2020, for services rendered, but was unable to make a deposit until January 5, 2021. e. Ellen Elks received stock on December 30, 2020, for services rendered, but was unable to find a buyer for the stock until January 20, 2021.A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. Based on the time of supply rules, the time of supply would be? a.12 February 2022 b.1 April 2022 c.15 February 2022 d.15 March 2022Shawana Valley is an attorney in Los Angleses. Valley uses the direct write-off methodd to account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she earned revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirement 1. Use the direct write-off method to jounalize Valley's write-off of the uncollectible receivables. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 2. What is Valley's balance of Accounts Receivable at May 31, 2018? Start by selecting the labels and then enter the amounts to calculate the balance in Accounts Receivable at May 13, 2018. ACOUNTS RECEIVABLE Collections -Apr 30 Bal- Net credit sales- write- offs
- The net income of Sogo & Sons, a department store, decreased sharply during 2019. Mohan Sogo, manager of the store, anticipates the need for a bank loan in 2020. Late in 2019, Mohan Sogo instructs the store’s accountant to record a RM2,000 sale of furniture to the Sogo’s family, even though the goods will not be shipped from the manufacturer until January 2020. Mohan Sogo also tells the accountant not to make the following 31st December 2019, adjusting entry: Salaries owed to employees Prepaid insurance that has expired RM900 400 Requirements: 2(a). Compute the overall effects of these transactions on the store’s reported income for 2019. 2(b). Why is Mohan Sogo taking this action? Is his action ethical? Give your reason, identifying the parties helped and the parties harmed by his action. 2(c). As a personal friend, what advice would you give the accountant?In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2022. Question Content Area a. Is Sonja subject to the FBAR reporting requirement? Sonja is required to file an FBAR form for 2022 because on at least one day during 2022 she had over $fill in the blank 08426906fff3031_1 in a foreign bank account. Question Content Area b. Is the interest income taxable in the United States? , of the interest income earned from this account is taxable in the United States.4
- Jared Jones has started a screen printing business. Because he is a private company he has chosen not to use accrual based on accounting. In January of 2017 he decides to go to the bank and ask for a loan to finance the purchase of a large piece of machinery. He is able to show the bank a net income of $75,000 for the year ending December 31, 2016. Based on his income, and debt to asset ratio the bank is unable to give him the loan. Jared goes back to the office and instructs his accountant to re-do the financial statements. This time using accrual basis accounting. The accountant adds an additional $20,000 of revenue and net income for a job that was performed at the end of December, and expected to be paid in January. He also includes $20,000 on the balance sheet for accounts receivable, and $2,500 in accrued expenses. With this new information Jared is able to get his loan. Was it ethical for Jared to include the $20,000 in his net income? Why or why not?On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,500 on December 31, 2022. The proceeds of the note were $116,100. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Indicate the financial statement effect. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. Use the horizontal model to show the effects of repaying the note on December 31, 2022. Indicate the financial statement effect.The owner's capital account has a credit balance of P624,000 on January 1, 2019. The owner's withdrawal account has a debit balance of P360,000 on December 31, 2019. The income summary account contains debit posting of P830,500 and a credit posting of P1,210,500. What would be the balance of the owner's capital account on December 31, 2019.
- How would this be recorded on an Income Statement. During 2019, Natural State's CFO noticed that bad debt expense in the 2018 income statement was $50,000 too low as a result of an accounting error made by a Natural State employee in the prior yearSandhill Company has the following two temporary differences between its income tax expense and income taxes payable. Pretax financial income Excess depreciation expense on tax return Excess warranty expense in financial income Taxable income The income tax rate for all years is 20%. (a) 2025 $864,000 (30,400) 19,400 $853,000 2026 $917,000 (38,500) 10,100 $888,600 2027 $909,000 (9,800) 8,300 $907,500 Assuming there were no temporary differences prior to 2025, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, 2026, and 2027. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)The following transactions of Hailey Nelson occurred during 2024: i (Click the icon to view the transactions.) Requirements 1. Joumalize required transactions, if any, in Nelson's general journal. Explanations are not required. 2. What is the balance in Estimated Warranty Payable assuming a beginning balance of $0? Requirement 1. Journalize required transactions, if any, in Nelson's general journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. For transactions that do not require an entry, make sure to select "No entry required in the first cell in the "Accounts" column and leave all other cells blank.) Apr. 30: Nelson is party to a patent infringement lawsuit of $250,000. Nelson's attorney is certain it is remote that Nelson will lose this lawsuit. Date Accounts Credit Apr. 30 Jun. 30: Estimated warranty expense at 2% of sales of $430,000. Date Accounts Jun. 30 Jul. 28: Warranty claims paid in the amount of $6,300. Date…

