Xenun Inc. uses the accrual method ofaccounting for financial reporting purposesand appropriately uses the installmentmethod of accounting for income taxpurposes. Profits of $1,200,000 recognized forbooks in 2020 will be collected in thefollowing years:Collection of Profits$200,000$400,000202120222023$600,000The enacted tax rate is 30% for 2020 and2021. The enacted tax rate is 35% for 2022and 2023.Prepared the necessary journal entries for2020, 2021, 2022, and 2023.

Journal : It is the book where all the business transactions are recorded at first by way of debit…

Answered: Inc. use ethod of accounting for…

Inc. use ethod of accounting for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes Profits of $1.200 000 recognized fr

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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FACTS / DATA / GIVEN: Тахрауer: Taxable period: Expenses/payments during the period: Resident citizen 2nd quarter Description 1st quarter expenses paid in 2nd quarter 2nd quarter expenses paid in 2nd quarter 3rd quarter expenses paid in 2nd quarter 1st quarter expenses incurred but unpaid 2nd quarter expenses incurred but unpaid Amount P15,000 20,000 5,000 8,000 11,000 COMPUTE: Expenses in the 2nd quarter using ACCRUAL basis О А. 25,000 B. 31,000 C. 35,000 O D. 36,000
Which of these is reported on Schedule M-1, Reconciliation of Income (Loss) per Books With Income (Loss) per Return? $347 of royalties reported on the books this year and included on Schedule K. $673 of foreign taxes paid reported on the books this year and included on Schedule K. $1,234 of ordinary dividend income included on Schedule K and recorded on the books this year. $1,679 of capital gain from the sale of collectibles included on Schedule K and not recorded on the books this year.
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