Income Tax PayableNotes Payable-2 yearsRetalned Tarnings90065Unearned Revenues-2years.83Cash Drvidends Deciared200Income SummaryTOTALSWhat are long-term assets for San MarcosCorporation? QUESTION 3Presented below are selected accounts for SanMarcos Corporation for December 31 of thecurrent year.DebitCreditAccounts Recelvabletrade$720Building and EquipmentCash in bank-operating1000Interest RecelvableInstallment ReceivabiesMerchandise Inventory3525Notes Receivable-longtermPetty CashPrepaid Expenses-current32Supplies19PatentAccounts Payable-radeAccumulatedDepreciation225Additional Pald-in CapltalAllowance for600Uncollectible AccountsCash Diridends PayableCommon Seock-4i parvalueIncome Tax Payable

Long Term Assets: These are those assets that are used by an entity for more than one year. It is…

Answered: Income Tax Payatde Notes Payable years…

Income Tax Payatde Notes Payable years 900 Retalned Farnings Unearned Revenues2 yean Cash Devidends Deciared 240 Income Summary TOTALS What are long term assets for San Marcos Corporation?

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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Times interest earned
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JBC Inc. has the following information reported by its chief accountant for the current year: Sales Operating income Total assets Current liabilities Target rate of return Corporate tax rate WACC $4,500,000 $505,000 $2,500,000 $150,000 18% 35% 13% How much is stakeholders' expected return in dollars? O a) $55,500 O b) $22,750 c) $305,500 d) $305,500
Net Sales COGS Depreciation EBIT Interest Taxable Income Taxes Net Income 2019 Income Statement Dividends Additions to Retained Earnings 147 647.74 3,456 1,895 235 1,326 320 1,006 211.26 794.74
1. Pioneer College, a private educational institution, has presented the following data for the year: Gross Income, related activities Gross Income, unrelated activities (except rental income) Rental income (gross of 5% WT) Expenses, related activities Expenses, unrelated activities Dividend income from a domestic corporation Quarterly income tax paid for the first three quarters Compute the income tax payable. P5,000,000 5,000,000 2,000,000 2,000,000 3,000,000 100,000 500,000
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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
Using the financial statements mentioned above estimate the annual rate of interest paid by the corporation (cost of debt). Also, find the tax rate and capitalization ratio (proportions among equity and debt). Using these values that you have found estimate the annual weighted cost of capital (WACC) of the corporation. Income statement PERIOD ENDING: 12/31/2019 Total Revenue $20,972,000 Cost of Revenue $17,755,000 Gross Profit $3,217,000 OPERATING EXPENSES Research and Development $0 Sales, General and Admin. $938,000 Non-Recurring Items $138,000 Other Operating Items $341,000 Operating Income $1,800,000 Add'l income/expense items $180,000 Earnings Before Interest and Tax $1,993,000 Interest Expense $394,000 Earnings Before Tax $1,599,000 Income Tax $326,000 Minority Interest $13,000 Equity Earnings/Loss Unconsolidated Subsidiary $0 Net Income-Cont. Operations $1,286,000 Net Income $1,273,000 Net Income Applicable to Common Shareholders…
Use the following information to calculate cash paid for income taxes: Income tax expense $65,000 Income tax payable, January 1 9,700 Income tax payable, December 31 11,000
Balance sheet and income statement data indicate the following: Company A Company B $1,200,000 495,000 75,000 50,000 21,000 Bonds payable, 8%, 24-year bonds Income before income tax for year Income tax for year Interest payable Interest receivable 28,000 a. For each company, what is the times interest earned ratio? (Round to one decimal place.) $900,000 130,000 12,000 Company A Company B b. Which company gives potential creditors more protection?
Deferred tax accounting adjustments are recorded at what point in time? a. At the end of each month b. At balance date c. As each transaction arises or is incurred d. As the cash flows from each transaction occur