Inventory. Building Land Total FMV $ 28,000 210,000 322,000 $560,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market valu corporation's stock received in the exchange was $460,000. The transaction met the requirements to be tax-c under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if op Adjusted basis Adjusted Basis $ 14,000 140,000 420,000 $574,000 Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair marke building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remain g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermedia Inventory FIELM Building Land

Inventory. Building Land Total FMV $ 28,000 210,000 322,000 $560,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market valu corporation's stock received in the exchange was $460,000. The transaction met the requirements to be tax-c under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if op Adjusted basis Adjusted Basis $ 14,000 140,000 420,000 $574,000 Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair marke building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remain g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermedia Inventory FIELM Building Land

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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Subject; accounting
cardinal corporation reported pretax book income of $3,000,000 bad debt $200,000, depreciation book exceed tax $100,000, non deductible entertainment expense $50,000, fines 40,000. calculate income tax expense, deferred tax, taxable income, book equivalent, effective tax rate
Aside from the 50,000 monthly rental for leased premises, X paid ABC Corporation (lessor) 5,000 representing the agreed share of X in the payment of the real property tax on the leased property. How much is the reportable gross income of ABC for taxation purposes? 5,000 50,000 55,000 None of the above
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Accrued Expenses: Entity D acquired a piece of land on April 1, 20x1. The purchase price was reduced by a credit for the real property taxes accrued during the year. Entity D records real property taxes at each month-end by adjusting the prepaid tax or tax payable account as appropriate On May 1, 20x1 Entity D paid the first of two equal installments of P72,000 for real property taxes. Requirement: What is the entry to record the payment on May 1?
None
What are the after tax proceeds of the property sale? Answer is a three digit number with the correct symbol. Tax rate 30% Corporate net income - $200 Depreciated tax value of property sold - $150 Sale proceeds from sale of property - $450 Capital expenditures - $142.25
Company sold to Y Company goods worth 10,000.00, exclusive of any applicable tax. If X Company is a VAT registered taxpayer and Y Company is a non-VAT registered taxpayer, the journal entry of Y Company would include debit Purchases, 11,200.00credit Cash, 10,000.00debIt Purchases, 10,000.00credit VAT payable, 1,200.00
H8.
V Company's records provided the following information for 2019: decrease in accounts payable, $4,500 loss on sale of land, $1,500 increase in inventory, $7,700 increase in income taxes payable, $2,300 net income, $66,300 patent amortization expense, $1,900 ordinary loss, $6,900 decrease in deferred taxes payable, $2,600 amortization of discount on bonds payable, $1,400 payment of cash dividends, $25,000 depletion expense, $5,200 decrease in salaries payable, $1,600 decrease in accounts receivable, $3,100 gain on sale of equipment, $6,000 proceeds from issuance of stock, $55,000 ordinary gain, $3,300 depreciation expense, $12,000 amortization of discount on investment in bonds, $1,000 Required Prepare the operating activities section of V's 2019 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash. V COMPANY Statement of Cash Flows (Partial) For Year Ended December 31, 2019 Operating Activities: $fill…
6. Scott Corp. received cash of P20,000 that was included in revenues in its 20x4 financial statements, of which P12,000 will not be taxable until 20x5. Scott's enacted tax rate is 30% fo 20x4, and 25% for 20x5. What amount should Scott report in its 20x4 balance sheet for deferred income tax liability? d. 3,600 b. 2,400 с. 3,000 a. 2,000 (AICPA)
7. Consider the following excerpts from the income statement and tax returns of Rashford Inc. Amounts in $ Income before taxes Taxable income a. 22.4% b. 19.6% Income statement Depreciation 200 Warranty expenses* 120 Fine 100 *Warranty expenditures are tax deductible when payments are made to fulfil the warranty. C. 23.38% d. 17.92% e. None of the above 1,500 ANSWER: A Tax returns The statutory tax rate is 21%. There are no temporary or permanent differences other than the ones listed in the table. The effective tax rate of Rashford Inc. is: ? 250 0 0