Kellman Jerkirer Inc. has a December 31 year-end. The local municipality billed the entire 2022 property taxes of $20,000 on April 1, 2022. Kellman paid $4,000 of the 2022 property taxes on May 31, 2022. Required: Calculate the balance of the property tax payable or prepaid property tax account as at May 31, 2022.$fill in the blank 1
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Kellman Jerkirer Inc. has a December 31 year-end. The local municipality billed the entire 2022 property taxes of $20,000 on April 1, 2022. Kellman paid $4,000 of the 2022 property taxes on May 31, 2022.
Required:
Calculate the balance of the property tax payable or prepaid property tax account as at May 31, 2022.
$fill in the blank 1
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- For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $1,036,000. Selected information for 2021 from Fidelity’s records follows: Interest income on municipal governmental bonds $ 92,000 Depreciation claimed on the 2021 tax return in excessof depreciation on the income statement 116,000 Carrying amount of depreciable assets in excessof their tax basis at year-end 208,000 Warranty expense reported on the income statement 56,000 Actual warranty expenditures in 2021 46,000 Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $23,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required:1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry.2. What is Fidelity’s 2021 net income?Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tах Тax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 2$ $ 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400At the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. A. Calculate the total taxable income for 2021. B. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry.
- Bonita Inc. reports the following pretax income (loss) for both book and tax purposes. Pretax Year Income (Loss) Tax Rate 2018 $124,000 20 % 2019 86,000 20 % 2020 (89,000 ) 25 % 2021 126,000 25 % The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable, and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (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 0 for the amounts.)Instructions General Journal Ames Company is located in a city and county that issue property tax statements in May of each year. The fiscal year for the two local governmental units is May 1 to April 30. Property taxes of $48,000 are assessed against Ames property held on January 1, 2019. The taxes Assuming that monthly accruals are recorded, prepare all property tax journal entries for the period May 1 to September 30, 2019. become a lien against Ames property on May 1, 2019. The actual amount of the property taxes of $48,000 is determinable on May 1, 2019; therefore, no estimate of taxes is required. The tax bills are payable in two equal installments on July 10 and September 10. General Journal Instructions Required: Assuming that monthly accruals are recorded, prepare all property tax journal entries for the period May 1 to September 30, 2019. PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 8 10 11 12 13 14 15Required information [The following information applies to the questions displayed below.] Glennelle's Boutique Inc. operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2019 are issued in May 2020 and are payable in July 2020. c-2. Assume that the actual tax bill, received in May 2020, was for $7,500. Record the journal entry to show the effects of the appropriate adjustment to the amount previously accrued. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 No Event 1 X Answer is complete but not entirely correct. General Journal Real estate tax expense Real estate taxes payable Debit 2,500 X Credit 2,500 x O Apr 8
- In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2021 amounted to $300,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 25% and 2021 income tax payable of $950,000, prepare the journal entry to record income taxes for 2021.Required Information [The following information applies to the questions displayed below] Arndt, Inc. reported the following for 2021 and 2022 ($ In millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2021 $968 792 $ 176 $ 148 2022 $1,012 816 $196 $ 224 a. Expenses each year Include $54 million from a two-year casualty Insurance policy purchased in 2021 for $108 million. The cost is tax deductible in 2021. b. Expenses include $2 million Insurance premiums each year for life Insurance on key executives. c. Arndt sells one-year subscriptions to a weekly Journal. Subscription sales collected and taxable in 2021 and 2022 were $49 million and $51 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $41 million ($26 million collected in 2020 but not recognized as revenue until 2021) and $49 million, respectively. Hint View this as two temporary differences-one reversing in 2021; one…16. Wyatt Industries, an accrual-method and calendar year taxpayer, paid $12,000 in real estate taxes on October 1, 2021, covering the period October 1, 2021, to September 30, 2022. The amount of real estate taxes Wyatt can deduct as a business expense in 2021 is: a. b. C. d. e. $12,000. $6,000. $3,000. $0. none of the above.
- Mallock Incorporated reports net operating income (loss) for financial reporting and tax purposes in each year as follows ($ in thousands): 2016 $ 160 2017 $ 50 2018 $ 0 2019 2020 $ 0 $ (240) Mallock's federal tax rate decreased from 35% to 21% starting in 2018. Mallock accounts for its 2020 NOL under the CARES Act. Required: 1. Prepare the appropriate journal entry to record Mallock's 2020 income taxes. 2. Show the lower portion of the 2020 income statement that reports income tax expense or benefit. Complete this question by entering your answers in the tabs below.Foster Company reported pretax financial income of $350,000 for 2021. Foster uses an accelerated form of depreciation for tax purposes, and it exceeds book depreciation by $50,000. The tax rate for 2021 is 20%. Record the journal entry at the end of 2021, be sure to include calculations, as well as income tax expense, a deferred account, and income tax payable.PROBLEM. Journalize the following transactions using the Excel worksheet provided in the link., Convert your completed worksheet to a PDF and attach below. WORKSHEET LINK March 31, 20--: Paid total wages of $9,350.00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI). In addition, withhold $1,175 for federal income taxes and $102.03 for state income taxes. These are the only deductions made from the employees wages. March 31, 20-- Record the employer's payroll taxes for the last pay in March. All of the earnings are taxable under FICA (OASDI and HI), FUTA (0.6%), and SUTA (2.8%). April 15, 20--: Made a deposit to remove the liability for the FICA taxes and the employees federal income taxes withheld on the two March payrolls.
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