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- 4. The cooperative operates its plan according to a five-year base period. Suppose the board of directors has determined that the cooperative must have an additional $300 of equity capital to meet its financial requirements during the next year. The balance of each member's equity account is shown in column 2 of the table. Patronage attributable to each member during the five-year base period is shown in column 3. MEMBER Beginning Patronage during last five years Equity A 1000 180 3000 300 C 3500 120 7500 600 Required : Calculate The adjustment to be made in each member's equity account !The following schedule of capital assets was prepared for Capital City. Government Activities Total Capital Assets (gross) Less: Accumulated Depreciation Net Capital Assets Beginning Balance Additions Retirements $493,000 100,000 (201,000) (32,000) $292,000 Ending Balance (76,000) $517,000 23,000 (210,000) (53,000) $307,000 68,000 All capital acquisitions were made in a capital projects fund (and paid for with cash). An asset was sold by the general fund for $61,000 cash. Determine how the above information will be reflected on each of the following statements for the year 2025. 1. The governmental funds' statement of revenue, expenditures, and changes in fund balances. List the governmental fund and then list the dollar amount within the appropriate heading on the statement (such as Revenues, Expenditures, or Other Financing Sources (Uses)). Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance For the year ended December 31, 2025 General Fund Capital…Essentials of Federal Income Taxation for Individuals and Business (2021) CHAPTER 14 C CORPORATIONS/ 14 QUESTIONS AND PROBLEMS 19. Charitable Contributions. (Obj. 2) Regal, Inc. reported the following for the year. Gross income includable on the tax return Allowable business deductions, not including charitable contributions Contributions to qualified charitable organizations Dividends received from domestic corporations (30% ownership and included in the $115,000 gross income amount) $115,000 90,000 2,750 2,000 What is Regal's charitable contribution deduction for the current year? a. b. What is the amount of taxable income for the current year? What is Regal's charitable contribution deduction carryover, if any? C.
- 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 15Current Attempt in Progress Cullumber Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $465,800 604,200 138,400 95,000 Dr. As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. (a) Service cost Settlement rate, 10% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees $86,600 55,000 19,300 52,000 79,600 102,800 88,300 Using the data above, compute pension expense for Cullumber. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive)Prepare the necessary governmental fund and government-wide journal entries, assuming a December 31, 2022 fiscal year end. A.) Salaries of $45,000 are earned between December 16 and December 31, 2022. They will be paid on January 3, 2023. B.) A city allows employees one day of sick leave a month and permits them to accumulate any sick leave that they do not take. If they terminate after at least 5 years of service, they will be paid for unused sick leave up to 60 days. In 2022, employees earned $1 million of sick leave that they did not take during the year. The city estimates that of this amount $600,000 will be paid to employees in future years as sick leave, $250,000 will be paid to five-year employees upon termination, and $150,000 will not be paid. No employees (with accrued sick leave) retired in 2022. C.) A city offers its employees participation in a defined benefit plan. The city’s actuary advised leadership that the required pension contribution for the year, based on…
- Waterway and Crede, CPAS, are preparing their service revenue (sales) budget for the coming year (2022). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Quarter 1 Auditing Tax Consulting 3,040 3,840 1,920 Quarter 2 2,000 2,720 1,920 Quarter 3 Quarter 4 2,560 2,560 1,920 3,120 3,200 1,920 Average hourly billing rates are auditing $70, tax $80, and consulting $100. Prepare the service revenue (sales) budget for 2022 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.(c) For the year ended 31 December 2011, the Board of Directors records a surplus of $157 500. The board plans to - transfer $32 600 to the Members’ Education Fund - pay out $27 500 in dividends - leave the remainder as undistributed profits. Prepare a classified Balance Sheet for Liontown Co-operative for the year ended 31 December 2011 (second year of operation) taking the appropriation of the surplus into considerationDuring 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments. How is this reported on the debt service fund’s 2019 operating statement? a. Expenditures, $4,000,000; revenues, $5,000,000 b. Expenditures, $4,000,000; other financing sources, $5,000,000 c. Expenditures, $5,000,000; other financing sources, $5,000,000 d. Expenditures, $5,000,000; revenues $5,000,000
- Journal entries and financial statements for an Internal Service Fund The city of Pleasantville’s Data Processing Fund, an Internal Service Fund, provides services for a fee toall departments of Pleasantville’s government.The Fund had the following transactions and events during calendar year 2021. (There was no fund balanceat the beginning of the year.)1. The General Fund made a $2,000,000 transfer of cash to establish the Data Processing Fund.2. The Data Processing Fund pays cash for a $1,900,000 computer.3. Supplies costing $4,500 were purchased on credit.4. Bills totaling $650,000 were sent to the various city departments.5. Repairs to the computer were made at a cost of $2,400, on credit.6. Collections from city departments for services (see #4) were $629,000.7. Salaries of $200,000 were paid to the employees.8. Accounts payable totaling $5,900 was paid.9. As of the end of the year, $300 of supplies (see #3) had not been used.10. Depreciation expense on the computer for the year…Current Attempt in Progress Sheridan Corporation sponsors a defined benefit pension plan for its 100 employees. On January 1, 2023, the company's actuary provided the following information: Pension plan assets (fair value) Defined benefit obligation $1,020,000 1,410,000 The actuary calculated that the present value of future benefits earned for employee services rendered in 2023 amounted to $214,000, the December 31, 2023 defined benefit obligation was $1,831,200, and the appropriate interest or discount rate was 9%. The plan assets generated a return of $84,600 during 2023. The company funded the 2023 current service cost as well as $106,100 of the past service costs recognized in a previous year; however, no benefits were paid during the year. Sheridan is a private company and applies ASPE. (a) Prepare a schedule that indicates what the plan's surplus or deficit is at December 31, 2023. $Problem 6-55 (LO. 3) For 2021, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. It has average annual gross receipts of more than $26,000,000 over the prior three taxable years. a. What is MSU's interest expense deduction for 2021?$fill in the blank 1 b. How much interest expense can be deducted for 2021 if MSU's adjusted taxable income is $300,000?$fill in the blank 2
