Lemon Company provided the following account balances at year-end which had been adjusted except for income tax expense: Cash 600,000 Accounts receivable 3,500,000 Cost in excess of billings on long-term contracts Billings in excess of cost on long-term contracts Prepaid taxes Property, plant and equipment at carrying amount Note payable - noncurrent Share capital Share premium Retained earnings unappropriated Retained earnings restricted for note payable Earnings from long-term contracts Costs and expenses 1,600,000 700,000 450,000 1,510,000 1,620,000 750,000 2,030,000 900,000 160,000 6,680,000 5,180,000 All receivables on long-term contracts are considered to be collectible within 12 months. During the year, estimated tax payments of P450,000 were charged to prepaid taxes. The entity has not recorded income tax expense. The tax rate is 30%.

Lemon Company provided the following account balances at year-end which had been adjusted except for income tax expense: Cash 600,000 Accounts receivable 3,500,000 Cost in excess of billings on long-term contracts Billings in excess of cost on long-term contracts Prepaid taxes Property, plant and equipment at carrying amount Note payable - noncurrent Share capital Share premium Retained earnings unappropriated Retained earnings restricted for note payable Earnings from long-term contracts Costs and expenses 1,600,000 700,000 450,000 1,510,000 1,620,000 750,000 2,030,000 900,000 160,000 6,680,000 5,180,000 All receivables on long-term contracts are considered to be collectible within 12 months. During the year, estimated tax payments of P450,000 were charged to prepaid taxes. The entity has not recorded income tax expense. The tax rate is 30%.

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
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