Do fast answer of this general accounting question On December 31, 2014, The Bates Company's revenues total $400,000 andexpenses total $290,000 before consideration of the following:Accrued wages total$19,000Accrued revenues total $52,000Depreciation expense $25,000Rental revenue of $9,000 was earned; the rent from a tenant was initiallyrecorded by Bates as unearned rent revenue; The income tax rate is 30% ofincome before income taxes.What is Bates' net income after consideration of the above information?a. $110,000b. $127,000c. $88,900d. $82,600

Step 1: Define Unearned RevenueWhen a customer pays in advance for the goods yet to be provided, we…

Answered: On December 31, 2014, The Bates…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 5PB

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Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and taxable income for 2020. The prior period adjustment was the result of an error in calculating bad debt expense for 2019. The current tax rate is 30%, and no change in the tax rate has been enacted for future years. When the company applies intraperiod income tax allocation, the prior period adjustment will be shown on the: a. income statement at 12,000 b. income statement at 8,400 (net of 3,600 income taxes) c. retained earnings statement at 12,000 d. retained earnings statement at 8,400 (net of 3,600 income taxes)
Ocean Ltd recorded an accounting profit before tax of $50,000 for the year ended 30 June 2020. Included in the accounting profit were the following income and expenses: Rent revenue Interest revenue Bad debts expense An extract of the Statement of Financial Position for 30 June 2020 revealed the following: Accounts receivable Allowance for doubtful debts Interest receivable Rent Revenue in Advance $46,000 $28,000 $34,000 The company tax rate is 30%. 2020 $96,000 ($44,000) $40,000 $22,000 2019 $56,000 ($18,000) $24,000 $38,000 Required: Calculate taxable income (loss) and record the necessary journal entry for current income tax expense for the year ended 30 June 2020.
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