On January 1, 2016, Premier Limo LLC purchased a 3- year vehicle license for $24,000. What is the license expense to report on the income statement for the 6 months ended June 30, 2016?
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- Kraft Company made the following journal entry in late 2014 for rent on property it leases to Danford Corporation. Cash 120,000 Unearned Rent Revenue 120,000 The payment represents rent for the years 2015 and 2016, the period covered by the lease. Kraft Company is a cash basis taxpayer. Kraft has income tax payable of $148,000 at the end of 2014, and its tax rate is 35%. 26. What amount of income tax expense should Kraft Company report at the end of 2014? a. $106,000 b. $142,000 c. $163,000 d. $226,000 27. Assuming the income taxes payable at the end of 2015 is $225,000, what amount of income tax expense would Kraft Company record for 2015? a. $162,000 b. $183,000 c. $225,000 d. $246,000Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $23,613, which includes interest accrued in December and an additional $95 interest through January 17. Record the transaction.Company A purchases land on January 1, 2021 for $ 40,000 with a note payable. Other cost includes $ 2500 in delinquent property taxes, Ş in transfer taxes and a $ 1500 survey fee. General Journal Page Date Account Titles and Explanation Debit Credit
- Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability Income tax expense Mortgage payable, 5% View transaction list Additional information: a. $11,800 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $136,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $150,000 given similar cases in the industry. c. During December, Mackenzie had sales of $720,000. 5% of sales typically require warranty work equal to 25% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112,500 of the Unearned Revenues remain unearned at December 31, 2023. f. The 120-day note payable was dated November 15, 2023. No 1 $ 6,560…What is the interest expense for December 31 on these accounting question?The following selected transactions relate to contingencies of Classical Tool Makers, Incorporated, which began operations in July 2024. Classical's fiscal year ends on December 31. Financial statements are issued in April 2025. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 5% of sales. Sales were $2.4 million (all credit) for 2024. Actual warranty expenditures were $47,100 and were recorded as warranty expense when incurred. 2. Although no customer accounts have been shown to be uncollectible, Classical estimates that 2% of credit sales will eventually prove uncollectible. 3. In December 2024, the state of Tennessee filed suit against Classical, seeking penalties for violations of clean air laws. On January 23, 2025, Classical reached a settlement with state authorities to pay $1.9 million in penalties. 4. Classical is the plaintiff in a $4.4 million lawsuit filed against a…
- Check all details and answer me. Sub. Financial accountMarigold Company sold 214 color laser copiers on July 10, 2025, for $3,800 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $303. Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2025. Actual warranty costs (inventory) incurred in 2025 were $17,400. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Date Account Titles and Explanation (To record sales) (To record payment for warranty costs incurred) (To record estimated warranty expense and warranty liability for expected warranty claims) Debit CreditOn August 1, 2019, Pereira Corporation has sold 1,600 Wiglows to Mendez Company at $450 each. Mendez also purchased a 1-year service-type warranty on all the Wiglows for $12 per unit. In 2019, Pereira incurred warranty costs of $9,200. Costs for 2020 were $7,000. Required: 1. Prepare the journal entries for the preceding transactions. 2. Show how Pereira would report the items on the December 31, 2019, balance sheet.
- The following selected transactions relate to contingencies of Classical Tool Makers, Incorporated, which began operations in July 2024. Classical’s fiscal year ends on December 31. Financial statements are issued in April 2025. Classical's products carry a one-year warranty against manufacturer’s defects. Based on previous experience, warranty costs are expected to approximate 3% of sales. Sales were $2.8 million (all credit) for 2024. Actual warranty expenditures were $31,600 and were recorded as warranty expense when incurred. Although no customer accounts have been shown to be uncollectible, Classical estimates that 2% of credit sales will eventually prove uncollectible. In December 2024, the state of Tennessee filed suit against Classical, seeking penalties for violations of clean air laws. On January 23, 2025, Classical reached a settlement with state authorities to pay $2.3 million in penalties. Classical is the plaintiff in a $4.8 million lawsuit filed against a supplier. The…The following selected transactions relate to contingencies of Classical Tool Makers, Incorporated, which began operations in July 2024. Classical’s fiscal year ends on December 31. Financial statements are issued in April 2025. Classical's products carry a one-year warranty against manufacturer’s defects. Based on previous experience, warranty costs are expected to approximate 4% of sales. Sales were $2.5 million (all credit) for 2024. Actual warranty expenditures were $40,000 and were recorded as warranty expense when incurred. Although no customer accounts have been shown to be uncollectible, Classical estimates that 3% of credit sales will eventually prove uncollectible. In December 2024, the state of Tennessee filed suit against Classical, seeking penalties for violations of clean air laws. On January 23, 2025, Classical reached a settlement with state authorities to pay $2.0 million in penalties. Classical is the plaintiff in a $4.5 million lawsuit filed against a supplier. The…On February 1, 2018, Innovation Company purchased a patent for $72,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only three years. Read the requirements. Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Feb. 1 Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2018. Assume straight-line amortization. Print Done