Range Rover Inc. had taxable income of $152,000 for the year. The GAAP basis of accounts receivable (net) $9,600 less than the tax basis of accounts receivable. Assuming a tax rate of 25%, record theincome tax journal entry on December 31. Assume zero beginning balances in deferred tax accountsNote: faline in a journal entry ant required for the transaction select N/A as the account names and leave the Dr. and Cr. answers blank (zero)Dr.Account NameDateDec 31income Tax ExposeIncome Tax PayateDeferred Tax AssetTocesant income

Deffered tax assets or liabilities arises when there is any temporary difference between accounting…

Answered: Range Rover inc. had tavable income of…

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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During the month of June, Concord Boutique recorded cash sales of $334,910 and credit sales of $117,058, both of which include the 7% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (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. List all debit entries before credit entries.) Date Account Titles and Explanation June 30 Debit Credit
Sunland Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $16,500. All sales are subject to a 10% sales tax. Compute sales taxes payable. Sales taxes payable $ Make the entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16
At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $21,500. By the end of the year, actual bad debts total $23,500. Determine the financial statement effects of writing off an uncollectible account. (Amounts to be deducted should be entered with minus sign.)
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During the month of June, FlounderBoutique recorded cash sales of $219,420 and credit sales of $153,382, both of which include the 6% sales tax that must be remitted to the state by July 15.Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 enter an account title for the adjusting entry on June 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on June 30 enter a debit amount enter a credit amount
The payroll register of Heritage Co. indicates $1,500 of social security withheld and $375 of Medicare tax withheld on total salaries of $25,000 for the period. Federal withholding for the period totaled $4,250. Retirement savings withheld from employee paychecks were $2,500 for the period. Journalize the entry to record the period’s payroll. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
Oriole Company has the following data for the weekly payroll ending January 31. Employee L. Helton R.Kenseth D. Tavaras M T 8 8 9 8 8 11 Hours W 10 8 T 8 8 F S 10 00 8 3 3 8 8 9 0 Hourly Rate Federal Income Tax Withholding $34 $14 16 17 37 58 Health Insurance $10 25 25 Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Oriole Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Oriole's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) SUPPORT 11:22 AM 11/30/2023
At the end of its first year of operations, a company establishes an allowance for future uncollectible accounts for $5,600. At what amount would bad debt expense be reported in the current year's income statement? Multiple Choice O $6,400. $5,600. $4,800. $800.
Wildhorse Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $37,800. All sales are subject to a 5% sales tax.(a1) Compute sales taxes payable. Sales taxes payable (a2) Give the journal entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit March 16
On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudoun uses the allowance method. On February 15, Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050. Which of the following correctly states the effect of the adjustment dated December 31, Year 1, on the financial statements of the Loudoun Corporation? A. B. C. D. Assets (3,375) (3,375) 3,375 ΝΑ Multiple Choice Option D Option C Option A Option B Balance Sheet = Liabilities + 3,375 ΝΑ ΝΑ ΝΑ Stockholders' Equity ΝΑ (3,375) 3,375 ΝΑ Revenue ΝΑ ΝΑ ΝΑ ΝΑ Income Statement Expense ΝΑ 3,375 (3,375) ΝΑ = Net Income ΝΑ (3,375) 3,375 ΝΑ Statement of Cash Flows ΝΑ ΝΑ 3,375 0A ΝΑ
At the end of the first year of operations mayberry advertising had account receivable of $21100. Management of the company estimates that 8% of the accounts will not be collected What adjustment would mayberry advertising record to establish allowance for accounts? Record the adjusting for allowance for uncollectibl accounts
At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment? You must show your computations.

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