Required: Prepare an Income Statement of Company Alfex as at 31 Dec. 2020. a) Loss on sale of corporate bonds 2 000 b) Trademark (net value) 21 000 c) Revenue from sale of trademark 29 000 d) Subsidies received from the government 16 000 e) Revenue from sale of services 6500 f) Receivables in court 900 g) Externalservices 3 500 h) Banking fees accrued in previous period but paid in current period 450 i) Income tax 20%

Required: Prepare an Income Statement of Company Alfex as at 31 Dec. 2020. a) Loss on sale of corporate bonds 2 000 b) Trademark (net value) 21 000 c) Revenue from sale of trademark 29 000 d) Subsidies received from the government 16 000 e) Revenue from sale of services 6500 f) Receivables in court 900 g) Externalservices 3 500 h) Banking fees accrued in previous period but paid in current period 450 i) Income tax 20%

Name: Required: Prepare an Income Statement of Company Alfex as at 31 Dec.
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Description: Required: Prepare an Income Statement of Company Alfex as at 31 Dec. 2020.a) Loss on sale of corporate bonds 2 000b) Trademark (net value) 21 000c) Revenue from sale of trademark 29 000d) Subsidies received from the government 16 000e) Revenue from

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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Please show relevant solution CORRECT ANSWER IS 5,250,000
vis.2
A 90.
the records of abc trading for the current year show the following: december 31, 2020 january 1, 2020 500,000 assets 300,000 liabilities 150,000 50,000 during the year, the sole proprietor made a total withdrawal from the business amounting to 240,000. using the information above, how much is the net taxable income using the net asset approach?
In the case of the notes payable due to bank, supposing the entity has the discretion to refinance the obligation for at least 12 months after the given maturity date, as seen in its loan agreement,A. Compute for the current liabilities as of December 31, 2021.B. Compute for the non-current liabilities as of December 31, 2021.
The following are extracts from an income statement of Al Noor Company for the year ended 31 December 2020: Sales revenue RO 10,000; Cost of sales RO 8,500; Salaries expense RO 300; Advertising expense RO 200; Depreciation expense RO 100; Insurance expense RO 150; Unrealized gain on investment securities RO 1,000. The comprehensive income is: a. RO (250) b. RO 750 c. RO 1,000 d. RO 1,750
The Statement of Financial Position of Oliver Ltd as at 30 June 2021 showed the following assets and liabilities. 2021 Assets 2$ Cash 3,000 Accounts receivables 85,000 Allowance for doubtful debts (4,000) Inventory 9,500 Prepaid insurance 3,600 Plant 60,000 Accumulated Depreciation - Plant (15,000) Deferred Tax Asset (at 30/06/2020: $1,270) ? Liabilities Accounts Payable 75,000 Provision for Long service leave 2,000 Revenue received in advance 3,000 Deferred Tax Liability (at 30/06/2020: $800) ? Additional information а. Accumulated depreciation of plant for tax purposes was $20,000 as at 30 June 2021. b. The tax rate is 30% Required Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2021.
PLEASE ANSWER ASAP Problem No. 1 AACA Corporation was incorporated on Dec. 1, 2021, and began operations one week later. Before closing the books for the fiscal year ended Nov. 30, 2022, the controller prepared the following financial statements: AACA Corporation Statement of Financial Position November 30, 2022 Assets Current assets Cash P150,000 Marketable securities, at cost 60,000 Accounts receivable 450,000 Allowance for doubtful accounts ( 59,000) Inventories 430,000 Prepaid insurance 15,000 Total current assets 1,046,000 Property, plant and equipment 426,000 Less accumulated depreciation ( 40,000) Property, plant and equipment, net 386,000 Research and development costs 120,000 Total assets P1,552,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued expenses P 592,000…
1. Evluation of the company financial statement.
Do parts a to d Accounting for Income Taxes Yoda Company is in the process of accounting for its income taxes for the year ended December 31, 2020. The following information came from Yoda's accounting and taxation records: Accounting income before income taxes for 2020 $ 98,967 Depreciation expense for property, plant, and equipment for 2020 $ 222,227 Capital cost allowance to be claimed on Yoda's 2020 income tax return $ 244,450 Book value of property, plant, and equipment at December 31, 2019 $ 1,399,268 Undepreciated capital cost of property, plant, and equipment at December 31, 2019 $ 1,203,370 Assume that there were no additions or disposals of property, plant, and equipment during 2020. In 2020, Yoda began offering a 1-year warranty on all merchandise sold. Following are details pertaining to this warranty: Warranty expense for 2020 for accounting purposes $ 38,860…
The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue. Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss. Interest expense General and administrative expense Debits $ 165,000 6,050,000 650,000 475,000 35,000 550,000 Credits $ 8,250,000 65,000 125,000 142,500 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format.
Bestlook Company provided the following information for its first year of operatic December 31, 2019 in connection with the preparation of it income tax return: Accounting income Nondeductible expenses P8,000,000 400,000 600,000 Nontaxable revenue Deferred income on installment sales included in financial income but taxable in 2020 900,000 200,000 600,000 Doubtful accounts recorded Financial depreciation Tax depreciation Estimated warranty cost accrued in 2019 but not deductible for tax purposes until paid Income tax rate (current and future) a. How much is the current tax expense? 700,000 200,000 35% b. How much is the deferred tax asset? c. How much is the deferred tax liability? d. How much is the total tax expense?