Riverside Corp. is obligated to pay its creditors $12,500 during the year. a) What is the value of the shareholders' equity if assets equal $15,000? b) What is the value of the shareholders' equity if assets equal $11,000?
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- A Corp., a domestic corporation, has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P120,000Compute the optional standard deduction. a. P366,000 b. P364,500 c. P280,000 d. P244,000How much is the retained earnings – appropriated? 2. How much is the total legal capital of BEBEBOY?A Corporation is engaged in the trading business. The reported income and expenses for taxable year 2019 show: Sales P10,000,000 cost of sales 6,000,000 general business expenses 1,000,000 Interest on time deposit (gross) 100,000 Interest expense on loans payable 180,000 The net taxable income is A. 2,820,000 B. 2,853,000 C. 2,862,000 D. 2,858,000
- find the taxable income. carefully bcz its my account assignment question.(2) Fortune, Inc. uses the accrual method of accounting. What is Fortune's earnings and profits as of January 1, 2020, assuming its opening 2019 E&P was $50,000, it distributed $29,000 to its shareholders in 2019, its 2019 taxable income was equal to $25,000 and that it has the following items of income and expense for the year 2019: Net operating loss carryover 2,500 ... § 243 dividend received exclusion (5% interest in stock of payor).. Contributions in excess of 10% corporate limitation Federal Income tax for TYE 12/31/19 Excess of capital losses over capital gains Interest Income from Tax-exempt municipal bond NYC moving violation and parking tickets Current year Section 179 deduction ....... 2,500 8,000 1,000 2,100 1,500 4,300 7.400 9,000The founders of a Joint – Stock company announced the signed fixed capital in the amount of 30 000 EUR. How much money do they have to deposit in the fixed capital prior the registration in the commercial register? Is it possible to pay the remaining part of the capital in assets?
- In its December 31, 2020, balance sheet Oakley Corporation reported as an asset, “Net notes and accounts receivable, $7,100,000.” What other disclosures are necessary?Which of the following represents a liability? The obligation to pay for goods that an entity expects to order from suppliers in the near future. The obligation to provide goods that customers have ordered and paid for during the current year. The obligation to pay interest on a five-year note payable that was issued the last day of the current year. The obligation to distribute an entity’s own shares next year as a result of a stock/share dividend declared by the board of directors near the end of the current year.An entity provided the following information on December 31, 2020: Accounts payable 2,000,000 Accrued expenses 800,000 Bonds payable due December 31, 2021 2,500,000 Premium on bonds payable 300,000 Deferred tax liability 500,000 Income tax payable 1,100,000 Cash dividend payable 600,000 Share dividend payable 400,000 Note payable – 6%, due March 1, 2021 1,500,000 Note payable – 8%, due October 1, 2021 1,000,000 The financial statements for 2020 were issued on March 31, 2021. On March 1, 2021, the 6% note payable was refinanced on a long-term basis. Under the loan agreement for the 8% note payable, the entity has the discretion to refinance the obligation for at least twelve months after December 31, 2020. What amount should be reported as total current liabilities?
- 6. Complete the table below for the 100% shareholder of the S-corporation. Schedule M-2 Accumulated Schedule M-2 Other Schedule M-2 Earnings and Tax basis in Adjustment Adjustments S-Corp event stock Account Account Profits account Capital gains Amounts on Jan. 1, 2024 30,000 10,000 3,000 20,000 What is the effect if the S-corporation has taxable profit of $50,000 in 2024? What is the effect if the S-corporation makes a $62,000 cash distribution in 2024? What is the effect if the S-corporation makes a $21,000 cash distribution in 2025, and there is no income or loss? What is the effect if the S-corporation makes a $20,000 cash distribution in 2026, and there is no income or loss? What are the balances at the end of 2026?An entity provided the following information on December 31, 2019: Accounts payable 2,000,000 Accrued expenses 800,000 Bonds payable due December 31, 2020 2,500,000 Premium on bonds payable 300,000 Deferred tax liability 500,000 Income tax payable 1 ,100,000 Cash dividend payable 600,000 Share dividend payable 400,000 Note…At May 31, 2019, Acai Associates reported the following amounts (in millions) in its financial statements: Total Assets Total Liabilities Interest Expense Income Tax Expense Net Income 2019 $ 59,000 32,450 642 125 620 2018 $ 57,000 29,070 590 230 4,846 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for Acai's assets? 2-b. In 2019, was Acai more (or less) successful at covering its interest costs, as compared to 2018?