S? 40000 ity ? ? during the year 1090 17 Company declared and paic ds. But did not declared divid
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![The following information related National United :
2017
2018
2019
Net income
Total assets
Total Owners Equity
Retained Earnings
Dividends decaled during the year
$1200
$1420
40000
42000
45000
21000
22000
990
870
1090
0.0
*on Jan.15/ 2017 Company declared and paid the whole balance of retained earnings
as cash dividends. But did not declared dividends during 2018. Find the following
amounts:
13- Net Income for 2017
14- Dividends declared during 2019 (](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F650c2653-453a-443a-a9b2-3a98892920d9%2F18db7cfa-289d-4da7-ad11-0718a013aa42%2F72dxpjf_processed.jpeg&w=3840&q=75)
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- (0) tas E9-11 (Algo) Part 2 2. Using the following structure, indicate the effects (accounts, amounts, and for increase and for decrease) of the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $12.000, b) $8.000, and (c) $14,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) (0) 100 Required information E9-11 (Algo) Demonstrating the Effect of Book Value on Reporting an Asset Disposal (LO 9-5) The following information applies to the questions displayed below] do thy tia (c) [R) Movelt Corporation is the world's leading express distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $17,000. Movelt had originally purchased the vehicle and recorded it in the Truck account for $29,000 and had recorded depreciation for three years. Assets . = = Liabilities . . Stockholders' EquityDepartment of Accounting International accounting course 1,800,000 and fair value of 2400,000, with an expected life of 10 years. The contributions of each company were as i unincorporated joint operation to design specialised tools, which is called SmartTools to be used in the making of high grade mining instruments. It was agreed that the Question one : on the 1.luly 2013, two companies agreed to form an relative joining operation would be: Company name Stafford Ltd Interest 20% Tutbury Ltd follow: Stafford Ltd provided piant to SmartTool with a carrying value of • Tutbury Ltd provided cash of 1600,000. Information from SmartTools financial statement as at 30 June, 2014 is as follows: 95,000 1200,000 (120,000) 1800,000 (200,000) 163,000 160,000 550,000 Cash Equipment Accumulated depreciation - equipment Plant Accumulated depreciation - plant Raw material Work in process Inventory Total assets 3648,000 100,000 248,000 740,000 Account payable Accruals expenses Bank loan 1088,000…E12.18 (LO 6, 10) Video (Intangible Impairment) The following information is for a copyright owned by Lighting Designs Corp., a private entity, at December 31, 2023. Lighting Designs applies ASPE. Cost $4,300,000 Carrying amount 2,150,000 Expected future net cash flows (undiscounted) 2,000,000 Fair value 1,600,000 Assume that Lighting Designs will continue to use this copyright in the future. As at December 31, 2023, the copyright is estimated to have a remaining useful life of 10 years. Instructions a. Prepare the journal entry, if any, to record the asset's impairment at December 31, 2023. b. Prepare the journal entry to record amortization expense for 2024 related to the copyright. c. The copyright's fair value at December 31, 2024, is $2.2 million. Prepare the journal entry, if any, to record the increase in fair value. d. Digging Deeper Using the information from part (a), discuss whether the copyright would be amortized in 2023 before the impairment test is conducted. Would the…
- Use the following data to determine the total dollar amount of assets to be classified as current assets. Cash and cash equivalents Accounts receivable Inventory Prepaid insurance Stock investments Land Buildings Less: Accumulated depreciation Marigold Corp. Balance Sheet December 31, 2022 $226000 $67000 86500 149000 83000 193000 199500 (53500) 172500 Accounts payable Salaries and wages payable Bonds payable Total liabilities Common stock Retained earnings $126000 11100 161500 $298600 $309400 475500What amount of provision should be provided in relation to labor dispute? * (see attached) a. 4,000,000b. 2,000,000c. No provision is to be recognized but a disclosure of Php2,000,000 is appropriated. No provision and no disclosure to be madeR S4 OH2 Required Information Nevertheless The FASB requires that income statement recognition of gains and losses from cither source be delayed Politically acceptable approach 0:00 /6:56 720p 1x CC Knowledge Check 01 Calder Company has a defined benefit pension plan. Pension-related data for the current calendar year are shown below: 12 years Average remaining service period of active employees Net gain, January 1 PBO, January 1 Plan assets, January 1 009 1,930,000 What is the amount of the amortization of the net loss or gain that should be included as a component of pension expense for the current year? Amortization of net gain Next > %24 F6 F4 F5 F3 F2 %23 8. 9 L 1. H.
- A security contract entered into for a period of 3 years was revoked because of an impled flaw in the contract. The court ruled that the total contract price had to be paid The contract price received by the recipient should be treated as A I 1 Capital because it was received in a lump sum 8 11 Assessable income because it was an amount received to replace loss of earnings CI 1 A windtall gain becauso the company was not expecting the payment D I 1 An exempt income because no services were providedWhat is the amount of the casualty loss on a business use truck that had a fair market value of $14,000 before an accident and $4,000 after an accident, if its adjusted basis is zero? a. 0 b. 4000 c. 10,000 d. 14,000 e. none of the above.Print Item Exercise 8-24 (Algorithmic) (LO. 3) McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost $404,900 in 2023. The taxable income of the business for the year is $70,700 before consideration of any § 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's § 179 expense deduction for 2023 and any carryover to 2024. § 179 expense deduction for 2023: $ § 179 carryover to 2024: $ b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using § 179 expensing? Hint: See Concept Summary 8.3. Additional first-year depreciation for 2023: $ MACRS cost recovery for 2023: $ Total cost recovery for 2023: $
- (0) Problem 10-54 (LO 10-2, LO 10-3) (Algo) Skip to question Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table 5.) Asset Date Placed in Service Original Basis Machinery October 25 $ 102,000 Computer equipment February 3 42,000 Delivery truck* March 17 55,000 Furniture April 22 182,000 Total $ 381,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $620,000. Problem 10-54 Part b (Algo) b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take 179 expense)?On January 1, 2025, Pharoah Company purchased a machine costing $356000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $71000 salvage value at the end of its economic life. Assuming the company uses the general MACRS approach, the MACRS deduction for tax purposes for the year 2025 is Recovery Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 MACRS Depreciation Rates By Class of Property 10-Year (200% DB) 3-Year 5-Year 7-Year (200% DB) (200% DB) (200% DB) 33.33 44.45 14.81* 7.41 20.00 32.00 19.20 11.52* 5.76 14.29 24.49 17.49 12.49 8.93* 8.92 8.93 4.46 10.00 18.00 14.40 11.52 9.22 7.37 6.55* 6.55 6.56 6.55 3.28 15-Year (150% DB) 5.00 9.50 8.55 7.70 6.93 6.23 5.90* 5.90 5.91 5.90 5.91 5.90 5.91 5.90 20-Year (150% DB) 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462* 4.461 4.462 4.461 4.462 4.461 SUPPORTProblem 07-11 (Algo) [LO 7-4, 7-11] Company XYZ manufactures a tangible product and sells the product at wholesale, in its first year of operations, XYZ manufactured 1,100 units of product and incurred $159,500 direct material cost and $68,750 direct labor costs. For financial statement purposes, XYZ capitalized $23,750 indirect costs to inventory. For tax purposes, it had to capitalize $54,750 indirect costs to inventory.under the UNICAP rules. At the end of its first year, XYZ held 220 units in inventory. In its second year of operations, XYZ manufactured 2,200 units of product and incurred $330,000 direct material cost and $154,000 direct labor costs. For financial statement purposes, XYZ capitalized $18,000 indirect costs to inventory. For tax purposes, it had to capitalize $72,000 indirect costs to inventory under the UNICAP rules. At the end of its second year, XYZ held 330 items in inventory. Required: a. Compute XYZ's cost of goods sold for book purposes and for tax purposes…
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