The following information related National United :201720182019Net incomeTotal assetsTotal Owners EquityRetained EarningsDividends decaled during the year$1200$1420400004200045000210002200099087010900.0*on Jan.15/ 2017 Company declared and paid the whole balance of retained earningsas cash dividends. But did not declared dividends during 2018. Find the followingamounts:13- Net Income for 201714- Dividends declared during 2019 (

Answer:National United13. Net Income for 2017: $990Explanation:On Jan 15, 2017, the company…

Answered: S? 40000 ity ? ? during the year 1090…

Business

Accounting

S? 40000 ity ? ? during the year 1090 17 Company declared and paic ds. But did not declared divid

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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Department 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…
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(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)?
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