As ABC Corporation's fiscal year end date of December 31 approaches, management is worried that reported earnings will fall short of investors'expectations. Which of the following actions would increase ABC's earnings for the current year?O a. Convince customers to pay outstanding accounts receivable by offering a discount for payments received by December 31.O b. Postpone scheduled year-end maintenance on Acme's machinery until next year.O c. Collect more cash from customers for services that Acme will provide next year.O d. Delay until next year the payment of bonuses that employees have earned this year.12:00 PMpe here to search5/5/2021DELLF1F2F3F4F5F6F7F8F9F10F11F12PrtScrInsertDelete@#2$%&+Backspac13478ERT.YP.一ADFG

The earnings or profit are the revenue that has been computed after declining all the expense for…

s ABC Corporation's fiscal year end date of Decembe expectations. Which of the following actions would ir O a. Convince customers to pay outstanding accour O b. Postpone scheduled year-end maintenance on O c. Collect more cash from customers for services O d. Delay until next year the payment of bonuses

s ABC Corporation's fiscal year end date of Decembe expectations. Which of the following actions would ir O a. Convince customers to pay outstanding accour O b. Postpone scheduled year-end maintenance on O c. Collect more cash from customers for services O d. Delay until next year the payment of bonuses

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T. King T. Binion N.Cole C. Hennesey Hours Worked Date 44 46 Nov. 30 40 Show Transcribed Text Nov. 30 42 Your answer is partially correct. Hourly Pay Rate $69 Salaries and Wages Expense FICA Taxes Payable Account Titles and Explanation Federal Income Taxes Payable Union Dues Payable Salaries and Wages Payable (To record weekly payroll) Payroll Tax Expense 34 FICA Taxes Payable 39 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings. 44 State Income Taxes Payable Federal Income Taxes Payable Federal Income Tax Prepare…
-d Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020-2023 are as follows: 2020 2021 2022 2023 Service Revenue Collections $700,000 $660,000 790,000 818,000 750,000 756,000 742,000 760,000 Pretax Accounting Income $226,000 300,000 268,000 240,000 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25%. (Hint: You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2020- 2023.) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and…
1. A company is insolvent when Select one: a.it is in default on one-third or more of its outstanding debt obligations. b.it is unable to pay debts within 90 days following the close of the company's reporting year, whether such year is a calendar or fiscal year. c.it is unable to pay debts as the obligations come due. d.it is more likely than not that it will not be able to pay debts within a reasonable period of time following the date such obligations become due. e.it is unable to timely remit payments on more than two-thirds of its outstanding obligations measured on a rolling three-month basis. 2.The statement of financial affairs is prepared Select one: a.in order to bring clarity to the "liquidate or reorganize" decision. b.under the assumption that liquidation will occur. c.Under the going concern assumption. d.as the final statement produced in any liquidation or reorganization scenario. e.Both a) and b) are correct. 3. A Chapter 7 bankruptcy is a(n)…
Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…
Please no written by hand solutions Exercise 22-16 You have been engaged to review the financial statements of Blue Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows. 1. Year-end wages payable of $3,490 were not recorded because the bookkeeper thought that “they were immaterial.” 2. Accrued vacation pay for the year of $28,400 was not recorded because the bookkeeper “never heard that you had to do it.” 3. Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2,532 because “the amount of the check is about the same every year.” 4. Reported sales revenue for the year is $2,116,820. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the state’s Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper…
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Presented below is a list of possible transactions. Analyze the effect of the 18 transactions on the financial statement categories indicated. Transactions Assets Liabilities Owners' Equity Net Income 1. Purchased inventory for $80,000 on account (assume perpetual system is used). Decrease Increase 2. Issued an $80,000 note No net effect payable in payment on account (see item 1 above). 3. Recorded accrued interest on the note from item 2 above. 4. Borrowed $100,000 from the bank by signing a 6- month, $112,000, zero- interest-bearing note. 5. Recognized 4 months' interest expense on the note from item 4 above. 6. Recorded cash sales of
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