Slim Fast Corporation, a calendar year C Corporation, is formed and begins business on April 1, 2015. Slim Fast incurs the following transactions in connection with the formation of the business: Organizational expenditures of $54,000 How much deduction will Slim Fast Corporation be able to take as organizational expenditures for 2015?
Q: 16) A company had 10,000 partially completed units in beginning work-in-process inventory. This…
A: Step 1:Given,Units in beginning work-in-process inventory: 10,000Units started during the period:…
Q: 1. 2. Dividends in the amount of $6,000 were declared and paid during 2025. Depreciation expense and…
A:
Q: Oriole Corporation owns machinery with a book value of $512000. It is estimated that the machinery…
A: An impairment occurs when the carrying amount of an asset exceeds the sum of the future cash flows…
Q: Provide this question solution general accounting
A: Step 1: Define Cost AllocationThe cost allocation is the procedure to identify, aggregate, and…
Q: Accounting...charger company's most...
A: Step 1: Define Debt-equity RatioA financial ratio that estimates the fraction of debt and equity in…
Q: Kragle corporation reported the ...accounting questions
A: Step 1: Define Profit MarginProfit margin is a financial metric used to evaluate the effectiveness…
Q: Calculate this financial accounting Question
A: Explanation of Earnings Per Share (EPS): EPS is a financial metric that measures a company's net…
Q: Solution need
A: Explanation of Book Value: Book value is the net amount of a fixed asset on a company's balance…
Q: Solve general Accounting question
A: Here's a breakdown of the calculations:Given:Growth rate (g) = 8% = 0.08Debt-equity ratio =…
Q: Need all answer
A: Definitions 1. Operating Segments:Operating segments are components of a company that engage in…
Q: Solve financial accounting question not use ai
A: Step 1: Define Savings AccountA savings account is an investment option the bank provides that gives…
Q: Financial Accounting
A: Step 1: Define Income Taxes PayableIncome taxes payable is a liability representing an obligation…
Q: I need answer of this question general accounting
A: ROE = Net Profit Margin x Asset Turnover x Equity MultiplierROE = 6%*110/42*2.5 = 39%Net profit…
Q: need solution for this
A: Break-even analysis is an accountancy calculation that denotes how much sales or production is…
Q: General accounting vii
A: Definitions 1. Debt Issuance Costs:Debt issuance costs, also known as bond issuance costs, are fees…
Q: Need help with this financial accounting question
A: Step 1: Define Market Risk PremiumThe additional return that an investor anticipates getting from…
Q: I need answer of this question general accounting
A: Step 1: Define Bank ReconciliationThe act of reconciling a bank account enables comparison and…
Q: I need answer of this question solution general accounting
A: Step 1: Define Accounts ReceivableAccounts receivable is the total amount of money the customer owes…
Q: A market study completed for a company reveals that the company can expect annual revenues of…
A: 1. Annual Net Cash Flows (NCF):Data:Revenue: $300,000/year.Cash Operating Expenses:…
Q: Predetermined OH Rates; Capacity MeasuresAlberton Electronics makes inexpensive GPS navigation…
A: a. Predetermined VOH RateVariable overhead cost per machine hour = (Variable overhead at 150,000…
Q: Need answer the accounting question
A: Step 1: Define DuPont AnalysisAs per the DuPont analysis, the return on equity is impacted by the…
Q: Saved Help Save You are auditing Martha's Prison Clothes Incorporated as of December 31, 2023. The…
A:
Q: Please provide this question solution general accounting
A: As per CAPM Expected return on stock = Risk free rate + Beta*(Market rate-Risk free rate)13% =…
Q: I need answer of this question general finance
A: Net proceeds due to Harris Corp 1. Furniture sale: - Sale price: $7,860 - Commission rate: 18% -…
Q: 3 (27) A company reported the following data: Sales Variable operating costs Contribution margin…
A: Step 1: Formula Degree of operating leverage = Contribution margin/Operating income Step 2:…
Q: How much purchase?
A: Explanation of Annual Budget: A comprehensive financial plan prepared by a company for its upcoming…
Q: ! Required information [The following information applies to the questions displayed below.] Tyrell…
A: 2).Calculation of the interest due at maturity for each of the three notes…
Q: During February, RDI Products manufactured 8,500 good sprinklers. The company incurred the following…
A: Step 1: Materials Variances 1.1 Aluminum Variances- Standard Price: $0.40/lb - Actual Price:…
Q: I need answer of this question solution general finance
A: The problem requires the determination of the geometric average return or geometric return. The…
Q: Provide this question solution general finance
A: Step 1: Define Profit MarginThe profit margin is an essential financial performance indicator…
Q: Provide ans with Steps
A: Explanation of Direct Labor Cost: Direct labor cost represents wages and benefits paid to workers…
Q: Provide this question solution general accounting
A: Explanation for 1: EBIT can be calculated as = Sales - Costs - DepreciationSales are given as…
Q: Compute the following ratios on these accounting question
A: Step 1: Define Price-Earnings RatioThe price-earnings or P/E ratio expresses the relationship…
Q: Pharoah Company had the following balances in receivable accounts at October 31, 2025 (in…
A: Step 1: Total receivables Total receivables = ReceivablesTotal receivables = Accounts receivable +…
Q: ✅Question Successfully posted in Accounting . . . pharmacy co.had the.....
A: Step 1: Define Comprehensive IncomeThe comprehensive income of a company can be determined by adding…
Q: Correct Option?
A: Under IFRS 9, how changes in a financial liability's credit risk are handled depends on whether it's…
Q: Solve the problem step by step
A: Step 1:Total liability on 31 December will include borrowed amount and interest for two months (…
Q: I want correct answer general accounting
A: Step 1: Define Overhead ExpensesIt is very difficult to track and locate the manufacturing overhead…
Q: Provide this question solution general accounting
A: Step 1: Initial TransactionsYou borrow 500 shares of ABC at $30/share and sell them: 500×30=15,000…
Q: Give me answer
A: Based on this, we try to understand how much the deposit amount is related to the percentage of…
Q: I need answer of this question solution general accounting
A: Step 1: Define Corporate TaxCorporate tax is a direct tax levied by a jurisdiction which is usually…
Q: ??
A: Role of the Matching Principle in Recording ExpensesThe matching principle is a fundamental…
Q: ?!
A: Explanation of Prudence Convention: The prudence convention is an accounting principle that requires…
Q: General Finance
A: Return on total assets = {net income+[(interest expense * (1-tax rate)]}/average total assets…
Q: Accounting during the year property
A: Step 1: Define AssetsThe asset structure of a sole proprietorship firm and business corporate will…
Q: Can you please solve these accounting question?
A: The problem involves the determination of the stock's return. We can compute for the stock return…
Q: I need answer of this question solution general accounting
A: Step 1: Define Direct MaterialDirect material cost refers to the raw material expenses which have…
Q: On January 1, 2022, Sarasota and Lois Company purchased 12% bonds having a maturity value of…
A:
Q: Listed here are three separate series of costs measured at various volume levels. Volume (Units)…
A: As hinted, let's graph the series:Series 1: Fixed costFixed costs are costs that are constant…
Q: financial accounting question?....
A: Step 1: Define Risk-Free ReturnAn investment that provides a fixed return irrespective of market…
Need answer the accounting question please answer do fast
Step by step
Solved in 2 steps
- Check my answer. Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1, 2020. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine Cherry Corporation’s deduction for organizational expenditures for 2020 Section 248 allows Cherry corporation to take an immediate deduction of $5,000 for organizational expenditures and amortized the remaining balance over 180 months beginning with the month in which the business begins. Since Cherry Corp’s organization expenditures exceed $50,000 section 248 also requires an immediate dollar for dollar reduction for the amount over $50,000. 54,000-50,000=4,000 immediate phase out reduction, 5,000-4,000=1,000, remaining available immediate deduction. 54,000-1000=53,000/180month=294.44 There are 9 months of operation in 2020 =294.44*9=2649.96+1000=3649.96 total deduction or $3650Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1 of the current year. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine Cherry Corporation’s deduction for organizational expenditures for the current year.Freitas Corporation was organized early in 2018. The following expenditures were made during the first fewmonths of the year:Attorneys’ fees in connection with the organization of the corporation $ 12,000State filing fees and other incorporation costs 3,000Purchase of a patent 20,000Legal and other fees for transfer of the patent 2,000Purchase of equipment 30,000Pre-opening salaries and employee training 40,000Total $107,000Required:Prepare a summary journal entry to record the $107,000 in cash expenditures
- The following information is available for CANDY GH, a limited liability company:Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31st December, 2020 GH¢ Revenue7,659 Cost of sales(5,442) Gross profit2,217 Operating expenses(1,167) Operating profit1,050 Interest expenses(150) Operating before tax900 Tax expense(420) Net profit transferred to reserve480 Statement of Financial Position as at 31st December: 2020 2015 GH¢ GH¢ ASSETS Noncurrent assets Property, Plant & Equipment Cost2,160 1,785 Accumulated depreciation (1,020) (870) Carrying value1,140 915 Intangible assets750 600 Investment propertiesNil 75 Current assets1,776 1,254 Inventory450 306 Receivables1,170 945 Cash156 3 Total assets3,666 2,844 EQUITY AND LIABILITIES Equity Stated capital1,380 1,173 Retained earnings780 540 Noncurrent liabilities510 150 12% Debenture510 150 Current liabilities Trade payable381 357 Bank overdraft255 294 Taxation360 330 Equity and…Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Grevilla Corporation is a manufacturing company. The corporation has accumulated earnings of $950,000, and it can establish reasonable needs for $400,000 of that amount. Calculate the amount of the accumulated earnings tax (if any) that Grevilla Corporation is subject to for this year. $_____________
- R. Wilson Corporation commenced operations in early 2017. The corporation incurred $60,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation. Prepare journal entries torecord the $60,000 expenditure and 2017 amortization, if any.ABC Company is preparing its December 31, 2019 financial statements. The financial statements are authorized for issue on March 31, 2020. Income before 25% income tax but after consideration of these items amounted to P 5.4M. The following occurred: March 15, 2020 - dividend of 3M was declared and a contractual profit share payment of 90OT was made, based on the profit for the year ended 12/31/2019. February 1, 2020 - customer settled to the entity its due amounting to P 550,000 for the past 5 months. Allowance worth P 60T was made against this account in the financial statements. March 20, 2020 - manufacturing plant was partially destroyed by fire last December 20, 2019. Estimate of a professional regarding the damage was received on the given date which amounted to P 950T. What total before- tax amount should be recognized in profit or loss for 2019 to reflect adjusting events after the reporting period? some other amount 1,670,000 1,750,000 1,790,000Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income January 1 through March 1 (60 days) March 2 through December 31 (305 days) $ 125,000 350,000 $ 475,000 January 1 through December 31, 2021 (365 days) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) c. On March 1, 2021, Winkin and Nod each sell their shares to Blinkin. Income Reported Daily Allocation Specific Identification Method Method Winkin Nod Blinkin
- Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income January 1 through March 1 (60 days) March 2 through December 31 (305 days) $ 125,000 350,000 $ 475,000 January 1 through December 31, 2021 (365 days) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. There are no sales of SleepEZ stock during the year. Income Reported Daily Allocation Specific Identification Method Method Winkin Blinkin NodFor each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2019, if any. Capital gain or loss for year indicated Corporation 2013 2014 2015 2016 2017 2018 4,700 $11,600 $(14,550) $ 7,000 $ 4,950 $(1,450) 3,870 3,010 6,290 11,550 (61,490) 9,350 8,550 4,950 (3,040) 2,970 3,340 15,00е (26,810) (24,600) 8, 200 11,150 2,680 2,250 Assume that 2013 is the first year of operation for each corporation. (Do not leave cells blank, enter "0" if there is no effect.) Carried forward capital losses Reported capital gains Corporation 2013 2014 2015 2016 2017 2018 2019 A B CXavier Corporation begins business on March 1, 2021. The corporation incurs start-up expenditures of $38,000. Round your final answers to the nearest dollar. a. If Xavier elects amortization under § 195, the total start-up expenditures that Xavier may deduct in 2021 is b. Assume the same facts except the start-up costs totaled $52,000.The total start-up expenditures that Xavier may deduct in 2021 is