expert of general accounting give asap answer Stanton Inc. is a calendar year, cash basis taxpayer. the IRSrequired Stanton Inc. to change to the accrual method ofaccounting for 2015. Net income for 2015 under the accrual basiswas $60,000 before any adjustments. On December 31, 2014, thebalances in inventory, accounts receivable, and accounts payablewere $5,000, $15,000, and $6,000, respectively. What is Stanton's2015 "adjusted" net income?

Step 1: Definition of Accrual Basis of AccountingAccrual Basis of Accounting is a method of…

Answered: Stanton Inc. is a calendar year, cash…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 22CE

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How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
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For the year ended December 31, 2023, Crane Ltd. reported income before income taxes of $82,000.In 2023, Crane Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023.The company paid $66,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes).In 2023 Crane Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $32,000, of which $26,000 was actual repairs for 2023 and the remaining $6,000 was estimated repairs to be completed in 2024.Meal and entertainment expenses totalled $16,000 in 2023, only half of which were deductible for income tax purposes.Depreciation expense for 2023 was $160,000. Capital Cost Allowance (CCA) claimed for the year was $181,000.Crane was subject to a 20% income tax rate for…
Scarlet Company had pretax accounting income of P2,400,000 during 2020. Scarlet Company’s temporary difference for 2020 relates to a sale made in 2019 and recognized for accounting purposes at that time. However, Scarlet Company uses the installment method of revenue recognition for tax purposes. During 2020, the company collected a receivable from the 2019 sale which resulted in P600,000 of income under the installment method. 1. What is Scarlet Company’s taxable income for 2020?
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At the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. A. Calculate the total taxable income for 2021. B. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry.
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Mini, Inc., earns pretax book net income of $1,828,000 in 2018. Mini deducted $190,400 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes.Mini reports $1,919,400 of pretax book net income in 2019. Mini did not deduct any bad debt expense for book purposes in 2019 but did deduct $142,800 in bad debt expense for tax purposes. Mini reports no other temporary or permanent differences. Assuming that the pertinent U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. a. The 2019 end-of-year balance in Mini’s deferred tax asset and deferred tax liability balance sheet accounts. If an amount is zero, enter "0". If required, round your answer to nearest whole value. 2019 a. Deferred tax asset account balance ______ b. Deferred tax liability account balance ______ b. The cost to Mini of the deferral of the bad debt deduction, considering the time value of money. Mini earns an…

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