The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue, $175,000; SalariesExpense, $90,000; Supplies Expense, $10,000; Rent Expense, $16,000; Depreciation Expense, $24,000; and Delivery Expense,$8,000.Prepare an income statement for the year ended December 31, 2021.BEAVERS CORPORATIONIncome StatementFor the year ended December 31, 2021Expenses:Total expenses

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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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The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2024 ($ in thousands): sales revenue, $19,100; cost of goods sold, $8,100; selling expenses, $1,490; general and administrative expenses, $990; interest revenue, $250; interest expense, $220. Income taxes have not yet been recorded. The company’s income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2024 ($ in thousands). All transactions are material in amount. Investments were sold during the year at a loss of $410. Schembri also had an unrealized gain of $520 for the year on investments in debt securities that qualify as components of comprehensive income. One of the company’s factories…
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.
Pierce Corp. has a December 31 year end. It received its property tax invoice of $33,000 for the calendar year on April 30. The invoice is payable on June 30. Prepare the journal entries to record the property tax on (a) April 30, (b) June 30, and (c) December 31, assuming the company adjusts its accounts annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit eTextbook and Media
Wildhorse Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders. Wildhorse's fiscal year ends May 31. The following information is available. 1. 2. 3. 4. 5. 6. 7. 1. Income from operations before income tax for Wildhorse was $1,500,000 and $1,900,000, respectively, for the fiscal years ended May 31, 2021, and 2020. 2. Wildhorse experienced a loss from discontinued operations of $600,000 from a business segment disposed of on March 3, 2021. A 20% combined income tax rate applies to all of Wildhorse Corporation's profits, gains, and losses. Wildhorse's capital structure consists of preferred shares and common shares. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Wildhorse issued 136,000 of $10 par value, 5% cumulative preferred shares in 2013. All of these shares are outstanding, and no preferred dividends are in arrears. Determine the…
At the end of its first year of operations on December 31, 2022, the Metro Company reported pretax financial income of $100,000. An investigation of that income revealed the following items:· Bad debts expense of $12,000 was recognized (reported on 2022 income statement). The accounts will be written off (tax deductible) in 2023.· Interest received on municipal bonds: $7,500.· Warranty expenses of $16,000 were accrued for financial reporting purposes, but were not expected to result in a cash payment until 2023.· Depreciation on the tax return exceeded depreciation for financial reporting purposes by $32,000.Assume that any deferred tax assets are considered more likely than not to be realized. The enacted income tax rate for all years is 25%.Required:1) Compute taxable income. Show your calculation. If not, no credit.2) Prepare the entry to record income tax expense and any related assets and liabilities for Metro on December 31, 2022.
Ivanhoe pays a weekly payroll of $250000 that includes federal income taxes withheld of $38100, FICA taxes withheld of $23970, and 401(k) withholdings of $26500. What is the effect on assets and liabilities from this transaction? Assets decrease $187930 and liabilities decrease $62070. Assets decrease $187930 and liabilities increase $62070. Assets decrease $161430 and liabilities increase $88570. Assets decrease $250000 and liabilities do not change.
Foster Company reported pretax financial income of $350,000 for 2021. Foster uses an accelerated form of depreciation for tax purposes, and it exceeds book depreciation by $50,000. The tax rate for 2021 is 20%. Record the journal entry at the end of 2021, be sure to include calculations, as well as income tax expense, a deferred account, and income tax payable.
After making four quaterly estimated payments of $3,500, a corporation's actual income tax liability for the year is $17,200. The year-end adjusting entry would require:
Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional information was made available; Accounts receivable, December 31, 2019 P1,250,000; Accounts receivable, December 31, 2020, P1,375,000. Under the accrual basis, how much should Wynn Company report as revenue for 2020?
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The current ratio is defined as current assets divided by current liabilities. On December 29, 2021 Ohio Company had current assets of $200 and current liabilities of $100. On December 30, Ohio paid salary payable int the amount of $50. Calculate the current ratio on December 31, 2021.

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