The following table shows the balances from various accounts in the adjusted trial balance for UniLink Telecom Corp. as of December 31, 2023: Debit Credit a. Interest income $ 29,500 b. Depreciation expense, equipment $ 87,800 c. Loss on sale of office equipment 60,100 d. Accounts payable 101,500 e. Other operating expenses 235,400 f. Accumulated depreciation, equipment 183,400 g. Gain from settling a lawsuit 102,200 h. i. Cumulative effect of change in accounting principle (pre-tax) Accumulated depreciation, buildings 152,250 399,400 j. Loss from operating a discontinued operation (pre-tax) 47,500 k. Gain on expropriation of land and building by government 1. Sales 69,100 2,364,200 Depreciation expense, buildings 130,300 n. 0. Correction of overstatement of prior year's sales (pre-tax) Gain on sale of discontinued operation's assets (pre-tax) 36,700 79,900 P. Loss from settling a lawsuit 58,300 9. Income taxes expense ? r. Cost of goods sold 1,184,000 Required: 1. Assuming that the company's income tax rate is 30%, what are the tax effects and after-tax measures of the items labelled as pre- tax? (Negative answers should be indicated by a minus sign.)

The following table shows the balances from various accounts in the adjusted trial balance for UniLink Telecom Corp. as of December 31, 2023: Debit Credit a. Interest income $ 29,500 b. Depreciation expense, equipment $ 87,800 c. Loss on sale of office equipment 60,100 d. Accounts payable 101,500 e. Other operating expenses 235,400 f. Accumulated depreciation, equipment 183,400 g. Gain from settling a lawsuit 102,200 h. i. Cumulative effect of change in accounting principle (pre-tax) Accumulated depreciation, buildings 152,250 399,400 j. Loss from operating a discontinued operation (pre-tax) 47,500 k. Gain on expropriation of land and building by government 1. Sales 69,100 2,364,200 Depreciation expense, buildings 130,300 n. 0. Correction of overstatement of prior year's sales (pre-tax) Gain on sale of discontinued operation's assets (pre-tax) 36,700 79,900 P. Loss from settling a lawsuit 58,300 9. Income taxes expense ? r. Cost of goods sold 1,184,000 Required: 1. Assuming that the company's income tax rate is 30%, what are the tax effects and after-tax measures of the items labelled as pre- tax? (Negative answers should be indicated by a minus sign.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On December 31, 2023, Cullumber Linen Supplies Ltd. had the following account balances: \table[[Cash, $90,000, Accumulated Depreciation, Equipment,$90,000 Prepare an adjusted trial balance, and ensure that the total of the debit balances is equal to the total of the credit balances. Cullumber Linen Supplies Ltd. Adjusted Trial Balance $ Debit Credit
The December 31, 2024, adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit Accounts payable $ 94,000 Accounts receivable $ 174,000 Accumulated depreciation 264,000 Common stock 494,000 Cash 30,000 Cost of goods sold 484,000 Depreciation expense 64,000 Equipment 708,000 Interest expense 8,000 Inventory 154,000 Note payable (due in six months) 64,000 Rent expense 34,000 Retained earnings 70,000 Salaries payable 12,000 Sales revenue 782,000 Salaries expense 124,000 Totals $ 1,780,000 $ 1,780,000 Required: Assuming no income taxes, compute Kline's 12/31/2024 total current liabilities
The adjusted trial balance for Crane Company is given below: CRANE COMPANYTrial BalanceAugust 31, 2022 BeforeAdjustment AfterAdjustment Dr. Cr. Dr. Cr. Cash $10,000 $10,000 Accounts Receivable 8,000 8,500 Supplies 2,500 1,500 Prepaid Insurance 4,000 2,800 Equipment 15,000 15,000 Accumulated Depreciation—Equipment $3,375 $4,575 Accounts Payable 5,000 5,000 Salaries and Wages Payable 0 1,000 Unearned Rent Revenue 1,800 1,050 Common Stock 11,000 11,000 Retained Earnings 5,000 5,000 Dividends 2,500 2,500 Service Revenue 32,000 32,500 Rent Revenue 12,000 12,750 Salaries and Wages Expense 16,000 17,000 Supplies Expense 0 1,000 Rent…
The following accounts appeared on the trial balance of Ashanti Company at December 31 , 2020. Notes Payable (short-term ) $191,000 Accounts Receivable $518,600 Accumulated Depreciation - Bldg. 788,000 Prepaid Insurance 56,050 Supplies 37,850 Salaries and Wages Payable 35,200 Common Stock 1,125,000 Debt Investments (long -term ) 280,400 Unappropriated Retained Earnings 318,300 Cash 175,250 Inventory 1,580,200 Bonds Payable Due 1/1 / 2 1,200,000 Land 465,000 Allowance for Doubtful Accts .7,850 Trading Securities 72,300 Copyrights 192,950 Interest Payable 4,800 Notes Receivable (due in 6 months ) 138,050 Buildings 1,927,000 Income Taxes Payable 155,000 Accounts Payable 410,000 Preferred Stock 750,000 Additional Paid-in Capital163,500 Appropriated Retained Earnings 295,000 Instructions : Compute each of the following : You must show your work. You may type your answers in the text submission box below or you can use the "Add File" button to upload a Word file or an Excel file . If this…
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense Debits 29,500 1,330,000 340,000 440,000 220,000 93,000 Complete this question by entering your answers in the tabs below. Credits 3,050,000 94,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures.
The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries & wages expense Service revenue Supplies Supplies expense Equipment O $44,000 O $14,000 $33.000 $19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 $135,000 7,200 16,000 32,000 135,000 What is the company's net income for the year ending December 31, 2016? 5,000 6,000 210,000
The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise. $16,500 Rent Expense $18,000 247,500 28,800 Equipment 7,800 Furniture 66,000 3,600 Notes Payable (due 12/31/25) 105,000 6,000 Accumulated Depreciation 31,350 329,250 Cash 78,000 60,000 150,000 42,450 1,200 31,350 12,600 Accounts Payable Accounts Receivable Wages Payable Prepaid Expenses Dividends Sales Revenue Notes Payable (due 4/30/24) Cost of Goods Sold Loss on Sale of Equipment Inventory Advertising Expense Insurance Expense Select one: Determine Total Current Liabilities as of December 31, 2023: a. $27,300 b. $39,900 3,000 Common Stock c. $144,900 d. $132,300 e. $247,350 158,400 Goodwill 10,500 Retained Earnings (1/1/23) 28,500 Marketable Equity Securities 9,000 Depreciation Expense 6,000 Unearned Revenue
The following income statement pertains to Bins Limited as of 12/31/2019: Revenue Operating Expenses: Wages Expense Depreciation Expense Other Expenses: Interest Expense Net Income 590,000 Account (120,000) (50,000) (15,000) 405,000 Based on this income statement, what closing entries should Bins Limited record as of 12/31/2019 Debit Credit
Below are selected accounts taken from the adjusted trial balance at Sherri’s Designs on December 31, 2015.Operating Expense $1,000Sales Revenue $5,000Inventory, January 1, 2015 $1,600Purchases $1,200Interest Revenue $250Loss on disposal of a discontinued component of the business (pre-tax) $400Inventory, December 31, 2015 $750Income Tax Expense $660Sheri’s Designs has 2,000 share of common stock outstanding and net income per share for2015 was $0.63. The income tax rate is 30%.Required:a. Prepare a single-step income statement
II. The following accounts appeared on the trial balance of Elbert Company at December 31, 2017. Notes Payable (short-term) Accumulated Depreciation - Bldg. Supplies Salaries and Wages Payable Debt Investments (long-term) Cash $192,000 783,000 37,800 34,200 281,400 170,250 1,200,000 7,800 192,900 138,000 156,000 750,000 $518,400 56,250 Accounts Receivable Prepaid Insurance Common Stock Retained Earnings Inventory Land 1,125,000 612,000 1,580,250 465,000 73,200 5,700 1,926,000 409,950 163,800 Bonds Payable Due 1/1/2025 Allowance for Doubtful Accts. Copyrights Notes Receivable (due in 6 months) Income Taxes Payable Preferred Stock Trading Securities Interest Payable Buildings Accounts Payable Additional Paid-in Capital Instructions Prepare in good form a 12/31/17 Balance Sheet.
prepare finacal statments
Prepare an income statement, balance sheet and statement of owner’s equity for theyear ended January 31, 2018 from the following adjusted trial balance:P. S SuppliesAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200