Use this example to determine the Net income or net loss: - Net income (or net loss) during 2019, assuming that as of December 31, 2019, assets were $880,000, liabilities were $220,000, with no additional investments and withdrawals.
Q: Please correct answer the following requirements on these accounting question
A: Step 1: Define Margin CallInvestors investing money without using their own money by taking debt…
Q: Note: general account
A: Small Tools:Cost: $63,000Market Value: $74,000Lower of Cost or Market: $63,000 Medium Tools:Cost:…
Q: Please provide this question solution accounting
A: Step 1: Define Allocating Overhead CostsThe manufacturing overhead costs are the indirect costs…
Q: Gross Profit ℅?
A: The gross profit percentage is a financial metric that shows how much of a company's revenue is…
Q: Please provide correct answer accounting question not use ai..
A: Step 1: Define Separating a Mixed CostMixed costs are cost items that display both fixed and…
Q: Accounting question please given answer
A: Step 1: Define Weighted Average MethodThe equivalent units are computed under the process costing.…
Q: Right answer
A: Explanation of Differential Accounting: Differential accounting is a decision-making approach that…
Q: Do fast and correct calculation of this financial accounting question
A: Step 1: Define NoteIn accounting, the term "note" generally refers to a promissory note that…
Q: Sales and Production Budgets Vibrant Inc. manufactures two models of speakers, Rumble and Thunder.…
A: A. Sales Budget forecasts the total amount of sales in units and in amount that the company will…
Q: please help solve this question thank you
A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…
Q: Please solve this general accounting question without use ai
A: Step 1: Define Budgeted OverheadOverhead costs consist of indirect materials, indirect labor,…
Q: Can you answer the financial accounting question?
A: Step 1: Define Cash FlowThe movement of cash or money in and out of the organization is termed cash…
Q: Give true solution for this accounting question
A: Step 1: Define Budgeted factory overheadFactory overheads are the entire cost of maintaining the…
Q: Cullumber lakes park
A: Step 1: Define Income StatementAs one of the year-end financial reports, the income statement shows…
Q: What is its accounts receivable turnover for the period on this general accounting question?
A: Step 1: Define Accounts Receivable TurnoverThe activity ratios like accounts receivable turnover…
Q: Please provide correct answer general accounting question
A: Step 1: Define Turnover ratiosThere are various turnover ratios such as inventory turnover ratio,…
Q: please help with wrong answers
A: Step 1:The statement of stockholders' equity is prepared as follows: Formula table: Result of the…
Q: endelbach Corporation is a U.S.-based organization with operations throughout the world. One of its…
A:
Q: Financial Accounting Question need answer please
A: Step 1: Define Maturity ValueThe maturity value is the amount that is expected to be paid at the…
Q: Supply costs coulthard solution this question
A: Step 1: Define Mixed CostsMixed costs are those costs that have characteristics of variable and…
Q: This year Colleen transferred $100,000 to an irrevocable trust that pays equal shares of income…
A: The formula used:PV=P×1−(1+r)−n/r Where:P: Total annual payment (12,500×3=37,500)r=0.06(discount…
Q: Cream of tomato company Accounting question
A: Step 1: Define Return on AssetsThe return on assets is the ratio of the net income relative to the…
Q: None
A: Determine Total Initial Capital Contribution:Brenda: $90,000Rhonda: $60,000Constance: $40,000Total…
Q: Please provide correct answer general accounting
A: Step 1: Determine the Cost of Equipment Step 2: Calculate the Useful Life Step 3: Calculate the…
Q: Financial Accounting
A: Step 1: Start with Inventory Turnover Ratio formula:• Inventory Turnover Ratio = COGS ÷ Average…
Q: What is the annual depreciation rate on these general accounting question?
A: Step 1: Define Accumulated DepreciationIn accounting, the accumulated depreciation accounts for the…
Q: Aaron Heath is seeking part-time employment while he attends school. He is considering purchasing…
A: Problem AnalysisAaron is evaluating the net present value (NPV) of an investment,…
Q: Required information [The following information applies to the questions displayed below.] Shadee…
A: Step 1: The budgeted cost of poles purchased can be calculated by first calculating the Budgeted…
Q: General Accounting Question please solve this one
A: Step 1: Define Manufacturing OverheadManufacturing overhead costs refer to the expenses which cannot…
Q: Kieso Company borrowed $720,000 on a 120 day note at 10 percent interest. Give correct calculation…
A: Step 1: Define Interest ExpenseInterest expense is a cost on the borrowed amount. It is simply a…
Q: Calculate the answer for this problem
A: Explanation of Piece Rate SystemThe piece rate system is a compensation method where workers are…
Q: Need Answer
A: ANSWER : Kids' Pool: The cost for the kids' pool is already given: $240. Main Pool:The main…
Q: ?? Financial accounting
A: Explanation of Days Sales Outstanding (DSO): Days Sales Outstanding is a financial metric that…
Q: Need answer the general accounting question please solve this one
A: Step 1: Define Break Even SalesAny business needs to sustain for a longer period. Businesses can…
Q: None
A:
Q: Milton company uses a standard cost system given answer accounting questions
A: Step 1: Define Direct Labor Efficiency VarianceThe direct labor efficiency variance is a…
Q: Please see attachment for details
A: Present Value of Lease Payments: Annual payment = $10,000Number of periods = 10Present value of an…
Q: I. Prepare a flexible budget for overhead based on the following data: Percent of capacity 90% 100%…
A: Material variances are calculated by comparing the actual cost of materials used to the standard…
Q: Suppose the following information was taken given answer accounting questions
A: Step 1: Define Accounts Receivable Turnover RatioThe accounts receivable turnover ratio can be…
Q: I want to correct answer general accounting
A: Step 1: Define TurnoverAny turnover ratio requires sales to be used, and we can determine asset…
Q: Find the break even point accounting questions
A: Step 1: Find the contribution margin.= selling price per unit - variable cost per unit= $8 - $3= $5…
Q: Hello tutor answer these general accounting question only experts answer excepted
A: Step 1: Define Net IncomeThe net amount that the firm generates from the business after considering…
Q: Need answer to this accounting question
A: Key Definitions:Traditional Assets and Liabilities: The conventional accounting classifications for…
Q: Need help with this question solution general accounting
A: Step 1: Identify the Given InformationPrincipal amount (P): $560,000Annual interest rate (r): 5%…
Q: Determine the total sales
A: First, let's identify the components:Cash sales: $120,000Credit sales: $280,000Returns: $20,000To…
Q: I need this accounting question answer please provide correct answer
A: Step 1: Define Account Receivable TurnoverThe account receivable turnover ratio measures the ability…
Q: I need correct answer this question answer accounting
A: Step 1: Define Cost-Volume-Profit AnalysisThe cost-volume-profit (CVP) analysis is used to figure…
Q: I want to correct answer general accounting
A: Step 1: Define Receivables Turnover Ratio:A company's accounts receivables turnover ratio represents…
Q: tutor give proper answer with short details subject is general account
A: Step 1: Understanding the Lower-of-Cost-or-Market RuleThe lower-of-cost-or-market (LCM) rule…
Q: Calculate the wages payable to workers.
A: Step 1:Calculate wages based on piece rateStep 2:Apply the minimum wage guaranteeStep 3:Determine…
Use this example to determine the net income or net loss solve this general accounting question not use ai..thank you
Step by step
Solved in 2 steps
- Using the attached financial statement footnote. Explain why the application of time value is appropriate to account for the transaction.Pasta Corporation acquired 75% of Sauce Company on January 1, 2020 for $566,250 cash. The fair value of the other 25% ownership interest is estimated to be $188,750. ADDITIONAL INFORMATION: On the date of acquisition: * The Book Value of Sauce Company's net identifiable assets was $652,000. * Sauce's Company's Plant Assets were undervalued by $75,000 (remaining life was estimated to be 5 years). * Sauce's Company's Inventories were overvalued by $9,000 (all sold by year end). * New Goodwill was determined to be $37,000. At year-end, it was determined that the New Goodwill was impaired by $5,800. * For 2020, Sauce reported net income of $146,500 and paid dividends of $26,000. Assume that Pasta Company uses the fully adjusted equity method to account for its Investment in Sauce.Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Linens considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Complete the following 2019 comparative income statements for 2019, showing net income changes as a result of the changes to the balance sheet aging method categories. D. Describe the categories change effect on net income and accounts receivable.
- Noren Company uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Noren Company considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Complete the following 2019 comparative income statements for 2019, showing net income changes as a result of the changes to the balance sheet aging method categories. D. Describe the categories change effect on net income and accounts receivable.Consider the following data for 2021 from an after-tax cash flow analysis. Before-Tax-and-Loan Cash Flow = $23,690 Loan Principal Payment = $3,299 Loan Interest Payment = $3,993 Depreciation Deduction = $12,865 Taxes Due = $2,323 After-Tax Cash Flow = $14,075 What is the taxable income for 2021? O $3,533 O $10,817 O $6,832 $16,398Consider the following data for 2019 from an after tax cash flow analysis.What is the after tax cash flow for 2019? Before-Tax-and-Loan = $23,000Loan Principal Payment = $3,203 Loan Interest Payment = $3,878. Depreciation Deduction = $12,490 Taxable Income = $6,633 Taxes Due = $1,658. a. $20,744 b. $14,262 c. $3,430 d. $1,175.
- What is the corrected 2019 Net Income? * Bee Company's net income for 2018, 2019, and 2020 were P100,000; P145,000; and P185,000 respectively. The following items were not properly handled: a. Rent of P6,500 for 2021 was received from a lessee on December 31, 2020, and was recorded as outright income in 2020. b. Salaries payable at the end of the following years were omitted: December 31, 2017 2,500 December 31, 2018 5,500 December 31, 2019 7,500 December 31, 2020 4,700 c+ The following unused office supplies were omitted in the accounting records: December 31, 2017 3,500 6,500 December 31, 2018 December 31, 2019 December 31, 2020 3,700 7,100 O 123,700 O 140,200 146,700 159,300 O none of the them1. Beginning the year 2020, Polk Company began marketing a new beer called "Serbesa". To help promote the product, the management of Polk is offering a special Serbesa beer mug to each customer for every 20 specially marked bottles of Serbesa. Polk estimates that out of the 300,000 bottles of Serbesa sold during 2020, only 30% of the bottle caps will be redeemed. For the year 2020, 5,000 beer mugs were ordered by the company at a total cost of P140,000. A total of 4,000 mugs were already distributed to customers. What is the amount of the liability that Polk should report on its December 31, 202O statement of financial position?How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000
- Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2021. Assume Fore will carry back its NOL to prior years. 2. What is the net operating loss reported in 2021 income statement? 3. Prepare the journal entry to record income taxes in 2022 assuming pretax accounting income is $288 million. No additional temporary differences originate in 2022.For the year ended Dec. 31, 2019, Nando Company paid interest totaling P100,000. The prepaid interest expense is P23,500 and P18,000, respectively, on December 31, 2018 and 2019. The interest payable is P45,000 and P53,500, respectively, on December 31, 2018 and 2019. What amount of interest expense should be reported on December 31, 2019?Then, calculate the Taxable Income for 2021. (Round your answers to the nearest dollar.) Employment income ABIL Taxable capital gain Allowable capital loss (disallowed ABIL) Net taxable capital gains 2021 Net income Capital gains deduction 2016 Net capital loss deducted 2021 Taxable income
