Victor Inc. reports a rent expense of $500,000 in its 2022 income statement. If Prepaid Rent was $80,000 at December 31, 2021, and $110,000 at December 31, 2022, what is the cash paid for rent during 2022? a. $530,000 b. $470,000 c. $500,000 d. $510,000
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- K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...Under the accrual basis rental income of EL Company for the calendar year 2020 is P600,000. Additional information regarding rental income are presented below: Unearned rental income, January 1, 2020 P50,000 Unearned rental income, December 31, 2020 75,000 Accrued rental income, January 1, 2020 30,000 Accrued rental income, December 31, 2020 40,000 Under the cash basis, how much rental income should be reported by EL Company in year 2020? Group of answer choices d. P655,000 c. P625,000 b. P615,000 a. P585,000am. 108.
- Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 4. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent): 2020 2021 Sales $ 18,049 $ 18,858 Depreciation 2,406 2,514 Cost of goods sold 5,840 6,761 Other expenses 1,364 1,193 Interest 1,125 1,340 Cash 8,691 9,337 Accounts receivable 11,518 13,572 Short-term notes payable 1,704 1,671 Long-term debt 29,150 35,304 Net fixed assets 72,838 77,700 Accounts payable 6,287 6,730 Inventory 20,475 21,892 Dividends 2,129 2,344 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)Use the following information for Ingersoll, Incorporated. Assume the tax rate is 23 percent. Sales Depreciation 2020 2021 $15,073 $15,036 1,731 1,806 Cost of goods sold 4,329 4,777 Other expenses 981 859 Interest 830 961 Cash 6,172 6,676 Accounts receivable 8,110 9,637 Short-term notes payable 1,240 1,217 Long-term debt 20,530 24,811 Net fixed assets 51,042 54,483 Accounts payable 4,496 4,854 Inventory 14,402 15,358 1,300 1,688 Dividends Prepare a balance sheet for this company for 2020 and 2021. (Do not round intermediate calculations.) INGERSOLL, INCORPORATED Balance Sheet as of December 31 Current assets Assets 2020 2021
- The DeVille Company reported pretax accounting income on Its income statement as follows: Help Save & Exit 2021 2022 2023 2024 $375,000 295,000 365,000 405,000 Included in the income of 2021 was an installment sale of property in the amount of $38,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $15,200 in 2022, $19,000 in 2023, and $3,800 in 2024. 22 Included in the 2023 income was $14,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2021-2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transactlon Ilst Journal entry worksheet 3. 4 Record 2021 income taxes. Next 33 of 39…The DeVille Company reported pretax accounting Income on Its Income statement as follows: 2024 2025 2026 2027 $ 420,000 340,000 410,000 450,000 Included in the income of 2024 was an installment sale of property in the amount of $58,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $23,200 in 2025, $29,000 in 2026, and $5,800 in 2027. Included in the 2026 Income was $24,000 Interest from Investments in municipal governmental bonds. The enacted tax rate for 2024 and 2025 was 40%, but during 2025, new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond. Required: Prepare, the year-end Journal entries to record income taxes for the years 2024-2027. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. View transaction list Journal entry worksheet < 1 2 Record 2024 income taxes. Date December 31, 2024 3 Note:…The financial statements for Barrington Service Company include the following items: 2025 2024 $44,500 33,000 52,000 Cash Short-term Investments Net Accounts Receivable. Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable OA. 0.86 OB. 6.60 OC. 3.82 OD. 1.17 164,000 535,000 126,500 24,000 61,000 $44,000 20,000 56,000 49,000 554,000 128,000 17,000 50,000
- Use the following information for Taco Swell, Inc., for Problems 23 and 24 (assume the tax rate is 21 percent): 2020 2021 Sales $21,514 $24,047 Depreciation 3,089 3,229 Cost of goods sold 7,397 8,750 Other expenses 1,759 1,531 Interest 1,443 1,723 Cash 11,279 12,021 Accounts receivable 14,934 17,529 Short-term notes payable 2,176 2,133 Long-term debt 37,778 45,798 Net fixed assets 94,601 100,893 Accounts payable 8,150 8,632 Inventory 26,551 28,421 Dividends 2,573 3,008 Financial Statements [O LO1] Draw up an income statement and balance sheet for this company for 2020 and 2021.Crane Company's 2025 financial statements contain the following selected data: Income taxes Interest expense Net income $43000 20000 3.1 times. 6.2 times. 5.2 times. 4.1 times. 61000 Crane's times interest earned for 2025 isUse the following information for Ingersoll, Inc., (assume the tax rate is 23 percent): 2019 2020 Sales $ 15,073 $15,036 Depreciation 1,731 1,806 Cost of goods sold 4,329 4,777 Other expenses 981 859 Interest 830 961 Cash 6,172 6,676 Accounts receivable 8,110 9,637 Long-term debt 20,530 24,811 Net fixed assets 51,042 54,483 Accounts payable 5,736 6,071 Inventory 14,402 15,358 Dividends 1,300 1,688 Prepare a balance sheet for this company for 2019 and 2020. (Do not round intermediate calculations. Be sure to list the accounts in order of their liquidity.) INGERSOLL, INC. Assets Cash Accounts receivable Net fixed assets Inventory Current assets Balance Sheet as of Dec. 31 2019 2020 $ 6,172 $ 6,676 8,110 9,637 51,042 54,483 14,402 15,358 Total assets $ 86,654 $ 89,154 Liabilities Accounts payable $ 5,736 $ 6,071 Long-term debt 20,530 24,811
