What amount of cash and cash equivalents should the entity report on December 31, 2020? What amount of impairment loss on the machine should Aye Company recognize in 2021? What amount of gain loss on reclassification to PPE should Aye Company recognize in 2022?
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What amount of cash and cash equivalents should the entity report on December 31, 2020?
What amount of impairment loss on the machine should Aye Company recognize in 2021?
What amount of gain loss on reclassification to PPE should Aye Company recognize in 2022?
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- 3. What should be reported as noncurrent liability from this transaction at December 31, 2021 after adjusting entries are made assuming that the effective interest method is used? * On January 1, 2021, Better Company sold property to Best Company. There was no established exchange price for the property, and Best gave Better a P,000,000 non-interest bearing note payable in 5 equal annual installments of P400,000, with the first payment due December 31, 2021. The prevailing rate of interest for a note of this type is 10%. The present value of the note at 10% was P758,160 at January 1, 2021. What should be the balance of the Discount on Notes Payable account on the books of Better Company at December 31, 2021 after adjusting entries are made assuming that the effective interest method is used? 2758,160 2633,976 497,374 2136,602 none of themExercise 4-17 (Part Level Submission) The following information was taken from the records of Whispering Inc. for the year 2020: Income tax applicable to income from continuing operations $243,100; income tax applicable to loss on discontinued operations $33,150, and unrealized holding gain on available-for-sale securities (net of tax) $19,500. Gain on sale of equipment Loss on discontinued operations Administrative expenses $123,500 97,500 312,000 52,000 78,000 Rent revenue Loss on write-down of inventory Shares outstanding during 2020 were 100,000. Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses Sales Revenue $195,000 3,480,000 1,105,000 390,000 2,470,000 ▼ (a) Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48.)V Company's records provided the following information for 2019: decrease in accounts payable, $4,500 loss on sale of land, $1,500 increase in inventory, $7,700 increase in income taxes payable, $2,300 net income, $66,300 patent amortization expense, $1,900 ordinary loss, $6,900 decrease in deferred taxes payable, $2,600 amortization of discount on bonds payable, $1,400 payment of cash dividends, $25,000 depletion expense, $5,200 decrease in salaries payable, $1,600 decrease in accounts receivable, $3,100 gain on sale of equipment, $6,000 proceeds from issuance of stock, $55,000 ordinary gain, $3,300 depreciation expense, $12,000 amortization of discount on investment in bonds, $1,000 Required Prepare the operating activities section of V's 2019 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash. V COMPANY Statement of Cash Flows (Partial) For Year Ended December 31, 2019 Operating Activities: $fill…
- (2) Fortune, Inc. uses the accrual method of accounting. What is Fortune's earnings and profits as of January 1, 2020, assuming its opening 2019 E&P was $50,000, it distributed $29,000 to its shareholders in 2019, its 2019 taxable income was equal to $25,000 and that it has the following items of income and expense for the year 2019: Net operating loss carryover 2,500 ... § 243 dividend received exclusion (5% interest in stock of payor).. Contributions in excess of 10% corporate limitation Federal Income tax for TYE 12/31/19 Excess of capital losses over capital gains Interest Income from Tax-exempt municipal bond NYC moving violation and parking tickets Current year Section 179 deduction ....... 2,500 8,000 1,000 2,100 1,500 4,300 7.400 9,000The information that follows pertains to Esther Food Products: a. At December 31, 2024, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses $ 52,000 22,000 (19,000) b. No temporary differences existed at the beginning of 2024. c. Pretax accounting income was $74,000 and taxable income was $19,000 for the year ended December 31, 2024. d. The tax rate is 25%. Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2024. Complete this question by entering your answers in the tabs below. Calculation General Journal Complete the following table given below to record income taxes for 2024. Note: Amounts to be deducted should be entered with a minus sign. Description Pretax accounting income Permanent differences Income subject to taxation Temporary Differences Income taxable in current year Calculation General Journal Amount Tax Rate $…Bridgeport Corporation commenced operations in early 2025. The corporation incurred $44,500 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation. Prepare journal entries to record the $44,500 expenditure and 2025 amortization, if any. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.). Account Titles and Explanation (To record costs incurred) (To record amortization expense) Debit Credit
- The adjusted trial balance for the year of SNEED Corporatioon attached in ss blow thanks for help apoprecaited rwohwtkhpotw pwtkojOn july 1, 2021, JULIA exchanged its-non-monetary asset (equipment) with GERALD's non-monetary asset (machinery). the following data were made available: JULIA: Equipment P4,400,000 accumulated depreciation 2,000,000 cash received from gerald 500,000 GERALD: Machinery P3,700,000 Accumulated depreiation 1,800,000 Fair value of the machinery 2,100,000 The transaction lack commerical substance. How much is the cost of the new asset of JULIA?1. On May 1, 2019, ABC Corporation bought a trademark from DEF Corporation for P300,000. Its unamortized cost on DEF’s accounting records was P112,000. ABC Corp decided to amortize the trademark over its legal life from the date of purchase. What amount should the trademark be reported on its December 31, 2019, ABC’s Financial Position? 2. An entity is performing an annual test of the impairment of goodwill for a cash-generating unit. It has determined that the fair value of the unit exceeds the carrying amount. Which statement is true concerning the test of impairment? A. Goodwill should be written down as impaired. B. Impairment is not indicated and no additional analysis is necessary. C. Goodwill should be retested at the entity level. D. The assets and liabilities should be valued to determine if there has been an impairment of goodwill. 3. Which of the following items would qualify as an intangible asset? A. Advertising and promotion on the launch of a huge product B.…
- Pls helpTarget Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, Does the company separately report current assets and long-term assets, as well as current liabilities and long-term liabilities? Are any investments shown as a current asset? Why? In which liability account would the company report the balance of its gift card liability? What method does the company use to depreciate its property and equipment?please assist ne with that