What are the cash payments FedEx made for interest and for income taxes in the three years reported, 2020, 2019, and 2018? (Hint: See the disclosure notes.)
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- What are the cash payments FedEx made for interest and for income taxes in the three years reported, 2020, 2019, and 2018? (Hint: See the disclosure notes.)
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- Reported income taxes on its recently ended year (2021), income statement. Its balance sheet reported an amount of income taxes payable at end of the previous year (2020), and a greater amount (Increase) for the recently ended year (2021)How do you calculate what amount of cash payments were made for income taxes during the recently ended year (2021)?Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial position at 31 December 2020. The related interest revenue will be taxed on a cash basis in 2021. Delta has trade receivables that have a carrying amount of $105,000 in its statement of financial position at 31 December 2020. The related revenue has been included in its statement of profit or loss for the year to 31 December 2020. Required: According to HKAS 12 ‘Income Taxes’, what is the total tax base of interest receivable and trade receivables for Delta at 31 December 2020? A. $105,000 B. $75,000 C. Nil D. $180,000Can you add the information to the table below. Accounts Receivable Beginning balance Ending Balance 0 What is the net increase or decrease in the Cash account for year 2021?
- Record, if necessary, an adjustment for estimated uncollectible accounts at the end of 2021 and the actual bad debts in 2022.Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income taxInterest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In conjunction with this statement, it plans to disclose the interest and income taxes it paid during 2019. The following information is available from its 2019 income statement and beginning and ending balance sheet: Required: 1. Compute the amounts of interest paid and income taxes paid by Staggs for 2019. 2. Next Level Under IFRS, how would interest paid and income taxes paid be reported?
- Florenda Quino Forwarders borrowed P600,000 from the bank on Sept. 1, 2019. The note carried an 8% annual rate of interest and was set to mature on Feb. 29, 2020. Interest and principal were paid in cash on the maturity date. Required: 1. What was the amount of interest expense paid in cash in 2019? 2. What was the amount of interest expense recognized on the 2019 income statement? 3. What was the amount of total liabilities shown on the 2019 balance sheet? 4. What was the total amount of cash that was paid to the bank on Feb. 29, 2020 for principal and interest? 5. What was the amount of interest expense shown on the 2020 income statement?Show how the preceding information would be reported on Furman’s year-end balance sheet (assume the note payable is short-term).What amount of interest expense would the company report in 2019 on these financial accounting question?
- On July 1 of the current year, an entity received a one-year note receivable bearing an interest rate at the market rate of interest. The face amount of the note receivable and the entire amount of interest are due in one year. This note should be recorded at A. Discounted value of cash flows B. Face value C. Fair value D. Maturity valueWhat amount of interest expense would the company report in 2020 For this accounting question?On an entity’s April 30,2021 balance sheet a note receivable was reported as a noncurrent asset and its accrued interest for eight months was reported as a current asset. Which of the following terms would fit the entity’s note receivable? A. Principal and interest are due December 31, 2021. B. Principal is due August 31,2022, and interest is due August 31, 2021, and August 31, 2022. C. Both principal and interest amounts are payable on December 31, 2021 and December 31, 2022. D. Both principal and interest amounts are payable on August31, 2021, and August 31, 2022.
