INTERMEDIATE ACCOUNTING (LL)(W/CONNECT)
INTERMEDIATE ACCOUNTING (LL)(W/CONNECT)
10th Edition
ISBN: 9781264032266
Author: SPICELAND
Publisher: MCG
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Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December he performed $20,000 of legal services for a client. Manny typically requires his clients to pay his bills immediately upon receipt. Assume Manny’s marginal tax rate is 37 percent this year and next year, and that he can earn an after-tax rate of return of 12 percent on his investments.   a. What is the after-tax income if Manny sends his client the bill in December?            b. What is the after-tax income if Manny sends his client the bill in January? Use Exhibit 3.1. (Round your answer to the nearest whole dollar amount.) Exhibit 3.1 below   4% 5% 6% 7% 8% 9% 10% 11% 12%  Year 1 .962 .952 .943 .935 .926 .917 .909 .901 .893  Year 2 .925 .907 .890 .873 .857 .842 .826 .812 .797  Year 3 .889 .864 .840 .816 .794 .772 .751 .731 .712  Year 4 .855 .823 .792 .763 .735 .708 .683 .659 .636  Year 5 .822 .784 .747 .713 .681 .650 .621 .593 .567  Year 6 .790 .746…
Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: Cash (1) 40,000 (2) 4,000 (7) 13,100 (3) 5,000 (4) 6,175 (6) 6,000 (9) 1,500 Equipment (3) 15,000 Dividends (9) 1,500 Accounts Receivable Accounts Payable Service Revenue (5) 20,500 (7) 13,100 (6) 6,000 (3) 10,000 (5) 20,500 Supplies (2) 4,000 (8) 2,200 Common Stock (1) 40,000 Operating Expenses (4) 6,175 (8) 2,200 a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. Place the amounts in the proper columns. If an entry is not required in an amount box, leave it blank.
Transactions and T Accounts The following selected transactions were completed during July of the current year: 1. Billed customers for fees earned, $112,700. 2. Purchased supplies on account, $4,500. 3. Received cash from customers on account, $88,220. 4. Paid creditors on account, $3,100. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. (1) Accounts Receivable Fees Earned (2) Supplies Accounts Payable (3) Cash Accounts Receivable (4) Accounts Payable Cash
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