Soft Bound Version for Advanced Accounting 13th Edition
13th Edition
ISBN: 9781260110579
Author: Hoyle
Publisher: McGraw Hill Education
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 8, Problem 28P
To determine
Identify the amount of net income that company R should report for the quarter ended September 30.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Rouge Company’s $264,000 net income for the quarter ended September 30 included the following after-tax items:
A $28,000 cumulative effect loss resulting from a change in inventory valuation method made on September 1.
$0 of the $74,000 annual property taxes paid on February 1.
For the quarter ended September 30, the amount of net income that Rouge should report is
Occidental Company's P10,000,000 net income for the quarter ended September 30, included the following after-tax items
AP1,200,000 gain realized on April 30 was allocated equally to the second, third and fourth quarters of the year.
A P3,000,000 cumulative loss resulting from a change in inventory valuation method was recognized on August 2.
In addition, Occidental paid P600,000 on February 1 for the calendar-year property tax. Of this amount, P150,000 was allocated to the third
quarter. For the quarter ended September 30, Occidental should report net income of
For the quarter ended September 30, 2021, how much should GREEN report as net income?
Chapter 8 Solutions
Soft Bound Version for Advanced Accounting 13th Edition
Ch. 8 - Prob. 1QCh. 8 - Prob. 2QCh. 8 - Prob. 3QCh. 8 - The management approach requires a firm to define...Ch. 8 - What is an operating segment?Ch. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Prob. 8QCh. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - Prob. 11QCh. 8 - To satisfy geographic area disclosure...Ch. 8 - Prob. 13QCh. 8 - Prob. 14QCh. 8 - Prob. 15QCh. 8 - Prob. 16QCh. 8 - Prob. 17QCh. 8 - How does a company determine the amount of income...Ch. 8 - Prob. 19QCh. 8 - Prob. 20QCh. 8 - What type of segment information must companies...Ch. 8 - How would an annual bonus paid at year-end be...Ch. 8 - Which of the following does U.S. GAAP not consider...Ch. 8 - Prob. 2PCh. 8 - Prob. 3PCh. 8 - Prob. 4PCh. 8 - Prob. 5PCh. 8 - Which of the following is not necessarily true for...Ch. 8 - Prob. 7PCh. 8 - Prob. 8PCh. 8 - Prob. 9PCh. 8 - Which of the following items is required to be...Ch. 8 - Prob. 11PCh. 8 - Prob. 12PCh. 8 - Which of the following information items with...Ch. 8 - Prob. 14PCh. 8 - In considering interim financial reporting, how...Ch. 8 - How should material seasonal variations in revenue...Ch. 8 - Prob. 17PCh. 8 - Prob. 18PCh. 8 - Prob. 19PCh. 8 - Niceville Company pays property taxes of 100,000...Ch. 8 - Prob. 21PCh. 8 - Prob. 22PCh. 8 - Prob. 23PCh. 8 - Prob. 24PCh. 8 - Prob. 25PCh. 8 - Prob. 26PCh. 8 - Prob. 27PCh. 8 - Prob. 28PCh. 8 - Prob. 29PCh. 8 - Prob. 30PCh. 8 - Prob. 31PCh. 8 - Prob. 32PCh. 8 - Prob. 33PCh. 8 - Prob. 34PCh. 8 - Prob. 35PCh. 8 - Prob. 36PCh. 8 - Prob. 37PCh. 8 - Prob. 38PCh. 8 - Noventis Corporation prepared the following...Ch. 8 - Prob. 40PCh. 8 - Prob. 41PCh. 8 - Prob. 5DYSCh. 8 - ACCOUNTING STANDARDS CASE 1SEGMENT REPORTING...Ch. 8 - ACCOUNTING STANDARDS CASE 2INTERIM REPORTING...Ch. 8 - Prob. 8DYSCh. 8 - Prob. 9DYS
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 1. QUIRK ACCIDENT Co. reports profit before tax of P200,000 in its 2nd quarter interim financial statements before consideration for the following: a. Inventory with a carrying amount P10,000 has a net realizable value of P12,000. It is expected that the change in value will reverse in the 3rd quarter. There have been no write-downs of inventory recognized in previous periods. b. An investment property measured under the cost model has a carrying amount of P150,000 but its recoverable amount is P140,000. c. An investment in FVPL measured at acquisition cost of P20,000 has a fair value of P38,000 as at the end of 2nd the quarter. However, the increase in fair value is expected to be only temporary. d. No depreciation is recognized during the 2nd quarter. The annual straight-line depreciation of items of PPE is P60,000. e. ABC Co. has a policy of providing 12 days paid vacation leaves for its employees. The vacation leaves are vesting and accumulating. Total paid vacation leaves…arrow_forwardDEF Company reports profit before tax of P500,000 in its 3nd quarter interim financial statements before consideration for the following: • Inventory with a carrying amount P10,000 has a net realizable value of P12,000. It is expected that the change in value will reverse in the 4th quarter. There have been no write-downs of inventory recognized in previous periods. • Loss on sale of a used equipment on August 2, 20x1 was P60,000. • An investment in FVPL measured at acquisition cost of P20,000 has a fair value of P38,000 as at the end of 3rd the quarter. However, the increase in fair value is expected to be only temporary. • DEF Company incurred P24,000 on unanticipated repairs on its factory equipment on March 16, 20x1. • No depreciation is recognized during the 3rd quarter. The annual straight-line depreciation of items of PPE is P60,000. Year-end staff bonuses are expected to be around P184,000. Employees become entitled to the bonuses as they provide services to DEF Company during…arrow_forwardIn the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payablearrow_forward
- What is the income before tax for the third quarter ended September 30, 2020? a. P406,250 b. P375,000 c. P675,000 d. P275,000arrow_forwardKim Corp. reports profit before tax of P 1,000,000 I its 2nd quarter interim financial statements before consideration for the following: a. Inventory with a carrying amount of P 100,000 has a net realizable value of P 80,000. It is expected that the decline in value will reverse in the 3rd quarter. b. An investment property measured under the cost model has a carrying amount of P 250,000 but its recoverable amount is P 210,000. c. An investment in FVPL measured at acquisition cost of P 20,000 has a fair value of P 25,000 as at the end of the 2nd quarter. However, the increase in fair value is expected to be only temporary. d. No depreciation is recognized during the 2nd quarter. The annual depreciation under the straight-line method of items of PPES is P 360,000. e. Kim Corp. has a policy of providing 12 days paid vacation leaves for its employees. The vacation leaves are vesting and accumulating. Total paid vacation leaves eligibility of employees for the full year is P 240,000.…arrow_forwardCrown Inc. reported P1,900,000 net income for the quarter ended September 30, 2021 which included the following after tax items: A P1,200,000 expropriation gain, realized on April 30, 2021, was allocated equally to the 2nd, 3rd and 4th quarters of 2021. A P300,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 1, 2021. On February 1, 2021, Peras Inc. paid P960,000 for 2021 calendar-year property taxes. One-fourth of the property taxes paid was allocated to the 3rd quarter of 2021. What amount should be reported as net income for the quarter ended September 30, 2021? A. 900,000B. 1,250,000C. 1,800,000D. 1,600,000arrow_forward
- Atis Inc. reported P 3,800,000 net income for the quarter ended September 30, 2021 which included the following after tax items: A P 2,400,000 expropriation gain, realized on April 30, 2021, was allocated equally to the 2nd, 3rd and 4th quarters of 2021. A P 600,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 1, 2021. On February 1, 2021, Atis Inc. paid P1,920,000 for 2021 calendar-year property taxes. One-fourth of the property taxes paid was allocated to the 3rd quarter of 2021. What amount should be reported as net income for the quarter ended September 30, 2021?A. 900,000B. 1,600,000C. 3,600,000D. 1,800,000arrow_forwardHow much is the restated balance of AMSTERDAM's retained earnings account at January 1, 2021?arrow_forwardLESTERRIFIC Co. reports profit before tax of ₱200,000 in its 2nd quarter interim financial statements before consideration for the following:1 Inventory with a carrying amount ₱10,000 has a net realizable value of ₱12,000. It is expected that the change in value will reverse in the 3rd There have been no write-downs of inventory recognized in previous periods.2 An investment property measured under the cost model has a carrying amount of ₱150,000 but its recoverable amount is ₱140,000.3 An investment in FVPL measured at acquisition cost of ₱20,000 has a fair value of ₱38,000 as at the end of 2nd the quarter. However, the increase in fair value is expected to be only temporary.4 No depreciation is recognized during the 2nd The annual straight-line depreciation of items of PPE is ₱60,000.5 ABC Co. has a policy of providing 12 days paid vacation leaves for its employees. The vacation leaves are vesting and accumulating. Total paid vacation leaves eligibility of employees for the full year…arrow_forward
- How much is the balance of AMSTERDAM's retained earnings account at December 31, 2021?arrow_forwardThe following data represent the diffence between accounting and tax income for Seafood Imports Inc., whose pre-tax accounting income is $695,000 for the year ended December 31. The company's income tax rate is 45%. Additional information relevant to income taxes includes the following. a. Capital cost allowance of $270,000 exceeded accounting depreciation expense of $157,000 in the current year. b. Rents of $29,000, applicable to next year, had been collected in December and deferred for financial statement purposes but are taxable in the year received. c. In a previous year, the company established a provision for product warranty expense. A summary of the current year's transactions appears below: ii. Warranty Expense for the Year 42,500 iii. Payments made to fulfill product warranties. 35,000 d. Insurance expense to cover the company's excutive officers was $7,500 for the year. Required: Prepare all the journal entries to record income taxes for Seafood…arrow_forwardSammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible. 1. How much is the business tax payable for the first quarter? 2. How much is the business tax payable for the third quarter?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
IAS 29 Financial Reporting in Hyperinflationary Economies: Summary 2021; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=55luVuTYLY8;License: Standard Youtube License