Financial Accounting
7th Edition
ISBN: 9781118162286
Author: Kimmel, Paul D.
Publisher: John Wiley & Sons Inc
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Chapter AE, Problem AE.6E
(a)
To determine
Trading securities: It refers to the buying and selling of short-term debt or equity securities to generate profits in the current period.
To Prepare: The
(b)
To determine
To Prepare: The
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Assume a federal agency has the following events:
Receives a warrant from the Treasury notifying the agency of appropriations of $5,350,000.
OMB apportions one-fourth of the appropriation for the first quarter of the year.
The director of the agency allots $1,202,000 to program units.
Program units place orders of $865,000.
Supplies ($141,500) and services ($582,500) are received during the first quarter. Supplies of $130,000 were used in the quarter. Accounts payable were paid in full.
Required:
Prepare a schedule showing the status of the appropriation at the end of the first quarter.
Chapter AE Solutions
Financial Accounting
Ch. AE - Prob. 1QCh. AE - Prob. 2QCh. AE - 3. Jill Glendo is confused about losses and gains...Ch. AE - Prob. 4QCh. AE - What is the cost of an investment in stock?Ch. AE - Prob. 6QCh. AE - Prob. 7QCh. AE - Prob. 8QCh. AE - Prob. 9QCh. AE - Distinguish between the cost and equity methods of...
Ch. AE - What are consolidated financial statements?Ch. AE - What are the valuation guidelines for trading and...Ch. AE - Prob. 13QCh. AE - Prob. 14QCh. AE - Prob. 15QCh. AE - Prob. 16QCh. AE - Prob. 17QCh. AE - Prob. 18QCh. AE - Prob. 19QCh. AE - Prob. AE.1BECh. AE - Prob. AE.2BECh. AE - Prob. AE.3BECh. AE - Prob. AE.4BECh. AE - Prob. AE.5BECh. AE - Prob. AE.6BECh. AE - Prob. AE.7BECh. AE - Prob. AE.8BECh. AE - Prob. AE.1ECh. AE - Prob. AE.2ECh. AE - Prob. AE.3ECh. AE - Prob. AE.4ECh. AE - Prob. AE.5ECh. AE - Prob. AE.6ECh. AE - EE-7 Data for investments in stock classified as...Ch. AE - Prob. AE.8ECh. AE - Prob. AE.1PCh. AE - Prob. AE.2PCh. AE - Prob. AE.3PCh. AE - Prob. AE.4PCh. AE - Prob. AE.5PCh. AE - Prob. AE.6P
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- What is the payable deferral period on these financial accounting question?arrow_forwardEvergreen Corporation (calendar-year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Date Placed in Asset Service Original Basis Machinery October 25 $ 120,000 Computer equipment February 3 47,500 Used delivery truck* August 17 Furniture April 22 60,500 212,500 *The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of §179 expense? Depreciation $ 440,500arrow_forwardLina purchased a new car for use in her business during 2024. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2024 and 2025 (Lina doesn't want to take bonus depreciation for 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) e. The vehicle cost $85,000, and she used it 20 percent for business. Year Depreciation deduction 2024 2025arrow_forward
- Lina purchased a new car for use in her business during 2024. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2024 and 2025 (Lina doesn't want to take bonus depreciation for 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) b. The vehicle cost $85,000, and business use is 100 percent. Year Depreciation deduction 2024 2025arrow_forwardWhat adjusting journal entry should be recorded to account for the expiration of this asset on these financial accounting question?arrow_forwardAssume that ACW Corporation has 2024 taxable income of $1,720,000 for purposes of computing the §179 expense. The company acquired the following assets during 2024 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Placed in Service September 12 Basis $ 492,000 Computer equipment Delivery truck February 10 August 21 Qualified real property (MACRS, 15 year, 150% DB) April 2 Total 92,000 115,000 1,402,000 $ 2,101,000 a. What is the maximum amount of §179 expense ACW may deduct for 2024? b. What is the maximum total depreciation that ACW may deduct in 2024 on the assets it placed in service in 2024? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2024 b. Maximum total deductible depreciation for 2024arrow_forward
- Solve fastlyarrow_forwardWhat is the return on common stockholders equity for these financial accounting question?arrow_forwardEvergreen Corporation (calendar-year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Date Placed in Asset Machinery Service October 25 Original Basis $ 120,000 Computer equipment February 3 47,500 Used delivery truck* August 17 Furniture April 22 60,500 212,500 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? Depreciation $ 69,096arrow_forward
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