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4 SorCo. Inc. has just entered into a sale agreement with a customer. The contract is...
Trevor Company's balance sheet for December 31, 20X0 is as follows: Cash 100 Accounts receivable 150...
Trevor Company's balance sheet for December 31, 20X0 is as follows: Cash 100 Accounts receivable 150 Interest Receivable 25 Inventory 120 Notes Receivable (long term) 500 Equipment, at cost 400 Accumulated depreciation, Equipment 150 Equipment, net 250 Total assets $1,145 Accounts payable 140 Wages payable 20 Unearned sales revenue 30 Paid-in-capital 600 Retained income 355 Total liabilities and $1,145 stockholders' equity The following summarized transactions occurred during 20X1: a Purchased merchandise inventory on credit, $750. Delivered merchandise to customers who...
Hendrie Inc. acquired the listed assets and liabilities of Smith Corp. for $2,200,000 cash on 1...
Hendrie Inc. acquired the listed assets and liabilities of Smith Corp. for $2,200,000 cash on 1 January. The book values and fair values of the assets of Smith as of the date of acquisition were: Accounts receivable Inventory Property, plant, and equipment Land Book Value $ 245 000 320,000 490,000 295.000 Fair Value $ 245,000 540.000 740,000 590.000 In addition, Smith Corp. had liabilities totalling $510,000 at the date of acquisition and a customer list estimated to have a fair...
income tax problem
The McGuire Company manufactures and sells stamping machines used to produce body panels for automobiles. In 20X1, the company reported pretax GAAP income of $7,250,000. Included in this amount was municipal bond interest of $27,000. McGuire insured the lives of key executives at a cost of $17,000 and paid non-deductible fines of $52,000.The company depreciates assets for GAAP and tax purposes as follows:Book Tax Difference20X1 1,400,000 2,840,000 (1,440,000)20X2 1,400,000 2,510,000 (1,110,000)20X3 1,400,000 2,240,000 (840,000)20X4 1,400,000 1,970,000 (570,000)20X5 1,400,000 1,680,000 (280,000)20X6...
Micro Computers Inc. sponsors a defined benefit pension plan for its employees. It is now the...
Micro Computers Inc. sponsors a defined benefit pension plan for its employees. It is now the 20x2 11scal year. Long-term corporate borrowing rates for companies with this risk profile are 4%. Information with respect to the pension plan is as follows: S 182,200 1,971,000 221,900 411,000 2,940,000 Current service cost for 20X2 Fair value of plan assets, 31 December 20X1 Benefits paid to retirees during 20X2 Funding payment at 1 February 20X2 Defined benefit obligation, 31 December 20X1 Past service...
Bright Future signed a $700,000 contract to an d the project required three years to complete....
Bright Future signed a $700,000 contract to an d the project required three years to complete. Bright Future estimated that total contract coswabe SGD 000 The financial information during 2031 203 related to the construction contracts as the following 2002 2003 Costs incurred to date $200.000 $370,000 $610,000 Estimated costs to complete 400 000 250.000 Progress bilings made during the year 210,000 315.000 175.000 Collections of billings during the year 200,000 320,000 180,000 Additional information: 1) The customer does not...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each December 1 Required: 1. Record the acceptance of the note on December 1, 2021. 2. Record the interest collected on December 1 for 2022 and 2023, and the adjustment for interest revenue on December 31 for 2021....
What is the average number of days that Shermin, Inc., took to collect its receivables in 20X2? a) 10.07 b) 8.23 c)...
What is the average number of days that Shermin, Inc., took to
collect its receivables in 20X2?
a) 10.07
b) 8.23
c) 6.48
d) 54.19
EXHIBIT A Sherman, Inc. Balance Sheet As of December 31, 20X1 and 20X2 Assets 20X1 20X2 $ 49,000 10,000 Current assets Cash Marketable securities Accounts receivable Inventory Total current assets $ 23,000 8,000 66.000 180.000 $277.000 92,000 170,000 $321.000 Noncurrent (fixed) assets Land Buildings Equipment Less: Accumulated depreciation Total fixed assets (net) Total assets $...
The following information is provided for JPT Welding, Inc. at December 31, 2020: Account Balances Balance...
The following information is provided for JPT Welding, Inc. at December 31, 2020: Account Balances Balance ($) Accounts Payable 5,700 Accounts Receivable 7,350 Additional Paid-in-Capital 16,680 Cash 45,000 Common Stock ($1 par value) 15,000 Deferred Revenue 3,000 Interest Payable 350 Interest Receivable 450 Investments 10,000 Land 5,000 Long-Term Notes Payable 3,430 Prepaid Expenses 600 Property and Equipment 9,600 Retained Earnings 23,560 Short-Term Notes Payable 1,820 Wages Payable 8,460 JPT entered into the following transactions during January 2020: Sold 1,200 shares...
got lost as soon as i got to letter F Return Web Wizard, Inc., has provided...
got lost as soon as i got to letter F
Return Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter a During January, the...
eBook Show Me How * Calculator Debt Investment Transactions, Available-for-Sale Valuation Rekya Mart Inc. is a...
eBook Show Me How * Calculator Debt Investment Transactions, Available-for-Sale Valuation Rekya Mart Inc. is a general merchandise retail company that began operations on January 1, Year 1. The following transactions relate to debt investments acquired by Rekya Mart Inc., which has a fiscal year ending on December 31: Year 1 Apr. 1. Purchased $36,000 of Smoke Bay 5%, 10-year bonds at their face amount plus accrued interest of $300. The bonds pay interest semiannually on February 1 and August...
Trevor Company's balance sheet for December 31, 20X0 is as follows: Cash 100 Accounts receivable 150 Interest Receivable 25 Inventory 120 Notes Receivable (long term) 500 Equipment, at cost 400 Accumulated depreciation, Equipment 150 Equipment, net 250 Total assets $1,145 Accounts payable 140 Wages payable 20 Unearned sales revenue 30 Paid-in-capital 600 Retained income 355 Total liabilities and $1,145 stockholders' equity The following summarized transactions occurred during 20X1: a Purchased merchandise inventory on credit, $750. Delivered merchandise to customers who...
Hendrie Inc. acquired the listed assets and liabilities of Smith Corp. for $2,200,000 cash on 1 January. The book values and fair values of the assets of Smith as of the date of acquisition were: Accounts receivable Inventory Property, plant, and equipment Land Book Value $ 245 000 320,000 490,000 295.000 Fair Value $ 245,000 540.000 740,000 590.000 In addition, Smith Corp. had liabilities totalling $510,000 at the date of acquisition and a customer list estimated to have a fair...
Micro Computers Inc. sponsors a defined benefit pension plan for its employees. It is now the 20x2 11scal year. Long-term corporate borrowing rates for companies with this risk profile are 4%. Information with respect to the pension plan is as follows: S 182,200 1,971,000 221,900 411,000 2,940,000 Current service cost for 20X2 Fair value of plan assets, 31 December 20X1 Benefits paid to retirees during 20X2 Funding payment at 1 February 20X2 Defined benefit obligation, 31 December 20X1 Past service...
Bright Future signed a $700,000 contract to an d the project required three years to complete. Bright Future estimated that total contract coswabe SGD 000 The financial information during 2031 203 related to the construction contracts as the following 2002 2003 Costs incurred to date $200.000 $370,000 $610,000 Estimated costs to complete 400 000 250.000 Progress bilings made during the year 210,000 315.000 175.000 Collections of billings during the year 200,000 320,000 180,000 Additional information: 1) The customer does not...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each December 1 Required: 1. Record the acceptance of the note on December 1, 2021. 2. Record the interest collected on December 1 for 2022 and 2023, and the adjustment for interest revenue on December 31 for 2021....
What is the average number of days that Shermin, Inc., took to
collect its receivables in 20X2?
a) 10.07
b) 8.23
c) 6.48
d) 54.19
EXHIBIT A Sherman, Inc. Balance Sheet As of December 31, 20X1 and 20X2 Assets 20X1 20X2 $ 49,000 10,000 Current assets Cash Marketable securities Accounts receivable Inventory Total current assets $ 23,000 8,000 66.000 180.000 $277.000 92,000 170,000 $321.000 Noncurrent (fixed) assets Land Buildings Equipment Less: Accumulated depreciation Total fixed assets (net) Total assets $...
got lost as soon as i got to letter F
Return Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter a During January, the...
eBook Show Me How * Calculator Debt Investment Transactions, Available-for-Sale Valuation Rekya Mart Inc. is a general merchandise retail company that began operations on January 1, Year 1. The following transactions relate to debt investments acquired by Rekya Mart Inc., which has a fiscal year ending on December 31: Year 1 Apr. 1. Purchased $36,000 of Smoke Bay 5%, 10-year bonds at their face amount plus accrued interest of $300. The bonds pay interest semiannually on February 1 and August...
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