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Nishi Corporation | |||
Answer 1 | Amount $ | ||
Income tax payable for quarter 4 | 42,199.00 | ||
Less: Unadjusted balance in Income tax payable account | 40,099.00 | ||
Accounting adjustment to be done as on Dec 31 | 2,100.00 | ||
Answer 2 Journal Entry | Account | Debit $ | Credit $ |
For Accounting adjustment as on Dec 31 | Income tax Expense | 2,100.00 | |
Income tax payable | 2,100.00 | ||
For payment of Quarter 4 taxes on Jan 20 | Income tax payable | 42,199.00 | |
Cash | 42,199.00 |
Exercise 9-15B Accounting for income taxes LO P4 Nishi Corporation prepares financial statements for each month-end....
Exercise 9-15B Accounting for Income taxes LO P4 Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 29% of the current month's net income. The income taxes are paid in the first month of each quarter for the amount accrued for the prior quarter. The following information is available for the fourth quarter of the year. When tax computations are completed on January 20 of the following...
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Connect Homework - Chapter 9 Saved Help Save & Exit Submit 4 Exercise 9-17B Accounting for income taxes LO P4 Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 29 % of the current month's net income. The income taxes are paid in the first month of each quarter for the...
LO 2-3, 2-4 Exercise 2-7B Effect of accrued expenses on the accounting equatiow and financial statements During Year I, Sur Corporation carned $5,000 of cash revenue and accrued $3,000 of salaries axpense. Required (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements) Based on this information alone: 1. Prepare the December 31, Year 1, balance sheet. Star Corporation Accounting Equation - Year 1 Event Assets - Liabilities Stockholders' Equity Salaries Common Retained Cash...
Office Supplies
Faberton, Inc. purchases office supplies once a month and
prepares monthly financial statements. The asset account Office
Supplies on Hand has a balance of $1,550 on May 1. Purchases of
supplies during May amount to $1,100. Supplies on hand at May 31
amount to $920.
Required:
1. Identify and analyze the effect of the
adjustment on May 31.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is not affected, select...
Effects of Adjusting Entries on the Accounting Equation Kretz Corporation prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for March 2016: Kretz Corporation takes out a 90-day, 8%, $15,000 note on March 1, 2016, with interest and principal to be paid at maturity. Assume a 360-day year. The asset account Office Supplies on Hand has a balance of $1,280 on March 1, 2016. During March, Kretz adds $750...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1, 2-3 Holloway Company eamed $4,900 of service revenue on account during Year 1. The company collected $4,165 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) a. The...
Paragraph Styles Exercise 2-13B Effects of recognizing accrued Interest on financial statements Carry Connelly started Connelly Company on January 1. Year 1. The company experienced the follow ing events during its first year of operation: 1. Earned $6,200 of cash revenue. 2. Borrowed $10,000 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year I, had a one-year term and a 9 percent annual interest...
Exercise 9-29 Budgeted Financial Statements; Retailer (LO 9-3, 9-5) Handy Hardware is a retail hardware store. Information about the store's operations follows. • November 20x1 sales amounted to $480,000. • Sales are budgeted at $520,000 for December 20x1 and $480,000 for January 20x2. Collections are expected to be 60 percent in the month of sale and 38 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized monthly. •...
Problem 07-8AA Merchandising: Preparation of a complete master budget LO P4 Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 $ 35,000 520,000 157.500 712,500 552,000 69,000 483,000 $1,195,500 Cash Accounts receivable Inventory Total current assets Equipment Less: Accumulated depreciation Equipment, set Total assets Liabilities and Equity Accounta payable Bank loan payable Taxes payable dae 3/15/2020...
Question 1 View Policies Current Attempt in Progress Concord Corporation prepares quarterly financial statements. The post-closing trial balance at December 31, 2021, is presented below. CONCORD CORPORATION Post-Closing Trial Balance December 31, 2021 Debit Credit Cash $22.400 Accounts Receivable 23,000 Allowance for Doubtful Accounts $1.200 Equipment 24,000 Accumulated Depreciation-Equipment 11,000 Buildings 121,000 Accumulated Depreciation-Buildings Land Accounts Payable 11,000 20,000 12,150 86,000 89,050 $210,400 $210,400 Common Stock Retained Earnings During the first awarter of 2022. the following transactions occurred: During the...