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Unearned revenue is a money received from customers for goods not delivered and services not provided. Unearned revenue is a liability. Microsoft classified and recorded the amount as the liability Unearned Revenue on its balance sheet.
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On June 30, 2010, Microsoft Corporation was holding $4.8 billion of cash that it had collected...
At December 31, DePaul Corporation had a $30 million balance in its deferred tax asset account...
At December 31, DePaul Corporation had a $30 million balance in its deferred tax asset account and a $158 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences: 1. Estimated warranty expense, $35 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). 2. Depreciation expense, $270 million: straight-line in the income statement; MACRS on the tax return. 3. Income from installment sales of properties, $125 million:...
At December 31, DePaul Corporation had a $26 million balance in its deferred tax asset account...
At December 31, DePaul Corporation had a $26 million balance in its deferred tax asset account and a $102 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences : 1. Estimated warranty expense, $35 million: expense recorded in the year of sale; tax-deductible when paid (one-year warranty) 2. Depreciation expense, $180 million: straight line in the income statement; MACRS on the tax return 3. Income from installment sales of properties, $75...
Accounting: At December 31, DePaul Corporation had a $4 million balance in its deferred tax asset account and a $37 mill...
Accounting: At December 31, DePaul Corporation had a $4 million balance in its deferred tax asset account and a $37 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences: Estimated warranty expense, $10 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). Depreciation expense, $110 million: straight-line in the income statement; MACRS on the tax return. Income from installment sales of properties, $75 million: income recorded...
At December 31, DePaul Corporation had a $9 million balance in its deferred tax asset account...
At December 31, DePaul Corporation had a $9 million balance in its deferred tax asset account and a $72 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences: 1. Estimated warranty expense, $10 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). 2. Depreciation expense, $140 million: straight-line in the income statement; MACRS on the tax return. 3. Income from installment sales of properties, $100 million:...
Drop menu options are Adj Bal, Bal, Cash collected for future services, and Earned from advanced...
Drop menu options are Adj Bal, Bal, Cash collected for future
services, and Earned from advanced collections
At the beginning of the year, Choice Advertising owed customers $3,200 for unearned revenue collected in advance. During the year, Choice received advance cash receipts of $8,600 and earned $40,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $40,000. Read the requirements. Requirement 1. Record the...
Quiz: Chapter 3 Quiz 1 Time Remaining: 0059.51 Submit Quiz This Question: 1 pt 1 of...
Quiz: Chapter 3 Quiz 1 Time Remaining: 0059.51 Submit Quiz This Question: 1 pt 1 of 1 (0 complete) This Quiz: 1 pts possible The TJ Company collects all service revenue in advance. The company showed a $12,500 liability on its December 31, 2011, balance sheet for unearned service revenue. During 2012, customers paid $50,000 for future services, and the income statement for the year ended December 31, 2012, reported service revenue of $52,700 What amount for the liability uneaned...
At December 31, DePaul Corporation had the following cumulative temporary differences associated with its operations: 1....
At December 31, DePaul Corporation had the following cumulative temporary differences associated with its operations: 1. Estimated warranty expense, $24 million temporary difference: expense recorded in the year of the sale, tax-deductible when paid (one-year warranty). 2. Depreciation expense, $104 million temporary difference: straight-line in the income statement: MACRS on the tax return. 3. Income from installment sales of properties. $80 million temporary difference: income recorded in the year of the sale: taxable when received equally over the next five...
hello i am stuck on the line about bad debt C CORPORATION BOOK-TO-TAX RECONCILIATION. Western Corporation,...
hello i am stuck on the line about bad debt
C CORPORATION BOOK-TO-TAX RECONCILIATION. Western Corporation, an accrual basis, calendar-year C corporation, began operations on January 2, 2000. For each item below, determine the 2010 Schedule M-1 adjustment to reconcile book income to taxable income, i.e., the amount and the effect ( + or -). Net income per books $1,000,000 Provision for Federal income taxes, $320,000 Municipal bond interest, $20,000 During 2010, Western increased its allowance for uncollectible accounts by...
Government Financial Statements The following information regarding the fiscal year ended June 30, 2011, was drawn...
Government Financial Statements The following information regarding the fiscal year ended June 30, 2011, was drawn from the accounts and records of the Chase County general fund Revenues and other asset inflows Property taxes Licenses and permits State grants Collection of interfund advance to other fund Proceeds from sale of equipment $6,000,000 750,000 50,000 80,000 40,000 Expenditures and other asset outflows General government Public safety Judicial system Health Equipment purchases Payment to debt service fund to cover future debt $2,250,000...
Blossom Company had the following trial balance at June 30, 2021 (its year end). Credit Cash Accounts Receivable S...
Blossom Company had the following trial balance at June 30, 2021 (its year end). Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Unearned Revenke Blossom, Capital Totals Debit $5,700 700 1,100 8,640 $3,600 1,300 11,240 $16,140 $16,140 During the month of July, the following selected transactions took place: July 2 Pald $600 cash for rent for July August, and September 10 Purchased $100 of supplies for cash. 14 Collected the full balance of accounts receivable. 20 Received $600 cash from...
At December 31, DePaul Corporation had a $30 million balance in its deferred tax asset account and a $158 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences: 1. Estimated warranty expense, $35 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). 2. Depreciation expense, $270 million: straight-line in the income statement; MACRS on the tax return. 3. Income from installment sales of properties, $125 million:...
At December 31, DePaul Corporation had a $9 million balance in its deferred tax asset account and a $72 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences: 1. Estimated warranty expense, $10 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). 2. Depreciation expense, $140 million: straight-line in the income statement; MACRS on the tax return. 3. Income from installment sales of properties, $100 million:...
Drop menu options are Adj Bal, Bal, Cash collected for future
services, and Earned from advanced collections
At the beginning of the year, Choice Advertising owed customers $3,200 for unearned revenue collected in advance. During the year, Choice received advance cash receipts of $8,600 and earned $40,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $40,000. Read the requirements. Requirement 1. Record the...
Quiz: Chapter 3 Quiz 1 Time Remaining: 0059.51 Submit Quiz This Question: 1 pt 1 of 1 (0 complete) This Quiz: 1 pts possible The TJ Company collects all service revenue in advance. The company showed a $12,500 liability on its December 31, 2011, balance sheet for unearned service revenue. During 2012, customers paid $50,000 for future services, and the income statement for the year ended December 31, 2012, reported service revenue of $52,700 What amount for the liability uneaned...
At December 31, DePaul Corporation had the following cumulative temporary differences associated with its operations: 1. Estimated warranty expense, $24 million temporary difference: expense recorded in the year of the sale, tax-deductible when paid (one-year warranty). 2. Depreciation expense, $104 million temporary difference: straight-line in the income statement: MACRS on the tax return. 3. Income from installment sales of properties. $80 million temporary difference: income recorded in the year of the sale: taxable when received equally over the next five...
hello i am stuck on the line about bad debt
C CORPORATION BOOK-TO-TAX RECONCILIATION. Western Corporation, an accrual basis, calendar-year C corporation, began operations on January 2, 2000. For each item below, determine the 2010 Schedule M-1 adjustment to reconcile book income to taxable income, i.e., the amount and the effect ( + or -). Net income per books $1,000,000 Provision for Federal income taxes, $320,000 Municipal bond interest, $20,000 During 2010, Western increased its allowance for uncollectible accounts by...
Government Financial Statements The following information regarding the fiscal year ended June 30, 2011, was drawn from the accounts and records of the Chase County general fund Revenues and other asset inflows Property taxes Licenses and permits State grants Collection of interfund advance to other fund Proceeds from sale of equipment $6,000,000 750,000 50,000 80,000 40,000 Expenditures and other asset outflows General government Public safety Judicial system Health Equipment purchases Payment to debt service fund to cover future debt $2,250,000...
Blossom Company had the following trial balance at June 30, 2021 (its year end). Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Unearned Revenke Blossom, Capital Totals Debit $5,700 700 1,100 8,640 $3,600 1,300 11,240 $16,140 $16,140 During the month of July, the following selected transactions took place: July 2 Pald $600 cash for rent for July August, and September 10 Purchased $100 of supplies for cash. 14 Collected the full balance of accounts receivable. 20 Received $600 cash from...
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