12. JJ capitalized development costs of $2.4 million during the year and amortized $600,000 of this...
12. JJ capitalized development costs of $2.4 million during the year and amortized $600,000 of this amount during the year. For tax purposes, amortization of 20% per year is allowed. Which of the following is correct?
|
The carrying amount is $1,800,000 and the tax base is $1,800,000 |
|
|
The carrying amount is $1,920,000 and the tax base is $1,920,000 |
|
The carrying amount is $1,920,000 and the tax base is $1,800,000 |
|
|
The carrying amount is $1,800,000 and the tax base is $1,920,000 |
13. JJ reported accounts receivable of $4.8 million net of a $400,000 allowance for doubtful accounts. For tax purposes, bad debt expense is only deductible when the receivables are deemed uncollectible. This year, JJ determines that $125,000 is uncollectible. Which of the following is correct?
|
The carrying amount is $4,800,000 and the tax base is $4,800,000 |
|
|
The carrying amount is $4,800,000 and the tax base is $4,675,000 |
|
The carrying amount is $4,800,000 and the tax base is $5,075,000 |
|
|
The carrying amount is $4,400,000 and the tax base is $5,075,000 |
Homework Answers
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12. JJ capitalized development costs of $2.4 million during the
year and amortized $600,000 of this...
Sherrod, Inc., reported pretax accounting income of $76 million for 2018. The following information relates to...
Sherrod, Inc., reported pretax accounting income of $76 million for 2018. The following information relates to differences between pretax accounting income and taxable income: a. Income from installment sales of properties included in pretax accounting income in 2018 exceeded that reported for tax purposes by $3 million. The installment receivable account at year-end had a balance of $4 million (representing portions of 2017 and 2018 installment sales), expected to be collected equally in 2019 and 2020. b. Sherrod was assessed...
Sandifer's Accounting Service, Inc. Trial Balance For the year ended 12/31/19 Accounts Debit Credit Cash $ ...
Sandifer's
Accounting Service, Inc.
Trial Balance
For the year ended
12/31/19
Accounts
Debit
Credit
Cash
$ 156,500
Accounts Recieveable
116,650
Allowance for Doubtful Accounts
$ 51,250
Supplies
2,950
Prepaid Insurance
1,700
Building
260,000
Equipment
125,000
Land
111,500
Accumulated Depreciation
167,000
Investment in Bonds held to Maturity
24,000
Accounts Payable
5,650
Current Maturity of Note Payable
3,000
Note Payable
170,000
Unearned Revenue
2,000
Interest Payable
1,500
Salaries Payable...
On December 31, 2019, Monty Inc. has taxable temporary differences of $2.19 million and a deferred tax liability of $613,200. These temporary differences are due to Monty having claimed CCA in excess of book depreciation in prior years. Monty’s year end i
On December 31, 2019, Monty Inc. has taxable temporary differences of $2.19 million and a deferred tax liability of $613,200. These temporary differences are due to Monty having claimed CCA in excess of book depreciation in prior years. Monty’s year end is December 31. At the end of December 2020, Monty’s substantively enacted tax rate for 2020 and future years was changed to 30%.For the year ended December 31, 2020, Monty’s accounting loss before tax was $493,500. The following data are also available.1.Pension expense was $88,000 while pension plan...
ONLY NEED REQUIRMENTS 1 AND 3 Sherrod, Inc., reported pretax accounting income of $78 million for...
ONLY NEED REQUIRMENTS 1 AND 3
Sherrod, Inc., reported pretax accounting income of $78 million
for 2018. The following information relates to differences between
pretax accounting income and taxable income:
Income from installment sales of properties included in pretax
accounting income in 2018 exceeded that reported for tax purposes
by $3 million. The installment receivable account at year-end had a
balance of $4 million (representing portions of 2017 and 2018
installment sales), expected to be collected equally in 2019 and...
1. The following are categories of accounts reported in the financial statements: Current Assets &n
1. The following are categories of accounts reported in the financial statements: Current Assets E. Long-Term Liabilities Fixed Assets F. Stockholders’ Equity Intangible Assets G. Revenue Current Liabilities H. Expense Indicate where eachof the following accounts would be reported (classified) in the financial statement categoriesnoted above (categories may be used more than once or not at all). Identify only onecategory for each account listed below. _______Bonds Payable ________Buildings _______Accrued Liabilities ________Intangibles _______Inventory ________Unearned Rent Revenues _______Accumulated Depreciation ________Retained Earnings 2. _____i. What is total Stockholders’ Equity based on the following account balances? Paid...
Refer to the following financial statements and answer the following questions hints:- 13. cash provided (used)...
Refer to the following financial statements
and answer the following questions
hints:-
13. cash provided (used) by operating activities, investing
activities, and financing activities. 14. cash-based net income.
15. estimate of uncollectible accounts receivable. 16. calculate
and interpret accounts receivable ratio (most recent and prior
period).
hints:-
2:12 PM Wed Apr 15 39%). A 51.04cdn.com PART II NIKE, Inc. Consolidated Statements of Income in mWors, except per share data) Revenues Cost of sales Gross profit Demand creation expense Operating overhead...
Need help with comprehensive project (PLEASE MAKE SURE CHECK TOTALS ARE CORRECT) TIA!!! T- Accounts Adjusted...
Need help with comprehensive project (PLEASE MAKE SURE CHECK
TOTALS ARE CORRECT) TIA!!!
T- Accounts
Adjusted Trial Balance
Income Statement
Statement of Retained Earnings
Balance Sheet
Closing Entries
Post-closing trial balance
Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in Appendix A. Required: Compute the following ratios for Year 11. Liquidity ratios: Asset utilization ratios:* a. Current ratio n. Cash turnover b. Acid-test ratio 0. Accounts receivable turnover c. Days to sell inventory p. Inventory turnover d. Collection period 4. Working capital turnover Capital structure and solvency ratios: 1. Fixed assets turnover e. Total debt to total equity s. Total assets turnover f. Long-term...
EXAn Fat the bej and a $5 mm urke ing rate I. Select the best answer...
EXAn Fat the bej and a $5 mm urke ing rate I. Select the best answer (60 points) The conversion of bonds is most commonly recorded by the 1 gslain the mit entries eries: C fair v a. incremental method b. proportional method. c. market value method. d. book value method If a company offers additional considerations to convertible bondholders In order to encourage 2. conversion, it is called a(an): of end mont nsid mobi a. forced conversion. b. sweetener...
Required: 1. What is the amount of Apple’s accounts receivable as of September 30, 2017? 2....
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
Sandifer's
Accounting Service, Inc.
Trial Balance
For the year ended
12/31/19
Accounts
Debit
Credit
Cash
$ 156,500
Accounts Recieveable
116,650
Allowance for Doubtful Accounts
$ 51,250
Supplies
2,950
Prepaid Insurance
1,700
Building
260,000
Equipment
125,000
Land
111,500
Accumulated Depreciation
167,000
Investment in Bonds held to Maturity
24,000
Accounts Payable
5,650
Current Maturity of Note Payable
3,000
Note Payable
170,000
Unearned Revenue
2,000
Interest Payable
1,500
Salaries Payable...
ONLY NEED REQUIRMENTS 1 AND 3
Sherrod, Inc., reported pretax accounting income of $78 million
for 2018. The following information relates to differences between
pretax accounting income and taxable income:
Income from installment sales of properties included in pretax
accounting income in 2018 exceeded that reported for tax purposes
by $3 million. The installment receivable account at year-end had a
balance of $4 million (representing portions of 2017 and 2018
installment sales), expected to be collected equally in 2019 and...
Refer to the following financial statements
and answer the following questions
hints:-
13. cash provided (used) by operating activities, investing
activities, and financing activities. 14. cash-based net income.
15. estimate of uncollectible accounts receivable. 16. calculate
and interpret accounts receivable ratio (most recent and prior
period).
hints:-
2:12 PM Wed Apr 15 39%). A 51.04cdn.com PART II NIKE, Inc. Consolidated Statements of Income in mWors, except per share data) Revenues Cost of sales Gross profit Demand creation expense Operating overhead...
Need help with comprehensive project (PLEASE MAKE SURE CHECK
TOTALS ARE CORRECT) TIA!!!
T- Accounts
Adjusted Trial Balance
Income Statement
Statement of Retained Earnings
Balance Sheet
Closing Entries
Post-closing trial balance
Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in Appendix A. Required: Compute the following ratios for Year 11. Liquidity ratios: Asset utilization ratios:* a. Current ratio n. Cash turnover b. Acid-test ratio 0. Accounts receivable turnover c. Days to sell inventory p. Inventory turnover d. Collection period 4. Working capital turnover Capital structure and solvency ratios: 1. Fixed assets turnover e. Total debt to total equity s. Total assets turnover f. Long-term...
EXAn Fat the bej and a $5 mm urke ing rate I. Select the best answer (60 points) The conversion of bonds is most commonly recorded by the 1 gslain the mit entries eries: C fair v a. incremental method b. proportional method. c. market value method. d. book value method If a company offers additional considerations to convertible bondholders In order to encourage 2. conversion, it is called a(an): of end mont nsid mobi a. forced conversion. b. sweetener...
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
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