Homework Answers
Answer : c. Utilities expense
Utilities expense does not appear on schedule K of Form 1120S
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12. Which item does NOT appear on Schedule K of Form 1120S? a. Intangible drilling costs...
Which federal tax return does an LLC (Limited Liability Company) file? Multiple Choice Form 1120S It...
Which federal tax return does an LLC (Limited Liability Company) file? Multiple Choice Form 1120S It depends upon how the LLC chooses to be treated for tax purposes Form 1065 Form 1040 Schedule C
Identify which of the following statements is false. A) An S corporation files a Form 1120S...
Identify which of the following statements is false. A) An S corporation files a Form 1120S corporate income tax return on or before the 15th day of the fourth month following the close of its tax year. B) An S corporation's ordinary income or loss is reported by an individual shareholder on Schedule E of Form 1040. C) An S corporation that owes the built-in gains tax or the excess net passive income tax must make quarterly estimated tax payments....
(11) Which of the following is true regarding the type of intangible item that may...
(11) Which of the following is true regarding the type of intangible item that may constitute an asset? (a) A company name is a type of intangible item that may constitute an asset, but goodwill and a company logo are not. (b) Goodwill, a company name, and a company logo all constitute types of intangible items that may constitute assets. (c) Goodwill is a type of intangible item that may constitute an asset, but...
Which of the following is not a separately stated item on the Schedules K and K-1?...
Which of the following is not a separately stated item on the Schedules K and K-1? A. Selling expense B. Royalty income C. Foreign tax D. IRC §179 deduction Submit Answers
Required Indicate whether each item a through o would be included in (1) a plan asset...
Required Indicate whether each item a through o would be included in (1) a plan asset reconciliation, (2) a PBO reconciliation, and/or (3) a schedule of pension expense. An item may appear in more than one place. The following items are related to a defined pension plan: Items relate to 2020 unless otherwise indicated a. December 31, 2020, projected benefit obligation balance b. Interest cost on PBO c. Amortization of prior service cost d. December 31, 2020, plan asset balance...
1. Use the following abbreviations to indicate on which statement you would find each item below....
1. Use the following abbreviations to indicate on which statement you would find each item below. Some items may appear on more than one statement. Include all abbreviations that would apply. • IS: Income statement • SRE: Statement of retained earnings • BS: Balance sheet Sales Cash Gain on sale of building Retained earnings Salary expense a b. c. d. e. 5. FINANCIAL ACCOUNTING f. h. Capital stock Dividends paid Loss on sale of investment Income tax expense Net income...
Indicate in which financial statement each item would most likely appear, by selecting income statement (1),...
Indicate in which financial statement each item would most likely appear, by selecting income statement (1), balance sheet (B), or statement of cash flows (CF) from the drop down provided. a. Salaries expense b. Land c. Accounts payable d. Utilities expense e. Taxes expense f. Net decrease (or increase) in cash g. Supplies expense h. Insurance expense
Indicate in which financial statement each item would most likely appear, by selecting Income statement (1),...
Indicate in which financial statement each item would most likely appear, by selecting Income statement (1), balance sheet (B), or statement of cash flows (CF) from the drop down provided. B a. Wages payable b. Fuel expense c. Net decrease (or increase) in cash d. Utilities expense e. Cash from operating activities f. Cash flows from financing activities Salaries payable h. Taxes payable CF 1
Hi, Please explain the principle for the below-corrected questions. Thanks S49. A material item which is...
Hi, Please explain the principle for the below-corrected questions. Thanks S49. A material item which is unusual in nature or infrequent in occurrence, but not both should be shown in the income statement Net of Tax Disclosed Separately a. No No b. Yes Yes c. No Yes d. Yes No 51. Which of the following is true about intraperiod tax allocation? a. It arises because certain revenue and expense items appear in the income statement either before or after...
preparation of tax entity
1. Herman Hiebert’s social security number is XYZ-12-3789. He is married but does not have any dependents. His wife’s name is Rebecca and her social security number is XYZ-45-6789. They live at 1345 E. 44th Street, City, ST 850172. Additional information to complete the tax returns:a. Rebecca works at Intel Corporation and earned $160,000 during the tax year.b. Her federal tax withholding was $30,000 and Arizona income taxes withheld were $8,000. Herman made federal estimated tax payments of $15,000 and...
1. Use the following abbreviations to indicate on which statement you would find each item below. Some items may appear on more than one statement. Include all abbreviations that would apply. • IS: Income statement • SRE: Statement of retained earnings • BS: Balance sheet Sales Cash Gain on sale of building Retained earnings Salary expense a b. c. d. e. 5. FINANCIAL ACCOUNTING f. h. Capital stock Dividends paid Loss on sale of investment Income tax expense Net income...
Indicate in which financial statement each item would most likely appear, by selecting income statement (1), balance sheet (B), or statement of cash flows (CF) from the drop down provided. a. Salaries expense b. Land c. Accounts payable d. Utilities expense e. Taxes expense f. Net decrease (or increase) in cash g. Supplies expense h. Insurance expense
Indicate in which financial statement each item would most likely appear, by selecting Income statement (1), balance sheet (B), or statement of cash flows (CF) from the drop down provided. B a. Wages payable b. Fuel expense c. Net decrease (or increase) in cash d. Utilities expense e. Cash from operating activities f. Cash flows from financing activities Salaries payable h. Taxes payable CF 1
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