Homework Answers
Income tax expense account dr 13868
Income tax payable account cr 13868
And on complete payment
Income tax expense a/c dr. 318960
Income tax payable a/c cr. 318960
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Music Media Ltd prepares statements quarterly Part A Required: 1. Based on 2019 results, Music's estimated...
Music Media Ltd. prepares statements quarterly Part A: Required: 1. Based on 2019 results, Music's estimated...
Music Media Ltd. prepares statements quarterly Part A: Required: 1. Based on 2019 results, Music's estimated tax liability for 2020 is $318,960. Music will accrue 1/23 of this amount at the end of each month (assume the installments are paid the next day). Prepare the entry on January 31, 2020, to accrue the tax liability and on February 1 to record the payment 2. At year-end, December 31, the actual income tax for 2020 was determined to be $324.420. Prepare...
Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company...
Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry, 2. Employees are paid every other Monday for the previous 2 week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2- week period of January...
Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500...
Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry. 2. Employees are paid every other Monday for the previous 2-week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2 week period of January 12-25. Each employee...
The 16-Bit Corporation, whose December 31, 2019 year-end financial statements were issued February 16, 2020, had...
The 16-Bit Corporation, whose December 31, 2019 year-end financial statements were issued February 16, 2020, had the following transactions. For each transaction, indicate the amount that 16-Bit would show as a current liability on its December 31, 2019 balance sheet under US GAAP. Indicate $ “0” if no amount would be shown as a current liability. 1.) 16-Bit owes $3,000,000 that is due on January 28, 2020. The completed a refinancing transaction for $2,500,000 prior to December 31, 2019 which...
Required information (The following information applies to the questions displayed below.) On January 1, 2019. Rain...
Required information (The following information applies to the questions displayed below.) On January 1, 2019. Rain Technology purchased at par $82,000, 5%, bonds of Lightyear Services Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Rain Technology's year ends on December 31. The following information applies to the fair value of Lightyear Services' bonds: Bond Price 12/31/2019 $80,000 12/31/2020 89,000 12/31/2021 84,000 Rain Technology sold the bonds on July 14, 2022, for $87,000....
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger...
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $3,600 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Required: a-1. Prepare the horizontal model to record the six-month advance rent payment on November 1, 2019. (Use amounts with + for increases and amounts with - for decreases.) Assets Balance...
Concord Ltd. began business on January 1, 2019. At December 31, 2019, it had a $56,550 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired on July 1, 2019 at a cost of $870,000. The property, plant, and e
Concord Ltd. began business on January 1, 2019. At December 31, 2019, it had a $56,550 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired on July 1, 2019 at a cost of $870,000. The property, plant, and equipment is being depreciated on a straight-line basis over six years for financial reporting purposes, and is a Class 8-20% asset for tax purposes. Concord’s income before income tax for 2020 was $65,000. Concord Ltd. follows IFRS.The following items caused the...
Concord Ltd. began business on January 1, 2019. At December 31, 2019, it had a $56,550 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired on July 1, 2019 at a cost of $870,000. The property, plant, and e
Concord Ltd. began business on January 1, 2019. At December 31, 2019, it had a $56,550 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired on July 1, 2019 at a cost of $870,000. The property, plant, and equipment is being depreciated on a straight-line basis over six years for financial reporting purposes, and is a Class 8-20% asset for tax purposes. Concord’s income before income tax for 2020 was $65,000. Concord Ltd. follows IFRS.The following items caused the...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $42,500 from a local bank. The note requires principal and...
Need help with general journal. C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos,...
Need help with general journal.
C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2018, to advance Jeff $45,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2019. CSM prepares financial statements on June 30 and December 31. Prepare the journal entry CSM will make when the note is established, accrue interest on June 30...
Music Media Ltd. prepares statements quarterly Part A: Required: 1. Based on 2019 results, Music's estimated tax liability for 2020 is $318,960. Music will accrue 1/23 of this amount at the end of each month (assume the installments are paid the next day). Prepare the entry on January 31, 2020, to accrue the tax liability and on February 1 to record the payment 2. At year-end, December 31, the actual income tax for 2020 was determined to be $324.420. Prepare...
Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry, 2. Employees are paid every other Monday for the previous 2 week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2- week period of January...
Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry. 2. Employees are paid every other Monday for the previous 2-week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2 week period of January 12-25. Each employee...
Required information (The following information applies to the questions displayed below.) On January 1, 2019. Rain Technology purchased at par $82,000, 5%, bonds of Lightyear Services Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Rain Technology's year ends on December 31. The following information applies to the fair value of Lightyear Services' bonds: Bond Price 12/31/2019 $80,000 12/31/2020 89,000 12/31/2021 84,000 Rain Technology sold the bonds on July 14, 2022, for $87,000....
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $3,600 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Required: a-1. Prepare the horizontal model to record the six-month advance rent payment on November 1, 2019. (Use amounts with + for increases and amounts with - for decreases.) Assets Balance...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $42,500 from a local bank. The note requires principal and...
Need help with general journal.
C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2018, to advance Jeff $45,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2019. CSM prepares financial statements on June 30 and December 31. Prepare the journal entry CSM will make when the note is established, accrue interest on June 30...
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