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Question 20 When cash is paid in the current year for insurance coverage in the following year, the appropriate debit and credit are:
J Inc. incurred (and paid) the following expenses in the current year: $6,000 for advertising in a foreign trade magazine that is distributed to customers in Canada, $7,000 paid to a registered charity, $4,000 annual dues to a golf club used by executives to entertain customers, and $2,000 to sponsor a local softball team. Determine the amount deductible in computing J’s business income for tax purposes for the current year.
Dawson's Inc paid the following expenses during 2018 (calendar year entity): Officer's compensation was $75,000 paid to Ms Dawson who devotes 100% of her time to the business. All other salaries were associated with Cost of Goods Sold labor. - The company purchased their office building for $125,000 on April 15, 2017 The company paid bank charges of $6757 for the year, and interest expenses of $4, 718(not limited). -Deductible sales taxes totaled $21,000. During the year Dawson Inc. contributed...
Cash dividends declared in the current year and paid in the next year are recorded as a cash payment in a.financing activities in the current year. b.operating activities in the current year. c.financing activities in the year paid. d.investing activities in the year paid. Which of the following would be added to net income in computing cash flows from operating activities? a.An increase in accounts receivable b.An increase in inventories c.A decrease in accrued expenses d.A decrease in prepaid expenses...
A project has the following cash flows. Cash flows are paid at year-end. Year CF 2017 -$200 2018 +$80 2019 +$80 2020 +$80 2021 +$80 What is the payback period if the opportunity cost of capital (OCC) is 11%? 3,5,4, or 2 years?
Determine the Cash Paid for Taxes during the year using the following information. Tax Expense $100,000 for the year Tax Payable at the beginning of the year $73,000 Tax Payable at the end of the year $19,000
Compute the present value of $1,100 paid in three years using the following second year, and 9 percent in the third year. (Do not round Intermedlate calculations. Round your answer to 2 declmal places)
QUESTION 11 Gibson Company recorded the following cash transactions for the year: Paid $180,000 for salaries. Paid $80,000 to purchase office equipment. Paid $20,000 for utilities. Paid $8,000 in dividends. Collected $350,000 from customers. What was Gibson's net cash provided by operating activities? O A. $170,000 OB. $150,000 O C. $142,000 OD. $70,000
Multiple Choice Question 94 Vaughn Manufacturing recorded the following cash transactions for the year: Paid $142500 for salaries. Paid $58400 to purchase office equipment. Paid $15300 for utilities. Paid $5000 in dividends. Collected $290000 from customers. What was Vaughn's net cash provided by operating activities? O $127200 $73800 $147500 $132200
H Inc. incurred (and paid) the following expenses in the current year: $2,000 for hockey tickets to entertain customers, $10,000 for permanent landscaping on the head office grounds, and $2,000 broker’s fee to purchase publicly traded securities. Determine the amount deductible for tax purposes in the current year.