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Homework Answers
| 2020 | 2021 | |
| Income before Warranty expense | 49450 | 49450 |
| Warranty expense | 9200 | 2300 |
| Income | 40250 | 47150 |
| Note: Warranty expense 2021 = 11500-9200 = 2300 | ||
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Problem 4-01 b-c (Part Level Submission) In recent years,...
Problem 4-01 b-c (Part Level Submission) In recent years, Swifty Inc. has reported steadily increasing income....
Problem 4-01 b-c (Part Level Submission) In recent years, Swifty Inc. has reported steadily increasing income. The company reported income of $38,000 in 2017, $47,500 in 2018, and $57,000 in 2019. Several market analysts have recommended that investors buy Swifty Inc. shares because they expect the steady growth in income to continue. Swifty is approaching the end of its 2020 fiscal year, and it looks to be a good year once again. However, it has not yet recorded warranty expense....
Problem 4-01 b-c (Part Level Submission) In recent years, Swifty Inc. has reported steadily increasing income....
Problem 4-01 b-c (Part Level Submission) In recent years, Swifty Inc. has reported steadily increasing income. The company reported income of $38,000 in 2017, $47,500 in 2018, and $57,000 in 2019. Several market analysts have recommended that investors buy Swifty Inc. shares because they expect the steady growth in income to continue. Swifty is approaching the end of its 2020 fiscal year, and it looks to be a good year once again. However, it has not yet recorded warranty expense....
Please Show all work for part B :) Problem 9-08A (Part Level Submission) In recent years,...
Please Show all work for part B :)
Problem 9-08A (Part Level Submission) In recent years, Cullumber Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Depreciation Method Useful Life (In years) Salvage Value Acquired Cost Machine Straight-line 10 $34,000 $134,000 Jan. 1, 2020 1...
I need help with this problem Please! Thank You so much Problem 4-4 (Part Level Submission)...
I need help with this problem Please! Thank You so much
Problem 4-4 (Part Level Submission) Swifty Inc. reported income from continuing operations before tax of $1,969,000 during 2017. Additional transactions occurring in 2017 but not included in the $1,969,000 are as follows: 1. The corporation experienced an insured flood loss of $88,000 during the year. 2. At the beginning of 2015, the corporation purchased a machine for $59,400 (residual value of $9,900) that has a useful life of six...
1. The following information is available for the first three years of operations for Santos Inc.:...
1. The following information is available for the first three years of operations for Santos Inc.: Year Earnings Before Tax 2020 $670,000 2021 715,000 Depreciation of property, plant and equipment for financial reporting purposes amounts to $60,000 each year for 2020-2022. The company is able to deduct the full cost under the IRS Code Section 179 $180,000 amount allowed for tax purposes in 2020 (note there is no tax depreciation in future years). On October...
PLEASE SHOW WORK TO HELP ME UNDERSTAND. THANK YOU! Exercise 3-19 (Part Level Submission) Blue Corp....
PLEASE SHOW WORK TO HELP ME UNDERSTAND. THANK YOU!
Exercise 3-19 (Part Level Submission) Blue Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Blue Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 $294,570 -0- $154,640 327,000 $31,880 93,550 399,140 Cash receipts...
Need help with this prob please! Problem 4-12 Joe Schreiner, controller for Blue Spruce Company Inc.,...
Need help with this prob please!
Problem 4-12 Joe Schreiner, controller for Blue Spruce Company Inc., recently prepared the company's income statement and statement of changes in equity for 2017. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting BLUE SPRUCE COMPANY INC Income Statement For the Year Ended December 31, 2017 Sales revenue:s Less: Sales...
is it possible to have the steps oplication Problem 4-5A al, b-c (Part Level Submission) pol-IT Ltd. manufactures and se...
is it possible to have the steps
oplication Problem 4-5A al, b-c (Part Level Submission) pol-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 64,800 units at a price of $72 per it. Cool-IT's cost to manufacture these units is $53. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory: r...
Problem 4-04 a-b (Part Level Submission) Sarasota Inc. reported income from continuing operations before tax of...
Problem 4-04 a-b (Part Level Submission) Sarasota Inc. reported income from continuing operations before tax of $2,864,000 during 2020. Additional transactions occurring in 2020 but not included in the $2,864,000 were as follows: 1. The corporation experienced an insured flood loss of $128,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $74,400 (residual value of $19,200) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and...
Need help with PART 3!!!! Sherrod, Inc., reported pretax accounting income of $88 million for 2021....
Need help with PART 3!!!!
Sherrod, Inc., reported pretax accounting income of $88 million for 2021. 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 2021 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end 2021 had a balance of $8 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022...
Problem 4-01 b-c (Part Level Submission) In recent years, Swifty Inc. has reported steadily increasing income. The company reported income of $38,000 in 2017, $47,500 in 2018, and $57,000 in 2019. Several market analysts have recommended that investors buy Swifty Inc. shares because they expect the steady growth in income to continue. Swifty is approaching the end of its 2020 fiscal year, and it looks to be a good year once again. However, it has not yet recorded warranty expense....
Problem 4-01 b-c (Part Level Submission) In recent years, Swifty Inc. has reported steadily increasing income. The company reported income of $38,000 in 2017, $47,500 in 2018, and $57,000 in 2019. Several market analysts have recommended that investors buy Swifty Inc. shares because they expect the steady growth in income to continue. Swifty is approaching the end of its 2020 fiscal year, and it looks to be a good year once again. However, it has not yet recorded warranty expense....
Please Show all work for part B :)
Problem 9-08A (Part Level Submission) In recent years, Cullumber Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Depreciation Method Useful Life (In years) Salvage Value Acquired Cost Machine Straight-line 10 $34,000 $134,000 Jan. 1, 2020 1...
I need help with this problem Please! Thank You so much
Problem 4-4 (Part Level Submission) Swifty Inc. reported income from continuing operations before tax of $1,969,000 during 2017. Additional transactions occurring in 2017 but not included in the $1,969,000 are as follows: 1. The corporation experienced an insured flood loss of $88,000 during the year. 2. At the beginning of 2015, the corporation purchased a machine for $59,400 (residual value of $9,900) that has a useful life of six...
PLEASE SHOW WORK TO HELP ME UNDERSTAND. THANK YOU!
Exercise 3-19 (Part Level Submission) Blue Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Blue Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 $294,570 -0- $154,640 327,000 $31,880 93,550 399,140 Cash receipts...
Need help with this prob please!
Problem 4-12 Joe Schreiner, controller for Blue Spruce Company Inc., recently prepared the company's income statement and statement of changes in equity for 2017. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting BLUE SPRUCE COMPANY INC Income Statement For the Year Ended December 31, 2017 Sales revenue:s Less: Sales...
is it possible to have the steps
oplication Problem 4-5A al, b-c (Part Level Submission) pol-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 64,800 units at a price of $72 per it. Cool-IT's cost to manufacture these units is $53. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory: r...
Problem 4-04 a-b (Part Level Submission) Sarasota Inc. reported income from continuing operations before tax of $2,864,000 during 2020. Additional transactions occurring in 2020 but not included in the $2,864,000 were as follows: 1. The corporation experienced an insured flood loss of $128,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $74,400 (residual value of $19,200) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and...
Need help with PART 3!!!!
Sherrod, Inc., reported pretax accounting income of $88 million for 2021. 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 2021 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end 2021 had a balance of $8 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022...
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