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Which of the following is not a correct statement about sales taxes? If sales taxes are included in the sales accou...
A company has a decreasing current ratio. Creditors should be concerned with long-term solvency. about the...
A company has a decreasing current ratio. Creditors should be concerned with long-term solvency. about the company's ability to pay current debts as they come due. about the company's profitability. about whether earnings per share is increasing or decreasing. Question 18 In addition to recognizing income tax expense, the accounting necessary to record income taxes requires a credit to income tax payable based on net income times the tax rate. a debit to the income tax expense account for the...
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c....
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c. Unearned revenues; D. Allowance for doubtful accounts. B. Which of the following is not a current liability? Discount on Bonds Payable due in 7 years; Wages Payable; Estimated Warranty Payable for items sold with a one year warranty: Out of court litigation settlement liability due to be paid next month. B. Page 2 of 6 Which of the following is not a payroll tax...
15. Which of the following statements is correct? a. All current deferred tax liabilities and assets...
15. Which of the following statements is correct? a. All current deferred tax liabilities and assets shall be offset and presented as a single amount on the balance sheet. b. Deferred tax assets related to carryforwards shall be classified as current or noncurrent on the balance sheet based on their expected date of reversal. c. All current and noncurrent deferred taxes shall be offset and presented as a single amount on the balance sheet. d. Deferred tax liabilities and assets...
5. Which of is a true statement as it relates to impairments of plant assets? a....
5. Which of is a true statement as it relates to impairments of plant assets? a. The assets are recorded at the book value of the asset b. The impairment amount is capitalized and depreciated along with the cost of the c The impairment amount is added to the plant asset account in the year the decline d. They are written down to the new fair value turing the year in which the dedine original asset of value occurs occurs...
12 The Deville Company reported pretax accounting income on its income statement as follows: 0.89 moints...
12 The Deville Company reported pretax accounting income on its income statement as follows: 0.89 moints 2021 2022 2023 2024 $390,000 310,000 380,000 420,000 cBook Included in the income of 2021 was an installment sale of property in the amount of $44,000. However, for tax purposes, Deville reported the income in the year cash was collected. Cash collected on the installment sale was $17,600 in 2022, $22,000 in 2023, and $4,400 in 2024 Print References Included in the 2023 income...
Calculator Entries for Payroll and Payroll Taxes The following information about the payroll for the week...
Calculator Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.1 Deductions: Salaries: Sales salaries Warehouse salaries Office salaries $271,000 149,000 138,000 Income tax withheld U.S. savings bonds Group insurance $98,200 12,275 10,044 $558,000 Tax rates assumed: Social security, 6% Medicare, 1.54 State unemployment employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry leave it...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
Everything is correct except for the Deferred Tax Liability amount. I also tried submitting the answer...
Everything is correct except for the
Deferred Tax Liability amount. I also tried submitting the answer
without parenthesis and it was still incorrect. Please
help
Question 5 0.92/1 View Policies Show Attempt History Current Attempt in Progress Vaughn Company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 $799,000 $944,000 $951,000 Pretax financial income (10,200) Excess depreciation expense on tax return (29,100) (39,300) Excess warranty expense in financial income 19,500 9,800...
Culver Corporation’s weekly payroll of $22,000 included FICA taxes withheld of $1,683, federal taxes withheld of...
Culver Corporation’s weekly payroll of
$22,000 included FICA taxes withheld of $1,683, federal taxes
withheld of $2,930, state taxes withheld of $840, and insurance
premiums withheld of $250. Prepare the journal entry to record
Culver’s payroll. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-6 Your answer is partially correct. Try again. Culver Corporation's...
Sage Corporation began operations in 2017 and reported pretax financial income of $230,000 for the year....
Sage Corporation began operations in 2017 and reported pretax
financial income of $230,000 for the year. Sage’s tax depreciation
exceeded its book depreciation by $40,000. Sage’s tax rate for 2017
and years thereafter is 30%. Assume this is the only difference
between Sage’s pretax financial income and taxable income.
Prepare the journal entry to record the income tax expense,
deferred income taxes, and income taxes payable.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually....
A company has a decreasing current ratio. Creditors should be concerned with long-term solvency. about the company's ability to pay current debts as they come due. about the company's profitability. about whether earnings per share is increasing or decreasing. Question 18 In addition to recognizing income tax expense, the accounting necessary to record income taxes requires a credit to income tax payable based on net income times the tax rate. a debit to the income tax expense account for the...
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c. Unearned revenues; D. Allowance for doubtful accounts. B. Which of the following is not a current liability? Discount on Bonds Payable due in 7 years; Wages Payable; Estimated Warranty Payable for items sold with a one year warranty: Out of court litigation settlement liability due to be paid next month. B. Page 2 of 6 Which of the following is not a payroll tax...
5. Which of is a true statement as it relates to impairments of plant assets? a. The assets are recorded at the book value of the asset b. The impairment amount is capitalized and depreciated along with the cost of the c The impairment amount is added to the plant asset account in the year the decline d. They are written down to the new fair value turing the year in which the dedine original asset of value occurs occurs...
12 The Deville Company reported pretax accounting income on its income statement as follows: 0.89 moints 2021 2022 2023 2024 $390,000 310,000 380,000 420,000 cBook Included in the income of 2021 was an installment sale of property in the amount of $44,000. However, for tax purposes, Deville reported the income in the year cash was collected. Cash collected on the installment sale was $17,600 in 2022, $22,000 in 2023, and $4,400 in 2024 Print References Included in the 2023 income...
Calculator Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.1 Deductions: Salaries: Sales salaries Warehouse salaries Office salaries $271,000 149,000 138,000 Income tax withheld U.S. savings bonds Group insurance $98,200 12,275 10,044 $558,000 Tax rates assumed: Social security, 6% Medicare, 1.54 State unemployment employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry leave it...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
Everything is correct except for the
Deferred Tax Liability amount. I also tried submitting the answer
without parenthesis and it was still incorrect. Please
help
Question 5 0.92/1 View Policies Show Attempt History Current Attempt in Progress Vaughn Company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 $799,000 $944,000 $951,000 Pretax financial income (10,200) Excess depreciation expense on tax return (29,100) (39,300) Excess warranty expense in financial income 19,500 9,800...
Culver Corporation’s weekly payroll of
$22,000 included FICA taxes withheld of $1,683, federal taxes
withheld of $2,930, state taxes withheld of $840, and insurance
premiums withheld of $250. Prepare the journal entry to record
Culver’s payroll. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-6 Your answer is partially correct. Try again. Culver Corporation's...
Sage Corporation began operations in 2017 and reported pretax
financial income of $230,000 for the year. Sage’s tax depreciation
exceeded its book depreciation by $40,000. Sage’s tax rate for 2017
and years thereafter is 30%. Assume this is the only difference
between Sage’s pretax financial income and taxable income.
Prepare the journal entry to record the income tax expense,
deferred income taxes, and income taxes payable.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually....
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