1) The mortgage payable has a 5% interest rate. Interest is paid on the…
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1) The mortgage payable has a 5% interest rate. Interest is paid on the first day of August for the previous 12 month’s interest. 2) On December 31, 2020, half of the unearned revenue was still unearned. 3) A physical count of supplies shows $790 on hand on December 31, 2020. 4) The building has an estimated useful life of 40 years. 5) The equipment has an estimated useful life of twelve years. 6) Service revenue earned but not recorded at December 31, 2020, was $8,700. 7) Salaries of $4,400 have been incurred but are unpaid at December 31, 2020. Payday will be on January 4, 2021. 8) During the next fiscal year, $18,400 of the mortgage payable is to be repaid. 9) The 12-month insurance policy was purchased for $5,040 cash on February 1, 2020. Part A Adjusting Journal Entries Part B Adjusted Trial Balance, Income Statement, Statement of Owner’s Equity, Classified Balance Sheet The owner, Jane Bosman, invested $4,000 cash in the business on November 21, 2020. The investment has been recorded and it is included in the capital account. Part C Closing Journal Entries Part D Post-Closing Trial Balance Prepare the company’s post-closing trial balance. Be sure to use proper titles and formatting.
Please explain how to calculate the solutions for the given problems. There is a blank chart that requires the production
Please explain how to calculate the solutions for the given problems. There is a blank chart that requires the production level, material, wages, variable overheads, and fixed overheads on the left columns of the chart. On the rows of the chart there is budget months ending in dec. 2019 with per unit and totals right under, actual months ending in dec. 2019 with per unit and total, and then budget months ending June 2020 with per unit and total. Please let me know if there is anything missing. Thank you!
What is a good response to the Information below? Opinion….The allowance and direct methods are used to record credit losses
What is a good response to the Information below? Opinion….The allowance and direct methods are used to record credit losses as debits to uncollectible accounts expense. The direct write-off method is easy to apply because it assumes that uncollectible accounts come from a good account receivable resulted from a sale and after recognizes some accounts as uncollectible when a customer will not be able to pay. Meaning that this method does not follow the matching principle of revenues and expenses recorded in the same period which makes it unreliable. On the other hand, the allowance method does follow the matching principle. This method involves estimating uncollectible accounts at the end of each period. Meaning, that the balance sheet reflects the current estimates of expected uncollectible account loss at the reporting date. So, the estimates can be calculated based on the income statement or the balance sheet.For this reason, the allowance method is the accepted method to record uncollectible accounts for financial accounting purposes.
1.- Please use the following information regarding Anup Jewelry Company’s cash transactions during 2018 (all figures in millions) to answer
1.- Please use the following information regarding Anup Jewelry Company’s cash transactions during 2018 (all figures in millions) to answer questionsCash from customers $2250 Sale of Investments $240Payment of salaries to employees $126 Issue of common stock $300 Proceeds from issue of notes payable $900 Sale of patents $45 Interest paid $24 Payments to suppliers $450a.-What is the cash flows from operating activities for 2018? Please exclude “$” from your answer, report in millions, and present negative values in parentheses.b.-What is the cash flows from investing activities for 2018? Please exclude “$” from your answer, report in millions, and present negative values in parentheses.c.-What is the cash flows from financing for 2018? Please exclude “$” from your answer, report in millions, and present negative values in parentheses.2.-Beta Chemical Co. reported the following information for the year ended December 31, 2018.Accounts payable decreased during the year by $4,000;Inventory increased during the year by $2,000;Beta Chemical Co. has no accounts receivable, as all sales are cash sales;Net income for the year was $2,500;On December 30, 2018, Beta Chemical Co. sold a piece of equipment for $3,000 that originally cost $6,000. The accumulated depreciation on this piece of equipment at the time of sale was $4,000.The total Accumulated Depreciation on Beta Chemical Co.’s equipment decreased from $10,000 at December 31, 2017 to $8,000 at December 31, 2018. What are Beta Chemical’s cash flows from operating activities for 2018?Please exclude “$” from your answer, and present negative values in parentheses.3 Hank’s construction company reported the following: 12/31/17 12/31/18 PPE (Gross) 2,000,000 1,800,000Accumulated Depreciation (400,000) (500,000) PPE (Net) 1,600,000 1,300,000 Fiscal year Ending 12/31/18 Net Income 22,000,000Gain on sale of PPE 50,000Depreciation Expense 240,000 No PPE was purchased during 2018. Determine Hank’s 2018 total net cash flow from investing activities.Please exclude “$” from your answer, and present negative values in parentheses.
help me please Presented below are selected transactions for Grouper Company during September and October of the current year. Grouper
Accounting Assignment Writing Servicehelp me please Presented below are selected transactions for Grouper Company during September and October of the current year. Grouper uses a perpetual inventory system.Sept. 1Purchased merchandise on account from Hillary Company at a cost of $45,000, FOB destination, terms 1/15, n/30.2The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase.5Returned for credit $3,700 of damaged goods purchased from Hillary Company on September 1.15Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $70,000, terms 2/10, n/30, FOB destination.16The correct company paid $2,600 of freight charges on the September 15 sale of merchandise.17Issued Irvine Company a credit of $5,500 for returned goods. These goods had cost Grouper Company $3,700 and were returned to inventory.25Received the balance owing from Irvine Company for the September 15 sale.30Paid Hillary Company the balance owing for the September 1 purchase.Oct. 1Purchased merchandise on account from Kimmel Company at a cost of $60,000, terms 2/10, n/30, FOB shipping point.2The correct company paid freight costs of $1,100 on the October 1 purchase.3Obtained a purchase allowance of $2,300 from Kimmel Company to compensate for some minor damage to goods purchased on October 1.10Paid Kimmel Company the amount owing on the October 1 purchase.11Sold all of the merchandise purchased from Kimmel Company to Kieso Company for $80,000, terms 2/10, n/30, FOB shipping point.12The correct company paid $800 freight costs on the October 11 sale.17Issued Kieso Company a sales allowance of $1,500 because some of the goods did not meet Kieso’s exact specifications.31Received a cheque from Kieso Company for the balance owing on the October 11 sale.Accounts PayableAccounts ReceivableAccumulated Depreciation – BuildingAccumulated Depreciation – EquipmentAccumulated Depreciation – FurnitureAdvertising ExpenseBuildingCashCost of Goods SoldCurrent Portion of Mortgage PayableCurrent Portion of Non-Current Notes PayableDepreciation ExpenseFreight InFreight OutFurnitureIncome SummaryInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueMerchandise InventoryNo EntryNotes PayableOwner’s CapitalOwner’s DrawingsPrepaid InsuranceProperty Tax ExpensePurchase DiscountsPurchase Returns and AllowancesPurchasesRent ExpenseRent RevenueSalaries ExpenseSalaries PayableSalesSales DiscountsSales Returns and AllowancesShort-Term InvestmentsSuppliesSupplies ExpenseTelephone ExpenseUnearned RevenueUtilities Expense
-Costello Corporation reported pretax book income of $501,700. During the current year, the reserve for bad debts increased by
-Costello Corporation reported pretax book income of $501,700. During the current year, the reserve for bad debts increased by $8,400. In addition, tax depreciation exceeded book depreciation by $41,700. Finally, Costello received $3,850 of tax-exempt life insurance proceeds from the death of one of its officers. Costello’s deferred income tax expense or benefit would be: a. $6,993 net deferred tax expense. b. $7,763 net deferred tax benefit. c. $7,802 net deferred tax expense. d. $6,993 net deferred tax benefit.
III. Poliska SA. in preparation of its December 31, 2019, financial statements is attempting to determine the proper accounting treatment
III. Poliska SA. in preparation of its December 31, 2019, financial statements is attempting to determine the proper accounting treatment for each of the following situations: 1. As a result of uninsured accidents during the year, personal injury suits for P350,000 and P60,000 have been filed against the company. It is the judgment of Poliska’s legal counsel that an unfavorable outcome is unlikely in the P60,000 case but that an unfavorable verdict approximating P250.000 will probably result in the P350,000 case. 2. Poliska Corporation owns a subsidiary in a foreign country that has a book value of P5,725,000 and an estimated tair vahue ot P9,500,000. The foreign government has communicated to Poliska its intention to expropriate the assets and business of all foreign investors. On the basis of settlement other firms have received from this same country. it is virtually certain that Poliska will receive 40% of the fair value of its property and final settlement.3. Poliska’s chemical product division consisting of five plants is uninsurable because of the special risk of injury to employees and losses due to fire and explosion. The year 2019 is considered one of the safest (luckiest) in the division’s history because no loss due to injury or casualty was suffered. Having suffered an average of three casualties a year during the rest of the past decade (ranging from P60,000 to P70,000), management is certain that next year the company will probably not be so fortunate4. Poliska operates profitably from a factory it has leased. During 2019. Poliska decides to relocate these operations to a new factory. The lease of the old factory continues for the next 5 years. The lease cannot be cancelled and the factory cannot be subleased Poliska determines that the cost to settle the old lease is P950.000 5. Litigation is being pursued for the recovery of P1,300,000 consulting fees ont a tailed project. The directors believe it is more likely than not that their claim will be successfulinstructionsA. Prepare the journal entries that should be recorded as of December 31, 2019, to recognize each of the situation above.B. Indicate what should be reported relative to each situation in the financial statements and accompanying notes. Explain why.Thankyou!
Developing pro forma financial statements and cash flow forecasts depends heavily upon sales forecasts. Imagine you are a financial analyst
Developing pro forma financial statements and cash flow forecasts depends heavily upon sales forecasts. Imagine you are a financial analyst working for a major stockbroker, and you are trying to develop a one-year sales forecast for a major national department store. List one piece of information you want to obtain to aid you in your forecast, explaining why this will aid you in your forecast.
51Question text Which of the following sources of income are taxable items on the federal tax return but are
Question 51Question text Which of the following sources of income are taxable items on the federal tax return but are not taxed by California and therefore must be subtracted from federal adjusted gross income:Select one:a. Social Security Benefitsb. Unemployment Compensationc. California Lottery winningsd. All of the aboveQuestion 52Question textWhich of the following interest payments are not excluded from California income tax:Select one:a. U.S. Savings Bondsb. Corporate Bondsc. U.S. Treasury Bondsd. None of the above.Question 53Question textWhen determining whether or not a non-resident’s business income may be taxable as California source income, a[n] ________ may need to be calculated.Select one:a. equationb. apportionmentc. solutiond. formulaQuestion 54Question textLottery winnings are subject to federal income tax. California will withhold federal taxes from the lottery winnings to pay potential federal tax liabilities. If the Lottery Commission has your Social Security number they will withhold ______of your winnings and send the money to the Internal Revenue Service.Select one:a. 20 percentb. 24 percentc. 35 percentd. 10 percentQuestion 55Question textWhich of the following statements is false?Select one:a. Generally, California and federal law are the same related to the tax treatment of Medical Savings Accounts MSAs.b. California does not conform to federal legislation for HSAs, a contribution to an HSA is not deductible.c. A rollover from a MSA to a HSA is a non-taxable event and is not included in California taxable income.d. All of the above are true.Question 56Question textIf an unacceptable method of depreciation was used on business property that moves into California, then the ____ method must be used to re-figure the California basis in the property:Select one:a. MACRSb. Straight Linec. Modified Straight Lined. ARSQuestion 57Question textNon-residents of California are taxed only on income (or allowed to deduct losses) from California sources, including:Select one:a. A non-resident’s income (or loss) from a business located in California (subject to limitation).b. Interest received by a non-resident from a bank located in California.c. Keogh (HRIO) distributions received from a California source by a non-resident after 12/31/1995.d. Stock options received by a non-resident from a California based corporation.Question 58Question textOn April 1st of the tax year you and your spouse/RDP fulfill a lifelong dream. You sell your California home, pack all of your possessions and move to Paris, France. You obtain a French driver’s license, and make new friends in Paris. Your flight to France leaves California on April 1st. Neither one of you has any intention of returning to California to live. Which of the following is an accurate statement?Select one:a. You will be considered a resident of California for the entire year, regardless of when you moved during the year and you will file a form 540 yax return.b. Through March 31st you were a California resident. All income through March 31st is taxable by California. Starting April 1st, you are a non-resident of California and only income from California sources will be taxable by California. You will file a form 540NR tax return for the year that you moved.c. You will not be considered a resident of California for the entire year in the year that you move out of the state permanently. You will not file a California tax return.d. Residency status can not be determined for the year based on the information provided.Question 59Question textCalifornia part-year residents (residents who moved into or out of the State during the year) will be:Select one:a. Taxed on all income and therefore required to file a form 540 tax return on compensation from employment, income from businesses and proceeds from investments (including stock sales) received during the year while both a resident and nonresident.b. Taxed on all income and therefore required to file a form 540NR tax return on compensation from employment, income from businesses and proceeds from investments (including stock sales) received during the year while a resident and only on California source income while a nonresident.c. Not taxed on any income if the taxpayer moved out of California and did not return during the remainder of the year.d. None of the above is a correct statement.Question 60Question textThe ___________ rule is available to certain individuals leaving California under employment-related contracts. The rule might allow for an individual to be considered a non-resident for California tax purposes.Select one:a. “Safe Harbor”b. “Safe Resident”c. “Move-Out”d. “Move-In”Question 61Question textFactors to consider when determining whether or not you are a resident of the State of California may include:Select one:a. Where you are registered to voteb. Where your vehicles are registeredc. Location of your principal residenced. All of the aboveQuestion 62Question textFor taxable years beginning on or after January 1, 1994, an absence from California under an employment-related contract, under the Safe Harbor Rule, for a period of at least ____ consecutive days may be considered an absence for other than a temporary or transitory purpose.Select one:a. 365b. 546c. 366d. 180Question 63Question textIf another person prepared your tax return, he or she is not automatically granted access to your tax information in future dealings with the FTB. At some point, you may wish to designate someone to act on your behalf in matters related or unrelated to a filed tax return (e.g., an audit examination). To protect your privacy, you must submit to the FTB a legal document called a _________ authorizing another person to discuss or receive personal information about your income tax records.Select one:a. Power of Attorney (POA)b. Beneficiaryc. Trustord. Certificate of Designation (COD)Question 64Question textRegarding Alimony / Family Support payments, which of the following statements is true based on changes made by the federal Tax Cuts and Jobs Act?Select one:a. There will continue to be no differences between federal and California regarding the taxing or deduction of alimony payments.b. Federal tax no longer allows a deduction from income for the taxpayer making the alimony payments. California does not conform with this provision.c. Federal tax no longer counts as income alimony received by a taxpayer. California does not conform with this provision.d. Statements B and C are true.Question 65Question textWhich of the following statements is false regarding differences between the federal and California tax returns?Select one:a. California does not allow a deduction for business expenses incurred at a club that discriminates.b. Federal law taxes income received by Indians from reservation sources. California does not tax income earned by tribal members who live in Indian country affiliated with their tribe and receive earnings from the same tribal source of which they are members.c. California unlike federal law, does not allow members of the clergy an exclusion from income for either the rental value of a home furnished as part of their compensation or for a rental allowance paid as part of their compensation.d. The allowable NOL carryover under California law is different than the allowable NOL carryover under federal law. There is no NOL carryback under California law.Question 66Question textCalifornia law defines community property as any asset acquired or income earned by a married person while living with a spouse. Separate property is defined as ______.Select one:a. anything acquired by a spouse before the marriage.b. property received during the marriage by gift, devise, or bequest.c. property received after the parties separate.d. All of the above could be determined to be separate property.Question 67Question textWhich of the following financial instruments will pay interest that will not be taxed by California?Select one:a. A Government National Mortgage Association (Ginnie Mae) Bond.b. A Municipal Bond issued by the City of San Diego, California, to finance the construction of a new library.c. A Certificate of Deposit issued by the Royal Bank of Canada through its New York City office.d. A and B above pay interest that will not be taxed by California.e. All of the above will pay interest that will be taxed by California.Question 68Question textIf you received a California State Income Tax refund and you had to include the refund as taxable income on your federal return, what will you need to do on your California income tax return?Select one:a. You will need to subtract it as an adjustment on your California Tax return. California does not tax the state income tax refund received in the prior year.b. You will need to add it as an adjustment on your California Tax return. California taxes the state income tax refund received in the prior year.c. You do nothing. California will conform to whatever was required on the federal return in regards to the state tax refund.d. A determination as to whether or not the state refund will be taxed by California cannot be made with the information given as it will also depend on the total California adjusted income of the taxpayer.Question 69Question textWhich of the statements below is (are) correct?Select one:a. Social security benefits are not taxable by California.b. Railroad sick pay is not taxable by California.c. CA SDI benefits received as a substitute for Unemployment Insurance benefits, is not taxable by California.d. Both A and B are correct.e. All of the above are correct.Question 70Question textWhich of the following payments will not be taxed by California?Select one:a. Social Security survivor’s and disability benefits.b. Tier 1 and Tier 2 Railroad Retirement Benefits.c. Foreign social security not taxed by the federal government due to a tax treaty between the United States and another country which excludes the foreign social security from federal income.d. Railroad benefits paid by individual private railroads.e. Only A and B above are not taxed by California.Question 71Question textRegarding the Mortgage Credit Certificate Tax Credit Program (MCC) and the corresponding federal tax credit that is available to taxpayers, which of the following statement is (are) true?Select one:a. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their federal individual income tax returns.b. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their California individual income tax returns.c. The federal credit is a refundable credit. The complete credit will be applied in the year claimed and will increase the homebuyers refund if the credit is greater than the tax liability.d. All of the above are true.Question 72Question textWhich of the following scenarios is a correct handling of the federal and state tax returns?Select one:a. Bill and Diane filed as Married Joint and itemized their deductions on their federal tax return. Because they filed their federal return in this way, they must itemize deductions on their California state return.b. Jose and Sandra each used the Married Separate filing status on their separate federal and California state returns. Sandra itemized her deductions as this was most advantages for her, but Jose found that he could receive a larger deduction by taking the standard deduction on his returns and therefore took the standard deduction instead.c. Elise and Guy took the standard deduction on their Married Joint federal return. Because the standard deduction for California is lower than it is for the federal return, they found that it would be more advantages for them to itemize their deductions on their California return and therefore filed their California return with itemized deductions.d. Suzanne and Carmen each used the Married Separate filing status on their separate federal and California state returns. They each went to different tax preparers and did not discuss their tax returns with each other. Both Sandra and Carmen independently decided to take the standard deduction on their federal return. However, on the California return, Sandra itemized her deductions while Sandra still took the standard deduction on her return.Question 73Question textRegarding the effectiveness of a pre-nuptial agreement to keep property separate between a couple, which of the following are generally elements that must be present in the agreement?Select one:a. The agreement must be in writing.b. The agreement must be entered into voluntarily.c. There must be full and/or fair disclosure at the time of the enactment of the agreement.d. All of the above are elements that must be present.Question 74Question textA taxpayer completes their California tax return and discovers they have a tax balance due. Which of the following are methods provided by the FTB that will allow a tax payment to be made?Select one:a. Pay with a Credit Card, a fee will apply.b. Check or money order, mail payment with tax return.c. Web Pay, a direct debit from a financial institution account, no fee charged.d. A and B are valid and correct payment methods.e. All of the above are valid correct payment methods.Question 75Question textLike the Federal AMT, the purpose of the California AMT is to make sure that certain taxpayers do not use various tax incentives to pay little or no California income tax. The California alternative minimum tax rate is ___of the taxpayer’s alternative minimum tax base.Select one:a. 10%b. 5%c. 2.5%d. 7%
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