the property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2021.
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What hould i do the property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2021.
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- The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2021, temporary differences existed between the financial statement book values and the tax bases of the following: ($ in millions) Future Taxable Book Value Таx (Deductible) Basis Amount Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency $146 $103 $ $ 43 63 63 38 (38) b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $213 million and taxable income was $145 million for the year ended December 31, 2021. The tax rate is 25%. Required: 1. Complete the following table given below and prepare the appropriate to record income taxes for 2021. 2. What is the 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G) Required 2 Complete the following table given below to record income taxes for 2021. (Enter your answers in millions rounded to 2…hi based on the above question would item h) $250,000 of the notes payable is due for payment on December 31st, 2021, would this be reflected in the jounal entry? if so how do I enter it on the journal entry?1. At what amount should Montgomery record the note payable and corresponding cost of the building on January 1, 2021?2. How much interest expense on this note will Montgomery recognize in 2021?(For all requirements, Round your final answers to nearest whole dollar amount
- Company A purchases land on January 1, 2021 for $ 40,000 with a note payable. Other cost includes $ 2500 in delinquent property taxes, Ş in transfer taxes and a $ 1500 survey fee. General Journal Page Date Account Titles and Explanation Debit Credit1. Prepare journal entries to record the income tax and 2. Present the income tax expense in the income statement Problem 16-3 (ACP) In 2021, Argentina Company received an advance payment of P1,000,000, which was subject to tax but not reported in accounting income until 2022. The income statement and tax return showed the following: 2021 2022 Income before tax per income statement Income before tax per tax return Income tax rate 6,000,000 7,000,000 9,000,000 8,000,000 25% 25% Required: 1. Prepare journal entries to record the income tax a deferred tax for 2021 and 2022. for 2021 and 2022.FINANCIAL ACCOUNTING (a) Compute the amount of interest during 2020, 2021, and 2022 for the following notes receivable; on april 30, 2020, BCDE lent $170,000 to Abbot on a two-years 7% note. (b) Which party has a (an) a. notes receivable b. notes payable c. interest revenue d. interest expense (c) How much total would BCDE collect if Abbot paid off early, say on November 30, 2020?
- CAB Co. reported rent income of P600,000 under cash basis accounting for 2020. Additional Information are as follows: Dec. 31, 2020 Dec. 31, 2019 Unearned rent 50,000 30,000 75,000 Accrued rent income 40,000 How much is the rental collections on 2020?Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income tax
- Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?Using the given information, calculate the amount in respect of Subscription that is needed to be credited into Income and Expenditure account. Also show various ledger accounts. During the Current year (2020), subscription received in Cash is $ 50,000. It also includes the amount that is receivable during the previous year (2019) of $ 2,500 and amount received in advance for next year (2021) for $1,500. Also there is an outstanding receivable for 2020 of $ 4,500.The following data are taken from the financial statements of Pharoah Company. 2021 2020 Accounts receivable, end of year $559,500 $ 579,000 Net credit sales 4,098,600 3,385,125 Terms for all sales are 1/10, n/60.
