Question

In: Accounting

Record the property tax revenue deferred of $62,000 that is required by the GASB. The current...

Record the property tax revenue deferred of $62,000 that is required by the GASB. The current property taxes receivable of $500,000 less the revenue deferred of $62,000 in K are classified as delinquent along with the amount that is required by the GASB. On Dec. 2, purchase orders were issued for supplies in the amount of $440,000. On December 15, supplies, relating to all of the prior year purchase orders ($400,000), were received along with invoices amounting to $397,000. Received 6% interest revenue on the Investments (beg. Balance) in cash. Record the closing entry. Remember that the actual revenues is closed by a debit with a credit to Estimated Revenues and the balance to Fund Balance. Record the closing entry. Remember that the actual expenditures and the balance in Encumbrances is closed by a credit with a debit to Appropriations and the balance to Fund Balance. Prepare a 12/31/14 Balance Sheet assuming the beginning balances and journal entries A to Q and the books have been closed out to Fund Balance.

Expert Solution

Step:1

Property taxes receivable A/C DR. 500000

To Deferred revenue A/C 62000

To Delinquent taxes A/C 438000

Step 2 : Interest on Investments

Cash A/C (440000*6/100) DR. 26400

To Estimated Revenue 26400

Estimated Revenue A/C DR. 26400

To Interest on Allowances for supply A/C 2580

To Deferred Revenue A/C 23820

(397000*6/100)

Interest on Allowances for Supply A/C DR. 2580

Profiit & Loss Appropriation A/C 2580

Step 3 :

Profit & Loss Appropriation A/C DR. 85820

(62000+23820)

Deferred Revenue A/C 85820

ekkarill92 answered 1 year ago

Solve for the missing numbers. Revenue 17,656, Depreciation 3,838, Deferred Tax Liability, Non-Current 2,413, Operating Income...

Solve for the missing numbers. Revenue 17,656, Depreciation 3,838, Deferred Tax Liability, Non-Current 2,413, Operating Income 2,257, Total Liabilities And Equity 75,611, Earnings before Taxes 776, Total Liabilities 52,120, Net Profit 1,389, Inventory 128, Other Current Assets 401, Prepaid Expenses 294, Additional Paid In Capital 23,314, Long-term Investments 453, Gross Profit 10,003, Goodwill 30,475, Gross Property, Plant & Equipment 51,204, Total Current Assets 3,891, Accumulated Depreciation (24,352), Common Stock 1,069, Other Long-Term Assets 1,167, Accounts Payable 1,555, Other Operating Expense...

Calculation of current and deferred tax, and adjustment entry The profit before tax, as reported in...

Calculation of current and deferred tax, and adjustment entry The profit before tax, as reported in the statement of profit and loss for Adeline Ltd for the year ended 30 June 2021, amounted to $100 000, including the following revenue and expense items. Sales revenue 650000 Interest revenue 50000 Government grant (non-taxable) 50000 Cost of goods sold 400000 Bad Debts expense 10000 Depreciation expense – equipment 10000 Depreciation expense – plant 20000 Research and development expense 80000 Wages Expense 120000...

Identify and explain the four steps required in order to calculate deferred tax.

1 - There are disclosures required relating to deferred tax amounts. Identify the requirements for such...

1 - There are disclosures required relating to deferred tax amounts. Identify the requirements for such disclosures. What would you do if you were asked by your manager to "leave out" these disclosures from the notes to the financial statements you are preparing? 2- Why do you think there is a difference in recording capital vs. operating leases? Do you think this difference is valid or should all leases be recorded the same?

Discuss whether revaluation of non-current asset will lead to a deferred tax asset or a tax...

Discuss whether revaluation of non-current asset will lead to a deferred tax asset or a tax liability.

Discuss the situations that will result in a deferred tax liability and a deferred tax asset....

Discuss the situations that will result in a deferred tax liability and a deferred tax asset. Provide an example of each. Prepare a journal entry for your examples. Discuss how deferred liabilities affect the income statement.

Identify and explain the steps required in order to calculate deferred tax BELOW ARE THE STEPS:...

Identify and explain the steps required in order to calculate deferred tax BELOW ARE THE STEPS: -Determine the carrying amount of the asset/liabilities -Multiply the temporary differences with the tax rates that are expected to apply PROVIDE THE EXPLANATION

4. Which of the following is true with respect to deferred tax assets and deferred tax...

4. Which of the following is true with respect to deferred tax assets and deferred tax liabilities a. A permanent difference is always recorded as a deferred tax asset b. A valuation allowance is appropriate only when it is more likely than not that deferred tax asset will not be recognized c. All deferred tax assets and deferred tax liabilities are reported as noncurrent in the balance sheet d. A net operating loss gives rise to a deferred tax liability

What is the difference between a deferred tax asset and a deferred tax liability? Explain the...

What is the difference between a deferred tax asset and a deferred tax liability? Explain the difference between a permanent difference and a timing (or temporary) difference as related to tax and financial accounting, and how those differences relate to deferred tax assets and deferred tax liabilities

What is the impact on deferred tax asset and deferred tax liability if a company records...

What is the impact on deferred tax asset and deferred tax liability if a company records accelerated depreciation for tax purposes and straight-line depreciation for book purposes?