1a. Berry Co. purchases a patent on January 1, 2021, for $35,000 and the patent has an expected useful life of five years with no residual value. Assuming Berry Co. uses the straight-line method, what is the amortization expensefor the year ended December 31, 2022?

1b. Kansas Enterprises purchased equipment for $75,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,750 at the end of ten years. Using the double-declining balance method, depreciation expense for 2022 would be: (Do not round your intermediate calculations)

1c.Kansas Enterprises purchased equipment for $76,500 on January 1, 2021. The equipment is expected to have a ten-year life, with a residual value of $6,600 at the end of ten years. Using the double-declining balance method, the book value at December 31, 2022, would be: (Do not round your intermediate calculations)

1d. The Pita Pit borrowed $206,000 on November 1, 2021, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2022. In connection with this note, The Pita Pit should report interest expense at December 31, 2021, in the amount of: (Do not round your intermediate calculations.)

1e. On September 1, 2021, Daylight Donuts signed a $210,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022. Daylight Donuts should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.)

if a couple are living together and hold themselves out as married can they file a joint return?

Hyrkas Corporation's most recent balance sheet and income statement appear below:

Dividends on common stock during Year 2 totaled $39 thousand. The market price of common stock at the end of Year 2 was $14.40 per share.

Required:

Compute the following for Year 2:

(a-f complete)

g. Return on equity. (Round your "Percentage" answer to 2 decimal places.)

h. Book value per share. (Round your answer to 2 decimal places.)

i. Working capital. (Input your answer in thousands of dollars.)

j. Current ratio. (Round your answer to 2 decimal places.)

k. Acid-test (quick) ratio. (Round your answer to 2 decimal places.)

l. Accounts receivable turnover. (Round your answer to 2 decimal places.)

m. Average collection period. (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 1 decimal place.)

n. Inventory turnover. (Round your answer to 2 decimal places.)

o. Average sale period. (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 1 decimal place.)

p. Times interest earned ratio. (Round your answer to 2 decimal places.)

q. Debt-to-equity ratio. (Round your answer to 2 decimal places.)

Prepare journal entries for the following transactions for Chillee Company: A. Chillee sold consulting services on account to a customer RST for $3,000, terms 2/10, n/30. B. Customer RST was not completely satisfied with the services he received, so Chillee granted an allowance of $200. C. The customer RST paid the amount owed to Chillee within the discounted period. D. Chillee lent $1000 to an employee who signed a 2 month note with an interest rate of 10% E. The employee in "d" above paid the note plus interest at the end of the second month.

The adjusted trial balance for Chiara Company as of December 31 follows.

Required:
Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $248,220]; and (c) the balance sheet as of December 31.

Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.
  

April 1 Tanner invested $130,000 cash along with office equipment valued at $31,200 in the company.

  2 The company prepaid $7,200 cash for twelve months’ rent for office space. (Hint: Debit Prepaid Rent for $7,200.)

  3 The company made credit purchases for $15,600 in office equipment and $3,120 in office supplies. Payment is due within 10 days.

  6 The company completed services for a client and immediately received $2,000 cash.

  9 The company completed a $10,400 project for a client, who must pay within 30 days.

  13 The company paid $18,720 cash to settle the account payable created on April 3.

  19 The company paid $6,000 cash for the premium on a 12-month insurance policy.

  22 The company received $8,320 cash as partial payment for the work completed on April 9.

  25 The company completed work for another client for $2,640 on credit.

   28 Tanner withdrew $6,200 cash from the company for personal use.

   29 The company purchased $1,040 of additional office supplies on credit.

   30 The company paid $700 cash for this month’s utility bill.

What are other costs to consider as they relate to exit and disposal of leases?

Should the other costs be accrued as of Dec 31? If not, how does a company recognize those costs?

what are some examples from SEC filers of their accounting and disclosures for these costs?

The city of Grafton's records reflected the following budget and actual data for the general fund for the the fiscal year ended June 30, 2017

1. Estimated revenues:

Taxes(property) $3,213,000

Licenses and permits 790,000

Intergovernmental revenues 310,000

Miscellaneous revenues 200,000

2. Revenues

Taxes (Property) 3,216,000

Licenses and permits 792,000

Intergovernmental revenues 299,000

Miscellaneous revenues 195,000

3. Appropriations

General Government 920,000

Public safety 2,090,000

Health and welfare 1,398,000

4. Expenditures

General government 920,000

Public safety 2,005,000

Health and welfare 1,398,000

5. Encumbrances outstanding as of june 30, 2016

General Government 33,000

Public safety 82,000

6. Transfer to debt service fund

Budget 120,000

Actual 120,000

7. Budget revisions approved by city council

Estimated revenues:

Decrease intergovernmental revenues 10,000

Decrease miscellaneous revenues 3,000

Appropriations:

Decrease general government 2,000

8. Total fund balance at july 1, 2016 was 720,000

Required: Use the excel file provided to prepare a budgetary comparison schedule for the city of Grafton for the fiscal year ended june 30, 2017. Include outstanding encumbrances with expenditures. Use formula feature (e.g sum = etc) of excel to calculate the amounts in cells shaded blue.   

Please create a GENERAL LEDGER for the month of OCTOBER ONLY. Maintain a running balance for every posted transaction.

Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31: Account Titles Debits Credits Cash $ 42,000 Accounts Receivable 18,000 Inventory 65,000 Property and Equipment 50,000 Accumulated Depreciation $ 21,000 Accounts Payable 30,000 Common Stock 90,000 Retained Earnings, January 1 11,600 Sales Revenue 167,000 Cost of Goods Sold 98,000 Salaries and Wages Expense 17,000 Office Expenses 18,000 Interest Expense 2,000 Income Tax Expense 9,600 Totals $ 319,600 $ 319,600

1. Prepare a multistep income statement that would be used for external reporting purposes. TIP: Some of the accounts listed will appear on the balance sheet rather than the income statement.

you must write a three page paper discussing the legal issues and likely outcomes for all of the scenarios provided below.

1) Paul Peters is an inventor. He has various creative inventions that he thinks will make him a lot of money if he markets them right. His best friend Ronald Robinson has a Bachelor degree in Marketing, an MBA, and has innovative ways of marketing products. Paul does not have a lot of money, but his cousin Sara Sanders is millionaire after hitting it big with the house boom and knowing when to stop investing. Paul thinks that with his inventions, Ronald’s business skills, and Sara’s money, they can make it big. Paul decides to create a business with these individuals and asks you for help with the details. You must give him advice on what is the best business for him to form? Why? Make sure to include a description of the business model that would be best for him, as well as a description of the other business models and why they would not be as good as the one you advised him. Also make sure to cover all of the steps that he must follow in order to form that particular type of business.

2) Paul, Ronald, and Sara have already formed their business as you have recommended and are rapidly prospering. Paul is upset because other individuals have been attempting to follow in his footsteps and are creating similar businesses. Paul has decided to lose some money in the process, but to sell his items so cheap, that no one can compete with him. He hopes that that way he could veer off his competitors and then substantially increase the prices so that he can make up for the loss profits. Can Paul do this? Why or why not?

3) After ten years, Paul decides that he does not want to continue the business. The company has incurred a substantial amount of debt, it owes the manufacturer of the products, a company called WeDoItAll, over $20,000.00; it owes the bank (Inventors Bank) about $28,000.00, and the company owes Sara, who has made the company many loans to stay afloat a total of $18,000.00.Paul thinks that bankruptcy might be the best solution. As an advisor to Paul, you must (1) explain to him how to dissolve the business (what steps he must take); and (2) give him advice as to whether bankruptcy is a good solution for his company.

Listed below are items that are treated differently for accounting purposes than they are for tax purposes.

(i) Explain the difference between a temporary difference and a permanent difference.

(ii) Indicate whether the items are permanent differences or temporary differences. For
temporary differences, indicate whether they will create deferred tax assets or deferred
tax liabilities.

1. An accelerated depreciation system is used for tax purposes, and the straight-line depreciation method is used for financial reporting purposes for some plant assets.
2. A landlord collects some rents in advance. Rents received are taxable in the period when they are received.
3. Expenses are incurred in obtaining tax-exempt income.
4. Costs of guarantees and warranties are estimated and accrued for financial reporting purposes.
5. Installment sales of investments are accounted for by the accrual method for financial reporting purposes and the installment method for tax purposes.
6. Interest is received on an investment in tax-exempt governmental obligations.
7. For some assets, straight-line depreciation is used for both financial reporting purposes and tax purposes, but the assets’ lives are shorter for tax purposes.
8. The tax return reports a deduction for 80% of the dividends received from various corporations. The cost method is used in accounting for the related investments for financial reporting purposes.

Have you often wondered why investors sue the external auditors when massive fraud negatively affects the stock of a public company up to and including bankruptcy? Often when financial fraud is discovered, shareholders attempt to recover their losses by suing the external audit firm for negligence in not discovering the fraud earlier during a routine attestation engagement. Discuss whether privity and near privity (Ultramares Corp. v. Touche) is the same as ordinary negligence by including two to four legal liabilities associated with these terms

Make a comment at least 120 words

"An account is an individual accounting record of increases and decreases in a specific asset, liability, or stockholder’s equity item. An account consists of 3 parts; one a title of the account, two a left or debt side, and three a right or a credit side. It is called a T-account because the alignment of the parts of the account resemble the letter T.

The basic steps in the recording process is:

1), analyze each transaction in terms of its effect on the accounts. Each transactions before writing it in the journal are analyzed according to its effect on the account. The transactions are entered in the ledger first and then their effect is analyzed in terms of the effect on the accounts.

2) a source document, such as a sales slip, a check, a bill, or cash register tape provides evidence of the transaction. The source document is a record of information that describes the financial information in terms of their internal purpose of business.

3) Enter the transaction information in the journal. It is recorded in a journal and then the information in the journals is posted into the accounts which are stored in a general journal.

4) Transfer the journal information to the appropriate accounts in the ledger or the books of accounts. After the journal entries are made, the next step would be to post the journal entries into the ledger. Posting refers to the process of transferring entries in the journal in to the accounts in the ledger. "