Problem #13 Jasmine sold land for $250,000 in 2019. The land had a basis of $118,000 and she incurred selling expenses of $10,000. Jasmine received $50,000 down in 2019 and will receive five additional annual payments of $40,000 each. How much income will Jasmine recognize in 2020 when she receives the first additional payment of $40,000? (SHow your work)

Question 1

At the beginning of June 2017, Pina Colada Distributing Company’s ledger showed Cash $17,000, Merchandise Inventory $4,900, and D. Pina Colada, Capital, $21,900. During the month of June, the company had the following selected transactions:

(a)

Record the transactions assuming Pina Colada uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions?

What are opportunities and Threats in the financial industry?

All organisational information must be recorded and securely stored. Describe the main processes for securely recording and storing data.

Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company’s income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash $ 52,900 $ 75,500 Accounts receivable 68,810 52,625 Inventory 278,656 253,800 Prepaid expenses 1,270 1,995 Total current assets 401,636 383,920 Equipment 155,500 110,000 Accum. depreciation—Equipment (37,625 ) (47,000 ) Total assets $ 519,511 $ 446,920 Liabilities and Equity Accounts payable $ 55,141 $ 117,675 Short-term notes payable 10,600 6,400 Total current liabilities 65,741 124,075 Long-term notes payable 64,000 50,750 Total liabilities 129,741 174,825 Equity Common stock, $5 par value 166,750 152,250 Paid-in capital in excess of par, common stock 39,500 0 Retained earnings 183,520 119,845 Total liabilities and equity $ 519,511 $ 446,920 FORTEN COMPANY Income Statement For Year Ended December 31, 2017 Sales $ 592,500 Cost of goods sold 287,000 Gross profit 305,500 Operating expenses Depreciation expense $ 22,750 Other expenses 134,400 157,150 Other gains (losses) Loss on sale of equipment (7,125 ) Income before taxes 141,225 Income taxes expense 27,050 Net income $ 114,175 Additional Information on Year 2017 Transactions The loss on the cash sale of equipment was $7,125 (details in b). Sold equipment costing $52,875, with accumulated depreciation of $32,125, for $13,625 cash. Purchased equipment costing $98,375 by paying $34,000 cash and signing a long-term note payable for the balance. Borrowed $4,200 cash by signing a short-term note payable. Paid $51,125 cash to reduce the long-term notes payable. Issued 2,700 shares of common stock for $20 cash per share. Declared and paid cash dividends of $50,500. Required:

1. Prepare a complete statement of cash flows; report its operating activities using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

2. Prepare a complete statement of cash flows; report its operating activities according to the direct method. (Amounts to be deducted should be indicated with a minus sign.)

Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow. LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue $ 100,200 Expenses Cost of goods sold 43,000 Depreciation expense 12,500 Salaries expense 19,000 Rent expense 9,100 Insurance expense 3,900 Interest expense 3,700 Utilities expense 2,900 Net income $ 6,100 LANSING COMPANY Selected Balance Sheet Accounts At December 31 2017 2016 Accounts receivable $ 5,700 $ 6,000 Inventory 2,080 1,590 Accounts payable 4,500 4,800 Salaries payable 900 710 Utilities payable 240 170 Prepaid insurance 270 300 Prepaid rent 240 190

Required: Prepare the cash flows from operating activities section only of the company’s 2017 statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.)

Prepare the cash flows from operating activities section only of the company’s 2017 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

financial accounting

how do I calculate the retained earnings for closing entries from a partial adjusted trial balance.

Crane Computer Company, in addition to its retail sales, conducts night classes in computer technology. Crane has provided you the following information:

Construct a contribution margin format income statement.

Conduct an internet search to identify a minimum of three types of non-assurance services that auditors can provide. Discuss the nature of those services. In your discussion, include whether the services can be conducted along with assurance services to the same client without impairing the auditor’s independence.

List the cultural variables in the communication process and explain the different types of nonverbal communication

Calculating the Fair Value of Debt
The Longo Corporation issued $5 million maturity value in notes, carrying a coupon rate of 6%, with interest paid semiannually. At the time of the note issue, equivalent risk-rated debt instruments carried yield rates of 8%.

The notes matured in 5 years.

Calculate the proceeds that Longo Corporation will receive from the sale of the notes.
Round your answer to the nearest dollar.

$Answer

How will the notes be disclosed on Longo's balance sheet immediately following the sale?
Round your answers to the nearest dollar.

Calculate the interest expense for Longo Corporation for the first year that the notes are outstanding.
Do not round until final answer. Round answers to the nearest dollar.

Calculate the balance sheet value of the notes at the end of the first year.
Do not round until final answer. Round answer to the nearest dollar.

$Answer

Distinguish between a revaluation decrement and an impairment loss.

FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process

Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department:

Costs in beginning work in process were direct materials, $20,000; conversion costs, $80,000. Manufacturing costs incurred during April were direct materials, $260,000; conversion costs, $364,800.

Required:

1. Prepare a physical flow schedule for April.

2. Compute the cost per equivalent unit for April. If required, round your answer to the nearest cent.
$ per equivalent unit

3. Determine the cost of ending work in process and the cost of goods transferred out.

4. Prepare the journal entry that transfers the costs from Cutting to Sewing.