On April 23, 2016 Artimis Co. paid its annual property tax bill. Artimis Co. fiscal year is also the calendar year. The annual bill is $840,000.
How much property tax expense should be reported in Artimis Co.'s income statement for the quarter ending March 31, 2016.
Prepare the journal entry to record Artimis Inc.'s property tax expense for the first quarter ending March 31, 2016.
Prepare the journal entry for April 23, 2016 for the payment of property taxes and proper recording of property tax expenses for the quarter ending June 30th or any prepaid property taxes as of the endof April 2016 .
Prepare the journal entry for quarter ending September 30, 2016 for the recording of property taxes expenses for the quarter.
Prepare the journal entry for quarter ending December 31, 2016 for the recording of property taxes expenses for the quarter.
In: Accounting
Ayayai Inc. has two temporary differences at the end of 2016. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Ayayai’s accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows.
| 2017 | 2018 | 2019 | 2020 | |
| Taxable Amounts | 36,500 | 52,200 | 63,200 | 73,600 |
| Deductible Amounts | (15,500) | (19,900) | ||
| 36,500 | 36,700 | 43,300 | 73,600 |
As of the beginning of 2016, the enacted tax rate is 34% for 2016 and 2017, and 38% for 2018–2021.
At the beginning of 2016, the company had no deferred income taxes on its balance sheet. Taxable income for 2016 is $452,000. Taxable income is expected in all future years.
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016.
Indicate how deferred income taxes would be classified on the balance sheet at the end of 2016.
In: Accounting
Outline an experiment you could use to test a hypothesis about yeast reproduction. Include and identify the following 6 key elements of your experiment:
1) the experimental versus control group
2) the dependent variable
3) the independent variable
4) the standardized variables
5) adequate replication/sample size
In: Biology
A binomial probability experiment is conducted with the given parameters. Compute the probability of x successes in the n independent trials of the experiment. n equals 9 , p equals 0.9 , x less than or equals 3
Please show each step fully so I actually understand how to do this in the future.
In: Statistics and Probability
How do you Use and interpret one-way analysis of variance (ANOVA)? Please provide example(s)
in a research setting, i just want to have an overview on what a one way analysis of variance is and how it is applied in an experiment. eg how do i know to use anova in an experiment?
In: Statistics and Probability
In a detailed paragraph, starting with normal and cancer intact cells as well as the preparation of the DNA microarray chip, explain in detail how the typical DNA microarray experiment will be performed in order to identify differentially expressed genes. What are the types of probes that can be used for this experiment, and how are they different? Explain how the data will be interpreted.
In: Biology
In a experiment we did with electromagnets, we used only one battery with a certain voltage and didn't change it out. So did the current stay constant if we used the same battery because the voltage stayed constant????
The purpose of the experiment was to manipulate the number of winds to increase the magnetic field strength.
Thanks
In: Physics
Fill in the following values and bring to class to hand in at the beginning of class for part of your in-class exercise grade.
|
Forecasts |
|||||
|
Week |
Time Series Or Actuals |
Naïve |
Two period Moving average |
Three period Moving average |
SES with alpha = .4 |
|
10/2/2016 |
841 |
||||
|
10/9/2016 |
975 |
||||
|
10/16/2016 |
895 |
||||
|
10/23/2016 |
1025 |
In: Finance
QUESTION #2 Part A Lunenberg Ltd, a publicly accountable enterprise, began business on January 1, 2015 and follows IFRS. Its pretax accounting income for the first two years was as follows: 2015 $ 80,000 2016 150,000
The following items caused the only differences between pretax accounting income and taxable income.
1. In 2015, the company collected $75,000 in rental revenue; of this amount, $25,000 was earned in 2015; the other $50,000 will be earned equally during 2016 and 2017. The full $75,000 was included in taxable income in 2015.
2. The company pays $5,000 in 2015and 2016 for membership in a local golf club.
3. In 2016, the company terminated a top executive and agreed to pay $30,000 severance pay. This will be paid $10,000 each year for three years, starting in 2016. The 2016 payment was made. The entire $30,000 was expensed in 2016 for book purposes.
For tax purposes, the severance pay is deductible only when it is paid.
The enacted tax rates at December 31, 2015 are: 2015 30% 2017 40% 2016 35% 2018 40%
Instructions:
(a) Calculate taxable income and income tax payable for 2015 and 2016
(b) Calculate the deferred income tax asset and/or liability at the end of 2015, and prepare the adjusting journal entries to record income taxes for 2015
In: Accounting
QUESTION 1
The inventory records of Frost Company for the years 2016 and 2017 reveal the cost and market of the January 1, 2016, inventory to be $125,000. On December 31, 2016, the cost of inventory was $130,000, while the market value was only $128,000. The December 31, 2017, market value of inventory was $140,000, and the cost was only $135,000. Frost uses a perpetual inventory system.
| Required: | |||||
| 1. | Assume the inventory that existed at the end of 2016 was sold
in 2017. Prepare the journal entries at the end of 2016 and 2017 to
record the lower of cost or market under the:
|
||||
| 2. | Show the presentation of cost of goods sold and inventory on
Frost’s income statement and balance sheet for 2016 and 2017 under
the:
|
general journal
Assume Frost uses the allowance method and a perpetual inventory system.
Prepare the necessary journal entries to record:
|
In: Accounting