Questions
Case Development began operations in December 2016. When property is sold on an installment basis, Case...

Case Development began operations in December 2016. When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. 2016 installment income was $320,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 2017–2019 are as follows:

  

  2017 $ 60,000 20 %
  2018 190,000 30
  2019 70,000 30

  

     Pretax accounting income for 2016 was $426,000, which includes interest revenue of $16,000 from municipal bonds. The enacted tax rate for 2016 is 20%.

  

Required:
1.

Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case’s 2016 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)

     

2.

What is Case’s 2016 net income? (Enter your answer in thousands.)

     

3.

How should the deferred tax amount be classified in a classified balance sheet? (Enter your answers in thousands.)

    

In: Accounting

On Dec 31, 2016, Riyadh Company had accounts: Credit sales                                 &nb

On Dec 31, 2016, Riyadh Company had accounts:

  1. Credit sales                                                                             $2,500,000
  2. Ending accounts receivable                                                         800,000
  3. Sales discousnts                                                                          120,000
  4. Sales returns and allowances                                                       280,000
  5. Beginning accounts receivable                                                   750,000
  6. Allowance for doubtful accounts (credit)                                     12,000            
  7. The aging schedule (aging method) for the company’s accounts receivable is shown in the following table:

# of Days Outstanding

Amounts

Estimated % Uncollectible

0-30

$     100,000

2%

31-60

300,000

4%

61-90

300,000

6%

Over 90

                    100,000

8%

Requirements:

  1. If the compnay’s use the percentage of net credit sales method (3%) to estimate its allowance for the doubtful accounts, answer the following two questions:
  • What is the balance of the allowance for doubtful accounts on Dec 31, 2016?
  • What is the bad debt expense that should be reported in the 2016 income statement?
  1. If the compnay’s use the percentage of the aging method of accounts receivable to estimate its alloance for the doubtful accounts, what is the required balance for the the doubtful accounts on Dec 31, 2016?
    • What is the balance of the allowance for doubtful accounts on Dec 31, 2016?
    • What is the bad debt expense that should be reported in the 2016 income statement?

In: Accounting

Calculate the cell potential for a reaction in a electrolytic cell with the following half-reactions if:...

Calculate the cell potential for a reaction in a electrolytic cell with the following half-reactions if: [U 3+] = 0.10 M, [MnO4 - ] = 0.20M, [Mn2+], and [H+ ] = 0.20 M

U 3+ + 3e -> U o Ecell = - 1.642 V

MnO4 - + 8H+ + 5e- -> Mn2+ + 4H2O Ecell = +1.51 V

In: Chemistry

Problem for submission: For which positive integers k can a simple graph G = (V, E)...

Problem for submission: For which positive integers k can a simple graph G = (V, E) be constructed such that: G has k vertexes, that is, |V | = k, G is bipartite, and its complement G is bipartite? Prove your answer is correct

Please show and explain your full proof.

In: Advanced Math

Let X have a uniform distribution on the interval [A, B]. (a) Obtain an expression for...

Let X have a uniform distribution on the interval

[A, B].

(a)

Obtain an expression for the (100p)th percentile, x.

x =

(b)

Compute

E(X), V(X), and σX.

E(X)

=

V(X)

=

σX

=

(c)

For n, a positive integer, compute

E(Xn).

E(Xn)

=

In: Statistics and Probability

The electrical voltage in a certain region of space is given by the function V(x,y,z)=80+xz−sin⁡(yz). If...

The electrical voltage in a certain region of space is given by the function V(x,y,z)=80+xz−sin⁡(yz). If the directional derivative of V at (1,1,π) in the direction 〈a,−1,π〉 is π, what is the value of a?

Group of answer choices

π22

−π22

π2

−π2

None of the above.

In: Math

What are the Amortization rules and what assets are subject to amortization?

What are the Amortization rules and what assets are subject to amortization?

What are the Tax consequences of being self-employed v employed v. statutory employee?

What are The rules for deducting moving expenses. What can you deduct, what are the requirements?

How do you calculate transportation expenses?


In: Accounting

What is the standard voltage or cell potential of a Cr-Hg cell? (Remember to switch one-half...

What is the standard voltage or cell potential of a Cr-Hg cell? (Remember to switch one-half reaction to oxidation and to balance the number of electrons--use paper.)

Cr3+(aq)+ 3e- → Cr(s) Eo = -0.74 V
Hg2+(aq)+ 2e- → Hg(l) Eo = +0.789 V

In: Chemistry

1. A voltage is given by v(t) = 10 sin(1000?t + 30o). a. Use a cosine...

1. A voltage is given by v(t) = 10 sin(1000?t + 30o).

a. Use a cosine function to express v(t).

b. Find the angular frequency, the frequency in hertz, the phase angle, the periodic time and the rms value.

c. Find the power that this voltage delivers to a 25? resistance

In: Physics

When an AC source is connected across a 11.5-? resistor, the rms current in the resistor...

When an AC source is connected across a 11.5-? resistor, the rms current in the resistor is 8.66 A.

(a) Find the rms voltage across the resistor.
V

(b) Find the peak voltage of the source.
V

(c) Find the maximum current in the resistor.
A

(d) Find the average power delivered to the resistor.
W

In: Physics