#32 Calculate the pH at the equivalent point for the titration of 0.10M NH3 by 0.10M perchloric acid. (For NH3, pKb=4.74, hint: consider the change in volume before and after reaction)
In: Chemistry
Riverbed Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021: Accounting Tax Year Income (Loss) Rate 2015 $72,000 25% 2016 29,000 25% 2017 62,000 25% 2018 77,000 30% 2019 (220,000 ) 35% 2020 68,000 30% 2021 94,000 25% Accounting income (loss) and taxable income (loss) were the same for all years since Riverbed began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Riverbed Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under IFRS in part (b)
1)Prepare the journal entries to record income taxes for the years 2019 to 2021. Assume that Riverbed uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year.
2)Show how the bottom portion of the income statement would be reported in 2019, beginning with “Loss before income tax.”
3)how how the bottom portion of the income statement would be reported in 2020, starting with “Income before income tax.”4)Prepare the journal entries for the years 2019 to 2021 to record income taxes, assuming that Riverbed uses the carryback provision where possible but is uncertain if it will realize the benefits of any loss carryforward in the future. Riverbed does not use a valuation allowance.
4)Assume now that Riverbed uses a valuation allowance account along with its Future Tax Asset account. Identify which entries in the previous part of the question would differ and prepare them.
5)Indicate how the bottom portion of the income statements for 2019 and 2020 would be reported. Assume that Riverbed uses the carryback provision where possible but is uncertain if it will realize the benefits of any loss carryforward in the future. Riverbed does not use a valuation allowance
In: Accounting
P19.3 (LO 1, 2, 4) (Second Year of Depreciation Difference, Two Differences, Single Rate, Discontinued Operation) The following information has been obtained for Gocker Corporation.
1. Prior to 2020, taxable income and pretax financial income were identical.
2. Pretax financial income is $1,700,000 in 2020 and $1,400,000 in 2021
. 3. On January 1, 2020, equipment costing $1,200,000 is purchased. It is to be depreciated on a straight-line basis over 5 years for tax purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year convention for tax purposes, as discussed in Appendix 11A.)
4. Interest of $60,000 was earned on tax-exempt municipal obligations in 2021.
5. Included in 2021 pretax financial income is a gain on discontinued operations of $200,000, which is fully taxable.
6. The tax rate is 20% for all periods.
7. Taxable income is expected in all future years.
Instructions
a. Compute taxable income and income taxes payable for 2021.
b. Prepare the journal entry to record 2021 income tax expense, income taxes payable, and deferred taxes.
c. Prepare the bottom portion of Gocker's 2021 income statement, beginning with “Income from continuing operations before income taxes.”
d. Indicate how deferred income taxes should be presented on the December 31, 2021, balance sheet.
In: Accounting
1 ) If the original bid for the city hall project was $5,000,000, what entry would be made when the bid was awarded to the contractor. Your answer should be in this form: DR XXX(account name), CR XXX (account name) no amount is needed.
Use the following information to answer the next 3 questions regarding property taxes. T-Accounts might help answer some of these questions.
The following transactions and events related to Colfax County's tax revenues for the year beginning January 1, 2019.
2) How much of the receivable is considered delinquent at the end of the year?
enter whole number without dollar signs, commas and decimals
3) How much of the 2019 property taxes will be deferred to 2020?
enter whole number without dollar signs, commas and decimals
In: Accounting
Financial Statement Ratio Analysis
The following information (in $000) has been obtained from Diamond Limited’s financial statements for the fiscal years ending December 31.
2020 2019 2018
Total assets $738 $583 $514
Current liabilities 78 71 93
Total liabilities 229 164 169
Total shareholders’ equity 494 427 387
Income before taxes 87 63 56
Interest expense 10 6 5
Net cash provided by operating activities 117 99 99
Net income 62 49 53
Number of common shares outstanding 67 77 73
Taken from stock market at Dec. 31 $16.3 $12.44 $11.7
Market price per share (not in $000)
There are no preferred shares issued by Diamond.
REQUIRED: Show all calculations. Round all calculations to two decimal places. Use appropriate units for each ratio calculation.
A. Calculate the following items for Diamond Limited for fiscal years 2019 and 2020:
i) Current cash debt coverage ratio
ii) Cash debt coverage ratio
iii) Rate of return on assets
iv) Earnings per share
v) Price earnings ratio
vi) Times interest earned
B. Comment on whether there has been improvement or deterioration from 2019 to 2020 in the ratios calculated. Take the perspective of Diamond’s management. Briefly explain.
In: Accounting
Corporate Accounting
Benito Company reported the following information for the financial year ended 30/06/2020:
|
Profit from ordinary activities before income tax expense |
$986,000 |
|
Cash received from customers / Accounts receivables |
80,000 |
|
Paid to suppliers / Accounts payable |
80,000 |
|
Cash received from the sale of Land |
28,000 |
|
Obtained a loan from Good Bank |
60,000 |
|
Purchase a motor vehicle for cash |
80,000 |
|
Share issues |
120,000 |
|
Salary & wages paid |
16,000 |
|
Dividend paid |
14,000 |
|
Annual leave paid |
20,000 |
|
Interest received from an investment |
4,000 |
|
Purchased building for cash |
40,000 |
|
Cash & Cash equivalents as of 01/07/2019 |
40,000 |
|
Loss of sale on land |
60,000 |
|
Accrued wages |
50,000 |
|
Trade stock as of 30/06/2020 |
15,000 |
|
Cost of goods sold |
450,000 |
|
Provision for warranties |
90,000 |
Required:
l. What is the net cash inflow (outflow) from operating activities?
ll. What is the net cash inflow (outflow) from investing activities?
lll. What is the net cash inflow (outflow) from financing activities?
IV. Determine the cash & cash equivalents as of 30/06/2020.
V. Determine the total cash flow from operations as of the end of the year. Opening Balance of Cash at the start of the year is $100,000.
In: Accounting
(b) Melbourne Ltd owns 100 per cent of the shares of Bendigo Ltd, acquired on 1 July, 2019 for $900,000 when the shareholders’ funds of Bendigo Ltd were: Share capital $450,000, Retained earnings $225,000 and Revaluation surplus $100,000. All assets of Bendigo Ltd are fairly stated at the acquisition date. The goodwill has been impaired by 10% in the year 2020. The following intra-group transactions took place during the 2020 financial year: Bendigo Ltd paid $60,000 dividend to Melbourne Ltd. Melbourne Ltd sells inventory to Bendigo Ltd at a sales price of $50,000. The inventory had previously cost Melbourne Ltd $40,000. Twenty five (25%) inventory is still on hand with Bendigo Ltd. Melbourne Ltd provided a management consultancy services to Bendigo during the year. Bendigo Ltd paid $7,500 in management fees to Melbourne Ltd. Melbourne Ltd sold plant costing $20,000 to Bendigo Ltd for $24,000. Melbourne Ltd had not charged any depreciation on the asset before the sale as it just purchased it from an external entity. Both entities depreciate items of plant at 20% p.a. on cost. The plant is still held by Bendigo Ltd. The tax rate is 30 per cent.
Required: Prepare the relevant consolidated journal entries for the year ended 30 June 2020 (including tax effects where relevant.
In: Accounting
(b) Melbourne Ltd owns 100 per cent of the shares of Bendigo Ltd, acquired on 1 July, 2019 for $900,000 when the shareholders’ funds of Bendigo Ltd were: Share capital $450,000, Retained earnings $225,000 and Revaluation surplus $100,000. All assets of Bendigo Ltd are fairly stated at the acquisition date. The goodwill has been impaired by 10% in the year 2020. The following intra-group transactions took place during the 2020 financial year: Bendigo Ltd paid $60,000 dividend to Melbourne Ltd. Melbourne Ltd sells inventory to Bendigo Ltd at a sales price of $50,000. The inventory had previously cost Melbourne Ltd $40,000. Twenty five (25%) inventory is still on hand with Bendigo Ltd. Melbourne Ltd provided a management consultancy services to Bendigo during the year. Bendigo Ltd paid $7,500 in management fees to Melbourne Ltd. Melbourne Ltd sold plant costing $20,000 to Bendigo Ltd for $24,000. Melbourne Ltd had not charged any depreciation on the asset before the sale as it just purchased it from an external entity. Both entities depreciate items of plant at 20% p.a. on cost. The plant is still held by Bendigo Ltd. The tax rate is 30 per cent. Required: Prepare the relevant consolidated journal entries for the year ended 30 June 2020 (including tax effects where relevant.
In: Accounting
Determine the pH during the titration of 14.8 mL
of 0.286 M hydrobromic acid by
0.110 M sodium hydroxide at the
following points:
(1) Before the addition of any sodium
hydroxide
(2) After the addition of 19.3 mL of
sodium hydroxide
(3) At the equivalence point
(4) After adding 47.7 mL of sodium
hydroxide
In: Chemistry
Which of the following best describes the condition where you'd
use the "Rollback Tran" keywords
Note: More than one choice may work, so pick the best
When the transaction completed successfully
When all (or part) of the transaction failed
After the Commit Tran
Before the Begin Tran
After the Begin Tran
In: Computer Science