Dre Inc. began operations on 01/01/2020 and bought some equipment for $30,000. Dre uses a four-year straight-line depreciation for accounting purposes. For tax, the deduction is 40% of cost in 2020, 30% in 2021, and 30% in 2022. Pretax accounting income for 2020 was $160,000, including interest revenue of $25,000 from municipal bonds. The tax rate is 30% for all years.

Required:
Prepare a journal entry to record income taxes for the year 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Write a program that reads in a single integer.

Display a message depending on what is given:

• When the number is 42, output "42 is the Ultimate Question of Life, the Universe, and Everything."
• When the number is 2020 output "2020 is the current year."
• When the number is greater than 1000 and less than 3000 output "1500 could be a year." where 1500 is the number the user originally inputted
• When none of the above, output "no idea."

One example shown below with the user input highlighted:

Give a number: 2020
2020 is the current year.

Shanghai Enterprises has asked for your assistance in preparing a cash budget for the month

of December 2020 and has provided projected sales revenue data below

Projected sales:

October 2020

$144,000

November 2020

$205,000

December 2020

$220,000

All sales are on credit with 65% collected during the month of sale, 18% collected during the

month following the sale, 15% during the second month after the sale and 2% uncollectable.

Required:

a) Prepare the cash receipts section of a cash budget for Shanghai Enterprises for the

month of December 2020.

b) Explain how Shanghai Enterprises would go about constructing a cash budget for the first

three months of 2021. Note that Shanghai plans to purchase a major piece of equipment

costing $500,000 in February 2021.

ABC Enterprises has asked for your assistance in preparing a cash budget for the month of December 2020 and has provided projected sales revenue data below:

Projected sales:

October 2020

$144,000

November 2020

$205,000

December 2020

$220,000

All sales are on credit with 65% collected during the month of sale, 18% collected during the month following the sale, 15% during the second month after the sale and 2% uncollectable. Required:

a) Prepare the cash receipts section of a cash budget for ABC Enterprises for the month of December 2020.

b) Explain how ABC Enterprises would go about constructing a cash budget for the first three months of 2021. Note that ABC plans to purchase a major piece of equipment costing $500,000 in February 2021.

1. Glenny’s Glassworks prepares an annual CASH Budget by quarter and uses the following information to estimate the Cash Budget:

On Jan 1, 2020 the Cash Balance is expected to be $47,000.00 and they want a minimum ending balance in cash in any quarter to be $25,000.

2020 Sales are expected as follows:

1^st Q                 $275,000

2^nd Q                $330,000

3^rd Q                 $280,000

4^th Q                 $240,000As

75% of Sales are expected to be collected in the quarter they are made and the remaining 25% in the following Quarter. The 4^th Q 2019 Sales were $165,000.

REQUIRED:

1. Prepare the Cash Receipts Budget by Quarter for 2020.
2. If Glenny spends $1,200,000 in Cash Disbursements during 2020, what would their ending Cash Balance be at Dec 31, 2020? Would they need to borrow any money to maintain their minimum cash requirement?

On june1, 2020 Jetcom inventors Inc. issued a $440,000 12%, three year bond. Interest is to be paid semiannually beginning December 1, 2020.
Required:
a. Calculate the issue price of the bond assuming a market interest rate of 13%.
b. Using the effective interest method, Prepare an amortization schedule.

part 1
Prepare journal entries to the following
a. Issuance of the bonds on January 1, 2020
b. Payment of interest on December 1, 2020
c. Adjusting entry to accrue bond interest and discount amortization on January 31, 2020
Assume Jetcom Inventors Inc. has a January 31 year end

part 2
Show how the bonds will appear on the balance sheet under non- current liabilities at January 31, 2022

Bridgeport Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $57,500 in 2021, $62,100 in 2022, and $66,600 in 2023. Bridgeport’s pretax financial income for 2020 is $314,600, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020.

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Compute taxable income and income taxes payable for 2020.

Income taxes payable

(B) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when 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.)

Fama Corp sold some plant assets during 2020 for $265,000. The original cost to Fama of these assets was $1,830,000. The accumulated depreciation on these particular assets was $1,350,000 at December 31, 2019, and was $1,500,000 at the time of the sale in 2020. Fama uses the indirect method for its statement of cash flows. In reconciling net income to cash flows from operations

1.what is the net effect (i.e., addition or subtraction) stemming from these plant assets for the year ended December 31, 2020?

2. What is the net effect on cash flows from investing activities for the year ended December 31, 2020, stemming from these plant assets?

3. What is the net effect on cash flows from financing activities for the year ended December 31, 2020, from these plant assets?

A machine was purchased and installed in the beginning of year 2019. The estimated cost in the period stated dollars is below. The costs are in current period dollars at the end of the year. For example, 2020 cost is reported in end of year 2020 dollars. An inflation rate applicable to years 2020 and higher of 2.85% was used in the estimation process. What is the machine's Present Worth of costs including purchase amount in 2019 dollars using a real MARR of 9.5%? NOTE: 2019 dollars are the same at beginning for purchase and end of 2019. Cost inflation begins in 2020.

Clearly label your answer

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when 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.)

Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)