1. On January 1, 2020, Misnomer Company purchased the land with valuable natural ore deposits for P10,000,000. The residual value of the land was P2,000,000. At the time of purchase, a geological survey estimated a recoverable output of P4,000,000 tons. Early in 2020, roads were constructed on the land to aid in the extraction and transportation of the mined ore at a cost of P1,600,000. In 2020, 500,000 tons were mined and sold. A new survey at the end of 2021 estimated 4,200,000 tons of ore available for mining. In 2021, 800,000 tons were mined and sold. Prepare journal entries for 2020 and 2021 based on the transactions.
In: Accounting
Sarasota, Inc. began work on a $6,504,000 contract in 2020 to construct an office building. During 2020, Sarasota, Inc. incurred costs of $1,639,900, billed its customers for $1,300,000, and collected $1,055,000. At December 31, 2020, the estimated additional costs to complete the project total $3,650,100. Prepare Sarasota’s 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
In: Accounting
What type of health care system is in place in the United Kingdom? (a,b,c, or d)
a.) National health insurance (single payer)
b.) National health service (socialized medicine)
c.) Insurance required of individuals and/or employers ( mandate)
d.) Other (describe)
Describe the role of government in the United Kingdom's health care system
In: Economics
Luxley Corporation has $150,000 of income before taxes in its
2020 accounting records. In computing income tax expense, Luxley
makes the following
observations of differences between the accounting records and the
tax return:
1. An accelerated depreciation method
is used for tax purposes. In 2020, Luxley reports $12,000 more
depreciation expense for tax purposes
than it shows in the accounting records. The excess depreciation is
expected to reverse in 2023.
2. In 2020, Luxley collected $120,000
from a business that is renting a portion of its warehouse. The
$120,000 covers the rental payment
for the four years 2021-2024, and therefore no rental revenue has
been recognized for 2020. However, XYZ must pay taxes on the entire
amount collected in 2020.
The enacted tax rate in 2020 is 21%. It is 23% in 2021 and in 2022,
and is 24% in 2023 and years following.
Required:
a. Calculate taxable income for 2020.
b. Prepare the journal entry necessary to record income
taxes at the end of 2020.
c. How would any deferred tax amounts be reported on a
classified balance sheet?
d. Assume that Luxley’s 2021 pretax accounting income
is $27,000 and that Luxley reports $6,000 more depreciation expense
for tax purposes than it shows in the accounting
records, expected to reverse in 2024. Also during 2021, Luxley
invests in tax-free
municipal bonds that earn $9,000 interest in 2021.
Prepare the journal entry necessary to record income taxes at the
end of 2021.
e. What is the amount of net income or loss that Luxley
would report on its 2021 income statement and how will it be
reported?
In: Accounting
An Enterprises has the following business transaction estimates relating to the final quarter of 2020.
$ $ $
October November December
|
Credit Sales 105600 112000 138000 |
|
Cash Sales 21200 26420 31200 |
Notes
1. Actual Receipts from Accounts Receivable are 70% of the previous months
Credit Sales and the balance of 30% owing is received in the following month.
Credit Sales for September 2020 were $80,000 as they were in August 2020.
Cash Sales were $16,500 in August 2020 and $18,000 in September of 2020.
2. Payment of Accounts Payable is paid 60% of purchases in the month of
Purchase and the remaining 40% in the month following. Purchases in
September 2020 were $36,000.
3. The cash balance at 1 October 2020 was $52,890
Required:
Prepare a cash budget month by month for the quarter ending 31 December 2020.
Note that marks will be deducted for each incorrect posting to the cash budget.
|
Credit Sales 105600 112000 138000 |
|
Cash Sales 21200 26420 31200 |
|
Receipts from Accounts Receivable `1. calculate calculate calculate |
|
Wages 28200 28200 28200 |
|
Office Furniture 6000 7800 0 |
|
Prepayments 0 0 5275 |
|
Administrative Expense 10000 10000 11900 |
|
Depreciation on Office Furniture 2500 2500 2500 |
|
Receipt of Loan 0 100000 0 |
|
Credit Purchases 42000 42000 58000 |
|
Payments of Accounts Payable 2. calculate calculate calculate |
|
Accrued Expenses 0 0 6700 |
can you do ASAP THANKS
In: Accounting
On December 31, 2019, Novak Inc. has taxable temporary differences of $2.21 million and a deferred tax liability of $618,800. These temporary differences are due to Novak having claimed CCA in excess of book depreciation in prior years. Novak’s year end is December 31. At the end of December 2020, Novak’s substantively enacted tax rate for 2020 and future years was changed to 30%. For the year ended December 31, 2020, Novak’s accounting loss before tax was $494,500. The following data are also available. 1. Pension expense was $87,600 while pension plan contributions were $111,000 for the year. (Only actual pension contributions are deductible for tax.) 2. Business meals and entertainment were $38,000. (They are one-half deductible for tax purposes.) 3. For the three years ended December 31, 2019, Novak had cumulative, total taxable income of $123,300 and total income current tax expense/income tax payable of $34,524. 4. During 2020, the company booked estimated warranty costs of $31,300 and these costs are not likely to be incurred until 2024. 5. In 2020, the company incurred $150,000 of development costs (only 50% of which are deductible for tax purposes). 6. Company management has determined that it is probable that only one half of any loss carryforward at the end of 2020 will be realized. 7. In 2020, the amount claimed for depreciation was equal to the amount claimed for CCA.
Prepare income tax reconciliation statement Prepare the journal entries to record income taxes for the year ended December 31, 2020, and the income tax reconciliation note.
In: Accounting
Ayayai Corporation is a privately owned company that uses ASPE.
On January 1, 2020 Ayayai’s nancial records indicated the following
information related to the company’s dened benet pension
plan:
Dened Benet Obligation $1,350,000 Pension Plan Assets
1,500,000
Ayayai Corporation’s actuary provided the following information on
December 31, 2020:
Current year service cost $83,000 Prior service cost,
granted Jan 1, 2020 170,000 Employer contributions for
the year 83,000 Benets paid to retirees
25,000 Expected return on assets 5% Actual
return on assets 6% Discount rate 5%
Prepare a pension worksheet for Ayayai Corporation for 2020.
Headings:
Annual Pension Expense Cash
Net Dened Liability/ Asset
Dened Benet Obligation Plan Assets
Balance, January 1, 2020
Data lines under the headings of the form:
Current Service Cost
Past Service Cost
Net Interest/Finance Cost
Asset Remeasurement Gain/Loss
Employer Contributions to Pension Fund
Benets Paid to Retirees from Pension Fund
Pension Expense Entry - 2020
Net Funding Entry
Balance, December 31, 2020
Prepare pension plan journal entries for Ayayai Corporation for
2020. (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.)
Account Titles and Explanation Debit Credit
(To record pension expense)
(To record payment to the pension fund)
In: Accounting
1. Dog Food Supply, Inc. reported the following on it December 31, 2019 balance sheet: “4,000,000 shares authorized, 500,000 shares issued and outstanding of $10 par value common stock”. The company issued (for cash) 40,000 shares of common stock on June 30, 2020 when the stock was selling at $45 a share. Then on September 15th, 2020, the company declared a cash dividend of $0.85 per share. On October 15th , of the same year, the company paid the dividends declared in September. On December 1, 2020, the company’s stock price rose to $95 and the company declared a two-for-one stock split.
Required: a. Present the journal entry to record the issuance of the stock on June 30, 2020. Show all supporting calculations.
b. What is the total number of shares outstanding on July 1, 2020?
c. Present the entry to record the declaration and the entry to record the payment of the cash dividends (Sept 15 and Oct 15th). Show all supporting calculations.
d. What is the total number of shares outstanding on December 31, 2020? Show your work.
e. What it the balance in Common Stock account (in dollars) on December 31, 2020? Show your work or calculations. f
. If retained earnings had a balance of $1,200,000 on December 31, 2019 and income summary account had a credit ending balance $800,000 (before closing entries), what is the retained earning balance on December 31, 2020, after all closing entries are posted? Show your work and explain your answer.
In: Accounting
Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2020, she files her state income tax return for 2019 and pays an additional $1,360 in state income taxes. During 2020, her withholdings for state income tax purposes amount to $4,760, and she pays estimated state income tax of $952. In April 2021, she files her state income tax return for 2020, claiming a refund of $2,448. Norma receives the refund in August 2021. Norma has no other state or local tax expenses. If an amount is zero, enter "0". a. Assuming that Norma itemized deductions in 2020, how much may she claim as a deduction for state income taxes on her Federal return for calendar year 2020 (filed April 2021)? $fill in the blank b. Assuming that Norma itemized deductions in 2020 (which totaled $27,700), how will the refund of $2,448 that she received in 2021 be treated for Federal income tax purposes? Norma will include $fill in the blank as income in 2021. c. Assume that Norma itemized deductions in 2020 (which totaled $20,000) and that she elects to have the $2,448 refund applied toward her 2021 state income tax liability. How will the $2,448 be treated for Federal income tax purposes? Norma will include $fill in the blankas income in 2021. d. Assuming that Norma did not itemize deductions in 2020, how will the refund of $2,448 received in 2021 be treated for Federal income tax purposes? Norma will include $fill in the blank as income in 2021.
In: Accounting
Question 4 10 Marks
Tiger Ltd commenced operations on 1 July 2019 and has one employee, Brian King, who commenced employment on 1 July 2019. During the year ended 30 June 2020, Brian was paid $600 per week (an annual salary of $31,200). Hisonly weekly deductions were $150 for PAYG tax instalments. Brian has an entitlement to four weeks’ annual leave each year and a 17.5% annual leave loading. The annual leave is accumulating and vesting. During the year ended 30 June 2020, Brian took one week of annual leave. The PAYG tax deducted for this week was $175.
Brian also has an entitlement to eight days sick leave each year. The sick leave is non-accumulating and non-vesting. During the year ended 30 June 2020, Brian took twodays’ sick leave.
Required
In: Accounting