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Select the ProjectID, ProjectStartDate, ClientName, TaskID, and Description fields for TaskID TEST01 and a ProjectStartDate after 1...

Select the ProjectID, ProjectStartDate, ClientName, TaskID, and Description fields for TaskID TEST01 and a ProjectStartDate after 1/1/2020. Sort the records in ascending order by ProjectStartDate. What are the ProjectStartDate and ClientName values in the first record of the results?

a. 1/6/2020, Midstates Auto Auction

b. 2/7/2019 Jobot Developers

c. 4/10/2020, Bretz & Hanna Law Firm

d. 1/14/2022, SkyFactor

In: Computer Science

The following information is available for Whispering Corporation for 2020. 1. Depreciation reported on the tax...

The following information is available for Whispering Corporation for 2020.
1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $124,000. This difference will reverse in equal amounts of $31,000 over the years 2021–2024.
2. Interest received on municipal bonds was $9,600.
3. Rent collected in advance on January 1, 2020, totaled $59,700 for a 3-year period. Of this amount, $39,800 was reported as unearned at December 31, 2020, for book purposes.
4. The tax rates are 40% for 2020 and 35% for 2021 and subsequent years.
5. Income taxes of $333,000 are due per the tax return for 2020.
6. No deferred taxes existed at the beginning of 2020.
Compute taxable income for 2020.
Taxable income for 2020 $enter Taxable income for 2020 in dollars

SHOW LIST OF ACCOUNTS

Compute pretax financial income for 2020.
Pretax financial income for 2020 $enter Pretax financial income for 2020 in dollars

SHOW LIST OF ACCOUNTS

Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2020 and 2021. Assume taxable income was $1,063,000 in 2021. (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.)

Date

Account Titles and Explanation

Debit

Credit

2020

enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount

2021

enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount

SHOW LIST OF ACCOUNTS

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

choose the accounting period

December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020

select an income statement item

CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

$enter a dollar amount
select an opening section name

CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

select an income statement item

    Current    Deferred    Dividends    Expenses    Income before Income Taxes    Income Tax Expense    Net Income / (Loss)    Retained Earnings, January 1    Retained Earnings, December 31    Revenues    Total Expenses    Total Revenues    

$enter a dollar amount
select an income statement item

    Current    Deferred    Dividends    Expenses    Income before Income Taxes    Income Tax Expense    Net Income / (Loss)    Retained Earnings, January 1    Retained Earnings, December 31    Revenues    Total Expenses    Total Revenues    

enter a dollar amount
enter a subtotal of the two previous amounts
select a closing name for this statement

CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

$enter a total net income or loss amount
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In: Accounting

Acquired (adaptive) immunity allows the immune system to respond to a large number of antigens with...

Acquired (adaptive) immunity allows the immune system to respond to a large number of antigens with a strong targeted response. Please briefly explain this statement

In: Anatomy and Physiology

Discuss artificially acquired active immunity. Give at least 5 reason why or why not vaccines are...


Discuss artificially acquired active immunity. Give at least 5 reason why or why not vaccines are a good solution for controlling infectious diseases.

In: Biology

Is new learning only acquired through classical and operant conditioning? Explain. Provide an example of classical...

Is new learning only acquired through classical and operant conditioning? Explain. Provide an example of classical or operant conditioning in your own life.

In: Psychology

Question: Conduct an academic search of literature and identify current best practice associated with one nursing...

Question: Conduct an academic search of literature and identify current best practice associated with one nursing intervention for a patient with community acquired pneumonia.

In: Nursing

i needhome / study / business / accounting / accounting questions and answers / At December...

i needhome / study / business / accounting / accounting questions and answers / At December 31, 2017, Cord Company's Plant Asset And Accumulated Depreciation And Amortization ...

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Question: At December 31, 2017, Cord Company's plant asset and accumulated depreciation and amortization ac...

At December 31, 2017, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows:

Category Plant Asset Accumulated Depreciation
and Amortization
Land $ 180,000 $
Buildings 1,750,000 333,900
Machinery and equipment 1,375,000 322,500
Automobiles and trucks 177,000 105,325
Leasehold improvements 226,000 113,000
Land improvements


Depreciation methods and useful lives:
Buildings—150% declining balance; 25 years.
Machinery and equipment—Straight line; 10 years.
Automobiles and trucks—150% declining balance; 5 years, all acquired after 2014.
Leasehold improvements—Straight line.
Land improvements—Straight line.

Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2018 and other information:

On January 6, 2018, a plant facility consisting of land and building was acquired from King Corp. in exchange for 30,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $40 a share. Current assessed values of land and building for property tax purposes are $160,000 and $640,000, respectively.

On March 25, 2018, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $222,000. These expenditures had an estimated useful life of 12 years.

The leasehold improvements were completed on December 31, 2014, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2020, was renewable for an additional four-year term. On April 30, 2018, Cord exercised the renewal option.

On July 1, 2018, machinery and equipment were purchased at a total invoice cost of $330,000. Additional costs of $12,000 for delivery and $55,000 for installation were incurred.

On August 30, 2018, Cord purchased a new automobile for $13,000.

On September 30, 2018, a truck with a cost of $24,500 and a book value of $10,000 on date of sale was sold for $12,000. Depreciation for the nine months ended September 30, 2018, was $2,250.

On December 20, 2018, a machine with a cost of $19,500 and a book value of $3,100 at date of disposition was scrapped without cash recovery.


Required:

1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2018. Do not analyze changes in accumulated depreciation and amortization.
2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2018.

I need help with the second requirement.

In: Accounting

Why did TX secede? How was the Texan experience in the Civil War different from other...

Why did TX secede? How was the Texan experience in the Civil War different from other states in the Confederate States of America?

In: Economics

Problem 22-02 Marin Company is in the process of preparing its financial statements for 2020. Assume...

Problem 22-02

Marin Company is in the process of preparing its financial statements for 2020. Assume that no entries for depreciation have been recorded in 2020. The following information related to depreciation of fixed assets is provided to you.
1. Marin purchased equipment on January 2, 2017, for $80,500. At that time, the equipment had an estimated useful life of 10 years with a $4,500 salvage value. The equipment is depreciated on a straight-line basis. On January 2, 2020, as a result of additional information, the company determined that the equipment has a remaining useful life of 4 years with a $2,700 salvage value.
2. During 2020, Marin changed from the double-declining-balance method for its building to the straight-line method. The building originally cost $280,000. It had a useful life of 10 years and a salvage value of $28,000. The following computations present depreciation on both bases for 2018 and 2019.

2019

2018

Straight-line $25,200 $25,200
Declining-balance 44,800 56,000
3. Marin purchased a machine on July 1, 2018, at a cost of $130,000. The machine has a salvage value of $20,000 and a useful life of 8 years. Marin’s bookkeeper recorded straight-line depreciation in 2018 and 2019 but failed to consider the salvage value.
Prepare the journal entries to record depreciation expense for 2020 and correct any errors made to date related to the information provided. (Ignore taxes.) (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.)

No.

Account Titles and Explanation

Debit

Credit

1.
2.
3.

(To record current year depreciation.)

(To correct prior year depreciation.)

Show comparative net income for 2019 and 2020. Income before depreciation expense was $320,000 in 2020, and was $300,000 in 2019. (Ignore taxes.)

MARIN COMPANY
Comparative Income Statements
For the Years 2020 and 2019

2020

2019

Income before depreciation expense $ $
Depreciation expense
Net income $ $

In: Accounting

Question 1 Shamrock Company is in the process of preparing its financial statements for 2020. Assume...

Question 1

Shamrock Company is in the process of preparing its financial statements for 2020. Assume that no entries for depreciation have been recorded in 2020. The following information related to depreciation of fixed assets is provided to you.
1. Shamrock purchased equipment on January 2, 2017, for $86,700. At that time, the equipment had an estimated useful life of 10 years with a $4,700 salvage value. The equipment is depreciated on a straight-line basis. On January 2, 2020, as a result of additional information, the company determined that the equipment has a remaining useful life of 4 years with a $3,100 salvage value.
2. During 2020, Shamrock changed from the double-declining-balance method for its building to the straight-line method. The building originally cost $310,000. It had a useful life of 10 years and a salvage value of $31,000. The following computations present depreciation on both bases for 2018 and 2019.

2019

2018

Straight-line $27,900 $27,900
Declining-balance 49,600 62,000
3. Shamrock purchased a machine on July 1, 2018, at a cost of $120,000. The machine has a salvage value of $18,000 and a useful life of 8 years. Shamrock’s bookkeeper recorded straight-line depreciation in 2018 and 2019 but failed to consider the salvage value.
Prepare the journal entries to record depreciation expense for 2020 and correct any errors made to date related to the information provided. (Ignore taxes.) (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.)

No.

Account Titles and Explanation

Debit

Credit

1.
2.
3.

(To record current year depreciation.)

(To correct prior year depreciation.)

Show comparative net income for 2019 and 2020. Income before depreciation expense was $280,000 in 2020, and was $320,000 in 2019. (Ignore taxes.)

SHAMROCK COMPANY
Comparative Income Statements
For the Years 2020 and 2019

2020

2019

Income before depreciation expense $ $
Depreciation expense
Net income $ $

In: Accounting