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Frankie has been operating a small retail proprietorship (Rite Co.) which earned $145,000 in revenues in 2020. Cost of goods sold were $80,000, and operating expenses were $20,000 which included a golf membership for employees valued at $8,000. $2,000 of amortization was reported for the vehicle used solely for the business. The tax account from 2019 showed an ending UCC balance for the Class 10 vehicle of $5,500. The company's net income from the financial statements was correctly calculated at $43,000, but the net income for tax purposes has not been calculated. Frankie does not require any personal income from the company.
Problem 1: find Business Income: Net Income for the company Golf Amortization CCA [$5,500 X 0.3] S.3(b) S.3(c) S.3(d)
Keith has a capital balance of $50,000 and Jim has a capital balance of $35,000. Jim sells $15,000 of his ownership to Bill. Which of the following is true of the journal entry to admit Bill?
Present the income tax expense in the income statement for 2019. Prepare journal entries relating to income tax expense for 2019.
In a troubled debt restructuring in which the debt is continued with modified terms, a gain should be recognized at the date of restructure, but no interest expense should be recognized over the remaining life of the debt,
What are the major benefits of forming a corporation? Identify at least three consequences to the corporation, shareholders, or partners of changing the business structure and the process involved in changing the business entity.
Pay suppliers, and reconcile the company bank account bank reconciliations. What internal cash control practice is being overlooked by the owner?
Which alternative would you recommend that the company accept? Show all computations using the net present value approach. Prepare separate computations for each project.
Record the final interest payment and amortize bond discount.Record the issuance of the bonds and entries to be passed post the issue.
If Collins Co. accepts the order, it will have no effect on other customers. What is the financial advantage or disadvantage of accepting the special order?
What was the Authorized capital and paid up capital of NABARD in 1982 when it was established? Rs. 500 crore and Rs. 200 crore respectively
Assume a sales volume of 6,000 units, unit selling price of $20, unit variable cost of $12, and total fixed costs of $20,000. What is the margin of safety in sales dollars?
The Zoe Corporation has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only the inventory section of the balance sheet.
On August 1, it reissued the remaining treasury shares at $49 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2
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