Reference no: EM132722935
Question - Checkered Rides Inc. has a March 31, 2021 fiscal year end and a 35% income tax rate. The following information is available for its 2021 year end:
1. Performed $880,000 service revenue and paid $325,000 in salaries. Interest expense was $12,600.
2. Paid dividends in December 2020 of $14,000 that had been declared in November 2020.
3. On March 10, 2021 declared dividends of $19,000 payable April 30, 2021.
4. Recorded and remitted taxes of $140,000 (related to 2021 fiscal year) during the year.
5. Issued common shares for $15,000 on January 31, 2021.
6. Retained earnings balance on April 1, 2020 is $67,000.
Instructions -
a) Make an income statement and record the adjustment to income tax.
b) Make a statement of retained earnings.
|
What is the total of annual relevant costs
: What is the optimal order quantity for this subcomponent if the EOQ model is used?
|
|
Find the amount of diluted earnings per share
: Find the amount of diluted earnings per share under each of the following scenarios - Bonds were issued in the previous year and were converted on October
|
|
The role as healthcare professional
: You will write an essay about how you see yourself filling the role as a healthcare professional, whether now or in the future.
|
|
Calculate McLelland gross profit ratio
: Calculate McLelland's gross profit ratio (rounded to two decimal places), inventory turnover ratio (rounded to three decimal places)
|
|
Make an income statement and record the adjustment
: Paid dividends in December 2020 of $14,000 that had been declared in November 2020. Make an income statement and record the adjustment to income tax
|
|
Potential benefits of using business intelligence
: You will consider supporting Great Day Fitness Tracking in the age of big data and the capabilities and potential benefits of using business intelligence.
|
|
Journalize the adjusting entry needed at December
: Felipe Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 20X7, for each situation
|
|
Calculate depreciation for the first year
: The cost of an asset is $1,110,000?, and its residual value is $240,000. Estimated useful life of the asset is ten years. Calculate depreciation for first year
|
|
what amount should Kale report as cash and cash equivalents
: Checking account #101 $175,000. In its December 31, Year 1, balance sheet, what amount should Kale report as cash and cash equivalents
|