User Account

All Pages

Prepare the required adjusting journal entries

Assignment Help Accounting Basics
Reference no: EM133090571

Question - The records for Seahawks Inc. show the following data for calendar 2020:

1. Golf club dues were $ 3,800.

2. Machinery was acquired in January 2020 for $ 300,000. Seahawks uses straight-line depreciation over a ten-year life (no residual value). For tax purposes, Seahawks uses CCA at 14% for 2020.

3. Dividends received from a Canadian corporation were $ 4,000.

4. The estimated warranty liability related to 2020 sales was $ 19,600. Warranty repair costs paid during 2020 were $ 13,600. The remainder will be paid in 2021.

5. Seahawks expensed $2,500 on fines related to late filing of the HST.

6. Pre-tax accounting income is $ 250,000. The enacted income tax rate is 25%.

Required -

a) Prepare a schedule (starting with pre-tax accounting income) to calculate taxable income.

b) Prepare the required adjusting journal entries to record income taxes for 2020.

Reference no: EM133090571

Questions Cloud

Establishing solid financial acumen in company : Discuss the benefits of establishing solid financial acumen in a company?
Tanks or public policy development institutions : Think Tanks or Public Policy Development Institutions often have influence over business, either directly or through government policy. Some examples include Th
Self-reflection-motivation : Detail how your current employer can change strategies within the organization to promote your internal motivation and innovation.
Outline the four phases in management of profit and loss : Question - Outline the four (4) phases in the management of Profit and Loss when reviewing Profits and Losses from Financial Statements
Prepare the required adjusting journal entries : Pre-tax accounting income is $ 250,000. The enacted income tax rate is 25%. Prepare the required adjusting journal entries to record income taxes
Prepare the journal entries for the lessor : Prepare the journal entries for the lessor for 2020 and 2021 to record the lease agreement, the receipt of the lease rentals, and the recognition of income
Calculate the predetermined overhead allocation rate : Calculate the predetermined overhead allocation rate for 2022 and apply overhead to the three (3) jobs. Calculate the cost of each job
The development of strategic analysis : The development of a strategic analysis guides all decisions made regarding your compensation systems throughout the project.
How much would the seller be paid : Target profit: $2,000Ceiling price: $22,000. If the actual cost of the effort were $19,000, how much would the seller be paid

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the balance of investments in financial services

What is the balance of Investments in Financial Services as of December 31, 2012, on the parent's balance sheet?

  How much higher or lower will the company

How much higher or lower will the company's net operating income be than if the motors are purchased from the outside supplier?Required to answer

  Holiday laboratories purchased a high-speed industrial

holiday laboratories purchased a high-speed industrial centrifuge at a cost of 490000. shipping costs totaled 27000.

  Should westrac ltd record an adjusting entry for accrued

Should Westrac Ltd. record an adjusting entry for accrued interest revenue on this note at December 31, 2016, the end of the accounting period?

  The board wants you to audit the cash account of the society

The Board wants you to audit the cash account of the Society, the cash receipts in the cash journal and reconciles the bank statement at the end of the month

  Lifecom issued 22 million of commercial paper on april 1 on

life.com issued 22 million of commercial paper on april 1 on a nine-month note. interest was discounted at issuance at

  What are five risks to accounting information systems

Virtually all organizations have at least some information system infrastructure. What are at least five risks to accounting information systems

  Explain four barriers that may prevent some not-for-profit

People First is a not-for-profit organization, Explain four barriers that may prevent some not-for-profit organizations from adopting the balanced scorecard.

  Which situations should use projects instead of sub-customer

Which situations should use Projects instead of sub-customers? You want a job to have a different address than other jobs with the same parent

  Ed an employee of the natural color company suffered from a

ed an employee of the natural color company suffered from a rare disease that was very expensive to treat. the local

  Extend the trial balance to an eight-column work sheet

From the ledger accounts prepared for P15- 3, prepare a trial balance. Extend the trial balance to an eight-column work sheet like that shown in Table 15- 16 , and use the work sheet to prepare the following financial statements

  Problem - Analyzing and Interpreting Return on Equity

Problem - Analyzing and Interpreting Return on Equity - Nokia Corp. manufactures, markets, and sells phones and other electronics

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd