User Account

All Pages

What amount should be reported as an escrow liability

Assignment Help Accounting Basics
Reference no: EM132786937

On the first day of each month, Bell Company received from Kaye Company an escrow deposit of P250,000 for real estate taxes. The entity recorded the P250,000 in an escrow account.

Kaye's 2020 real estate tax is P2,800,000, payable in equal installments on the first day of each calendar quarter.

On January 1, 2020, the balance in the escrow account was P300,000.

Problem 1: On September 30, 2020, what amount should be reported as an escrow liability?

a. 1,150,000

b. 450,000

c. 850,000

d. 150,000

Reference no: EM132786937

Questions Cloud

What is the avarage fixed cost of 4 units of output : a. What is the avarage fixed cost of 4 units of output? b. What is the marginal cost of the fifth unit of output?
What is the income before bonus and tax : What is the income before bonus and tax? Christian Company has a bonus agreement which provides that the general manager shall receive
What is the bonus for the current year : What is the bonus for the current year? Ronald Company has an incentive compensation plan under which a branch manager received 10% of the branch income
What purposes do barriers to entry created by government : What purposes do barriers to entry created by the government serve? What are other barriers to entry into the pharmaceutical industry?
What amount should be reported as an escrow liability : On September 30, 2020, what amount should be reported as an escrow liability? On January 1, 2020, the balance in the escrow account was P300,000.
Find out demand and supply curves for market : Illustrate this observation with one demand and supply graph for the market for Australian wool and another demand and supply graph for raw cotton.
What amount should be reported as escrow accounts liability : What amount should be reported as escrow accounts liability on December 31? Kent Company, a realty entity, maintains eserow accounts
What is the elasticity of demand : The school decides to increase tuition, and enrollment falls to 9,000. Tuition started at $4,000 per semester but has since gone up to $4,800
What amount be reported as current liability for advances : What amount should be reported as current liability for advances from customers at year-end? Customer advances - beginning of year 1,180,000

Reviews

Write a Review

Accounting Basics Questions & Answers

  Investments in short-term government securities

Investments in Short-Term Government Securities

  Innova companys overhead rate was based on estimates of

innova companys overhead rate was based on estimates of 1082400 for overhead costs and 98400 direct labor hours.

  Discuss the accrual of a loss contingency

Discuss the accrual of a loss contingency and/or type of disclosure necessary (if any) and the reason(s) such a disclosure is appropriate

  Discuss computing our straight-line depreciation expense

so we can extend its estimated remaining life from 10 to 15 years for computing our straight-line depreciation expense

  What is unamortized bond discount

On july1 year1 Cobb Company issued 9% bonds in the face amount of 1000000 that mature in 10 years. The bonds were issued for 939000 to yield 10% resulting.

  What amount kelly company report as total current liability

What amount should Kelly Company report as total current liabilities? The one year 5,000,000, 11% note was issued January 15, 2019

  Calculate the amount to be capitalized for this machine

XYZ Enterprises purchased a heavy machine for $28000, terms 1/10, n/60, FOB shipping point. Calculate the amount to be capitalized for this machine

  Determine the unemployment taxes

During 2012, Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Construction Company in Cincinnati, Ohio, and earned $22,000. The state unemployment rate for Rowland is 4.6%.

  Rob has to submit his financial statements to his investors

youve just secured a new client in your accounting practice the rawls repair corporation rrc a brand new small business

  Calculate the minimum net business income

Calculate the minimum net business income for SSL that will be included in Lisa's tax return for the year ending December 31, 2015. Also provide the relevant citation from the Income Tax Act to support each adjustment.

  Develop professional slide that create interest in the topic

Develop professional slides that create interest in the topic. Prepare and deliver a professional script to accompany slides.Why should we care about the topic?

  What is the corporations basis in the building

Kelly also receives $10,000 cash from the corporation. The corporation assumes a $15,000 debt that Kelly owes on the building. What is the corporations basis

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