Reference no: EM133096578
Questions -
Q1. Riley Co. wants to convert its 20X4 financial statements from the cash basis of accounting to the accrual basis. Both supplies inventory and office salaries payable decreased between January 1, 20X4, and December 31, 20X4. To obtain 20X4 accrual basis net income, should these decreases be added to or deducted from cash basis net income?
A. Supplies inventory added; Office salaries payable deducted.
B. Supplies inventory deducted; Office salaries payable deducted.
C. Supplies inventory deducted; Office salaries payable added.
D. Supplies inventory added; Office salaries payable added.
E. None of the above.
Q2. Brinjac Co. estimates its uncollectible accounts expense to be 2% of credit sales. Brinjac's credit sales for 20X5 were $1,000,000. During 20X5, Brinjac wrote off $18,000 of uncollectible accounts. Brinjac's allowance for uncollectible accounts had a $15,000 credit balance of January 1, 20X5. In its December 31, 20X5 balance sheet, what amount should Brinjac report as allowance for uncollectible accounts?
A. $17,000.
B. $18,000.
C. $20,000.
D. $23,000.
E. None of the above.
Q3. Identify the following difference as either permanent or temporary as it relates to deferred taxes. Municipal bond interest.
A. Permanent.
B. Temporary.
Q4. Identify the following difference as either permanent or temporary as it relates to deferred taxes. Unearned rent.
A. Permanent.
B. Temporary
Q5. Identify the following difference as either permanent or temporary as it relates to deferred taxes. Excess depreciation.
A. Permanent.
B. Temporary.
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