Reference no: EM132927291

Question - Chad Company incurred an inventory loss from market decline of $840,000 on June 30, 2020. What amount of inventory loss should be recognized in the quarterly statement for the three months ended June 30, 2020?

The terms and conditions of employment with Amore include the grant of share in the staff bonus system, under which 5% of the profit for the year before charging the bonus is allocated to the bonus pool, provided the annual profit exceeds $50,000,000. The profit before accrual of any bonus for the first half of the current year amounts to $40,000,000 and the latest estimate of the profit before accrual of any bonus for the year as a whole is $60,000,000. What amount should be recognized as bonus expense for the first half of the current year?

On March 12, 2020, Victoria Company paid property taxes of $600,000 on the factory building for calendar year 2020, The entity made $900,000 in unanticipated ordinary repairs to the equipment. What total amount of these expenses should be included in the quarterly income statement ending June 30, 2020?

On July 1, 2020, ITech incurred a casualty loss of $300,000. The net income for the year ending December 31, 2020 is expected to be $5,000,000. In the income statement for the quarter ended September 30, 2020, what amount of casualty loss should be reported?

Retro Main has a financial reporting year that begins July 1, 2020 and ends on June 30, 2021. The tax year ends every December 31. The entity reports quarterly interim purposes and the quarterly income is $1,000,000 for the first quarter $1,500,000 for the second quarter $2,500,000 for the third quarter and $4,000,000 for the fourth quarter. The income tax rate is 30% for 2020 and 40% for 2021. What is the total income expense for the year ended June 30, 2021?