A company provides the following information for the year 2018:DescriptionDescriptionMortgage payable(due 2021)$32,510 |Unearned revenueAmountAmountCash$9,950|$17,500Accounts payable$950Temporary investmentsInventory$16,750 |(to be sold within 3$6,150months)Accumulated depreciationEquipmentCommon sharesPrepaid rent$97,500$15,940$9,500$217,500$50,000 Retained earnings$1,350 Salaries payable$23,750| |Long-term notes payableAccounts receivables$47,500Compute the current liabilities for the company.a. $58,900b. $42,960c. $57,000d. $57,950

Current liabilities: Liabilities which have to be paid within one year or one operating cycle,…

A company provides the following information for the year 2018: Description Amount Description Amount Mortgage payable |(due 2021) $32,510| |Unearned revenue Temporary investments $16,750||(to be sold within 3 months) $217,500 |Accumulated depreciation $50,000 |Retained earnings $1,350 Salaries payable $23,750 |Long-term notes payable Cash $9,950 $17,500 Accounts payable $950 Inventory $6,150 Equipment $97,500 $15,940 $9,500| $47,500 Common shares |Prepaid rent Accounts receivables Compute the current liabilities for the company. a. $58,900 b. $42,960 c. $57,000 d. $57,950

A company provides the following information for the year 2018: Description Amount Description Amount Mortgage payable |(due 2021) $32,510| |Unearned revenue Temporary investments $16,750||(to be sold within 3 months) $217,500 |Accumulated depreciation $50,000 |Retained earnings $1,350 Salaries payable $23,750 |Long-term notes payable Cash $9,950 $17,500 Accounts payable $950 Inventory $6,150 Equipment $97,500 $15,940 $9,500| $47,500 Common shares |Prepaid rent Accounts receivables Compute the current liabilities for the company. a. $58,900 b. $42,960 c. $57,000 d. $57,950

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 7RE: Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith...

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Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
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