a) (Note: account numbers are not required, just use account names.)
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(a) Describe the detail of the transaction being performed in the following screen.
(b) Give the
![Journal
Display in GST BAS] reports as: O Sale (Supply)
Tax indasive
Purdhase (Acquisiton)
O'er End Adjustrent
General Jounal No.: GJ000003
Dete: 3,07/2018
Nemo: Depreciation
Acct No.
Name
Debit
Credit
Job
Memo
Tax
6-1710
Depn-Warehouse Equp
$192.00
N-T
1-3120
Warehouse Equip - Accum Depn
$192.00
N-T
6-1720
Depn Truck
$2,500.00
N-T
1-3220
Trudk - Accum Depn
$2,500.00
N-T
6-1730
Depn - Fum and Fix
$267.00
N-T
1-3320
FSF-accum depn
$267.00
N-T
6-1740
Depn - Warehouse
$333.00
N-T
1-3420
Warehouse-accum depn
$333.00
N-T
Total Debit:
$3,292.00
Total Credit:
$3,292.00
Тах
$0.00
Out of Balance:
$0.00
da Save as Recuring|| Use Reauring
Record
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- IMPORTANT: PLEASE ANSWER CORRECTLY AND ILL LIKE THE QUESTION. Exercise 19-04 (Part Level Submission) Kingbird Company reports pretax financial income of $73,500 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $17,600. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $19,900. 3. Fines for pollution appear as an expense of $10,500 on the income statement. Kingbird’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.*see attached What amount of permanent difference between accounting income and taxable income existed at year-end?a. P 520,000b. P 360,000c. P 800,000d. P 280,000Subject: Advance finance accounting Required:a) From the table A Calculate the taxable profit and accounting profit for the year ending 30 June 2019 b)Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.
- Compute NOPAT Selected income statement information for 2018 is presented below for Home Depot Inc. and Lowe’s Companies Inc. Assume the statutory tax rate is 22%. Pretax Net Average Net Nonoperating Tax Operating Company ($ millions) Ticker Sales NOPBT Expense Expense Assets Home Depot HD $65,787 $9,442 $592 $2,088 $15,332 Lowe’s LOW 43,356 2,443 379 657 12,358Microsoft’s 2020 10-K includes the following information relevant to its available-for-sale investments in Note 17—Accumulated Other Comprehensive Income (Loss): Year Ended June 30, 2020 2019 2018 Balance, beginning of period $1,488 $(850) $1,825 Unrealized gains (losses), net of tax of $1,057, $616, and $(427) 3,987 2,331 (1,146) Reclassification adjustments for (gains) losses included in other income (expense), net 4 93 (2,309) Tax expense (benefit) included in provision for income taxes (1) (19) 738 Cumulative effect of accounting changes 0 (67) 42 Balance, end of period $5,478 $1,488 $(850) Answer the following questions by referring to the disclosure note above: Prepare a journal entry to record unrealized gains for 2020. (Hint: $3,987 is net of tax effects, so you will need to add back tax effects to show the amount of pretax unrealized gain.) Prepare a journal entry to record Microsoft’s reclassification…From the following data, indicate the effect that the changes in the relevant items will have on the working capital:ParticularsJan 1, 2020Dec 31, 2020ParticularsJan 1, 2020Dec 31, 2020 Land4400068000Goodwill1300013000 Debentures2000025000Prepaid Expenses70300 Stock3000028000Bills Payable1500900 Machinery180000180000Bills Receivable30002000 Trade Creditors80005320Mortgaged Loan5000040000 Cash290009000Equity Share Capital100000120000 Long Term Investments100006250Preference Share Capital12000075000 Accrued Expenses350160Trade Debtors1900020000 Short-term Debt32205170 Your answer must indicate the overall and individual effect of changes in relevant items.
- Please calculate capital allowance using declining balance method with the following information: Details of the Fixed Assets: Details Cost NBV Tax Written Down As at 31 Dec 2021 As at 31 Dec 2021 Value as at 1 Jan 2021Motor Vehicles 10,00,000 7,200,000 7,000,000Equipment 15,000,00 12,00,000 6,713,335Office buildings 45,000,000 36,000,000 36,450,000 Included in the cost of motor vehicle is a lorry purchased on 1 April 2021 for $2,000,000…x Company reports the following pretax income (loss) for both book and tax purposes. Year. Pretax income tax rate 2018 120,000 20% 2019 93,000 20% 2020. (82,000) 25% 2021 110,000 25% The tax rates listed were enacted by the beginning of 2018 Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable and the tax effects of the loss carryforward assuming that based on the weight of available evidence it is more likely than not that one half of the benefits of the loss carryforward will not be realized.Compute NOPAT Selected income statement information for 2018 is presented below for Home Depot Inc. and Lowe’s Companies Inc. Assume the statutory tax rate is 22%. Pretax Net Average Net Nonoperating Tax Operating Company ($ millions) Ticker Sales NOPBT Expense Expense Assets Home Depot HD $65,787 $9,442 $592 $2,088 $15,332 Lowe’s LOW 43,356 2,443 379 657 12,358 a. Compute the following measures for both companies. 1. NOPAT Company NOPAT Home Depot Answer Lowe's Answer 2. RNOA Note: 1. Select the appropriate numerator and denominator used to compute RNOA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute RNOA. Company Numerator Denominator RNOA Answer Answer Home Depot Answer Answer Lowe's Answer Answer 3. NOPM Note: 1. Select the appropriate numerator and denominator used to compute NOPM from the drop-down menu options. 2. Enter the numerator and…
- Compute NOPAT Selected income statement information for 2018 is presented below for Home Depot Inc. and Lowe’s Companies Inc. Assume the statutory tax rate is 22%. Pretax Net Average Net Nonoperating Tax Operating Company ($ millions) Ticker Sales NOPBT Expense Expense Assets Home Depot HD $65,787 $9,442 $592 $2,088 $15,332 Lowe’s LOW 43,356 2,443 379 657 12,358 a. Compute the following measures for both companies. 1. NOPAT Company NOPAT Home Depot Answer Lowe's Answer 2. RNOA Note: 1. Select the appropriate numerator and denominator used to compute RNOA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute RNOA. Company Numerator Denominator RNOA Answer Answer Home Depot Answer Answer Lowe's Answer Answer 3. NOPM Note: 1. Select the appropriate numerator and denominator used to compute NOPM from the drop-down menu options. 2. Enter…I. What is the revenue to be recognized by Entity A for the year ended December 31, 2020?A. P 585,000B. P 469,000C. P 424,000D. P 532,000 II.E18-4 Single Temporary Difference: Multiple Rates At the end of 2019, Fulhage Company reported taxable income of $9,000 and pretax financial income of $10,600. The difference is due to depreciation for tax purposes in excess of depreciation for financial reporting purposes. The income tax rate for the current year is 40%, but Congress has enacted tax rates of 35% for 2020 and 30% for 2021 and beyond. Fulhage has calculated the excess of its financial depreciation over its tax depreciation for future years as follows: 2020, $600; 2021, $700; and 2022, $300. Prior to 2019, the company had no deferred tax liability or asset. Required: Prepare Fulhage’s income tax journal entry at the end of 2019.
