Multiple choice pls answer 272Chapter 7P7.83b. P8.82P9.35a.C.d. P10.2223. A prior period adjustment ahould be reflected, net of applicableincome taxes, in the financial statements of a business entity in theRetained carmings statement after net income but beforedividends.a.b. Retained camings statement as an adjustment of the openingbalance.Income statement after income from contimuing operations.d. Income statement as part of income from contimuing operations.C.

Prior period adjustments: These are the items of adjustments arising in the current period due to…

A prior period adjustment ahould be reflected, net of applicable income taxes, in the financial statements of a business entity in the Retained carnings statement after net income but before dividends. b. a. Retained camings statement as an adjustment of the opening balance. Income statement after income from contimuing operations. d. с. Income statement as part of income from contimuing operations.

A prior period adjustment ahould be reflected, net of applicable income taxes, in the financial statements of a business entity in the Retained carnings statement after net income but before dividends. b. a. Retained camings statement as an adjustment of the opening balance. Income statement after income from contimuing operations. d. с. Income statement as part of income from contimuing operations.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

See similar textbooks

Similar questions

19 - Which of the following is the account in which the net loss after tax for the operating period of the business is followed in the balance sheet ? a) 542 Extraordinary Reserves Hs. B) 591 Net Loss for the Period Hs. NS) 540 Legal Reserves Hs. D) 541 Status Reserves Hs. TO) 590 Net Profit for the Period Hs.
1. What is the total effect of the errors on the 2020 net income? a. Overstated by P80,400b. Understated by P775,800c. none of the choicesd. Understated by P1,236,600e. Overstated by P165,000 2. What is the total effect of the errors on the balance of the company's retained earnings at December 31. 20217 a. Understated by P155,100b. none of the choicesc. Understated by P265,800d. Overstated by P930,900e. Overstated by P885,900
revenue $878,412.00 general & administrative expense $352,666.00 depreciation expense $131,455.00 leasing expense $108,195.00 interest expense $78,122.00 if average tax rate is 3.4%, what is its net income after taxes?
*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 280,000
8. Ignoring income tax, the accounting change should preferably be reported by the company in its year 2022 as? a. ₱ 800,000 as debit adjustment to the beginning balance of retained earnings b. ₱ 800,000 credit to the income statement c. ₱ 800,000 debit to the income statement d. ₱ 800,000 as credit adjustment to the beginning balance of retained earnings
revenue $878,412.00 general & administrative expense $352,666.00 depreciation expense $131,455.00 leasing expense $108,195.00 interest expense $78,122.00 if average tax rate is 3.4%, what is its net income after taxes? $878,412.00 minus $352,666.00 $131,455.00 $108,195.00 $78,122.00 $207,974.00 minus 3.4% *207974 $7,071.12 incom after tax $200,902.88 what is the cash flow?
*see attached What amount of income tax payable should be reported?a. P 385,000b. P 498,000c. P 425,000d. P 305,000
Intermediate Accounting ll ch. 16 4. Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences existed. Required: Assuming a tax rate of 25%, what will be Alvis’s net income? What will Alvis report in the balance sheet pertaining to income taxes?
1) The estimate of current tax made by Boo Ltd for the year ended 31 December2019 was £15,000 different from the actual tax liability. This resulted in a debitbalance in the trial balance at 31 December 2020.The current tax liability for the year to 31 December 2020 is estimated to be£275,000.What is the current tax expense in the statement of profit or loss for the yearended 31 December 2020?a) £15,000b) £290,000c) £275,000d) £260,000 2) A company’s trade payables days and trade receivables days are 60 daysand 30 days, respectively.The sales and purchase information for the year was as follows:Sales Purchases£m £mCash 27 10Credit 35 18Total 62 28What was the trade receivables and trade payables balances at the year end?a) £5.10m and £4.60mb) £2.21m and £1.64mc) £5.75m and £1.48md) £2.88m and £2.96m Please solve question 1 and 2
P18-2 Temporary and Permanent Differences In the current year, you are calculating a diversified company’s deferred taxes. Based on an analysis of the company’s current taxable income and pretax financial income, you have iden-tified the following items that create differences between the two amounts and that may result in differences between the company’s future taxable income and its future pretax financial income: ________ 1. Percentage depletion deducted for taxes in excess of cost depletion for financial reporting _________2. Warranty costs to be deducted for taxes that were deducted as warranty expense for financial reporting _________3. Gross profit to be recognized for taxes under the completed-contract method that was recognized for financial reporting under the percentage-of-completion method _________4. Officers’ life insurance premium expense deducted for financial reporting _________5. Rent revenue to be recognized for financial reporting that was reported for taxes when…
P18-1 Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. Code Letter Term A Future deductible amount B Income tax payable (or refund) C Effective tax rate D Valuation allowance E Deferred tax asset F Operating loss carryforward G Taxable income H Deferred tax consequences I Future taxable amount J Deferred tax liability K Temporary difference L Income tax expense (or benefit) M Deferred tax expense (or benefit) _________1. The deferred tax consequences of future deductible amounts and operating loss carryforwards _________2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported…
a. Prepare a schedule showing the reversal of the temporary differences and the computation of income taxes payable and deferred tax asset or liability as of December 31, 2020.b. Prepare journal entries to record income taxes payable and deferred income taxes.c. Prepare the section of the statement of comprehensive income of Wall Services beginning with "Income from continuing operations before income taxes" for the year ended December 31, 2020.