How often MUST a fee for a business entity license be paid? Every year Every two years Every three years Every four years
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How often MUST a fee for a business entity license be paid?
- Every year
- Every two years
- Every three years
- Every four years
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- This year's final paycheck will be issued on the last Friday of December. If you report the wages for the remaining four days of December as an expense in the next year, which principle are you violating? A. The disclosure principle B. The matching principle C. The revenue recognition prinA C corporation has a fiscal year-end of August 30. It requests an automatic extension of time to file its income tax return. It must file its return no later than the 15th day of: April. March. May. June.On March 1, the Garner Corporation borrowed $75,000 from the First Bank of Midlothian on a 1-year, 5% note. Required: Hide If the company keeps its records on a calendar year, what adjusting entry should Garner make on December 31? Dec. 31 (Record accrual of interest expense)
- Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.Accrued Interest On May 1, the Garnett Corporation wanted to purchase a $200,000 piece of equipment, but Garnett was only able to furnish $75,000 of its own cash to purchase the equipment. Garnett borrowed the remainder of the $200,000 from the Peoples National Bank on a 3-year, 4% note. Required: If the company keeps its records on a calendar year, what adjusting entry should Garnett make on December 31?Estimated payments for individual taxpayers are due on the following dates: Twice a year on April 15 and September 15 Four installments on April 15, June 15, September 15, and January 15 of the next year Four times a year on April 15, July 15, September 15, and December 15 Twice a year on June 15 and December 15
- Assume that a lawyer bills her clients $15000 on June 30, for services rendered during June. The lawyer collects $8500 of the billings during July and the remainder in August. Under the accrual basis of accounting, when would the lawyer record the revenue for the fees? A. June, $15,000; July, $0; and August, $0 B. June, $0; July, $6,500; and August, $8,500 C. June, $8,500; July, $6,500; and August, $0 D. June, $0; July, $8,500; and August, $6,500Garcia Company rents out a portion of its building to Jerry Company for 1,000 per month. On August 1, Jerry paid Garcia 12,000 for 1 year of rent in advance. Prepare journal entries for Garcia to record the collection ofrent and the related year-end adjusting entry on December 31.Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $650,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.5%. Each year on December 31, the company pays down the principal balance by $80,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.
- LO.2 In 2019, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned 25,000. The clients signed notes receivable to Chaya that have a fair market value of 22,000 at year-end. In addition, Chaya sold a 36-month service contract on June 1, 2019, and received payment in full of 12,000. How much gross income does Chaya report from these transactions in 2019?Bilal, a sole proprietor received RO 500 on 1st November 2020 for providing services for 5 months. What is the revenue and unearned revenue at the end of the accounting year? (31st December) a. RO 300 and RO 200 b. RO 200 and RO 300 c. RO 500 and RO 100 d. RO 100 and RO 500NCLCO is allowed as a deduction from business income for the next 3succeeding years TRUE OR FALSE?
