Plz explain properly AccountDebitCreditCash$ 610,000Notes payable, due in 5 years150,500Retained earnings1,165,100Obligations under capital leases (noncurrent)615,000Obligations under pension plans297,250Deferred tax liability (noncurrent)38,000Accumulated other comprehensive loss326,400Current portion of long-term debt380,000Property, plant, and equipment-net3,250,000Investments in affiliate companies (noncurrent)600,000Accounts receivable410,000Bonds payable, due in 10 years2,100,000Investments at fair value (trading)230,000Accounts payable485,000Additional paid-in capital700,000Dividends payable75,000Equipment under capital lease1,611,750Intangible assets–net203,700Merchandise inventory700,000Income taxes payable36,000Common stock, $1 par value1,900,000$7,941,850$7,941,850Totals Seafoam Building Products Company provided the following information for the current year ended December 31.(Click the icon to view the financial data.)RequirementsPrepare the current-year classified balance sheet using the report format.Prepare the current-year classified balance sheet using the account format.a.b.Requirement a. Prepare the current-year classified balance sheet using the report format.Begin by preparing the asset section of the balance sheet and then prepare the liabilities and stockholders' equity sections. (Use a minus sign or parentheses for any loss amounts.)Seafoam Building Products CompanyBalance SheetAt December 31Assets

So Here we have a Trial Balance of Seafoam Building Product Company for the Current year ended…

Answered: Plz explain properly

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 56P

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PROBLEM 1 Xavier Company provided the following information for its first year of operations ended December 31, 2021 in connection with the preparation of its income tax return:Taxable income P 4,000,000Non-deductible expenses 200,000Non-taxable revenue 300,000Deferred income on installment saleincluded in financial income but taxable in 2022 450,000Doubtful accounts recorded 100,000Financial depreciation 300,000Tax depreciation 350,000Estimated warranty cost accrued in2021 but not deductible for tax purposes until paid…
Boey Company reported net income of $25,000 in 2018. Ithad the following amounts related to its pension plan in2018: Actuarial liability gain $10,000; Unexpected assetloss $14,000; Accumulated other comprehensive income(G/L) (beginning balance), zero. Determine for 2018(a) Boey’s other comprehensive income, and (b) comprehensiveincome.
Dick Tracy Corporation paid the following expenses during the year: Interest for late payment (delinquent) income tax P5,000 Surcharge and compromise for late payment of income tax 30,000 Interest on bonds issued 40,000 Interest on money borrowed by the Company from a stockholder who owns 80% of the outstanding stock of the company 20,000 What is Dick Tracy Corporation’s deductible expense? a. P45,000 b. P75,000 c. P95,000 d. P60,000
UMPI’s end of year pretax financial income for 2018 was $720,000. Included in it was $40,000 in interest income on municipal bonds, warranty expense accrued for $15,000, a $25,000 fine for dumping hazardous waste, and depreciation of $40,000. Depreciation for tax purposes was $65,000. Their tax rate was 21%. Format the income tax expense section of the income statement, starting with “income before income taxes”.
A Co. sponsors a defined benefit pension plan. For the current year ended December 31, the following information relevant to the plan has been accumulated: Defined benefit obligation, 1/1 P10,000,000 Fair value of plan assets, 1/1 9,000,000 Current service cost 3,000,000 Gain on settlement 500,000 Actual return on plan assets 630,000 Increase in defined benefit obligation due to changes in actuarial assumptions 800,000 Market yield on high quality corporate bonds 6% Yield on bonds issued by the entity 8% Expected return on plan assets 9% Calculate the amount that the entity would recognize in other comprehensive income for the year in accordance with the revised PAS 19 A P890,000 B P800,000 C P790,000 D P710,000
12. The records for Ivanhoe Co. show this data for 2021: ● Gross profit on installment sales recorded on the books was $350,000. Gross profit from collections of installment receivables was $210,000. ● Life insurance on officers was $3,100. ● Machinery was acquired in January for $230,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Ivanhoe may deduct 14% for 2021. ● Interest received on tax exempt Iowa State bonds was $8,300. ● The estimated warranty liability related to 2021 sales was $20,900. Repair costs under warranties during 2021 were $12,900. The remainder will be incurred in 2022. ● Pretax financial income is $530,000. The tax rate is 20%. (a) Prepare a schedule starting with pretax financial income and compute taxable income. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Schedule…
ANSWER IN EXCEL FORM THANK YOU On July 1, 2002, AXIE Company purchased Rose Corporation 10-year, 12% bonds with face value of P300,000 for P324,000, which included P12,000 of accrued interest. The bonds, which mature on March 1, 2009, pay interest semi-annually on March 1 and September 1. AXIE appropriately uses the straight line method of amortization. The amount of income AXIE should report for the calendar year 2002 as a result of this long-term investment? P16,200 P17,100 P18,000 P30,000
Pretax accounting income is computed to be $117,000 after including the effects of the appropriate items from the following information: Depreciation taken for tax purposes $93,000 Depreciation taken for accounting 16,000 Contributions to the pension plan 22,000 Pension expense 18,000 Interest revenue on municipal bonds 7,600 Penalty for late payment of income taxes 12,000 Unearned revenue for deposits received in advance 33,000 Unrealized gain on available-for-sale securities 8,000 Fine assessed for pollution of a river 25,000 Using the setup below, compute taxable income Pretax accounting income 99,000 Depreciation difference Pension cost difference Interest revenue Penalty Unearned revenue Unrealized gain Fine Taxable income
12) Ehrlich Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2021 $2,550,000 Excess depreciation expense (450,000) Taxable income $2,100,000 The temporary difference will reverse evenly over the next two years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 20%. Prepare the journal entry for the income taxes for 2021
10. Payments made for income taxes P760,000 Income tax payable increased by 200,000 Deferred tax liability, Jan. 1 360,000 Deferred tax liability, Dec. 31 470,000 Deferred tax asset, Jan. 1 85,000 Deferred tax asset, Dec. 31 65,000 Income tax expense under accrual basis accounting is a. 1,090,000 b. 960,000 c. 850,000 d. 830,000
1. In 2021, Eric Corporation reported P90,000 net income before income taxes. The income tax rate for 2021 was 30 percent. Eric had an unused P60,000 net operating loss carryforward arising in 2020 when the tax rate was 35 percent. The income tax expense Eric would report for 2021 would be
On October 1, 2021, Best Company purchased as debt investments at fair value through profit or loss, P100,000, 14% bonds for 99 plus accrued interest and broker's fees. Interest is paid semi-annually on February 1 and August 1. What amount of interest revenue did Best Company report for the year ended Dec. 31, 2021? a.) P0 b.) P3,465 c.) P3,483 d.) P3,500

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