INTERMEDIATE ACCOUNTING ACCESS 312
10th Edition
ISBN: 9781264093717
Author: SPICELAND
Publisher: INTER MCG
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Chapter 4, Problem 4.31E
To determine
Income Statement
The financial statement which reports revenues and expenses from business operations and the result of those operations is reported as net income or net loss for a particular time period is referred to as income statement.
To Indicate: the amount to be reported in quarterly income statement for a period March 31, June 30, September 30, December 31 for Company S.
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7. Entity A publishes quarterly interim financial reports. Entity A’s annual depreciation for items of PPE is P120,000. At the end of the first quarter, Entity A’s inventories have a cost of P600,000 and a net realizable value of P510,000. Entity A expects that the total employee bonuses (13th month pay) that will be paid at year-end will amount to P60,000. How much is the total amount of expense to be recognized from the items described above in Entity A’s first quarter statement of profit or loss?
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Expenditure
Date
Amount
Annual advertising
January
$800,000
Property tax for the fiscal year
February
350,000
March
260,000
Annual equipment repairs
O a $352,500
Ob$1,410,000
Oc. $0
Od $1,060,000
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Current Attempt in Progress
Assume the following data for Sandhill Home Appliance Repair for the payroll quarter ended March 31
.
.
.
.
Gross earnings
Employee FICA taxes
Federal income tax
State income tax
Number of employees this quarter:
Date Account Titles and Explanation
Apr. 15
$294,000.00
Sandhill is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on
salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to
$7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the
limit for unemployment taxes in the first quarter.
List of Accounts
22.491.00
58,800.00
Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are
automatically indented when amount is entered. Do not indent manually)
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Chapter 4 Solutions
INTERMEDIATE ACCOUNTING ACCESS 312
Ch. 4 - The income statement is a change statement....Ch. 4 - What transactions are included in income from...Ch. 4 - Prob. 4.3QCh. 4 - Prob. 4.4QCh. 4 - Prob. 4.5QCh. 4 - What are restructuring costs and where are they...Ch. 4 - Define intraperiod tax allocation. Why is the...Ch. 4 - How are discontinued operations reported in the...Ch. 4 - What is meant by a change in accounting principle?...Ch. 4 - Prob. 4.10Q
Ch. 4 - The correction of a material error discovered in a...Ch. 4 - Define earnings per share (EPS). For which income...Ch. 4 - Prob. 4.13QCh. 4 - Describe the purpose of the statement of cash...Ch. 4 - Prob. 4.15QCh. 4 - Explain what is meant by noncash investing and...Ch. 4 - Distinguish between the direct method and the...Ch. 4 - Prob. 4.18QCh. 4 - Prob. 4.19QCh. 4 - Show the calculation of the following...Ch. 4 - Show the DuPont frameworks calculation of the...Ch. 4 - Prob. 4.22QCh. 4 - Prob. 4.23QCh. 4 - Prob. 4.1BECh. 4 - Prob. 4.2BECh. 4 - Prob. 4.3BECh. 4 - Prob. 4.4BECh. 4 - Prob. 4.5BECh. 4 - Prob. 4.6BECh. 4 - Prob. 4.7BECh. 4 - Prob. 4.8BECh. 4 - Prob. 4.9BECh. 4 - Prob. 4.10BECh. 4 - Prob. 4.11BECh. 4 - Prob. 4.12BECh. 4 - Statement of cash flows; indirect method LO48 Net...Ch. 4 - Prob. 4.14BECh. 4 - Prob. 4.15BECh. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Prob. 4.8ECh. 4 - Prob. 4.9ECh. 4 - Prob. 4.12ECh. 4 - Prob. 4.15ECh. 4 - Prob. 4.23ECh. 4 - Concepts; terminology LO41, LO42, LO43, LO44,...Ch. 4 - Inventory turnover; calculation and evaluation ...Ch. 4 - Prob. 4.29ECh. 4 - Prob. 4.30ECh. 4 - Prob. 4.31ECh. 4 - Prob. 4.32ECh. 4 - Prob. 4.1PCh. 4 - Prob. 4.2PCh. 4 - Prob. 4.3PCh. 4 - Prob. 4.4PCh. 4 - Prob. 4.5PCh. 4 - Prob. 4.6PCh. 4 - Prob. 4.7PCh. 4 - Prob. 4.8PCh. 4 - Prob. 4.9PCh. 4 - Prob. 4.11PCh. 4 - Prob. 4.12PCh. 4 - Use of ratios to compare two companies in the same...Ch. 4 - Prob. 4.15PCh. 4 - Prob. 4.16PCh. 4 - Prob. 4.1DMPCh. 4 - Judgment Case 42 Restructuring costs LO43 The...Ch. 4 - Prob. 4.3DMPCh. 4 - Prob. 4.4DMPCh. 4 - Prob. 4.5DMPCh. 4 - Prob. 4.6DMPCh. 4 - Prob. 4.7DMPCh. 4 - IFRS Case 48 Statement of cash flows;...Ch. 4 - Judgment Case 49 Income statement presentation;...Ch. 4 - Prob. 4.10DMPCh. 4 - Prob. 4.13DMPCh. 4 - Prob. 4.15DMPCh. 4 - Prob. 4.17DMPCh. 4 - Prob. 4.18DMPCh. 4 - Prob. 2CCTC
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