The alphabetical listing below includes all of the adjusted account balances of Battle Creek, Incorporated as of December 31,2022. All account balances are normal.Accounts PayableAccounts ReceivableAccumulated DepreciationCommon StockCashDepreciation ExpenseDividendsEquipmentIncome Tax ExpenseIncome Taxes PayableRent ExpenseRetained Earnings:Salaries and Wages ExpenseService RevenueDeferred Revenue$ 3,4008,6004,3002,7003,6001,6001,70010,9001,4001,4001,5004,1006,90019,0001,300Required:a. Prepare the closing entries.b. Prepare the post-closing trial balance as of December 31, 2022.c. Prepare the classified balance sheet at December 31, 2022.Journal entry worksheetComplete this question by entering your answers in the tabs below.Required A Required B Required CPrepare the closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.)View transaction listRecord the entry for closing the revenue and expense accounts.

Account TitleDebitCreditRetained Earning $ 11,400Depreication Expense $ 1,600Income tax…

Answered: ble eciation ense se able s es Expense…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

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The following information has been obtained for Sheridan Corporation. 1. Prior to 2020, taxable income and pretax financial income were identical. 2. Pretax financial income is $1,634,000 in 2020 and $1,359,000 in 2021. On January 1, 2020, equipment costing $1,260,000 is purchased. It is to be depreciated on a straight-line basis over 5 years for tax purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year convention for tax purposes, as discussed in Appendix 11A.) 3. 4. Interest of $57,000 was earned on tax-exempt municipal obligations in 2021. 5. Included in 2021 pretax financial income is a gain on discontinued operations of $195,000, which is fully taxable. 6. The tax rate is 20% for all periods. 7. Taxable income is expected in all future years.
For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $988,000. Selected information for 2024 from Fidelity's records follows: Interest income on municipal governmental bonds $ 44,000 Depreciation claimed on the 2024 tax return in excess of depreciation on the income statement Carrying amount of depreciable assets in excess of their tax basis at year-end Warranty expense reported on the income statement 68,000 112,000 32,000 Actual warranty expenditures in 2024 22,000 Fidelity's income tax rate is 25%. At January 1, 2024, Fidelity's records indicated balances of zero and $11,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: Determine the amounts necessary to record income taxes for 2024, and prepare the appropriate journal entry. What is Fidelity's 2024 net income?
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For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting Income of $992,000. Selected Information for 2021 from Fidelity's records follows: Interest income on municipal governmental bonds Depreciation claimed on the 2021 tax return in excess of depreciation on the income statement Carrying amount of depreciable assets in excess of their tax basis at year-end Warranty expense reported on the income statement Actual warranty expenditures in 2021 Fidelity's Income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $12,000 in Its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. 2. What is Fidelity's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Pretax accounting income Permanent difference Determine…
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ble eciation ense se able s es Expense 8,600 4,300 2,700 3,600 1,600 1,700 10,900 1,400 1,400 1,500 4,100 6,900 19,000 1,300