! Required information [The following information applies to the questions displayed below.] Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through March 15 (74 days) March 16 through December 31 (291 days) January 1 through December 31, 2023 (365 days) Income $ 125,000 345,500 $ 470,500 Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. On March 15, 2023, Blinkin sells his shares to Nod. × Answer is complete but not entirely correct. Income Reported Daily Allocation Specific Identification Method Method Winkin $ 156,833 $ Blinkin $ 31,796 $ Nod $ 271,667 × $ 156,833 140,781 x 271,667 x
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- Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through March 15 (74 days) March 16 through December 31 (291 days) January 1 through December 31, 2023 (365 days) Income $ 125,000 345,500 $ 470,500 Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. On March 15, 2023, Blinkin sells his shares to Nod.Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through March 15 (74 days) March 16 through December 31 (291 days) January 1 through December 31, 2023 (365 days) Income $ 125,000 345,500 $ 470,500 Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. c. On March 15, 2023, Winkin and Nod each sell their shares to Blinkin. Answer is complete but not entirely correct. Income Reported Specific Identification Daily Allocation Method Method Winkin Nod Blinkin SSS 95,390 $ 95,390 x $ 95,390 $ 95,390x $ 565,891 × $ 279,720xWinkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through March 17 (76 days) March 18 through December 31 (289 days) January 1 through December 31, 2023 (365 days) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. c. On March 17, 2023, Winkin and Nod each sell their shares to Blinkin. Winkin Nod Blinkin Income Reported Daily Allocation Method Specific Identification Method Income $ 150,000 400,000 $ 550,000
- Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income January 1 through March 1 (60 days) March 2 through December 31 (305 days) $ 125,000 350,000 $ 475,000 January 1 through December 31, 2021 (365 days) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) c. On March 1, 2021, Winkin and Nod each sell their shares to Blinkin. Income Reported Daily Allocation Specific Identification Method Method Winkin Nod BlinkinWinkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ’s income. Period Income January 1 through March 15 (74 days) $ 125,000 March 16 through December 31 (291 days) 345,500 January 1 through December 31, 2021 (365 days) $ 470,500 a. There are no sales of SleepEZ stock during the year.Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income January 1 through March 1 (60 days) March 2 through December 31 (305 days) $ 125,000 350,000 January 1 through December 31, 2021 (365 days) $ 475,000 (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. On March 1, 2021, Blinkin sells his shares to Nod. Income Reported Specific Daily Allocation Identification Method Method Winkin Blinkin Nod
- Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income January 1 through March 1 (60 days) March 2 through December 31 (305 days) $ 125,000 350,000 $ 475,000 January 1 through December 31, 2021 (365 days) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. There are no sales of SleepEZ stock during the year. Income Reported Daily Allocation Specific Identification Method Method Winkin Blinkin NodYou are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt. (EV of $1. PV of 51. EVA of S1. PVA ofS1 EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2.300,000. The bonds mature in 15 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate 2 At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $670,000. The annual payment is $145,000, payable each June 30 3, On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $70,000 beginning January 1, 2021.…You have been asked to help prepare the financial statements of Cee Jee trading co.for the year ended 31 December 2019. The company’s trial balance as at 31December and additional information is shown below:Cee Jee trading co.Trial balance as at 31 December 2019 DR (£) CR (£)Capital 90,428Drawings 19,004Purchases 778,144Sales 1,054,700Salaries 66,880Rent and rates 19,720Light and heating 8,284Irrecoverable (Bad) debts 3,768Allowance for Doubtful debts 7,404Trade receivables / Debtors 144,600Trade payables / Creditors 68,616Bank 5,632Cash 668Opening inventories 164,248Motor vehicle at cost 14,400Accumulated depreciation motor vehicle 4,200Total 1,225,348 1,225,3481. The inventories at the close of business at 31 December 2019 are valued at£198,712.2. The rent is 12,800 per annum, payable half-yearly in advance on the 31March and 30 September.3. Business rates for the year ending 31 March 2020 amounting to £2,976 werepaid in full in April 2019.4. Salaries to be accrued amount to…
- Wildhorse Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders. Wildhorse's fiscal year ends May 31. The following information is available. 1. 2. 3. 4. 5. 6. 7. 1. Income from operations before income tax for Wildhorse was $1,500,000 and $1,900,000, respectively, for the fiscal years ended May 31, 2021, and 2020. 2. Wildhorse experienced a loss from discontinued operations of $600,000 from a business segment disposed of on March 3, 2021. A 20% combined income tax rate applies to all of Wildhorse Corporation's profits, gains, and losses. Wildhorse's capital structure consists of preferred shares and common shares. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Wildhorse issued 136,000 of $10 par value, 5% cumulative preferred shares in 2013. All of these shares are outstanding, and no preferred dividends are in arrears. Determine the…REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sooraya Enterprises/Partnership for the year ended 28 February 2022. INFORMATION Extract from the ledger of Sooraya Enterprises on 28 February 2022 R Capital: Soo 450 000 Capital: Raya 350 000 Current a/c: Soo (01 March 2021) Current a/c: Raya (01 March 2021) Drawings: Soo Drawings: Raya The following must be taken into account: 30 000 CR 25000 DR 220 000 260 000 1. On 28 February 2022 the Profit and Loss account reflected a net profit of R 880 000. 2. Partners are entitled to interest at 12% p.a. on their capital balances. Note: Soo increased her capital contribution by R180 000 on 01 September 2021. The capital increase has been recorded. 3. The partners are entitled to the following monthly salaries for the first 6 months of the financial year: Soo R15 000 Raya R11 000 From 01 September 2021, the partners will be entitled to annual salaries of R144 000 each. 4. Raya is entitled to a bonus…SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of Profit or Loss and other Comprehensive IncomeFor the year ended 30 June 2021Gross Profit $610,000Salaries expenses (210,000)Rent expense (53,000)Long service leave expenses (51,000)Depreciation expense - Plant (30,000)Bad debt expense (18,000)Accounting Profit Before Tax $248,000 The Statement of Financial Position (Extract/partial)As at 30 June 2021Assets: Cash $152,000Inventories 198,000Account receivables (net) 178,000Prepaid rent 51,000Plant 150,000Accumulated depreciation - plant (30,000) 699,000Liabilities: Revenue received in advance 53,000Accounts payable 90,000Loan payable 210,000Provision for long service leave 49,000…