Cherry Corporation, a calendar year C corporation, is formed and begins business on 10/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $53,700. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019.
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- Exercise 12-8 (Algorithmic) (LO. 7) Cherry Corporation, a calendar year C corporation, is formed and begins business on 2/1/2021. In connection with its formation, Cherry incurs organizational expenditures of $51,300. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for the current year. 264.44 XCherry Corporation, a calendar year C corporation, is formed and begins business on 6/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $54,200. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019. $fill in the blank 1 Do not give answer in image and hand writingCherry Corporation, a calendar year C corporation, is formed and begins business on 8/1/2023. In connection with its formation, Cherry incurs organizational expenditures of $52,100. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for the current year.
- Cherry Corporation, a calendar-year C corporation, is formed and begins business on 8/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $50,600. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019.3 Assume the year is 2021. On March 15, Juneau Inc. pays each of 15 employees gross wages of $50,000. They withheld $123,300 FIT, $48,000 SIT, applicable FICA, and $200 union dues. FUTA is $140, SUI is $220. Prepare the following journal entries: a. Payment of employee salaries, including deductions. b. Juneau Inc. remits its payroll taxes. c. Juneau Inc. remits employee union dues.General Purpose Financial Statements The following Trial Balance relates to Banco Community College, a public tertiary educational institution in Guyana, as at December 31, 2019. DR CR $00 $00 Fees Income 4,575,622 Permanent Post 5,312,430 Allowance 856,670 Independent consultancy fees 655,600 Legal Cost 25,059 CARICOM Grant 1,540,000 Consultancy Cost 565,500 Non-Permanent Post 1,253,600 Seminars cost 500,000 Sponsorship (granted/received) 8,100 9,066,828 Receivables 468,050 Payables 182,840 20% loan 8,600 Books and Research Allowance 150,765 Plant and Machinery 3,000,000 250,000 Motor Vehicle 2,505,000 352,000 Building 12,300,000 756,000 Software 995,500 150,000 Other Incomes 211,430 Project Work Supervisory Allowance 48,500 Cash and Bank 294,233 Training and Workshop cost Bad debt provision (student fees) Work in Progress 104,000 4,940 8,251,735 Other Expenses 71,000 Withholding Tax 90,500 Accumulated Fund 11,205,270 Utilities Bills 560,053 Proceeds from Sale of Admission Forms…
- Skip to question [The following information applies to the questions displayed below.]At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part a - Horizontal Model Required:a-1. Use the horizontal model to show the effect of the accrual that should have been made as of March 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)Hawkeye Corporation starts business on April 2, 2023. The corporation reports startup expenditures of $64,000 all incurred in the prior year. Determine the total amount that Hawkeye Corporation can elect to deduct in 2023. O a. $0 O b. $3,200 O c. $4,267 O d. $7,950b. Adoptions and More drew on 8 annual notes totaling $250,000 to be paid upon completion of the office it is building. The company intends to pay $75,000 next year. What is that portion considered?
- Contact Support for textbook, writing, or account heln Balance Corporation borrowed P10,000,000 at 12% to finance in part the construction of a new office building on January 1, 2021 and in part for general purposes. The loan is to be repaid commencing the month following completion of the building. Expenditures for the completed structure totaled P8,000,000 during the year ended December 31, 2021. These expenditures were incurred evenly throughout the year. The entity earned interest of P80,000 for the year on the unexpended portion of the loan. What amount of interest is capitalized on December 31, 2021? What is the interest expense for 2021? O 720,000 O 1,000,000 O 1.200.000Yebi Corp began operations in December 2024. Yebi builds and sells warehouses under the installment method. When warehouses are sold, Yebi recognizes income for financial reporting purposes. Installment income recognized for financial reporting purposes in 2024 was $28 million, which will be collected over the next three years. Scheduled collections for 2025-2027 are as follows: 2025 2026 2027 $ 8 million 13 million 7 million. $ 28 million Pretax accounting income for 2024 was $38 million. The enacted tax rate is 45%. Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2024. 2. Suppose a new tax law, revising the tax rate from 45% to 40%, beginning in 2026, is enacted in 2025, when pretax accounting income was $32 million. There were no sales resulting in temporary differences in 2025. Prepare the appropriate journal entry to record income taxes in 2025. 3. If the new tax…