Tax returns of the principals for previous three years Personal financial statements (all banks have these forms) • Copy of proposed lease or purchase agreement for building space Copies of licenses and other legal documents • Copies of resumes of all principals • Copies of letters of intent from . suppliers
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- Instructions General Journal Ames Company is located in a city and county that issue property tax statements in May of each year. The fiscal year for the two local governmental units is May 1 to April 30. Property taxes of $48,000 are assessed against Ames property held on January 1, 2019. The taxes Assuming that monthly accruals are recorded, prepare all property tax journal entries for the period May 1 to September 30, 2019. become a lien against Ames property on May 1, 2019. The actual amount of the property taxes of $48,000 is determinable on May 1, 2019; therefore, no estimate of taxes is required. The tax bills are payable in two equal installments on July 10 and September 10. General Journal Instructions Required: Assuming that monthly accruals are recorded, prepare all property tax journal entries for the period May 1 to September 30, 2019. PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 8 10 11 12 13 14 15Select the best answer. Which item of income has been constructively received by an individual taxpayer? O O O A. An increase in the value of stock owned estion Q 13 B. A check received for payment of services, but which has not yet been deposited C. Wages earned the last week of December but not paid until January of the following year O D. A line of credit available, but not yet drawn on Submit Answers 95% CompleteWhich of the following forms have been converted from having a specific year printed on the form to a continuous use version? Form 1098-E, Student Loan Interest Statement. Form 1098-T, Tuition Statement. Form 1099-INT, Interest Income. Form 4505-T, Request for Transcript of Tax Return.
- Question: Referring to relevant statutory provisions and common law, discuss whether, for the current income year, the following amounts would be as an allowable deduction against assessable income. Provision for the estimated amount of trade debtors’ accounts, which might not be collected. An amount of $9,000 was paid to a solicitor for preparing a partnership deed. Newspapers are purchased by an accountant who advises clients on financial and investment matters. Travel cost of a business executive to attend a trade fair in London paid by the employer. Speeding fines of $ 500 paid by an owner to a driverRequired information Skip to question [The following information applies to the questions displayed below.] Brown Thumb Landscaping is a calendar-year, accrual-method taxpayer. In September, Brown Thumb negotiated a $14,000 contract for services it would provide to the city in November of the current year. The contract specifies that Brown Thumb will receive $4,000 in October as a down payment for these services, and it will receive the remaining $10,000 in January of next year. a. How much income from this $14,000 contract will Brown Thumb recognize in the current year?Miscellaneous scenarios requiring journal entries The following transactions and events pertain to Bean County’s General Fundfor the calendar year 2022:1. The entity receives invoices in early January 2023 for $25,000 for professional servicesobtained in 2022, and $32,000 for December 2022 utility services.2. The entity borrows $500,000 on August 1, 2022, in anticipation of thecollection of property taxes. The borrowed amount is due to be repaid onJanuary 31, 2023, with interest at the rate of 1.5 percent per annum.3. The entity invests $300,000 cash in a CD on November 1, 2022, at an interest rateof 1 percent per annum. The CD will mature on January 31, 2023.4. In September 2022, the entity receives and accepts supplies that had beenordered in August. The amount that had been encumbered was $40,000,but the amount of the approved invoice was $42,000.Prepare journal entries for the transactions and events listed above.Enter 0 or leave the field blank if no entry is required for calendar…
- Preparation of closing entries The Town of Munising reports the following trial balance after all entries have been made for the year: Cash Trial Balance Receivables: Real estate & personal property Intergovernmental Payables Deferred revenues Fund balances: DR CR $174,347 15,480 180,083 $18,319 176,085 Assigned Unassigned 46,440 86,860 Revenues-real estate taxes 580,765 Intergovernmental revenues 115,651 Expenditures-general government 108,694 Expenditures-public safety 65,797 Expenditures-education 394,783 Expenditures-public works 32,899 Expenditures-human services 65,797 Expenditures-debt principal payments 2,580 Expenditures-debt interest payments 860 Other financing sources-proceeds from bonds. 17,200 $1,041,320 $1,041,320 The Town's budget for the year, originally entered into the financial records, was as follows: ESTIMATED REVENUES 678,749 ESTIMATED OTHER FINANCING SOURCES APPROPRIATIONS BUDGETARY FUND BALANCE 17,200 (664,551) 31,398 In addition, the Town issued purchase…KA The following transactions take place: • A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. • Construction bonds were issued at a premium. The premium is to be included in funds accumulated to retire the debt. • Police salaries were paid. • Interest and principal were paid on general obligation serial bonds. Required: Indicate the name of the fund(s) in which each of the transactions or events should be recorded.Help me with entries Journal entries for Debt Service Fund transactions At the start of 2019, Croton’s Debt Service Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Debt Service Fund and where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) The General Fund transferred $1,200 cash to the Debt Service Fund. The first installment of principal and interest on the bonds sold in Part C (1) came due for payment. The principal and interest due for payment were paid. Debt service on bonds sold by Croton in previous years came due and was paid. Principal and interest payments on those bonds were $600 and $470, respectively. Note: In the Fund column, select the appropriate fund in which the journal entry is recorded (General Fund: GF or Debt Service Fund: DSF).
- INVOICE issued date 05/05/2020 as below: You have received an invoice from one of our suppliers and you are required to prepare: (i) Double entry for the invoice you have received base on the account and supplier number provided. (ii) Base on tax point of view, specify each item whether it is Capital or Revenue expenditure.Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2021: Required:1. Determine Douglas-Roberts's pension expense for 2021.2. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. Record annual pension expense. Record the change in plan assets. Record the change in the PBO. Record the cash contribution to plan assets. Record the retiree benefits paid.d. Prepare a reconciliation of the beginning and ending balances The following information is taken from the actuarial valuation report of Daddy, Inc.'s defined benefit plan: Fair value of plan assets, Jan. 1 Present value of defined benefit obligation, Jan. 1 Past service cost from plan amendment during the year (the vesting period is 5 yrs.)es 2,100,000 2,400,000 300,000 Current service cost 600,000 Benefits paid to retirees during the Actuarial gain during the period Return on plan assets during the period Contributions to the fund during the year Discount rate based on high quality corporate bonds year 450,000 15,000 270,000 480,000 12% Requirements: a. Determine net defined benefit liability/asset as of Jan. 1, 20x1 and Dec. 31, 20x1, respectively. b. Compute for the defined benefit cost in 20x1, showing amoúnts recognized in P/L and OCI, respectively. c. Provide the journal entries in 20x1. Prepare a reconciliation of the beginning and ending balances с. d. of net defined benefit…