What is the amount of total current liabilities? Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for incometax expense:Cash600,000Accounts receivableInventoryProperty, plant and equipment (net)Accounts payable and accrued liabilities2,800,0002,000,00010,500,0001,800,000Income tax payableDeferred tax liabilityShare capitalShare premiumRetained earnings, January 1Net sales and other revenue1,500,000700,0002,500,0003,000,0003,500,00015,000,000Costs and expenses10,000,0002,100,00028,000,000Income tax expense28,000,000The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000.The last payment is due December 30, 2021.During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%.On December 31, 2019, what amount should be reported as:8. Total current liabilities?

Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for income tax expense: Cash 600,000 2,800,000 2,000,000 Accounts receivable Inventory Property, plant and equipment (net) Accounts payable and accrued liabilities Income tax payable Deferred tax liability 10,500,000 1,800,000 1,500,000 700,000 2,500,000 3,000,000 Share capital Share premium Retained earnings, January 1 Net sales and other revenue 3,500,000 15,000,000 Costs and expenses 10,000,000 2,100,000 28,000,000 Income tax expense 28,000,000 The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000. The last payment is due December 30, 2021. During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%. On December 31, 2019, what amount should be reported as: 8. Total current liabilities?

Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for income tax expense: Cash 600,000 2,800,000 2,000,000 Accounts receivable Inventory Property, plant and equipment (net) Accounts payable and accrued liabilities Income tax payable Deferred tax liability 10,500,000 1,800,000 1,500,000 700,000 2,500,000 3,000,000 Share capital Share premium Retained earnings, January 1 Net sales and other revenue 3,500,000 15,000,000 Costs and expenses 10,000,000 2,100,000 28,000,000 Income tax expense 28,000,000 The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000. The last payment is due December 30, 2021. During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%. On December 31, 2019, what amount should be reported as: 8. Total current liabilities?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 18E

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The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 ---Prepare in good form a statement of retained earnings of Palm Realtors Ltd. for the year endedDecember 31, 2019. --Compute the current ratio for Palm Realtors Ltd for 2019. Did the company appear to be able to meetits short-term obligations as they come due? Why?
The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235Required:1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.for the year ended December 31, 2019.
The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
Bestlook Company provided the following information for its first year of operatic December 31, 2019 in connection with the preparation of it income tax return: Accounting income Nondeductible expenses P8,000,000 400,000 600,000 Nontaxable revenue Deferred income on installment sales included in financial income but taxable in 2020 900,000 200,000 600,000 Doubtful accounts recorded Financial depreciation Tax depreciation Estimated warranty cost accrued in 2019 but not deductible for tax purposes until paid Income tax rate (current and future) a. How much is the current tax expense? 700,000 200,000 35% b. How much is the deferred tax asset? c. How much is the deferred tax liability? d. How much is the total tax expense?
Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? P2,240,000 P1,920,000 P1,980,000 P2,500,000
Compute ROA and adjusted ROA CSX Corporation reported the following in its tax footnote to its 2019 financial statements. Use this information to answer the requirements. $ millions 2019 2018 2017 Net income $3,331 $3,309 $5,471 Interest expense, net 737 639 546 Average total assets 37,493 36,234 35,577 Compute (a) return on assets and (b) the adjusted return on assets for each of the three years. Assume a statutory tax rate of 37% for 2017 and 22% for 2018 and 2019. a. Compute return on assets (ROA) for 2017, 2018, and 2019 Note: 1. Select the appropriate numerator and denominator used to compute ROA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute ROA for each year. Year Numerator Denominator ROA AnswerNet incomeNet income (adjusted)Interest expense, netAverage total assetsAverage total equity AnswerNet incomeNet income (adjusted)Interest expense, netAverage total assetsAverage total equity 2017 Answer…
The statement of financial position of Mackay Ltd as at 30 June 2021 showed the following assets and liabilities. Assets Cash Inventories Accounts Receivables Allowance for Doubtful Debts Plant Accumulated Depreciation- Plant Deferred Tax Asset Liabilities Accounts Payable Provision for Long Service Leave Provision for Annual Leave Rent Received in Advance Deferred Tax Liability Additional information 2021 8 000 17 000 50 000 (5 500) 50 000 (26 000) ? 29 000 6 000 4 000 2 500 ? 2020 8 500 15 500 48 000 (4 000) 50 000 (21 000) 4 050 26 000 4 500 3 000 2 000 3 150 • Accumulated depreciation of plant for tax purposes was $39 000 at 30 June 2021. • The tax rate is 30%. Required: Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts.
16. Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? a. P1,920,000 b. P2,240,000 c. P2,500,000 d. P1,980,000
A company's trial balance at 31 December 2021 shows a debit balance of GHS700,000 on current tax and a credit balance of GHS8,400,000 on deferred The directors have estimated the provision for income tax for the year at GHS4.5m and the required deferred tax provision is GHS5.6m, GHS1.2m of which relates to a property revaluation. What is the profit or loss income tax charge for the year ended 31 December 2021?
Louie Makulet Corporation provided the following balances on December 31, 2020 which has been adjusted except for income tax expense: Cash 600,000Accounts Receivables 3,500,000Prepaid taxes 450,000Property, plant and equipment, net 1,510,000Note payable due in December 21, 2022 1,620,000Share Capital 750,000Share premium 2,030,000Retained Earnings, unappropriated 900,000Retained Earnings, restricted for notes payable 160,000Revenue 6,680,000Cost and Expenses 5,180,000 During 2020, estimated tax payments of P450,000 were charged to prepaid taxes. The entity has not recorded income taxexpense. There were no temporary or permanent differences. The tax rate is 30%.On December 31, 2020, what amount should be reported as:1. Total current assets?2. Total non-current assets?3. Total Retained earnings? Please show solution. Thank you.
Leni Company had the following transactions during the quarter ended March 31, 2021:• Loss on Sale- 900,000• Payment of fire insurance premium for calendar year 2021- 400,000• Payment of rent for 1 year- 1,200,000• Payment of property tax assessed for calendar year 2021- 500,000What total amount should be included in the determination of the net income or loss for the quarter ended March 31, 2021?
Cullumber Inc.'s only temporary difference at the beginning and end of 2024 is caused by a $3.75 million deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2025 and 2026. The related deferred tax liability at the beginning of the year is $1,125,000. In the third quarter of 2024, a new tax rate of 20% is enacted into law and is scheduled to become effective for 2026. Taxable income for 2024 is $6,250,000, and taxable income is expected in all future years.