Cora's Cookie Company provided the following account balances from its​ year-end trial balance. During the​ year, Cora issued​ no-par common stock. The proceeds of the new issue were $30,000. The company is subject to a 40​% income tax rate. The beginning balance in common stock was $510,000.

Romie Ltd is preparing accounts for the year ended 31 December 20X5. The company has an estimated tax charge of $35,000 for the year ended December 20X5. The trial balance includes an entry of $2,000 relating to an over provision of tax in the previous financial year. What is the charge for tax in the statement of profit or loss for the year ended December 20X5?

American Laser, Inc., reported the following account balances on January 1. Accounts Receivable Accumulated Depreciation. Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings. Cash Common Stock, 10,000 shares of $1 part Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Requirement View transaction list General Journal

American Laser, Inc., reported the following account balances on January 1. Accounts Receivable Accumulated Depreciation. Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings. Cash Common Stock, 10,000 shares of $1 part Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Requirement View transaction list General Journal

The January 1, Year 1 trial balance for the Wright Company is found on the trial balance tab. The beginning balances are assumed. Wright Company entered into the following transactions involving short-term liabilities. Note: Use 360 days a year. Year 1 April 20 Purchased $49,250 of merchandise on credit from Walsh, terms n/30. May 19 Replaced the April 20 account payable to Walsh with a 90-day, 14%, $37,000 note payable along with paying $12,250 in cash. July 8 Borrowed $99,000 cash from NJR Bank by signing a 120-day, 9%, $99,000 note payable. August 17 Paid the amount due on the note to Walsh at the maturity date. November 5 Paid the amount due on the note to NJR Bank at the maturity date. November 28 Borrowed $57,000 cash from Fargo Bank by signing a 60-day, 8%, $57,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 January 27 Paid the amount due on the note to Fargo Bank at the maturity date. General General Trial…

Accounting A company purchases corporate bonds for $1,000,000 and categorizes them as AFS. At year-end, their market value is $750,000. $100,000 of the decline in value is attributed to a rise in market interest rates, and $150,000 of the decline is attributed to credit losses. Prepare the year-end adjusting entry in either a T-account or spreadsheet format. See above for location of spreadsheet template. A company invests in stock of other companies for trading purposes. Its accounting year ends December 31. Its investment activity during 2019, 2020, and 2021 is as follows: a. Purchased stock of Acme Company in 2019 for $250,000 for the purpose of taking advantage of short-term volatility in the market place. b. Sold the investment shortly after purchase for $235,000. c. Purchased stock of Beeber Company in 2019 for $300,000. d. The investment had a fair value of $275,000 at the end of 2019. e. It was sold for $310,000 in late 2020. f. Purchased stock of Cromwell Company in 2019 for…

Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of $32,433,150. Interest is payable semiannually. Shunda’s fiscal year begins on January 1. The company uses the interest method. a.  Journalize the entries to record the following: 1.  Sale of the bonds. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.   Cash  fill in the blank f63d02049fd306d_2 fill in the blank f63d02049fd306d_3   Premium on Bonds Payable  fill in the blank f63d02049fd306d_5 fill in the blank f63d02049fd306d_6   Bonds Payable  fill in the blank f63d02049fd306d_8 fill in the blank f63d02049fd306d_9     2.  First semiannual interest payment, including amortization of premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.   Interest Expense  fill in the blank…

On September 1, Year 1, West Company borrowed $34,000 from Valley Bank. West agreed to pay interest annually at the rate of 9% per year. The note issued by West carried an 18-month term. West Company has a calendar year-end. What is the amount of interest expense that will be reported on West's income statement for Year 1? Multiple Choice O O $-0- $1,020 $306 $765

Bon Nebo Co. sold 11,500 annual subscriptions of Bjorn for $60 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $436,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co.Current Liabilities Section of Balance SheetMarch 31, 20Y6 Line Item Description Amount Current liabilities:   Advances on magazine subscriptions $Advances on magazine subscriptions Federal income taxes payable Federal income taxes payable Total current liabilities $Total current liabilities

On Dec. 18, Sheffield Company discounted at Sunshine Bank a $9,600 (maturity value), 140-day note dated Sept. 14. Sunshine's discount rate was 7%. (Use Days in a year table.) What proceeds did Sheffield Company receive? (Use 360 days a year. Do not round intermediate calculations.) Proceeds received 2$