Question 1 of 10 < These items are taken from the financial statements of Monty Corp. at December 31, 2018. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) Accumulated depreciation-equipment Interest payable Sales (a) Calculate the net income for the year. Net income / (loss) $ $142,830 17,010 6,318 15,984 111,240 82,620 783 270 7,155 3,510 83,700 54,000 61.560 11,340 1,485 126,360 25,272 4,860 19,143 MacBook Air

Question 1 of 10 < These items are taken from the financial statements of Monty Corp. at December 31, 2018. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) Accumulated depreciation-equipment Interest payable Sales (a) Calculate the net income for the year. Net income / (loss) $ $142,830 17,010 6,318 15,984 111,240 82,620 783 270 7,155 3,510 83,700 54,000 61.560 11,340 1,485 126,360 25,272 4,860 19,143 MacBook Air

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PROBLEM 3: EXERCISES 1. Park Co. has the following information for the current year: Pretax income 900,000 Penalty on late filing of income tax return Interest on borrowings incurred to acquire tax- 30,000 exempt securities Interest income on government securities Excess of tax depreciation over book depreciation Excess of revenue recognized over taxable income Excess of provision over actual expenditures Advanced rent received (taxable upon receipt) Unrealized loss on change in fair value of investment Temporary differences as at the beginning of the year 3,000 9,000 60,000 45,000 54,000 12,000 18,000 Income tax rate 30%