Taxable Income €500,000 330,000 400,000 1. Year 2018 2019 2020 2. On January 2, 2018, heavy equipment costing €600,000 was purchased. The equipment had a life of 5 years and no residual value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below: Tax Depreciation 2020 €90,000 2018 €198,000 2019 €270,000 2021 €42,000 Total €600,000 3. On January 2, 2019, €240,000 was collected in advance for rental of a building for a three- year period. The entire €240,000 was reported as taxable income in 2019, but €160,000 of the €240,000 was reported as unearned revenue at December 31, 2019 for book purposes. 4. The enacted tax rates are 40% for all years.

Required information [The following information applies to the questions displayed below.] Glennelle's Boutique Inc. operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2019 are issued in May 2020 and are payable in July 2020. c-2. Assume that the actual tax bill, received in May 2020, was for $7,500. Record the journal entry to show the effects of the appropriate adjustment to the amount previously accrued. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 No Event 1 X Answer is complete but not entirely correct. General Journal Real estate tax expense Real estate taxes payable Debit 2,500 X Credit 2,500 x O Apr 8

PTD adopts the calendar year as reporting period and publishes interim financial report for the quarter-ended June 30, 2021. Which among the following reports bears correct date/period?I. Statement of Financial Position as of June 30, 2021 and as at December 31, 2020II. Statement of Financial Position as of June 20, 2021 and as at June 30, 2020III. Statement of Comprehensive Income for quarter-ended June 30, 2021, and six months ended June 30, 2021 plus Statement of Comprehensive Income for the period-ended December 31, 2020 and six-months ended June 30, 2020IV. Statement of Changes in Equity for six months ended June 30, 2021 and period-ended December 31, 2020V. Statement of Cash Flows for the six months ended June 30, 2021 and six months ended June 30, 2020.

Balance Sheet Presentation Thiel Company reports the following deferred tax items at the end of 2019: Deferred TaxItem # AccountBalance Related Asset or LiabilityCreating the Deferred Tax Item 1 $6,700 debit     Current asset 2   7,200 credit     Current liability 3  10,600 debit     Noncurrent asset 4  15,500 credit     Noncurrent liability Required: Show how the preceding deferred tax items are reported on Thiel's December 31, 2019, balance sheet. THIEL COMPANYBalance Sheet (Tax Items)December 31, 2019 Noncurrent Liabilities   Deferred Tax asset or liability     $

Hi, How do i record the journal entires for these transcations? Thanks

The following information is available for Sandhill Corporation for 2024 (its firs year of operations). 1. 2. 3. 4. (d) Excess of tax depreciation over book depreciation, $37,200. This $37,200 difference will reverse equally over the years 2025-2028. Deferral, for book purposes, of $21,400 of rent received in advance. The rent will be recognized in 2025. Pretax financial income, $274,100. Tax rate for all years, 20%. X Your answer is incorrect. Compute the effective income tax rate for 2025. (Round answer to 1 decimal place, e Effective income tax rate 38.1 %

Byrd Company had the following transactions during 2019 and 2020:              1. Prepare the journal entries for Byrd for both 2019 and 2020. Assume that the net price method is used to account for the credit terms.                          2. Show how the preceding items would be reported in the current liabilities section of Byrd’s December 31, 2019, balance sheet.                                        3. Next Level Assuming Byrd’s current assets were $1,200,000 and its current ratio was 2.4 at the end of 2018, compute the current ratio at the end of 2019 (based solely on the effects of the preceding transactions).

During 2021, a construction company that began operations in 2019 changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years appear below:     Completed-Contract   Percentage-of-Completion 2019     $  385000       $  790000   2020     525000       850000   2021     600000       950000         $1510000       $2590000   Assuming an income tax rate of 30% for all years and that comparative statements are not issued, the effect of this accounting change on prior periods should be reported by a increase of $511000 on the 2021 income statement. $755000 on the 2021 retained earnings statement. $511000 on the 2021 retained earnings statement. $755000 on the 2021 income statement.

Pasta Corporation acquired 75% of Sauce Company on January 1, 2020 for $566,250 cash. The fair value of the other 25% ownership interest is estimated to be $188,750. ADDITIONAL INFORMATION: On the date of acquisition: * The Book Value of Sauce Company's net identifiable assets was $652,000. * Sauce's Company's Plant Assets were undervalued by $75,000 (remaining life was estimated to be 5 years). * Sauce's Company's Inventories were overvalued by $9,000 (all sold by year end). * New Goodwill was determined to be $37,000. At year-end, it was determined that the New Goodwill was impaired by $5,800. * For 2020, Sauce reported net income of $146,500 and paid dividends of $26,000. Assume that Pasta Company uses the fully adjusted equity method to account for its Investment in Sauce.

Music Media Ltd. prepares statements quarterly. Part A: Required: 1. Based on 2022 results, Music's estimated tax liability for 2023 is $345, 960. Music will accrue 1/32 of this amount at the end of each month (assume the installments are paid the next day). Prepare the entry on January 31, 2023, to accrue the tax liability and on February 1 to record the payment.