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grin007 [14]
3 years ago
8

On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common stock at $8 per share. On August 3, Hydro Clothing sold 54

,000 of the reacquired shares at $11 per share. On November 14, Hydro Clothing sold the remaining shares at $7 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank.
Business
1 answer:
marta [7]3 years ago
4 0

Answer:

Journalize the transactions of May 27, August 3, and November 14.

Explanation:

                                       deb               cre

may-27 Treasury Stock            600000  

(75000*8)  

Cash                                             600000

   

ago-03 Cash                             594000  

(54000*11)  

Treasury Stock                               432000

(54000*8)  

Paid in capital for treasury stock         162000

   

nov-14 Cash                              147000  

(21000*7)  

Treasury stock                                    168000

(21000*7)  

Paid in capital for treasury stock 21000  

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Baltimore Inc. reported pretax GAAP income of $45,000 in 2020. In analyzing differences between GAAP income and taxable income,
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Answer:

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b. Income tax payable = $11,800

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d. Net income = $33,750

Explanation:

a) Data and Calculations:

GAAP determined pretax income =      $45,000

Add nondeductible fines                           5,000

Less exempt municipal interest revenue 2,800

Total taxable income                             $47,200

Income tax (25%)                                      11,800

Income tax expense:

GAAP determined pretax income =      $45,000

Income tax (25%)                                       11,250

Net income                                            $33,750

b) The differences between the GAAP determined pretax income and the tax determined taxable income are due to permanent differences (not temporary).  This implies that there are no deferred tax assets and liabilities and no recoveries from deferred taxes.  However, in reporting its financial performance for the year, Baltimore Inc. still has to comply with the GAAP rules and not the tax rules.

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Catamount Inc. employs one worker to load packages on an outgoing truck. The work shift is an 8 hour day. Trucks arrive at the l
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Answer and Explanation:

According to the scenario, computation of the given data are as follow:-

a).Work shift per day = 8 hours

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Loading time of workers = 8 min.

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If the truck drivers are engaged for one station, the cost may be focused on truck drivers in the system at a certain point. But if it's not, then the cost in the line must be dependent on truck drivers, since that's the best approximation of scope.

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