Which of the following can increase your credit card’s APR?

Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes ar

choli [55]

Answer:

1. $4,100

2a. Dr Income tax Expense $4,100

Cr Income tax payable $4,100

2b. Dr Income tax payable $33,926

Cr Cash $33,926

Explanation:

1. Calculation to Determine the amount of the accounting adjustment

Income tax payable for quarter 4 $33,926

Less: Unadjusted balance in Income tax payable account $29,826

Accounting adjustment to be done as on Dec 31 $4,100

2a. Preparation of journal entries to record December 31

Adjustment to the Income as on Dec 31

Dr Income tax Expense $4,100

Cr Income tax payable $4,100

2b. Preparation of the Journal entry to record later January 20 payment of the fourth-quarter taxes.

January 20 payment of the fourth-quarter taxes.

Dr Income tax payable $33,926

Cr Cash $33,926

3 0

3 years ago

A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6;

morpeh [17]

Answer:

a. Inventory is sold for $608,400.

gain on sale of inventory = $608,400 - $537,600 = $70,800

allocation of gain:

Kendra 1/2 x $70,800 = $35,400

Cogley 1/3 x $70,800 = $23,600

Mei 1/6 x $70,800 = $11,800

Dr Cash 608,400

Cr Inventory 537,600

Cr Gain on sale of inventory 70,800

Dr Gain on sale of inventory 70,800

Cr Kendra, capital 35,400

Cr Cogley, capital 23,600

Cr Mei, capital 11,800

Dr Accounts payable 258,000

Cr Cash 258,000

Dr Kendra, capital 112,100

Dr Cogley, capital 196,175

Dr Mei, capital 146,025

Cr Cash 454,300

b. Inventory is sold for $469,200.

loss on sale of inventory = $469,200 - $537,600 = -$69,400

allocation of loss:

Kendra 1/2 x $68,400 = $34,200

Cogley 1/3 x $68,400 = $22,800

Mei 1/6 x $68,400 = $11,400

Dr Cash 469,200

Dr Loss on sale of inventory 68,400

Cr Inventory 537,600

Dr Kendra, capital 34,300

Dr Cogley, capital 22,800

Dr Mei, capital 11,400

Dr Loss on sale of inventory 68,400

Dr Accounts payable 258,000

Cr Cash 258,000

Dr Kendra, capital 42,400

Dr Cogley, capital 149,775

Dr Mei, capital 122,825

Dr Cash 315,100

c) c. Inventory is sold for $358,800 and any partners with capital deficits pay in the amount of their deficits.

loss on sale of inventory = $358,800 - $537,600 = -$178,800

allocation of loss:

Kendra 1/2 x $178,800 = $89,400

Cogley 1/3 x $178,800 = $59,600

Mei 1/6 x $178,800 = $29,800

Dr Cash 358,800

Dr Loss on sale of inventory 178,800

Cr Inventory 537,600

Dr Kendra, capital 89,400

Dr Cogley, capital 59,600

Dr Mei, capital 29,800

Dr Loss on sale of inventory 178,800

Dr Cash 12,700

Cr Kendra, capital 12,700

Dr Accounts payable 258,000

Cr Cash 258,000

Dr Cogley, capital 112,975

Dr Mei, capital 104,425

Dr Cash 217,400

d. Inventory is sold for $298,800 and the partners have no assets other than those invested in the partnership.

loss on sale of inventory = $298,800 - $537,600 = -$238,800

allocation of loss:

Kendra 1/2 x $238,800 = $119,400

Cogley 1/3 x $238,800 = $79,600

Mei 1/6 x $238,800 = $39,800

Dr Cash 298,800

Dr Loss on sale of inventory 238,800

Cr Inventory 537,600

Dr Kendra, capital 119,400

Dr Cogley, capital 79,600

Dr Mei, capital 39,800

Dr Loss on sale of inventory 238,800

Dr Cogley, capital 28,467

Dr Mei, capital 14,233

Cr Kendra, capital 42,700

Dr Accounts payable 258,000

Cr Cash 258,000

Dr Cogley, capital 64,508

Dr Mei, capital 80,192

Dr Cash 144,700

6 0

3 years ago

About how many people in the u.s. claim arab ancestry?

jenyasd209 [6]

About three million people in the u.s. claim Arab ancestry

Who are Arabs?

A sizable ethnic group, the Arabs are also referred to as the Arab people, and they are mostly found in the Arab world, which includes parts of Western Asia, North Africa, the Horn of Africa, and the western Indian Ocean islands (including the Comoros).
A sizable number of Arabs have also emigrated to other parts of the world, including the Americas, Western Europe, Turkey, Indonesia, and Iran.
The word "Arab" is often used in modern contexts to describe people who are both speakers of Arabic and members of that ethnic group.
Arabs are also referred to as a socio-ethnic group in a source that contrasts Arabs in Europe with other socio-ethnic communities.
This contrasts with the more limited conventional meaning, which only refers to the offspring of Arabian tribes.

To learn more about Arab, refer to the following link:

brainly.com/question/7414837

#SPJ4

4 0

2 years ago

On January 1, 2017, Sunland Industries had cash and common stock of $196000. At that date the company had no other asset, liabil

Dafna1 [17]

Answer:

$32,980

Explanation:

The computation of comprehensive income is shown below:-

Comprehensive income = Cash dividend + Unrealized holding gain

= $11,800 + $31,800

= $32,980

Comprehensive income includes net profit and other complete or compression profits.

Net revenue involves operating and non-operating income, net of expenses . Other comprehensive profits consisted of unrealized gains or losses, cash flow hedges.

So in this question we considered the dividend and unrealized holding gain as an comprehensive income

5 0

3 years ago

Swifty's Market used the perpetual method to record the following events involving a recent purchase of inventory:

butalik [34]

Answer:

Inventory balance will be of 73,318

Explanation:

Inventory 75,400

Account payable 75,400

to record goods received

Account payable 1,300

Inventory 1,300

to record return of goods

Inventory 700

Cash 700

to record payment of freight

Account Payable 74,100

Inventory 1,482

Cash 72,618

to record payment of invoice within discount period

75,400 - 1,300 = 74,100

74,100 x 2% = 1,482

Inventory balance:

DEBIT CREDIT

75,400

1,300

700

1,482

balance:

73,318

8 0

3 years ago