Answer:
Preferred Stock for $20,000 and Retained Earnings for $580,000
Or
Retained Earnings for $600,000
Or
Preferred Stock for $600,000
Explanation:
Based on the information given we were told that they issues 10,000 shares of no-par value preferred stock for cash at the amount of $60 per share which means that the journal entry to record the transaction will consist of a debit to Cash for the amount of $600,000 and a credit (or credits) to:
Preferred Stock for $20,000 and Retained Earnings for $580,000.
Or
Retained Earnings for $600,000
(10,000 shares*$60 per share )
Or
Preferred Stock for $600,000
(10,000 shares*$60 per share )
Answer:
$306,000
Explanation:
Calculation for Graham’s net income for 2018
Using this formula
NET INCOME=Net cash flow from operating activities+(Depreciation and amortization -
Increase in accounts receivable )
Let plug in the formula
NET INCOME=$300,000+($30,000-$36,000)
NET INCOME=$300,000+$6,000
NET INCOME=$306,000
Therefore Graham’s net income for 2018 will be $306,000
Answer:
2.)
deferred tax liability = $180million
Deffered tax asset = $34million
Net Deffered tax liability = $146million
Explanation:
Estimated warranty expense, $25 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty).
b. Depreciation expense, $300 million: straight-line in the income statement; MACRS on the tax return.
c. Income from installment sales of properties, $150 million: income recorded in the year of the sale; taxable when received equally over the next five years.
d. Rent revenue collected in advance, $60 million; taxable in the year collected; recorded as income when the performance obligation is satisfied in the following year.
Required:
1. Assuming DePaul will show a single noncurrent net amount in its December 31 balance sheet, indicate that amount and whether it is a net deferred tax asset or liability. The tax rate is 40%.
2. Determine the deferred tax amounts to be reported in the December 31 balance sheet. The tax rate is 40%. (Enter your answers in millions.)
Kindly see attached picture for detailed explanation
Steel was important to the second industrial revolution majorly because of its properties and its potential uses. Because steel is very strong, light and cheap, it was found ideal for many purposes. Steel was used to make many of the new inventions that characterized that period, a good example of this is rail road.
Answer:
132 days
Explanation:
average days in inventory = number of days in a period / inventory turnover
Inventory turnover = costs of good sold / average inventory
Inventory turnover = 138,000 / 50,000 = 2.76
assuming a 365 day period, average days in inventory = 132.25 days = 132 days
