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Sales taxes should be recognized when the underlying event takes place.
A state requires "large" merchants (i.e., those with sales over a specified dollar amount) to report and remit their sales taxes within fifteen days of the end of each month. It requires "small" merchants to report and remit their taxes within fifteen days of the end of each quarter.
In January 2012, large merchants remitted sales taxes of $400 million owing to sales of December 2011. In February 2012, they remitted $280 million of sales taxes owing to sales of January 2012. In January small merchants remitted sales taxes of $150 million owing to sales of the fourth quarter of 2011
1. Prepare an appropriate journal entry to indicate the impact of the transactions on the state's fund financial statements for the year ending December 31, 2011.
2. Suppose, instead, that 10 percent of the taxes received by the state were collected on behalf of a city within the state. It is the policy of the state to remit the taxes to the city 30 days after it receives them. Prepare an appropriate journal entry to indicate the impact of the transactions on the city's fund financial statements for the year ending December 31, 2011.
In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%.
Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company.
The following data were taken from the balance sheet accounts of Wickham Corporation on December 31, 2012.
he ledger of Elburn Company at the end of the current year shows the following: If Elburn uses the direct write-off method to account for uncollected accounts, journalize the adjusting entry at December 31, assuming Elburn determines that Copp's $..
The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012: Prepare journal entries for transactions.
Prepare the 2009 journal entries for all of the following transactions and adjustments. Show full computations. You can ignore dates if not given. Round all amounts to nearest dollar.
In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?
Capitalized asset cost and first year depreciation, and identifying depreciation results that meet management objectives
Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference and explain why.
A change in an accounting estimate is: how much depreciation expense should the company recognize on December 31, 2010?
Net income is $29,000. Beginning capital balance was $34,000. Ending capital balance was $55,000. No capital contributions were made by the owner during the year. What amount of drawings was made?
Analyze the strengths and weaknesses of the Form 10-K information and disclosures in terms of whether they provide relevant and reliable information to investors.
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