User Account

All Pages

Solve the amount to be recognized in the statement

Assignment Help Financial Accounting
Reference no: EM132513064

Timeless Magazine Bhd. received RM15,000 of subscriptions in advance for 2013. Subscription revenue will be recognized in the financial statement equally in 2014 and 2015. However, from the perspective of tax, the whole amount of RM15,000 will be recognized immediately upon its receipt in 2013. Timeless Magazine Bhd. reported pretax accounting income of RM80,000, RM115,000, and RM105,000 for 2013, 2014, and 2015 respectively. The income tax rate is 20%.

Required:

Question a) Calculate the amount to be recognized in the Statement of Comprehensive Income for the year ended 31 December 2013, 2014, and 2015.

Question b) Calculate the amounts to be recognized in the Statement of Financial Position as at 31 December 2013, 2014, and 2015

Reference no: EM132513064

Questions Cloud

Wrench handle is 30 cm long from the center : If a force of 90 N is applied at an angle of 20° with the perpendicular to the wrench handle, what torque is being exerted?
Strategizing the implementation of innovative thinking : Prepare cultural analysis to support you in strategizing implementation of innovative thinking.What type of role does culture play currently within organization
Calculate the experimental value : From the slope, calculate the experimental value of µ0. Express your answer in SI units with three significant figures.
Boy is riding a skateboard along a smooth : A boy is riding a skateboard along a smooth, flat street. If he jumps straight up off the board, he will land..
Solve the amount to be recognized in the statement : Solve the amount to be recognized in the Statement of Comprehensive Income for the year ended 31 December 2013, 2014, and 2015.
Global brands and pricing strategies and dumping : Suggest three (3) of the most effective types of pricing strategies and objectives available to global marketers.
How far from the film should the lens be placed : A camera is equipped with a lens with a focal length of 23 cm. When an object 1.5 m (150 cm) away is being photographed, how far from the film should the lens b
What amount maine record as additional paid-in capital : What amount should Maine record as additional paid-in capital? On May 1, 2019, Maine Company issued P2 million, 20-year, 10% bonds
Maxwell equations are written on assumption that dielectric : Maxwell equations are written on assumption that dielectric medium is present .how should the equation be written if the restriction is removed

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd