D. $17,241. E. $16,667. 3. Norton Co., a U.S. corporation, sold inventory on December 1, 2011, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: What amount of foreign exchange gain or loss should be recorded on December 31?
On July 1, 2012, Herzog Mining lends cash and accepts a $9,000 note receivable that offers 10% interest and is due in nine months. Herzog reported its financial statements at the end of fiscal year on December 31, 2012 (An adjusting entry for interest revenue was recorded). How would Herzog record the transaction on April 1, 2013, when the borrower pays Herzog the correct amount owed? A. B. C. D. 2 4.
ACCT 557 Quiz 2 Purchase here http://chosecourses.com/ACCT%20557/acct-557-quiz-2 Product Description 1. (TCO B) As a result of differences between depreciation for financial reporting purposes and tax purposes, the financial reporting basis of Noor Co.'s sole depreciable asset, acquired in Year 1, exceeded its tax basis by $250,000 at December 31, Year 1. This difference will reverse in future years. The enacted tax rate is 30% for Year 1, and 40% for future years. Noor has no other temporary differences.
How much is suspended under the at-risk rules and the passive loss rules at the beginning of 2011? Question : (TCO 3) Wes’ at-risk amount in a passive activity is $25,000 at the beginning of the current year. His current loss from the activity is $35,000, and he has no passive activity income. At the end of the current year, which of the following statements is incorrect? Question : (TCO 2) The installment method applies to which of the following sales with payments being made in the year following the year of sale?
During 2010 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2010 was $402,000. The retained earnings balance at the beginning of 2010 was: (Points : 3) $2,552,000 $1,816,000 $1,914,000 $2,454,000 Question 11. 11. (TCO D) Money collected from customers before the work is done is treated as (Points : 3) prepaid expenses.
Week 2 Practice Question Solutions EXERCISE 4-8 (15–20 minutes) (a) Net sales $ 540,000 Cost of goods sold (210,000) Administrative expenses (100,000) Selling expenses (80,000) Discontinued operations-loss (40,000) Income before income tax 110,000 Income tax ($110,000 X .30) 33,000 Net income $ 77,000 (b) Income from continuing operations before income tax $150,000* Income tax ($150,000 X .30) 45,000 Income from continuing operations 105,000 Discontinued operations, less applicable income tax of $12,000 (28,000) Net income $ 77,000 *$110,000 + $40,000 Earnings per share: Income from continuing operations
Thus, the $11,000 distribution reduces the new $10,000 stock basis to zero, with a $1,000 LTCG. | Question 3 | | 1 / 1 point | A calendar year C corporation reports a $41,000 NOL in 2013, but it elects S status for 2014 and generates an NOL of $30,000 in that year. At all times during 2014, the stock of the corporation was owned by the same 10 shareholders, each of whom owned 10% of the stock. Kris, one of the 10 shareholders, holds an S stock basis of $2,300 at the beginning of 2014. How much of the 2014 loss, if any, is deductible by Kris?
He must declare the sales proceeds. $1,000 gain on sale. Ken's stock sale proceeds | Amount | Sale Proceeds ($32 x 1,000 shares) | $32,000 | Less Selling Expenses | $0 | Amount Realized | $32,000 | Less Tax basis ($31 x 1,000 shares) | $31,000 | Gain on sale | $1,000 | c.) Ken received $25,000 from an annuity he purchased eight years ago. He purchased the annuity, to be paid annually for 20 years for $210,000. Gain of $14,500 Ken's Annuity | Amount | Total investment into annuity | $210,000 | Number of payments | 20 | Return on capital for the payments | $10,500 | Ken's
This is important so the company knows how much profit they have gain at the end of the report. * What are the total assets at the end of the previous annual reporting period? * * The total asset of the previous annual report is $11,297,000 which was reported on May 30, 2011. * How much cash and cash equivalents did the company have at the end of its most recent annual reporting period? * * The company has $2,317,000 of cash and cash equivalents.