Do not give image format The following table shows the balances from various accounts in the adjusted trial balance for UniLink Telecom Corp. as of December31, 2023:a. Interest incomeb. Depreciation expense, equipmentC. Loss on sale of office equipmentd. Accounts payablee. Other operating expensesf. Accumulated depreciation, equipmentg. Gain from settling a lawsuith. Cumulative effect of change in accounting principle (pre-tax)i. Accumulated depreciation, buildingsj. Loss from operating a discontinued operation (pre-tax)k. Gain on expropriation of land and building by government1. Salesm. Depreciation expense, buildingsn.O.Correction of overstatement of prior year's sales (pre-tax)Gain on sale of discontinued operation's assets (pre-tax)Loss from settling a lawsuitP.9.r.Income taxes expenseCost of goods sold$Debit89,00060,700236,60048, 100130,90037,30058,900?1,196,000$Credit30,100102, 100189,400103,400153,150405,40069,7002,394, 20080,500Required:1. Assuming that the company's income tax rate is 30%, what are the tax effects and after-tax measures of the items labelled as pre-tax? (Negative answers should be indicated by a minus sign.) Required:1. Assuming that the company's income tax rate is 30%, what are the tax effects and after-tax measures of the items labelled as pre-tax? (Negative answers should be indicated by a minus sign.)Cumulative effect of change in accounting principleLoss from operating a discontinued operationCorrection of overstatement of prior year's salesGain on sale of discontinued operation's assetsShow Transcribed TextOperating expenses:Pre-taxOther revenues and expenses:30%Tax Effect2. Prepare a multi-step income statement for the year ended December 31, 2023. (Amounts to be deducted should be indicated by aminus sign in the other revenues and expenses section and the discontinued operations section.)UNILINK TELECOM CORP.Income StatementFor Year Ended December 31, 20233After-TaxMeasure

Discontinued Operations refers to parts of a company's core business or product line that have been…

Required: 1. Assuming that the company's income tax rate is 30%, what are the tax effects and after-tax measures of the items labelled as pre- tax? (Negative answers should be indicated by a minus sign.) Cumulative effect of change in accounting principle Loss from operating a discontinued operation Correction of overstatement of prior year's sales Gain on sale of discontinued operation's assets Pre-tax 30% Tax Effect After-Tax Measure

Required: 1. Assuming that the company's income tax rate is 30%, what are the tax effects and after-tax measures of the items labelled as pre- tax? (Negative answers should be indicated by a minus sign.) Cumulative effect of change in accounting principle Loss from operating a discontinued operation Correction of overstatement of prior year's sales Gain on sale of discontinued operation's assets Pre-tax 30% Tax Effect After-Tax Measure

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

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Required information [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of Its calendar year-end December 31 follow. Debit Credit a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of 1lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segnent (pretax) j. Gain on insurance recovery of tornado danage k. Net sales 1. Depreciation expense-Buildings n. Correction of overstatenent of prior year's sales (pretax) n. Gain on sale of discontinued segnent's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold 14, 300 $ 34,300 26,150 44, 300 106,7ee 71,900 44, 300 175,100 18,55e 29,420 1,001,500 52, 300 16, 30e 35,500 24,05e 485, 500 3. What Is the total amount of after-tax Income…
Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
Required information [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 30% for all items. a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit Que h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold 4. What is the amount of net income for the year? Net income Debit $ 34,000 25,850 106,400 18,250 52,000 16,000 23,250 ?…
Prepare adjusting journal entries, as needed, considering the account balances excerpted fromthe unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500B. unexpired prepaid rent, $12,500C. remaining balance of unearned revenue, $555
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit a. Interest revenue $ 15,900 b. Depreciation expense—Equipment $ 35,900 c. Loss on sale of equipment 27,750 d. Accounts payable 45,900 e. Other operating expenses 108,300 f. Accumulated depreciation—Equipment 73,500 g. Gain from settlement of lawsuit 45,900 h. Accumulated depreciation—Buildings 178,300 i. Loss from operating a discontinued segment (pretax) 20,150 j. Gain on insurance recovery of tornado damage 31,020 k. Net sales 1,017,500 l. Depreciation expense—Buildings 53,900 m. Correction of overstatement of prior year’s sales (pretax) 17,900 n. Gain on sale of discontinued segment’s assets (pretax) 43,500 o. Loss from settlement of lawsuit 25,650 p. Income…
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. depreciation on fixed assets, $8,500 unexpired prepaid rent, $12,500 remaining balance of unearned revenue, $555
Shown below is an adjusted trial balance for Debrose Enterprises Ltd. at the end of its accounting period, October 31, 2020. Cash............ Accounts receivable... Inventory........... Prepaid expenses.. Building............ Accumulated depreciation-building... Accounts payable......... Common shares..... Retained earnings, Nov 1, 2019..... Dividends declared.......... Sales revenue....... Cost of goods sold...... Wages expense... Supplies expense.. Depreciation expense... Insurance expense... Totals....... DEBROSE ENTERPRISES LTD. Adjusted Trial Balance October 31, 2020 Debit $4,600 .... 6,200 12,500 5,000 140,000 (do not place a $ in your answer) www A ******** 5,000 168,000 53,000 2,000 6,200 1,000 $403,500 Credit $20,000 20,500 5,000 78,000 280,000 Required In the space provided below place the value of Retained earnings for October 31, 2020 $403,500
The following table shows the balances from various accounts in the adjusted trial balance for UniLink Telecom Corp. as of December 31, 2023: Debit Credit a. Interest income b. Depreciation expense, equipment $ 29,500 $ C. Loss on sale of office equipment 87,800 60,100 d. Accounts payable 101,500 ok e. Other operating expenses 235,400 f. Accumulated depreciation, equipment 183,400 ences g. Gain from settling a lawsuit 102,200 h. i. Cumulative effect of change in accounting principle (pre-tax) Accumulated depreciation, buildings 152,250 399,400 j. Loss from operating a discontinued operation (pre-tax) 47,500 k. Gain on expropriation of land and building by government 1. Sales 69,100 2,364,200 m. Depreciation expense, buildings 130,300 n. 0. p. Correction of overstatement of prior year's sales (pre-tax) Gain on sale of discontinued operation's assets (pre-tax) Loss from settling a lawsuit 36,700 79,900 58,300 9. Income taxes expense ? r. Cost of goods sold 1,184,000 Required: 1. Assuming…
Required information [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 40% for all items. a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable. e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold. 4. What is the amount of net income for the year? Net income Debit $ 34,100 25,950 106,500 18,350 52,100 16,100 23,850 ?…
Alcorn Service Company was formed on January 1. Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $64,000 cash from the issue common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26,000 cash. 4. Paid $2,000 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected $42,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $3,600 on December 31, Year 1 9. Had $600 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $24,000 cash from the issue of common stock. 2. Paid $3,600 cash to settle the salaries payable obligation. 3. Paid $4,800 cash in advance to lease office space. 4. Sold the land that cost $26,000 for $26,000 cash. 5. Received $6,000 cash in advance for services to be performed in the future. 6. Purchased…
Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows: The following data are not yet recorded:a. Depreciation on the equipment is $18,350.b. Unrecorded wages owed at December 31, 2019: $4,680.c. Prepaid rent at December 31, 2019: $9,240.d. Income taxes expense: $5,463.Required:Prepare a completed worksheet for Rapisarda Company.
During the year, a company recorded prepayments of expenses in asset accounts and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries. (1) Accrue salaries expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dr. ___ Cr. ___ (2) Adjust the Unearned Services Revenue account to recognize earned revenue. . . . . . . Dr. ___ Cr. ___ (3) Record services revenue earned for which cash will be received the following period. . . Dr. ___ Cr. ___ For each of the adjusting entries (1), (2), and (3), indicate the account to be debited and the account to be credited—from a through i below. a. Prepaid Insurance d. Unearned Services Revenue g. Accounts Receivable b. Cash e. Salaries Expense h. Accounts Payable c. Salaries Payable f. Services Revenue i. Depreciation Expense