Business, 25.11.2021 06:10 dtykara

The accounting records of Monty Inc. show the following data for 2020 (its first year of operations). 1. Life insurance expense on officers was $8,600. 2. Equipment was acquired in early January for $304,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Monty used a 30% rate to calculate depreciation. 3. Interest revenue on State of New York bonds totaled $3,800. 4. Product warranties were estimated to be $49,900 in 2020. Actual repair and labor costs related to the warranties in 2020 were $9,300. The remainder is estimated to be paid evenly in 2021 and 2022. 5. Gross profit on an accrual basis was $108,000. For tax purposes, $75,900 was recorded on the installment-sales method. 6. Fines incurred for pollution violations were $4,000. 7. Pretax financial income was $793,600. The tax rate is 30%. Prepare a schedule starting with pretax financial income in 2020 and ending with taxable income in 2020.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 01:00

Awidower devised his fee simple interest in his residence as follows: “to my daughter for life, then to my oldest grandchild who survives her.” at the time of the widower’s death, he was survived by his only two children, a son and a daughter, and by one grandchild, his daughter’s son. a short time later, the daughter together with her son entered into a contract to sell the residence in fee simple to a buyer. the applicable jurisdiction continues to follow the common law rule against perpetuities, but has abrogated the rule in shelley’s case. at the closing, the buyer refused to purchase the residence. can the sellers compel the buyer to do so?

Answers: 2

Answer

Business, 22.06.2019 06:40

As a finance manager at allsports communication, charlie worries about the firm's borrowing requirements for the upcoming year. he knows the benefit of estimating allsports' cash disbursements and short-term investment expectations. facing these concerns, a(n) would provide charlie with valuable information by providing a good estimation of whether the firm will need to do short-term borrowing. capital budget cash budget operating budget line item budget

Answers: 3

Answer

Business, 22.06.2019 08:00

Suppose the number of equipment sales and service contracts that a store sold during the last six (6) months for treadmills and exercise bikes was as follows: treadmill exercise bike total sold 185 123 service contracts 67 55 the store can only sell a service contract on a new piece of equipment. of the 185 treadmills sold, 67 included a service contract and 118 did not.

Answers: 1

Answer

Business, 22.06.2019 11:30

When the amount for land is 36,000 and the amount paid for expenses is 10,000, the balance of total asset is

Answers: 2

Answer

You know the right answer?

The accounting records of Monty Inc. show the following data for 2020 (its first year of operations)...

Questions