How much can they include as the start-up cost deduction on their 2019 tax return? Group of answer choices A.$50,000 B.$53,000 C.$35,000 D.$32,000
Q: Clarksville Printing Company sold 1,500 finance books for $85 each to University of the West Indies…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Which required item from the 10-K would this content be located? "The total square footage of…
A: The answer is (C) - Properties "The total square footage of our retail stores and outlet centers at…
Q: ABC Company, a grocery retailer, operates a customer loyalty program. The entity grants program…
A: As per revenue recognition principle, all revenues that are related with specific period that should…
Q: Xurpas Homes entered into a construction agreement in 2018 for the construction of condominium…
A: Total cost in 2018 = Cost incurred to date + Estimated cost to complete = 10,200,000 + 10,200,000 =…
Q: On January 15, 2020, Link Corp. paid $480.000 in property taxes on its factory building for the…
A: Property tax is levied by the government on the property held by the taxpayer. It is calculated by…
Q: Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,025…
A: What are journal entries? It is the first step to record the financial transactions in the books of…
Q: 1. Beb's Trinity Store's annual income statement for 2019 is shown in the table below. Beb worked…
A: Given : Beb worked full-time in the business and invested Php300,000 Beb just turned down a…
Q: On March 1, 2021, Special Company paid P500,000 for the calendar year's property taxes. Advertising…
A: Income statement is one of the financial statement which shows all incomes and all expenses of the…
Q: On September 1, 2020, Kayo Na Consulting. began a service proprietorship with an initial investment…
A: Under the cash basis method of accounting, the revenues as well as the expenses are recorded at the…
Q: During August 5, 2020, Hiro marketing sold an item worth P 500,000 for P 750,000. The required down…
A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…
Q: In the year 2020, Olive Construction Corporation began its work on a contract for $3,700,000. Other…
A: Revenues and profits are reported on the basis of works completed as per percentage of Completion…
Q: 4. Orange Enterprises had the following transactions: On December 28, 2021, paid property taxes for…
A: The expense recognition is based on the concept of accrual accounting. Property taxes paid for the…
Q: Marshall Co. is a management consulting company that incorporated on March 15, 2021 and has a…
A: CCA refers to Capital cost allowance.
Q: In January 2019, Dumdum Inc. paid property taxes on its factory building for the calendar year 2019…
A: Here in this question, we are require to determine how much expense need to reflect in each interim…
Q: LCD Company prepares its accounts to 5 April each year. ALS April 2019, the tax written down value…
A: Writing down allowance: Writing down allowance can be defined as the percentage of value of any item…
Q: Consider the revenues and costs in 2019 for Spruce Decor Inc., an Alberta-based furniture company…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Accounting for Consideration Payable Furniture Manufacturer Inc. sells 1,000 chairs to a retailer…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: NOREEN INC, a truck dealer, sells a truck on January 1, 2019, to MENDOZA INC for P3,000,000. NOREEN…
A: Given : NOREEN INC, sells a truck to MENDOZA INC = P3,000,000 NOREEN agrees to repurchase the…
Q: Nathan Construction Inc. has consistently used the percentage-of-completion method of recognizing…
A: Revenue is recognized on the basis of percentage of work completed. Percentage of work completed is…
Q: In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 in…
A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…
Q: total amount of expense
A: Property taxes for the quarter Annual property taxes/4 Annual property taxes P120,000…
Q: Your business operates on January 1 to December 31 calendar year basis. On April 1, 2020 you…
A: Introduction Depreciation may be defined as that type of operating expenses which occurs due to…
Q: During the first semester of 2021, VIOLET Company sold a piece of equipment at a ₱12,000 gain. What…
A: Here given the details of the gain which are arised while sale of the equipment and its reporting…
Q: Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,025…
A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…
Q: Your business operates on January 1 to December 31 calendar year basis. On April 1, 2020 you…
A: Actual cost of truck = Price of truck + Insurance+ Painting or letting of company logo +One year…
Q: On January 1, 2020, BuilderOne Inc. enters into a contract with a customer to redesign and update an…
A: As the company recognizes the revenue appropriately at a point in time, the percentage of completion…
Q: Doxon Development began operations in December 2021. When lots for industrial development are sold,…
A: 1) Particulars Current Year - - - Future TaxableAmount Year 2021 2022 2023 2024 Total Pretax…
Q: Meberick Company has consistently used the percentage-of-completion method of recognizing income. In…
A: Given that Contract price = €49,000,000 Costs incurred =…
Q: Dyke Company's net incomes for the past three years are presented below (ignore taxes):…
A: Depreciation is the fall in the value of any fixed tangible asset every year due to usage of asset,…
Q: Candlewood LLC started business on September 1, 2020 and adopted a calendar year. During 2021,…
A: If any business want to operate as as a corporation, it can claim deduction upto $5000 as…
Q: Alain company prepared draft financial statements that showe income before tax for the year ended…
A: Profit before tax is the term of accounts that measure the profits of business before business has…
Q: 4. Orange Enterprises had the following transactions: On December 28, 2021, paid property taxes for…
A: As per accrual basis of accounting, Income and expenditures are to be recognized as and when they…
Q: Assume the following scenarios.Scenario 1: During 2021, The Hubbard Group provides services of…
A: Revenue recognition principle: Revenue recognition principle states that even- business organization…
Q: The company is planning to provide services to a client and receives $90,000 in year 2020. The…
A: Computation of cash flows if recorded profit in current year Profit prior to tax in current year…
Q: Evan Corporation provided consulting services for Kensington Company in 2019. Evan incurred costs of…
A: According to the accrual concept of accounting, revenues and expenses should be recorded in the…
Q: On September 1, 2021, Feeling Company began a service proprietorship with an initial investment of…
A: Cash basis of accounting is a method where the income and expenses are recognized as and when they…
Q: On July 3, 2020, Franky purchased on account specialty feeds worth P800,000 net of VAT. A wholesaler…
A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…
Q: during november 2020 marvin's pre owned vechiles lts sells high end car for 120,000. the cost of the…
A: Net income is the difference between total revenues generated and total expense incurred during the…
Q: Ion Corporation, a calendar year C corporation, was formed on September 1, 2020, and opened for…
A: The question is based on the concept of Business Transaction Analysis.
Q: Aurpas Homes entered into a construction agreement in 2018 for the construction of condominium…
A: Cost accounting is useful since it can show where a company spends money, how much it generates, and…
Q: Xurpas Homes entered into a construction agreement in 2018 for the construction of condominium…
A: This question deals with the concept of percentage of completion method. As per this method revenue…
Q: Your business operates on January 1 to December 31 calendar year basis. On April 1, 2020, you…
A: Calculation of total cost of Truck- Particulars Amount Purchase price of Truck 50,000 Add:…
Q: Shining Star LLC come Statement for the year ending 31 December 2019 t Sales OMR 25000 st of Goods…
A: Formulas: Net Income after tax = Net income before tax - Tax expenses Tax Expense = Net Income x…
Q: At Dec. 31, 2019. H&M Co. had gift certificates outstanding, which had been sold to customers during…
A: As per IAs 115 Revenue Recognization standard the revenue pertaining to outstanding gifts/coupons is…
Q: . In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021…
A: Solution: Property taxes are paid for whole year in Jan'21, however its benefits will be available…
Q: PF Consolidated Inc. provided consulting services to its subsidiary, Sessions Athletic Gear, during…
A: GIVEN PF Consolidated Inc. provided consulting services to its subsidiary, Sessions Athletic Gear,…
Q: 57. On March 15, 2019, Milo company paid property taxes of P180,000 on the factory building for…
A: Solution: Amount of these expenses to be reported in quarterly income statement ending June 30, 2019…
Q: Your business operates on January 1 to December 31 calendar year basis. On April 1, 2020, you…
A: All expenses incurred to bring the asset to its present location and condition and to be put to use…
Q: A new vintage clothing store began operating within 2020. It is organized as a corporation, operates…
A: Startup cost and organizational expenditures are to be deducted by the following rule:- ->Upto $…
Q: WCM Builders enters into a contract to build a shopping mall in 2019 for $6,000,000. Completion of…
A: % of completed contract method - In this method, the amount of income if derived or recognized based…
Gerald's Grocery Inc. incurred the following costs in the initial year of business, 2019. Operations began on December 1, 2019.
- Legal fees $20,000
- Market analysis and research to pick the best location $15,000
- Salaries & wages for December $18,000
How much can they include as the start-up cost deduction on their 2019 tax return?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.At December 31, 2019, Park Beauticians had 1,000 gift certificates outstanding, which had been sold to customers during 2019 for $50 each. Park operates on a gross margin of 60%. How much revenue pertaining to the 1,000 outstanding gift certificates should be deferred at December 31, 2019? a. $50,000 b. $30,000 c. $20,000 d. $0 Back NextAt Dec. 31, 2019. H&M Co. had gift certificates outstanding, which had been sold to customers during 2019 for P 100 each H& M operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 10,000 outstanding gift certificates should be deferred at Dec. 31, 2019. * A.N one B.400,000 C.600,000 D.1,000,000
- Black Builders Co. is a construction firm that uses the percentage of completion method of recognizing income. On August 2, 2019, a contract to build an office condominium was obtained at a price of P8,700,000. Below are the data pertaining to this contract: 2019 2020Estimated cost at completion P6,525,000 P6,960,000Cumulative income recognized 435,000 1,044,000Percentage of completion 15% 65% Based on the above information, what is the amount cost of contract incurred during the year ended December 31, 2020?a. 3,741,000b. 4,611,000c. 4,176,000d. 3,545,250B. At December 31, 2020, Hersheys Company had 1,000 gift certificates outstanding, which had been sold tocustomers during 2020 for P720. Laser operates on a gross margin of 60%. 2. How much revenue pertaining to the gift certificates should be deferred at December 31, 2020?Clarksville Printing Company sold 1,500 finance books for $85 each to University of the West Indies (UWI) in 2019. These books cost Clarkesville $62 each to produce. In the marketing of the books, the Company paid $4,600 to a marketing firm, and it also borrowed $50,000 on January 1, 2019, on which the Company paid 10 percent interest. Both interest and principal are paid on December 21, 2019. Depreciation expense for the year was $8,000 and Clarksville’s tax rate is 25 percent. Verify whether Clarksville Printing Company made a profit in 2019, by presenting an income statement in good form. Explain the impact of the new loan of $50,000 and the depreciation expense on the cash flows. Determine the Operating Cash Flow for Clarksville Company. What accounts for the difference in the net income and the operating cash flow? As the Fund Manager for Bank of Trinidad and Tobago Limited, you are to advise the following two (2) clients based on their respective financial situations.…
- On August, 2019, KBO consigned to UFO 10 laptops costing P15,000 each, paying freight charge of P15,000. At the end of the month, UFO reported sales of 6 handbags at P30,000 each and incurred expenses of P12,500 and remitted the net proceeds due to KBO after deducting a 20% commission on the sales price. 1. How much net income did KBO realize in August on the consignment? A. 37,500 income C. 33,500 loss B. 32,500 income D. 32,500 lossOn July 3, 2020, Franky purchased on account specialty feeds worth P800,000 net of VAT. A wholesaler operating in the region bought for cash all of the available feeds on July 18, 2020; amount of cash received was P1,120,000 gross of VAT. Franky remitted the value added tax due to the BIR within the month. What is the VAT payable paid by Franky for the month of July? O A. 34,285.71 В. О О с 38,400 О D. 24,000Given: The 456 Company purchased office supplies from A-One Supplies worth P80,000 on April 04, 2021. A - One Supplies gave the buyer trade discount of 5% and 2%. The buyer and supplier agreed with the term of 5/15, n/30. Required. How much will be paid by 456 Company on April 20?
- During the year 2019, Height Cons began work on a contract for 3,700,000. Costs incurred during the year 1,800,000. Estimated costs to complete as of December 31= 1,200,000 Billings during the year1,650,000 Collections during the year 975,000 It uses the percentage-of-completion method. Find reporting gross profit?Dhofar Dairy Company reported profit of OMR 60,000 during year 2019. During 2019 the company purchased laptops costing OMR 4,500 for its employees. The accountant of the company expensed the cost of laptops during 2019. How much is the taxable income as per Oman Tax Law after adjusting the cost of laptops and its depreciation expense? а. OMR 63,000 b. OMR 64,500 С. OMR 57,000 d. OMR 66,000In 2019, Frump Wholesale, Inc. has the following apportionment data: State Sales % Property% Payroll % Apportionment Method Apportionment Pink 10% 100% 50% Property Factor Only 100% Green 15% 0% 50% Payroll Factor Only 50% Red 30% 0% 0% Sales Factor Only 30% Lavender 15% 0% 0% Average all three factors 5% White 20% 0% 0% Highest of all three 20% Black 10% 0% 0% Lowest of all three 0% Total 100% 205% 22. True or False: State Pink’s apportionment…
