On April 15, 2022, Winkin and Nod each sells his shares to Blinkin. Winkin Nod Blinkin Income Reported Daily Allocation Method Specific Identification Method
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- Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ’s income. Period Income January 1 through March 15 (74 days) $ 125,000 March 16 through December 31 (291 days) 345,500 January 1 through December 31, 2021 (365 days) $ 470,500 a. There are no sales of SleepEZ stock during the year.Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income January 1 through March 1 (60 days) March 2 through December 31 (305 days) $ 125,000 350,000 January 1 through December 31, 2021 (365 days) $ 475,000 (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. On March 1, 2021, Blinkin sells his shares to Nod. Income Reported Specific Daily Allocation Identification Method Method Winkin Blinkin NodSydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of Profit or Loss and other Comprehensive Income For the year ended 30 June 2021 Gross Profit $510,000 Salaries expenses (210,000) Rent expense (52,000) Long service leave expenses (50,000) Depreciation expense - Plant (30,000) Bad debt expense (19,000) Accounting Profit Before Tax $149,000 The Statement of Financial Position (Extract/partial) As at 30 June 2021 Assets: Cash $152,000 Inventories 198,000 Account receivables (net) 179,000 Prepaid rent 51,000 Plant 150,000 Accumulated depreciation - plant (30,000) 700,000 Liabilities: Revenue received in advance 52,000…
- SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of Profit or Loss and other Comprehensive Income For the year ended 30 June 2021 Gross Profit $510,000 Salaries expenses (210,000) Rent expense (52,000) Long service leave expenses (50,000) Depreciation expense - Plant (30,000) Bad debt expense (19,000) Accounting Profit Before Tax $149,000 The Statement of Financial Position (Extract/partial) As at 30 June 2021 Assets: Cash $152,000 Inventories 198,000 Account receivables (net) 179,000 Prepaid rent 51,000 Plant 150,000 Accumulated depreciation - plant (30,000) 700,000 Liabilities: Revenue received in advance 52,000…Wildhorse Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders. Wildhorse's fiscal year ends May 31. The following information is available. 1. 2. 3. 4. 5. 6. 7. 1. Income from operations before income tax for Wildhorse was $1,500,000 and $1,900,000, respectively, for the fiscal years ended May 31, 2021, and 2020. 2. Wildhorse experienced a loss from discontinued operations of $600,000 from a business segment disposed of on March 3, 2021. A 20% combined income tax rate applies to all of Wildhorse Corporation's profits, gains, and losses. Wildhorse's capital structure consists of preferred shares and common shares. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Wildhorse issued 136,000 of $10 par value, 5% cumulative preferred shares in 2013. All of these shares are outstanding, and no preferred dividends are in arrears. Determine the…SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of Profit or Loss and other Comprehensive Income For the year ended 30 June 2021 Gross Profit $610,000 Salaries expenses (210,000) Rent expense (53,000) Long service leave expenses (51,000) Depreciation expense - Plant (30,000) Bad debt expense (18,000) Accounting Profit Before Tax $248,000 The Statement of Financial Position (Extract/partial) As at 30 June 2021 Assets: Cash $152,000 Inventories 198,000 Account receivables (net) 178,000 Prepaid rent 51,000 Plant 150,000 Accumulated depreciation - plant (30,000) 699,000 Liabilities: Revenue received in advance 53,000…
- SydMel Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of Profit or Loss and other Comprehensive Income For the year ended 30 June 2021 Gross Profit $500,000 Salaries expenses (220,000) Rent expense (53,000) Long service leave expenses (51,000) Depreciation expense - Plant (30,000) Bad debt expense (20,000) Accounting Profit Before Tax $126,000 The Statement of Financial Position (Extract/partial) As at 30 June 2021 Assets: Cash $153,000 Inventories 199,000 Account receivables (net) 179,000 Prepaid rent 51,000 Plant 150,000 Accumulated depreciation - plant (30,000) 702,000 Liabilities: Revenue received in advance…Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000The adjusted trial balance for the year of Dreamer Corporation at July 31, 2021, follows. (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare Dreamer Corporation's 2021 single-step income statement, statement of retained earnings, and balance sheet. Begin by preparing Dreamer's 2021 income statement. Dreamer Corporation Income Statement Year Ended July 31, 2021 Income before tax Data table Dreamer Corporation Adjusted Trial Balance July 31, 2021 Account Debit Credit Cash $ 17,000 Accounts receivable 18,800 Supplies 2,000 Prepaid rent 1,100 Equipment 37,000 Accumulated depreciation-equipment 4,300 Accounts payable 9,400 Interest payable 200 Unearned service revenue 900 Income tax payable 2,000 Note payable 18,000 Common stock 11,000 Retained earnings 4,000 Dividends 7,000 Service revenue 103,500 Depreciation expense-equipment 1,900 Salary expense 40,300 11,200 Interest expense 3,400 Insurance expense Sunnline axnance 3,700 2.700 Now prepare…
- You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt. (EV of $1. PV of 51. EVA of S1. PVA ofS1 EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2.300,000. The bonds mature in 15 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate 2 At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $670,000. The annual payment is $145,000, payable each June 30 3, On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $70,000 beginning January 1, 2021.…You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2,000,000. The bonds mature in 20 years and interest of 9% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 10%. Moonlight Bay records interest at the effective rate. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $500,000. The annual payment is $60,000, payable each June 30. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $40,000 beginning January 1, 2021.…You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2,000,000. The bonds mature in 20 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $530,000. The annual payment is $75,000, payable each June 30. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $40,000 beginning January 1, 2021.…