Entries by Grace Wahito

Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries

February 11, 2020 in /by

Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s)  2018 2017Assets        Cash$500  $305  Accounts receivable 590   310  Inventory 740   410  Land 750   735  Building 700   700  Less: Accumulated depreciation (200)  (185)  Equipment 3,100   2,870  Less: Accumulated depreciation (397)  (360) Patent 1,200   1,450   $6,983  $6,235  Liabilities        Accounts payable$840  $640  Accrued expenses payable 270   230  Lease liability—land 130   0  Shareholders’ Equity        Common stock 3,700   3,500  Paid-in […]

 

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(CO 8) John is the sole shareholder of Maggy Corporation, a qualified D

February 11, 2020 in /by

(CO 8) John is the sole shareholder of Maggy Corporation, a qualified D corporation. At January 1, Year 1, John has a basis in Maggy Corporation of $2000. The corporation’s Year 1 tax return shows the following: Ordinary income $10,000 Interest income $1,000 Nondeductable expenses $2,000 Real estate rental loss $5,000 Sec. 179 deduction $1,500 […]

 

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Ayres Services acquired an asset for $90

February 11, 2020 in /by

I need help with this problem please and thank you.Ayres Services acquired an asset for $90 million in 2018. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset’s cost is depreciated by MACRS. The enacted tax rate is 40%. Amounts for […]

 

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Item 2 7 points Print /> Item 2 Item 2 7 points Lance

February 11, 2020 in /by

Item 2 7 points Print />Item 2 Item 2 7 points Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. For tax purposes, the expense is deducted when the cost is incurred. At December 31, 2018, Lance has a warranty liability of […]

 

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