Homework Question 1 - Taxes 1
- Alvis Corporaton reportspretax accountng income of $400,000, but due to a single temporary
difference,taxable incomeis only $250,000
- At the beginning of the year, no temporary differences existed.
0.01208 out of 0.01208 points
The basic accounting equation makes which of the following claims?
Assets = Liabilities +
Assets = Liabilities +
Liabilities = Assets +
Shot Farm Supplies Corporation purchased 800 shares of General Motors stock at $50 per
share and paid a brokerage fee of $1,200. Two months later, the shares were sold for $53 per
share. The brokerage
CHAPTER 12 QUIZ:
During year 4, Wall Co. purchased 2,000 shares of Hemp Corp. Common stock for $31,500 as a shortterm investment. The investment was appropriately classified as a trading security. The market value of
this investment was $29.500 at Decembe
Scott Corp. received cash of $20,000 that was included in revenues in its 2016 financial statements, of which $12,000 will
not be taxable until 2017. Scotts enacted tax rate is 30% for 2016, and 25% for 2017. What amount should Scott report
Investment: a purchase of financial instruments, it means that we own a share of somebody or some
other companies stocks, bonds, or notes.
They can be purchased by individual investors, mutual funds, AND corporations.
The objective to bu
'I a 1. The market price of a bond issued at a discount is the present value of its
principal amount at the market (effective) rate of interest
o Plus the present value of all future interest payments at the mkt
(effective) rate of interest
' ’ omit
RICHARD C. ON SCHOOL OF ACCOUNTANCY
ACC 3033: Intermediate Accoinlting II
Sunnnen 2013: Claeees from June 6 to Jul}" 3
Final: July 8 3-6pm
Credit Hours: 3
Prerequisites: AGE 3033“ hitennediate Accounting L aclueving a C‘ or better.
1. During year 4, Wall Co. purchased 2,000 shares of Hemp Corp. Common stock for
$31,500 as a short—term investment. The investment was appropriately classified as a
trading security. The market value of this investment was $29500 at December 31,
Case 1: no residual value, and the lessor is direct financing
Able signed a 3—year lease on December 31, 2012 to use some equipment that required Able to pay
$1,000 per year, with the first payment on December 31, 2012 when the lease began. All payments a
Homework Question 1 - Leases: New Standard
- On June 30, 2018, Georgia-Atlantic, Inc., leased a warehouse facility from IC Leasing Corporation.
- The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907
over a three-yea