Acc 557 Homework Week 2 – Chapter 19 Problem 1

In: Other Topics

Submitted By GloriaRowsey
Words 363
Pages 2
ACC 557 Homework Week 2 – Chapter 19 Problem 1 http://homeworklance.com/downloads/acc-557-homework-week-2-chapter-19-problem-1/

Problem 1: California Surplus Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $75000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one-third of the sale price is collected in 2014 and the rest in 2015 and 2016. The tax rate was 35% in 2014, 30% in 2015, and 30% in 2016. The enacted tax rates of 2015 and 2016 are not known until 2015. The accounting and tax data are shown below. Financial Accounting Tax Return
2014 (35% tax rate)
Income before temporary difference $ 175,000 $ 175,000
Temporary difference $ 75,000 $ 25,000
Income $ 250,000 $ 200,000 2015 (30% tax rate)
Income before temporary difference $ 200,000 $ 200,000
Temporary difference $ – $ 25,000
Income $ 200,000 $ 225,000 2016 (30% tax rate)
Income before temporary difference $ 180,000 $ 180,000
Temporary difference $ – $ 25,000
Income $ 180,000 $ 205,000 Required: 1) Prepare the journal entries to record the income tax expense, deferred income taxes, and the income taxes payable for 2014, 2015, and 2016. No deferred income taxes existed at the beginning of 2012. 2) Explain how the deferred taxes will appear on the balance sheet at the end of each year. (Assume Installment Accounts…...

Similar Documents

Acc 557 Homework Problems Chapter 1-14

...ACC 557 Homework Problems Chapter 1-14 ACC 557 Problems Chapter 1 – 14 100% Score Guaranteed You can purchase all solutions from following: Click here to Purchase ACC 557 Problem Solutions Note: All solutions are in .png format (Original WileyPlus Environment Snapshots) You cant go wrong with this help Contact us if you need help with Quizzes, Assignments, Discussion Questions for ACC 557 our email is support@hwmojo.com Instant download Chapter 1 ACC 557 Week 1 Homework Chapter 1 Exercise 1-4 Your answer is correct. The following situations involve accounting principles and assumptions. For each of the three situations, state if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated. Accounting method Principle/Assumption 1. Julia Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Julia reports the buildings at fair value in its accounting repor 2. Dekalb Company includes in its accounting records only transaction data that can be expressed in terms of money. Monetary......

Words: 8842 - Pages: 36

Acc 557 Week 2 Quiz Chapter 1

...ACC 557 Week 2 Quiz Chapter 1 Follow the link (blue) below to purchase Quiz Solution http://www.hwmojo.com/products/acc557-quiz-1 We have all assignments, quizzes, homework problems and discussion questions for ACC 557 and many other Strayer classes, email us support@hwmojo.com if you need help. ACC 557 Quiz 1 Chapter 1 Week 2 perfect Solution 1. Owners of business firms are the only people who need accounting information. LO1 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting 2. Transactions that can be measured in dollars and cents are recorded in the financial information system. Ans: LO1 BT: K Difficulty: Easy TOT: .5 min AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting 3. The hiring of a new company president is an economic event recorded by the financial information system. LO1 BT: C Difficulty: Easy TOT: .5 min AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting 4. Management of a business enterprise is the major external user of information. LO2 BT: K Difficulty: Easy TOT: .5 min AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting 5. Accounting communicates financial information about a business enterprise to both internal and external users. Ans: LO2 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective......

Words: 9779 - Pages: 40

Acc 206 Week 10 Homework Chapter 19

...ACC 206 WEEK 10 HOMEWORK CHAPTER 19 To purchase this visit here: http://www.activitymode.com/product/acc-206-week-10-homework-chapter-19/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 206 WEEK 10 HOMEWORK CHAPTER 19 ACC 206 Week 10 Homework Chapter 19 - Strayer University NEW Activity mode aims to provide quality study notes and tutorials to the students of ACC 206 Week 10 Homework Chapter 19 in order to ace their studies. ACC 206 WEEK 10 HOMEWORK CHAPTER 19 To purchase this visit here: http://www.activitymode.com/product/acc-206-week-10-homework-chapter-19/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 206 WEEK 10 HOMEWORK CHAPTER 19 ACC 206 Week 10 Homework Chapter 19 - Strayer University NEW Activity mode aims to provide quality study notes and tutorials to the students of ACC 206 Week 10 Homework Chapter 19 in order to ace their studies. ACC 206 WEEK 10 HOMEWORK CHAPTER 19 To purchase this visit here: http://www.activitymode.com/product/acc-206-week-10-homework-chapter-19/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 206 WEEK 10 HOMEWORK CHAPTER 19 ACC 206 Week 10 Homework Chapter 19 - Strayer University NEW Activity mode aims to provide quality study notes and tutorials to the students of ACC 206 Week 10 Homework Chapter 19 in order to ace their studies. ACC 206 WEEK 10 HOMEWORK CHAPTER 19 To purchase this visit here: http://www.activitymode.com/product/acc-206-week-10-homework-chapter-19/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC......

Words: 741 - Pages: 3

Acc 557 Week 2 Acc557 Week 1

...ACC 557 Complete Course ACC557 Complete Course Click Link for the Answer: http://workbank247.com/q/acc-557-complete-course-acc557-complete-course/22203 http://workbank247.com/q/acc-557-complete-course-acc557-complete-course/22203 ACC 557 Week 1 Discussion "General Accounting Principles"  Please respond to the following: * Watch the video titled, “Bookkeeping” (5 min 46 s) from the lynda.com video series Accounting Fundamentals with Kay Stice and Jim Stice athttp://www.lynda.com/Business-Accounting-tutorials/Bookkeeping/158665/176132-4.html?org=strayer.edu. Next, consider the following statement: “Bookkeeping and accounting are the same.” In terms of your role in the provision of financial services, present data to support the accuracy of this statement and support your position. * Watch the video titled “The Basic Accounting Equation” http://www.youtube.com/watch?v=cLG7K6Sq9K4 (6 min 33 s). Next, analyze the accounting equation as a concept that underpins the work of professional accountants and how an understanding of the equation can impact business decision making. October 7, 2015 - I am adding the dicussion question below for student joining the conversation so that we don't keep repeating the same answer. ACC 557, Financial Accounting, is required for all Master's Students at Strayer regardless of your degree.  Why do you think it is important for someone who is getting a Master's Degree that is not focused in accounting to take this course?  If your major is......

Words: 9660 - Pages: 39

Acc 557 Homework Chapters 1-3

...ACC 557 Homework Chapters 1-3 Click Link Below To Buy: http://hwcampus.com/shop/acc-557-homework-chapters-1-3/ Due Week 2 and worth 95 points Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E1-11. Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises. Instructions Determine the missing amounts.   E2-9. Selected transactions from the journal of Kati Tillman, investment broker, are presented below. Instructions a) Post the transactions to T-accounts. b) Prepare a trial balance at August 31, 2015. E2-11. Presented below is the ledger for Higgs Co. Instructions a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.   E3-7. The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. An analysis of the accounts shows the following. 1. The equipment depreciates $400 per month. 2. One-third of......

Words: 1067 - Pages: 5

Acc 557 Week 1 Homework Problems – Strayer New

...ACC 557 Week 1 Homework Problems – Strayer NEW Click On The Link Below to Purchase A+ Graded Material Instant Download http://budapp.net/ACC-557-Week-1-Homework-Problems-Strayer-NEW-ACC557W1HP.htm Chapter 1 Exercise 1-4 Your answer is correct. The following situations involve accounting principles and assumptions. For each of the three situations, state if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated. Accounting method Principle/Assumption 1. Julia Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Julia reports the buildings at fair value in its accounting repor 2. Dekalb Company includes in its accounting records only transaction data that can be expressed in terms of money. Monetary unit assumption 3. Omar Shariff, president of Omar’s Oasis, records his personal living costs as expenses of the Oasis Exercise 1-7 Collins Computer Timeshare Company......

Words: 592 - Pages: 3

Acc 557 Homework Chapters 1-3

...ACC 557 Homework Chapters 1-3 Click Link Below To Buy: http://hwcampus.com/shop/acc-557-homework-chapters-1-3/ Due Week 2 and worth 95 points Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E1-11. Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises. Instructions Determine the missing amounts.   E2-9. Selected transactions from the journal of Kati Tillman, investment broker, are presented below. Instructions a) Post the transactions to T-accounts. b) Prepare a trial balance at August 31, 2015. E2-11. Presented below is the ledger for Higgs Co. Instructions a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.   E3-7. The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. An analysis of the accounts shows the following. 1. The equipment depreciates $400 per month. 2. One-third of......

Words: 1067 - Pages: 5

Acc 557 Week 9 Chapter 13 Homework 5 Acc 557 Week 9 Chapter 13 Homework 5

...ACC 557 Week 9 Chapter 13 Homework 5 ACC 557 Week 9 Chapter 13 Homework 5 Click Link Below To Buy: http://hwcampus.com/shop/acc-557-week-9-chapter-13-homework-5/ Due Week 9 and worth 50 points Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E13-3. Cushenberry Corporation had the following transactions. • Sold land (cost $12,000) for $15,000. • Issued common stock at par for $20,000. • Recorded depreciation on buildings for $17,000. • Paid salaries of $9,000. • Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. • Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200. Instructions For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method. E13-4. Gutierrez Company reported net income of $225,000 for 2015. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses. Instructions Prepare the operating activities section of the statement of cash flows for 2015. Use the indirect......

Words: 436 - Pages: 2

Acc 206 Week 10 Homework Chapter 19

...ACC 206 WEEK 10 HOMEWORK CHAPTER 19 To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK10HOMEWORKCHAPTER19/57 contact us at: help@mindblows.us ACC 206 WEEK 10 HOMEWORK CHAPTER 19 ACC 206 Week 10 Homework Chapter 19 – STR NEW ACC 206 WEEK 10 HOMEWORK CHAPTER 19 To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK10HOMEWORKCHAPTER19/57 contact us at: help@mindblows.us ACC 206 WEEK 10 HOMEWORK CHAPTER 19 ACC 206 Week 10 Homework Chapter 19 – STR NEW ACC 206 WEEK 10 HOMEWORK CHAPTER 19 To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK10HOMEWORKCHAPTER19/57 contact us at: help@mindblows.us ACC 206 WEEK 10 HOMEWORK CHAPTER 19 ACC 206 Week 10 Homework Chapter 19 – STR NEW ACC 206 WEEK 10 HOMEWORK CHAPTER 19 To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK10HOMEWORKCHAPTER19/57 contact us at: help@mindblows.us ACC 206 WEEK 10 HOMEWORK CHAPTER 19 ACC 206 Week 10 Homework Chapter 19 – STR NEW ACC 206 WEEK 10 HOMEWORK CHAPTER 19 To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK10HOMEWORKCHAPTER19/57 contact us at: help@mindblows.us ACC 206 WEEK 10 HOMEWORK CHAPTER 19 ACC 206 Week 10 Homework Chapter 19 – STR NEW ACC 206 WEEK 10 HOMEWORK CHAPTER 19 To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC206WEEK10HOMEWORKCHAPTER19/57 contact us at: help@mindblows.us ACC......

Words: 1680 - Pages: 7

Acc 557 Homework Week 2 – Chapter 19 Problem 1

...ACC 557 Homework Week 2 – Chapter 19 Problem 1 http://homeworklance.com/downloads/acc-557-homework-week-2-chapter-19-problem-1/ Problem 1: California Surplus Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $75000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one-third of the sale price is collected in 2014 and the rest in 2015 and 2016. The tax rate was 35% in 2014, 30% in 2015, and 30% in 2016. The enacted tax rates of 2015 and 2016 are not known until 2015. The accounting and tax data are shown below. Financial Accounting Tax Return 2014 (35% tax rate) Income before temporary difference $ 175,000 $ 175,000 Temporary difference $ 75,000 $ 25,000 Income $ 250,000 $ 200,000 2015 (30% tax rate) Income before temporary difference $ 200,000 $ 200,000 Temporary difference $ – $ 25,000 Income $ 200,000 $ 225,000 2016 (30% tax rate) Income before temporary difference $ 180,000 $ 180,000 Temporary difference $ – $ 25,000 Income $ 180,000 $ ...

Words: 363 - Pages: 2

Acc 557 Homework 1: Chapters 1, 2, and 3

...ACC 557 Homework 1: Chapters 1, 2, and 3 http://homeworklance.com/downloads/acc-557-homework-1-chapters-1-2-3/ Due Week 2 and worth 95 points Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E1-11.Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises. Instructions Determine the missing amounts. E2-9.Selected transactions from the journal of Kati Tillman, investment broker, are presented below. Instructions 1. Post the transactions to T-accounts. 2. Prepare a trial balance at August 31, 2015. E2-11.Presented below is the ledger for Higgs Co. Instructions 1. Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. 2. Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015. E3-7.The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. An analysis of the accounts shows the following. 1. The equipment depreciates $400 per month. 2. One-third of the......

Words: 1066 - Pages: 5

Acc 557 Homework Chapters 1-3

...ACC 557 Homework Chapters 1-3 Click Link Below To Buy: http://hwcampus.com/shop/acc-557-homework-chapters-1-3/ Due Week 2 and worth 95 points Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E1-11. Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises. Instructions Determine the missing amounts.   E2-9. Selected transactions from the journal of Kati Tillman, investment broker, are presented below. Instructions a) Post the transactions to T-accounts. b) Prepare a trial balance at August 31, 2015. E2-11. Presented below is the ledger for Higgs Co. Instructions a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.   E3-7. The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. An analysis of the accounts shows the following. 1. The equipment depreciates $400 per month. 2. One-third of......

Words: 1067 - Pages: 5

Acc 557 Week 9 Chapter 13 Homework 5 Acc 557 Week 9 Chapter 13 Homework 5

...ACC 557 Week 9 Chapter 13 Homework 5 ACC 557 Week 9 Chapter 13 Homework 5 Click Link Below To Buy: http://hwcampus.com/shop/acc-557-week-9-chapter-13-homework-5/ Due Week 9 and worth 50 points Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E13-3. Cushenberry Corporation had the following transactions. • Sold land (cost $12,000) for $15,000. • Issued common stock at par for $20,000. • Recorded depreciation on buildings for $17,000. • Paid salaries of $9,000. • Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. • Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200. Instructions For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method. E13-4. Gutierrez Company reported net income of $225,000 for 2015. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses. Instructions Prepare the operating activities section of the statement of cash flows for 2015. Use the indirect......

Words: 436 - Pages: 2

Acc 557 Homework Week 2 – Chapter 19 Problem 1

...ACC 557 Homework Week 2 – Chapter 19 Problem 1 Follow Below Link to Download Tutorial http://homeworklance.com/downloads/acc-557-homework-week-2-chapter-19-problem-1/ For More Information Visit Our Website ( http://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com Problem 1: California Surplus Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $75000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one-third of the sale price is collected in 2014 and the rest in 2015 and 2016. The tax rate was 35% in 2014, 30% in 2015, and 30% in 2016. The enacted tax rates of 2015 and 2016 are not known until 2015. The accounting and tax data are shown below. Financial Accounting Tax Return 2014 (35% tax rate) Income before temporary difference $ 175,000 $ 175,000 Temporary difference $ 75,000 $ 25,000 Income $ 250,000 $ 200,000 2015 (30% tax rate) Income before temporary difference $ 200,000 $ 200,000 Temporary difference $ – $ 25,000 Income $ 200,000 $ 225,000 2016 (30% tax rate) Income before temporary......

Words: 388 - Pages: 2

Acc 557 Homework 1: Chapters 1, 2, and 3

...ACC 557 Homework 1: Chapters 1, 2, and 3 Follow Below Link to Download Tutorial http://homeworklance.com/downloads/acc-557-homework-1-chapters-1-2-3/ For More Information Visit Our Website ( http://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com Due Week 2 and worth 95 points Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E1-11.Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises. Instructions Determine the missing amounts. E2-9.Selected transactions from the journal of Kati Tillman, investment broker, are presented below. Instructions 1. Post the transactions to T-accounts. 2. Prepare a trial balance at August 31, 2015. E2-11.Presented below is the ledger for Higgs Co. Instructions 1. Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. 2. Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015. E3-7.The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts,......

Words: 1091 - Pages: 5