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Accounting

1. corporation is owned by two equal shareholders, C and M. Jim corporation has taxable income of 400,000 for the current tax year. C and M decided to separate Jim corporation into four smaller corporations allocating taxable income for the current tax year of $100,000 to each of the four smaller corporations. The four separate corporations constitute a “controlled Corporation” under the federal income Tax definition of controlled corporations. The combined tax liability for the four separate corporations for the current tax year is:

2. The following information applies to the questions displayed below.) Following are account balances (in millions of dollars) from a recent State Ex annual eport, followed by several typical transactions. Assume that the following are account Jalances on May 31 (end of the prior fiscal year): Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock ($0.10 par value) Balance $ 17,094 12,806 1,577 268 2,390 1,810 3,032 2 Account Receivables Other current assets Cash Spare parts, supplies, and fuel Other noncurrent liabilities Other current liabilities Additional Paid-in Capital Balance $ 2,349 1,039 1,204 715 3,770 2,259 1,087 "hese accounts are not necessarily in good order and have normal debit or credit Salances. Assume the following transactions (in millions, except for par value) occurred he next fiscal year beginning June 1(the current year): a. Provided delivery service to customers, who paid $9,390 in cash and owed $35,104 on account. 0. Purchased new equipment costing $3,754; signed a long-term note. c. Paid $11,064 cash to rent equipment and aircraft, with $5,536 for rent this year and
a. Provided delivery service to customers, who paid $9,390 in cash and owed $35,104 on account. b. Purchased new equipment costing $3,754; signed a long-term note. c. Paid $11,064 cash to rent equipment and aircraft, with $5,536 for rent this year and the rest for rent next year. d. Spent $1,184 cash to repair facilities and equipment during the year. e. Collected $33,885 from customers on account. f. Repaid $310 on a long-term note (ignore interest). g. Issued 180 million additional shares of $0.10 par value stock for $32 (that's $32 million). h. Paid employees $13,276 for work during the year. i. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $11,364 cash. j. Used $7,250 in spare parts, supplies, and fuel for the aircraft and equipment during k. Paid $1,104 on accounts payable. 1. Ordered $120 in spare parts and supplies. the year.
Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Provided delivery service to customers, who paid $9,390 in cash and owed ; $35,104 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a
Journal entry worksheet 1 2. 3 4. 5 6 7 8 12 > Purchased new equipment costing $3,754; signed a long-term note. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal
Journal entry worksheet 1 2. 2 4 5 6 7 8 ..... 12 > Paid $11,064 cash to rent equipment and aircraft, with $5,536 for rent this year and the rest for rent next year. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal
Journal entry worksheet Spent $1,184 cash to repair facilities and equipment during the year. Note: Enter debits before credits. General Journal Transaction d. Debit Credit Record entry Clear entry View general journal
Journal entry worksheet Collected $33,885 from customers on account. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal
Journal entry worksheet.

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