The income and expense accounts of Rosie Corp. for the year ended 2019 are listed below. Sales 1,150,000.00 Advertising expense 153,000.00 Commission expense 470,000.00 Office supplies expense 37,000.00 Rent expense 18,000.00 Salaries expense 280,000.00 Utilities expense 49,000.00 Depreciation expense 5,000.00 On January 1, 2019, Rosie Corp. has a 125,000 capital balance. During the year, Casio Corp. invested additional 126,000 and withdrew 280,000. What is the balance of Casio Corp.’s equity or capital account on December 31, 2019? 109,000 113,000 115,000 119,000

The income and expense accounts of Rosie Corp. for the year ended 2019 are listed below. Sales 1,150,000.00 Advertising expense 153,000.00 Commission expense 470,000.00 Office supplies expense 37,000.00 Rent expense 18,000.00 Salaries expense 280,000.00 Utilities expense 49,000.00 Depreciation expense 5,000.00 On January 1, 2019, Rosie Corp. has a 125,000 capital balance. During the year, Casio Corp. invested additional 126,000 and withdrew 280,000. What is the balance of Casio Corp.’s equity or capital account on December 31, 2019? 109,000 113,000 115,000 119,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
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