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In June 2013, a company repurchased 10,000 shares of stock at a price of $10 per share. In July 2013, the company sold 5,000 of those treasury shares for $12 per share. What is the correct journal entry for the July 2013 sale of the treasury shares?

2. Question 2 In June 2013, a company repurchased 10,000 shares of stock at a price of $10 per share. In July 2013, the company sold 5,000 of those treasury…

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A company has a temporary difference due to doubtful accounts (i.e., bad debt expense). For fiscal year 2012, its Income Tax Payable was $10,000 less than its Income Tax Expense.

5. Question 5 A company has a temporary difference due to doubtful accounts (i.e., bad debt expense). For fiscal year 2012, its Income Tax Payable was $10,000 less than its…

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A company purchased a marketable security for $10,000 on 3/3/2013. On 3/30/2013, the company prepared its financial statements and marked the security to its market value, which was $17,500. The security was sold on 4/30/2013 for $15,000. The company used the Available-for-Sale method to account for the security. The statutory tax rate is 35%.

10. Question 10 A company purchased a marketable security for $10,000 on 3/3/2013. On 3/30/2013, the company prepared its financial statements and marked the security to its market value, which…

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A company has a temporary difference due to depreciation. For fiscal year 2012, its Income Tax Expense is $15,000 and its Taxable Income is $10,000. The statutory tax rate is 35%

4. Question 4 A company has a temporary difference due to depreciation. For fiscal year 2012, its Income Tax Expense is $15,000 and its Taxable Income is $10,000. The statutory…

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Which of the following cause the effective tax rate to not equal the statutory tax rate for a US company? (check all that apply)

2. Question 2 Which of the following cause the effective tax rate to not equal the statutory tax rate for a US company? (check all that apply) 1 / 1 point   Unearned…

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A company has Taxable Income of $70,000 and Pre-tax Income of $80,000 during fiscal year 2012. The statutory tax rate is 35.0% and the effective tax rate is 30%

1. Question 1 A company has Taxable Income of $70,000 and Pre-tax Income of $80,000 during fiscal year 2012. The statutory tax rate is 35.0% and the effective tax rate…

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After preparing a preliminary version of its financial statements, a company found that it made a mistake in computing bad debt expense on the books. The company needed to reduce Bad Debt Expense on its books by $100,000.

9. Question 9 After preparing a preliminary version of its financial statements, a company found that it made a mistake in computing bad debt expense on the books. The company…

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A company had total Deferred Tax Assets related to NOLs of $35,000. It also had a Valuation Allowance of $10,000 due to the NOLs in the Faroe Islands. Now, the company thinks that it is more likely than not that it will be able to use the NOLs in the Faroe Islands. The statutory tax rate is 42.0% in the Faroe Islands.

8. Question 8 A company had total Deferred Tax Assets related to NOLs of $35,000. It also had a Valuation Allowance of $10,000 due to the NOLs in the Faroe…