Jebali Company reports gross income of $575,600 and other property-related expenses of $374,140 and uses a depletion rate of 22%. Calculate Jebali's depletion allowance for the current year.
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- Jebali Company reports gross income of $796,600 and other property-related expenses of $ 517,790 and uses a depletion rate of 19%. Calculate Jebali's depletion allowance for the current year. $fill in the blank 1 151, 354 is not correctAn asset's book value is $25,200 on January 1, Year 6. The asset is being depreciated $350 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $17,900, the company should record:Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000
- The net income reported on the income statement for the current year was $320,000. Depreciation recorded on equipment and a building amounted to $96,000 for the year. The changes in the balances of current asset and liability accounts from the beginning of the year are as follows: Accounts receivable, decrease, $6,400 Inventories, increase, $24,000 Pre-Paid Expenses, decrease, $1,600 Accounts Payable, decrease, $8,000 Salaries Payable, increase, $2,400 Dividends Payable, increase $4,750 Determine the net cash flows from operating activities.The Potter Company reported net income of $225,000 for the current year. Depreciation recorded on buildings and equipment amounted to $74,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Account Beginning of Year End of Year Cash $15,000 $20,000 Accounts Receivable 32,000 19,000 Inventories 65,000 50,000 Prepaid Expenses Accounts Payable Income Taxes Payable 5,000 7,500 18,000 12,000 1,200 1,690 Instructions Prepare the cash flows from operating activities section of the statement of cash flows using the INDIRECT method. Please show your work either in the answer space provided OR upload a file.Culver Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,076,000 on March 1, $1,224,000 on June 1, and $3,001,740 on December 31. Compute Culver’s weighted-average accumulated expenditures for interest capitalization purposes. Weighted-Average Accumulated Expenditures
- Sheffield Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,992,000 on March 1, $1,272,000 on June 1, and $3,029,260 on December 31. Compute Sheffield's weighted-average accumulated expenditures for interest capitalization purposes. Weighted-average accumulated expendituresThe Dickinson Company reported net income of $155,000 for the current year. Depreciation recorded on buildings and equipment amounted to $65,000 for the year. In addition, a building with an original cost of $250,000 and accumulated depreciation of $190,000 on the date of the sale, was sold for $75,000. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $20,000 $15,000 Accounts receivable 19,000 32,000 Inventories 50,000 65,000 Accounts payable 12,000 18,000 Required: Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.Leni Company had the following transactions during the quarter ended March 31, 2021:• Loss on Sale- 900,000• Payment of fire insurance premium for calendar year 2021- 400,000• Payment of rent for 1 year- 1,200,000• Payment of property tax assessed for calendar year 2021- 500,000What total amount should be included in the determination of the net income or loss for the quarter ended March 31, 2021?
- The net income reported on the income statement for the current year was $222,200. Depreciation recorded on equipment and a building amounted to $66,400 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning of Year of Year Cash $61,330 $64,400 Accounts receivable (net) 77,770 79,470 Inventories 153,330 136,910 Prepaid expenses 8,520 9,080 Accounts payable (merchandise creditors) 68,510 71,870 Salaries payable 9,870 8,950 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flows from…The net income reported on the income statement for the current year was $262,100. Depreciation recorded on equipment and a building amounted to $78,400 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $71,030 $75,290 Accounts receivable (net) 90,070 92,910 Inventories 177,580 160,070 Prepaid expenses 9,870 10,620 Accounts payable (merchandise creditors) 79,340 84,020 Salaries payable 11,440 10,470 a. Prepare the "Cash Flows from Operating Activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.A company has depreciation of $250,000 for the year. Interest is $75,000 on an outstanding loan of $1,000,000. Employee pay, outside services, repairs, utilities, transportation, legal fees, and similar expenses are $2,150,000. Taxable income is $225,000. What is the gross income for the year? a. $3,700,000 b. $2,700,000 c. $2,625,000 d. $1,700,000.
