1: At Branden Company, events and transactions during 2020 included the following. The tax rate for all items is 25%. (1) An insurance settlement on
1: At Branden Company, events and transactions during 2020 included the following. The tax rate for all items is 25%. (1) An insurance settlement on a condemned building resulted in a gain of $51,000. (2) Depreciation for 2018 was found to be overstated by $87,000. (3) The inventory at December 31, 2018 was overstated by $81,000. The effect of these events and transactions on 2020 income from continuing operations after tax would be [Enter a positive number if the net effect increases 2020 income or a negative number if the net effect is a decrease.]
2:
Raymond Corp.'s trial balance reflected the following account balances at December 31, 2020:
Accounts receivable | $19,000 |
Accumulated depreciation on equipment and furniture | 15,000 |
Allowance for uncollectibles | 2,000 |
Land held for future business site | 18,000 |
In Raymond's December 31, 2020 balance sheet, the current assets total is