Question
A: Bel Corp. reports income from continuing operations before income taxes of $857,000, and has a pretax gain from discontinued operations of $82,000. What amount
A: Bel Corp. reports income from continuing operations before income taxes of $857,000, and has a pretax gain from discontinued operations of $82,000. What amount will be shown as income tax expense on Charles' income statement if the tax rate on all items is 23%?
B:
Solar Corp. notes the following items at December 31:
Checking account balance: $106,000
Bank overdraft balance (in a different checking account at the same bank): $8,000
Postdated checks received from customers, not yet deposited in bank: $14,500
U.S. Treasury bonds that mature in one month: $33,000
What will Solar's December 31 balance sheet show for cash and cash equivalents?
C:
following amounts are taken from Ashley Corp.'s unadjusted trial balance at December 31, 2021:
Debit | Credit | |
Accounts receivable | 1,134,000 | |
Allowance for uncollectible accounts | 20,000 | |
Bad debt expense | 0 |
If an aging analysis suggests the proper balance in the allowance for uncollectible accounts is $73,000, What amount of bad debt expense will be reported on Ashleys 2021 income statement?
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