intermediate accounting

WEZA Remaining Time: 1 hour, 26 minutes, 05 seconds. Question Completion Status: SECTION 2 The following information relates to Perdue Corporation, which began operations on 1/1/YR10. 1) The 12/31/YR10 balance sheet reflects an Unearned Revenue Account of $8,000. This account will be settled in YR11 and YR12 in equal amounts of $4,000 in each year. 2) Prepaid Insurance on 12/31/YR10 is $45,000. This insurance coverage will be used equally in YR11, YR12, and YR13. 3) The 12/31/YR10 Accounts Payable balance is $60,000. The firm plans on paying this balance equally in YR11 and YR12. 4) The 12/31/YR10 Receivable account of $40,000 will be collected in equal amounts during YR11, YR12, YR13, and YR14. 5) Purdue purchased an asset for $150,000 on 1/1/YR10. Temporary differences stemming from this fixed asset will start reversing in YR13. The depreciation schedules for financial purposes and tax purposes are as follows: YR10 YR11 YR12 YR13 YR14 Financial Depreciation 30,000 30,000 30,000 30,000 30,000 Tax Depreciation 50,000 40,000 30,000 20,000 10,000 . Pretax Financial Income in YR10 is $100,000. . Enacted tax rates are as follows: 30% in YR10, 40% in YR11, and 50% in YR12 and beyond. SECTION 2 - Q1 Calculate Taxes Payable for YR10 by filling in the following table. * Do NOT use a thousands separator. * If the answer is zero, you must answer "0." Do not leave it blank for credit. Accounts Add or Subtract? Amounts Pretax Financial Income 100000 1) Unearned Revenues 2) Prepaid Insurance 3) A/P 4) A/R Save All Answers Close Click Save and Submit to save and submit. Click Save All Answers to save all answers.Question Completion Status: SECTION Z - QT Calculate Taxes Payable for YR10 by filling in the following table. * Do NOT use a thousands separator. * If the answer is zero, you must answer "0." Do not leave it blank for credit. Accounts Add or Subtract? Amounts Pretax Financial Income 100000 1) Unearned Revenues 2) Prepaid Insurance 3) A/P 4) A/R 5) Fixed Asset CV Taxable Income % Tax Rate Taxes Payable QUESTION 8Remaining Time: 1 hour, 25 minutes, 39 seconds. Question Completion Status: SECTION 2 - Q2 Prepare a Tax Table for YR10 by filling out the table below. * Do NOT use a thousands separator. * Do not include % in the answer. * If the cell is unaffected, you must put "NA" in the cell. Do not leave it blank for credit. B/S Future Taxable Evidence or Deductible Temporary |Rate DTLC DTLLT DTAC DTALT Difference Unearned Revenues % Unearned Revenues % Prepaid Insurance % Prepaid Insurance % A/P 1% A/P % Save All Answers Close Window Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook ProRemaining Time: 1 hour, 25 minutes, 28 seconds. Question Completion Status: Unearned Revenues Prepaid Insurance % Prepaid Insurance % A/P % A/P 1% A/R % A/R Fixed Asset CV % Total Save All Answers Close Window Save an Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook ProRemaining Time: 1 hour, 25 minutes, 16 seconds. Question Completion Status: QUESTION 9 SECTION 2- Q3 Prepare journal entries for YR10 by filling in the table below. Please copy and paste the account names from the list below. Tax Expense Taxes Payable DTLcurrent DTLlongterm DTAcurrent DTAlongterm * Do NOT use a thousands separator. Account to be debited Account to be credited DR CR QUESTION 10 Save All An Click Save and Submit to save and submit. Click Save All Answers to save all answers.QUESTION 10 SECTION 2 - Extra Credit Assume that the government passes a law changing the enacted tax rate for YR12 and thereafter from 50% to 35% on Mar. 31, YR11. What journal entry does the firm need to prepare to recognize this change on this date? Copy and paste the account names from the list below. Tax Expense Taxes Payable DTLcurrent DTLlongterm DTAcurrent DTAlongterm Account to be debited Account to be credited DR CR Save All An Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Pro