Patnode recorded a 2015 tax expense of $3,000. What amount did it pay to the tax...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Patnode recorded a 2015 tax expense of $3,000. What amount did it pay to the tax authorities during 2015? $2,400 $7,000 948 $600 $5,400 Patnode, Inc. Comparative Balance Sheet Assets Current Assets Cash Accounts receivable Merchandise inventory Total current assets Non-Current Assets Machinery, at cost Less: Accumulated depreciation Machinery, net License, at cost Less: Amortization License, net Total Assets Dec. 31, 2014 $ 34,000 22,000 18,000 $74.000 0 0 $ 10,000 1,000 0 9,000 $ 83,000 Dec. 31, 2015 Change $41,000 $7,000 3,000 (6,000) $4,000 25,000 12,000 $78,000 $ 15,000 3,000 15,000 3,000 12,000 0 2.000 7,000 (2.000) $ 97,000 $ 14,000 $10,000 3,000 12,000 Note that amortization of the license asset has been shown as a separate line item only for ease of calculations. Liabilities Current Liabilities Accounts payable Taxes payable Short-term debt Total current liabilities Owners' Equity Common stock Retained earnings Total Liabilities & Owners' Equity Dec. 31, 2014 $ 13,000 7,000 10,000 $30.000 19,000 34,000 $ 83,000 Dec. 31, 2015 $12.000 9.400 15,000 $30.400 22,000 38,000 $ 97,000 Change $-1,000 2,400 5,000 $ 0.400 3,000 4,000 $14,000 Patnode recorded a 2015 tax expense of $3,000. What amount did it pay to the tax authorities during 2015? $2,400 $7,000 948 $600 $5,400 Patnode, Inc. Comparative Balance Sheet Assets Current Assets Cash Accounts receivable Merchandise inventory Total current assets Non-Current Assets Machinery, at cost Less: Accumulated depreciation Machinery, net License, at cost Less: Amortization License, net Total Assets Dec. 31, 2014 $ 34,000 22,000 18,000 $74.000 0 0 $ 10,000 1,000 0 9,000 $ 83,000 Dec. 31, 2015 Change $41,000 $7,000 3,000 (6,000) $4,000 25,000 12,000 $78,000 $ 15,000 3,000 15,000 3,000 12,000 0 2.000 7,000 (2.000) $ 97,000 $ 14,000 $10,000 3,000 12,000 Note that amortization of the license asset has been shown as a separate line item only for ease of calculations. Liabilities Current Liabilities Accounts payable Taxes payable Short-term debt Total current liabilities Owners' Equity Common stock Retained earnings Total Liabilities & Owners' Equity Dec. 31, 2014 $ 13,000 7,000 10,000 $30.000 19,000 34,000 $ 83,000 Dec. 31, 2015 $12.000 9.400 15,000 $30.400 22,000 38,000 $ 97,000 Change $-1,000 2,400 5,000 $ 0.400 3,000 4,000 $14,000
Expert Answer:
Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
Students also viewed these accounting questions
-
The Stair Company sells computer parts through a retail store that it operates. The firms comparative income statement and balance sheet for the years 2019 and 2018 follow: INSTRUCTIONS 1. Prepare...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
How does the winner of a lawsuit enforce the judgment?
-
For a company like RadioShack, what does the balance of Cost of Goods Sold in the income statement represent? What does the balance of Inventory in the balance sheet represent?
-
Why does a director have a right of inspection?
-
A vibrometer is used to measure the vibration of an engine whose operating-speed range is from \(500 \mathrm{rpm}\) to \(2000 \mathrm{rpm}\). The vibration consists of two harmonics. The amplitude...
-
A winner of the Texas Lotto has decided to invest $50,000 per year in the stock market. Under consideration are stocks for a petrochemical firm and a public utility. Although a long-range goal is to...
-
PAYROLL Using the data provided, complete the payroll calculations table. Download the deductions table from Accounting Supplemental Material Page. Submit your reconciliation in Accounting Competency...
-
Management of Ebony, a leading manufacturer of bath soap, is trying to control its inventory costs. The weekly cost of holding one unit of soap in inventory is $30 (one unit is 1000 cases of...
-
Brownian motion is the motion of a particle, such as a smoke or dust particle, in a gas, as it is buffeted by random collisions with gas molecules. Make a simple computer simulation of such a...
-
Write a method public static void copy(String infile, String outfile) that copies all bytes from one file to another, without using Files.copy.
-
Write a program that generates an infinite stream of integers that are perfect squares and then displays the first n of them that are palindromes (that is, their decimal representation equals its...
-
Consider the following companies from the perspective of the four cells identified in the context of the Blue Ocean strategy. Each company was discussed in this chapter as being somewhat disruptive...
-
Write a method that, given a Path to a file that doesnt yet exist, creates all intermediate directories and the file.
-
In a recent contract negotiation session between a group of physicians and a man- aged care health plan, the parties dis- agreed about the level of reimbursement. that the physicians would receive...
-
BC Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold $57,440 Machine Depreciation Expense $8,000 Income Tax Expense $7,952 Bank fees Expense...
-
Nate prepares slides for his microscope. In 1 day he prepared 12 different slides. Which equation best represents y, the total number of slides Nate prepares in x days if he continues at this rate? A...
-
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to...
-
The questions in this exercise are based on Toll Brothers, Inc. one of the largest home builders in the United States. To answer the questions, you will need to download Toll Brothers 2004 annual...
-
Tasman Products, Ltd., of Australia has a Maintenance Department that services the equipment in the companys Forming Department and Assembly Department. The cost of this servicing is charged to the...
-
Using the generalized virial coefficient of correlation, estimate the residual enthalpy and entropy for ethylene at \(339.7 \mathrm{~K}\) and \(1 \mathrm{bar}\), given that \(T_{\mathrm{C}}=283...
-
For a gas which obeys the equation of state \(\left(P+\frac{a}{V^{2}} ight) V=R T\), prove that the JouleThomson coefficient is \[ \mu_{\mathrm{JT}}=\frac{2 a R T}{C_{P}...
-
Show that \(\left(\frac{\partial C_{P}}{\partial P} ight)_{T}=\frac{6 B}{T^{3}}\) for a gas obeying the equation of state \(V=\frac{R T}{P}+A-\frac{B}{T^{2}}\). [Hint: We know that...
Study smarter with the SolutionInn App