Expert Computers was started in 2018. The company experienced the following accounting events during its first year of operation: Started business when it acquired $80,000 cash from the issue of common stock. Purchased merchandise with a list price of $64,000 on account, terms 2/10, n/30. Paid off one-half of the accounts payable balance within the discount period. Sold merchandise on account for $52,000. Credit terms were 1/20, n/30. The merchandise had cost Expert Computers $31,000. Collected cash from the account receivable within the discount period. Paid $9,600 cash for operating expenses. Paid the balance due on accounts payable. The payment was not made within the discount period. Required:a. Record the events in a horizontal statements model like the following one. b. What is the amount of gross margin for the period? What is the net income for the period?c. Why would Digital Sales sell merchandise with the terms 1/20, n/30?d. What do the terms 2/10, n/30 in Event 2 mean to DigitalSales?

Ashare stock is a small piece of ownership in a company ture or false

3. now assume that carnival booked lady antebellum in december 2016 to perform on the june 2017 western caribbean cruise. further assume that carnival pays lady antebellum its entire performance fee of $52,000 on december 28, 2016, for the june 2017 cruise. what journal entry will carnival make on december 28, 2016, for its payment to lady antebellum?

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.