The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017. December 31
2018 2019
Cash . . . . . . . . . . . . . . . . . . . . . . . . $64,300 $15,640
Accounts receivable . . . . . . . . . . . 26,240 19,100
Office supplies . . . . . . . . . . . . . . . . 3,160 1,960
Office equipment . . . . . . . . . . . . . . 44,000 44,000
Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000
Building . . . . . . . . . . . . . . . . . . . . . 0 80,000
Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000
Accounts payable . . . . . . . . . . . . . 3,500 33,500
Note payable . . . . . . . . . . . . . . . . . 0 40,000

Required:
Compute net income for 2019 by comparing total equity amounts for these two years and using the following information: During 2019, the owner invested $35,000 additional cash in the business (in exchange for common stock) and the company paid a $19,000 cash dividend.

Suppose someone wants to sell a piece of land for cash. the selling of a piece of land represents turning econ

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.

One pound of material is required for each finished unit. the inventory of materials at the end of each month should equal 20% of the following month's production needs. purchases of raw materials for february would be budgeted to be: