[FARE] Inter 복습 필요한 문제 모음

문제1
The following trial balance of Trey Co. at December 31, has been adjusted except for income tax expense.

                                   Dr.              Cr.
Cash                         $ 550,000
Accounts receivable, net 1,650,000
Prepaid taxes                 300,000
Accounts payable                    $ 120,000
Common stock                             500,000
Additional paid-in capital                   680,000
Retained earnings                             630,000
Foreign currency
translation adjustment    430,000
Revenues                                     3,600,000
Expenses                                  2,600,000
                              $ 5,530,000 $ 5,530,000


Additional information

- Estimated tax payments of $300,000 were charged to prepaid taxes. Trey has not yet recorded income tax expense. There were no differences between financial statement and income tax income, and Trey's tax rate is 30%.

- Included in accounts receivable is $500,000 due from a customer. Special terms granted to this customer require payment in equal semiannual installments of $125,000 every April 1 and October 1.

In Trey's December 31 balance sheet, what amount should be reported as total retained earnings?

(출처 https://www.gaodun.com/q/c06bb4)














[해답]

문제1.
Retained Earning $1,330,000.

 Revenue                        $ 3,600
 Expenses                      (2,600)
 Pre-tax income                  1,000
 Tax expense - 30%              (300)
 Net income                        700
 Beginning retained earnings   630
 Ending retained earnings   $ 1,330

Notes:

The estimated tax payments do not affect the expense.

For GAAP purposes, 100% of the profit on an installment sale is recorded at time of sale unless there is doubt as to collectibility.