at the end of the year, the deferred tax asset account had a balance of $4 million attributable to a temporary difference of $16 million in a liability for estimated expenses. taxable income is $60 million. no temporary differences existed at the beginning of the year, and the tax rate is 25%. prepare the journal entry(s) to record income taxes, assuming it is more likely than not that three-fourths of the deferred tax asset will not ultimately be realized.
Answers
The following is the journal entry to record income taxes
Income tax expense Dr $14 million
Deferred tax asset Dr $4 million
To Income tax payable $15 million
To valuation allowance $3 million
A deferred tax asset is an asset that is created when a company pays more taxes to the government than it is required to pay based on its reported earnings. The deferred tax asset is a form of tax relief that allows a company to decrease its tax liabilities.
Income tax is a tax paid by individuals or companies based on their taxable income or profits. It is a direct tax that is paid to the government by individuals and businesses in order to fund various public services and government projects. The government uses the funds to provide public services and infrastructure.
The following calculations can be used to record the income taxes: Income tax payable = Taxable income × Tax rate= $60,000,000 × 25%= $15,000,000, deferred tax asset= Temporary difference × Tax rate= $16,000,000 × 25%= $4,000,000, valuation allowance = 3/4×4 million = $ 3,000,000, income tax expense (to balance) = $14, 000,000
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Related Questions
is it ethical or unethical to cheat on your taxes? Explain why or why not
Answers
Answer:
it would be unethical to do that because you are breaking the law
Answer:
It would be unethical.
Explanation:
coconutoil2217 is correct, it would be unethical to cheat on your taxes.
HELP ME PLZ 16 pts, and i’ll give brainliest
Answers
2)consignee
3) contract carrier
4) contairer
true or false? the cost-based differential advantage is teh hardest differential advantage to regain once it is lost
Answers
It is FALSE to state that the cost-based differential advantage is the hardest differential advantage to regain once it is lost.
What is cost-based differential advantage?A company's differential advantage is a culmination of the unique value proposition or traits that it has which differentiates it form the competition as viewed by the market.
The cost-based advantage means that the company is able to operate at a lower cost then the competition hence, possessing an edge in:
Final Unit pricesAdvantage with respect to bottom line leverage etc.How can a company easily lower or regain cost-based advantage?With proper management and internal controls relating to purchases, procurement, budgeting and planning, a company may be able to achieve an efficient cost based system.
When a good brand advantage has been damaged however, it is much more difficult to reclaim than a cost-based advantage.
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if a club made a gross profit of $0.25 for each candy bar it sold, how many candy bars did the club sell?
Answers
The club's gross income would have climbed by 20% if it had sold 80 additional candy bars.
What is gross income?
Gross income, also referred to as gross pay on a paycheck, is the total of a person's earnings before taxes or other deductions. This includes income from all sources, not only labour, and is not limited to income received in cash; it also includes income received in the form of goods or services.
The terms gross income, gross margin, and gross profit have the same meanings for enterprises. A company's gross income is calculated on the income statement as total revenue less cost of goods sold (COGS).
People may also be required to disclose their gross income when applying for a loan.
Businesses usually utilize gross income rather than net income to evaluate the performance of each of their various products.
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When speakers choose not to rehearse before giving a business presentation, audience members will typically perceive which two of the following?
the speaker's ineffectiveness
the speaker's imprecision
Answers
When speakers choose not to rehearse before giving a business presentation, audience members will typically perceive the speaker's ineffectiveness and the speaker's imprecision.
A rehearsed speaker usually gives a professional presentation that is well-organized, with a clear structure and well-thought-out ideas and this results in increased audience engagement and attention. They are more likely to get the message across and maintain the audience's attention.
On the other hand, when a speaker has not rehearsed the presentation, their speech may be riddled with hesitations, repetitions, and long pauses, which may distract the audience from the message, reduce their attention span, and undermine their credibility.
In conclusion, rehearsing before giving a business presentation is a crucial component of effective public speaking as it ensures that the speaker is well-prepared, confident, and persuasive.
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You are valuing the stock of Microsoft Corp. You estimate the fair value of the stock of $270. Currently the stock is trading at $244.37. Your recommendation should be:
Answers
Answer: buy the stock
Explanation:
Fair value refers to the price of an asset that's determined by the buyer and the seller. It's the worth of an asset. The market value is the price an an asset is sold in the marketplace.
By comparing the fair value and the market price, one can know if to invest in a asset or not. Since the fair value is more than the market price, then the should be bought.
Which of the following users is not considered an external user of accounting information?
A. The government
B. A creditor
C. An investor
D. A manager
Answers
A manager, Among the options provided, a manager is not considered an external user of accounting information.
External users are individuals or entities outside of the organization who rely on accounting information for decision-making purposes. A government, creditor, and investor are all examples of external users. The government may use accounting information for regulatory purposes and to assess tax liabilities. Creditors, such as banks or suppliers, use accounting information to evaluate the creditworthiness of a company. Investors rely on accounting information to make investment decisions.On the other hand, a manager is an internal user of accounting information. Managers use accounting information to monitor the financial performance of the company, make operational decisions, and plan for the organization's future. While managers play a crucial role in utilizing accounting information, they are not considered external users.
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ace hardware store sells two product categories, tools and paint products. information pertaining to its year-end inventory is as follows: inventory, by product category quantity per unit cost net realizable value tools: hammers 120 $ 4.00 $ 4.50 saws 100 9.00 8.00 screwdrivers 200 1.00 1.60 paint products: 1-gallon cans 400 5.00 4.00 paint brushes 120 3.00 3.50 required: determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (lcnrv) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. assuming inventory write-downs are common for ace, record any necessary year-end adjusting entry for each of the lcnrv applications in requirement 1. pre question 1 of 1 total 1 of 1 visit question map this is the last question in the assignment. to submit, use alt s. to access other questions, proceed to the question map button.
Answers
the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (lcnrv) rule is applied to Individual Products of Hammers- $540,Saws -$800 ,Screwdrivers -$320,Gallon Cans- $1600,Paint Brushes -$420.B) Product Categories of Tools-$1340,Paint Products-$2080. C)Total Inventory is $2960.
A1. (a) Individual Products:
Tools:
Hammers - LCNRV = $4.50, so carrying value is $4.50 x 120 = $540
Saws - LCNRV = $8.00, so carrying value is $8.00 x 100 = $800
Screwdrivers - LCNRV = $1.60, so carrying value is $1.60 x 200 = $320
Paint Products:
1-Gallon Cans - LCNRV = $4.00, so carrying value is $4.00 x 400 = $1600
Paint Brushes - LCNRV = $3.50, so carrying value is $3.50 x 120 = $420
(b) Product Categories:
Tools - LCNRV = $4.50, so carrying value is $4.50 x 220 = $1340
Paint Products - LCNRV = $4.00, so carrying value is $4.00 x 520 = $2080
(c) Total Inventory - LCNRV = $4.00, so carrying value is $4.00 x 740 = $2960
Adjusting Entry:
Debit Inventory $2960
Credit Loss on Inventory $376
(calculated as $2960 - $2584, which is the total carrying value of inventory before applying the LCNRV rule)
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A personal finance measure that compares an individual's monthly debt payment to his or
her monthly gross income.
O Debt-to-Income Ratio
O Credit Score
O Down Payment
O FHA
Please help
Answers
Answer:
a
Explanation:
how much you make verses how much you soend
Seven years ago, Goodwynn & Wolf Incorporated sold a 20-year bond issue with a 14% annual coupon rate and a 9% call premium. Today, G&W called the bonds. The bonds originally were sold at their face value of $1,000. Compute the realized rate of return for investors who purchased the bonds when they were issued and who surrender them today in exchange for the call price.
Answers
Answer:
14.82%
Explanation:
initial investment = $1,000
annual coupon = $140 (7 coupons received)
selling price = $1,090
the easiest way to determine the realized rate of return is to use a financial calculator or excel spreadsheet, and calculate the IRR: 14.82%
the cash flows are:
-10001401401401401401401230If you invest $1,000 at 12% interest, how much money will be in the account after two years, compounded annually? $1,240 $1,120 $1,254.40 $1,300
Answers
Answer:
FV= $1,254.4
Explanation:
Giving the following information:
Initial investment= $1,000
Number fo years= 2
i= 12% compunded annually
To calculate the future value, we need to use the following formula:
FV= PV*(1+i)^n
PV= present value
FV= 1,000*(1.12^2)
FV= $1,254.4
Which group within the structure of the Federal Reserve System is charged with facilitating check collection and electronic funds transfers?
A. U.S. Treasury agents
B. Board of Governors
C. Federal Reserve Banks
D. Federal Open Market Committee
Answers
The group within the structure of the Federal Reserve System is charged with facilitating check collection and electronic funds transfers is Federal Reserve Banks.
What is the Federal Reserve Banks?
Facilitating check collection and electronic funds transfers is one of the important functions of the Federal Reserve Banks, which are part of the Federal Reserve System. These banks act as intermediaries between financial institutions and help to clear checks and process electronic funds transfers.
This function is essential to the smooth functioning of the financial system and the economy as a whole. The other options listed - U.S. Treasury agents, Board of Governors, and Federal Open Market Committee - have different roles and responsibilities within the Federal Reserve System.
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In this dynamic world, things are changing fast due to changes in technology. You are currently working as an HR head in a traditionally managed private organization. In this situation how will you convince the management to introduce the HRIS system in the organization by showing the application and benefits of the HRIS System?
Answers
By highlighting the operational efficiency, data management capabilities, improved employee experience, and compliance advantages, I would present a compelling case to the management for adopting an HRIS system in the organization.
As the HR head in a traditionally managed private organization, introducing the Human Resource Information System (HRIS) can bring numerous benefits. To convince the management to adopt the HRIS system, I would emphasize its application and advantages.
Firstly, I would highlight the efficiency and accuracy that an HRIS system offers. By automating routine HR tasks such as payroll, employee data management, and timekeeping, the system saves time and reduces human error. This efficiency translates into cost savings for the organization.
Secondly, I would emphasize the improved data management and reporting capabilities of an HRIS system. It provides a Centralized database for employee information, enabling easy access and analysis of crucial HR metrics. This data-driven approach enables informed decision-making, leading to better workforce planning, talent management, and performance evaluation.
Additionally, I would showcase the enhanced employee experience that an HRIS system facilitates. Self-service features allow employees to access and update their personal information, request time off, and access training resources conveniently. This empowers employees, promotes transparency, and reduces administrative burden on HR personnel.
Lastly, I would highlight the HRIS system's compliance benefits. It ensures adherence to legal and regulatory requirements by streamlining processes such as record-keeping, benefits administration, and reporting.
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Most new jobs in the United States will be in the a manufacturing industries:
b. goods-producing industries
C. service-producing industries
d. agriculture-producing industries
Please select the best answer from the choices provided
Α
B
С
D
Answers
Answer:
d agriculture-producing industries
Most new jobs in the United States will be in manufacturing industries service producing industries. The correct option is c.
In the United States, manufacturing is an important economic sector. The United States is the world's third-biggest manufacturer (after the People's Republic of Chine and the European Union), with a record high real output of $2.00 trillion (adjusted for inflation in 2009 dollars) in Q1 2018, significantly above the $1.95 trillion peak before the Great Recession in 2007.The manufacturing industry in the United States employed 12.35 million people on December 2016 versus 12.56 million in December 2017, a 1.7% rise.
Manufacturing, while still a significant portion of the US economy, contributed less to GDP in Q1 2018 than the 'Finance, insurance, real estate, rental, other leasing' sector, the 'Government' sector, or the 'Professional and business services' sector.
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cruz, incorporated income statement for year ended december 31, 2021 sales $ 454,900 cost of goods sold 292,800 gross profit 162,100 operating expenses (excluding depreciation) 83,000 depreciation expense 35,000 income before taxes 44,100 income taxes expense 16,000 net income $ 28,100 1. how much cash is received from sales to customers for year 2021? assume all the sales were made on credit basis. 2. what is the net increase or decrease in the cash account for year 2021?
Answers
To determine the cash received from sales to customers for the year 2021, we need to consider the net increase or decrease in accounts receivable.
Step 1: Calculate the accounts receivable at the beginning and end of the year. - Let's assume the accounts receivable at the beginning of the year is A and the accounts receivable at the end of the year is B. Step 2: Calculate the cash received from customers. - Cash received from customers = Sales - Increase in accounts receivable - Cash received from customers = Sales - (B - A) Given that sales for the year 2021 is $454,900 and net income is $28,100, we need to determine the increase in accounts receivable (B - A).To calculate the net increase or decrease in the cash account for the year 2021, we need to consider the cash flows from operating activities, investing activities, and financing activities. Step 1: Determine the cash flows from operating activities. - Cash flows from operating activities = Net income + Depreciation expense - Cash flows from operating activities = $28,100 + $35,000 Step 2: Determine the cash flows from investing activities and financing activities. - The information provided does not include details about investing activities (e.g., purchase or sale of assets) and financing activities (e.g., issuance or repayment of debt). Therefore, the net increase or decrease in the cash account for the year 2021 can be determined by considering the cash flows from operating activities only.
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Question 20 Suppose the Sunglasses Hut Company has a profit function given by P(q) = -0.02q² + 4q - 40, where q is the number of thousands of pairs of sunglasses sold and produced, and P(q) is the total profit, in thousands of dollars, from selling and producing g pairs of sunglasses. A) How many pairs of sunglasses (in thousands) should be sold to maximize profits? (If necessary, round your answer to three decimal places.) B) What are the actual maximum profits (in thousands) that can be expected? (If necessary, round your answer to three decimal places.)
Answers
The profit function given is P(q) = -0.02q² + 4q - 40, where q is the number of thousands of pairs of sunglasses sold and produced, and P(q) is the total profit, in thousands of dollars, from selling and producing g pairs of sunglasses.
How many pairs of sunglasses (in thousands) should be sold to maximize profits? (If necessary, round your answer to three decimal places.)To maximize profits, we have to differentiate the profit function with respect to q and equate the result to zero to get the maximum: `dP/dq = 0`.P(q) = -0.02q² + 4q - 40
Therefore, `dP/dq = -0.04q + 4`.Therefore, to maximize profits `dP/dq = -0.04q + 4 = 0` or `q = 100`.Therefore, `100,000` pairs of sunglasses should be sold to maximize profits.B) What are the actual maximum profits (in thousands) that can be expected?
Substitute `q = 100` into the profit function: P(q) = -0.02q² + 4q - 40 = -0.02(100)² + 4(100) - 40 = $360The maximum profit is $360,000.
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in which project phase does the project manager break down barriers for teammates and address weaknesses in task processes?
Answers
The project manager is typically responsible for breaking down barriers for teammates and addressing weaknesses in task processes during the project planning phase.
What is project planning phase?
In project planning phase phase, the project manager works with the team to identify any potential challenges or obstacles that may arise during the project. They also develop strategies to mitigate these risks and ensure that the project stays on track. By identifying and addressing any weaknesses in task processes during the planning phase, the project manager can ensure that the project runs smoothly and meets its goals and objectives. This proactive approach helps to minimize the impact of unexpected events or issues and helps the project to be successful.
Hence, the answer is, project planning phase.
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Which of the following would help a hiring manager determine whether a
recruiting resource is effective?
A. Comparing the diversity of internal versus external candidates
B. Comparing retention and turnover results from different recruiting
sources
C. Comparing salaries at multiple corporations
D. Creating job listings on multiple social media sites
Answers
Tickets to a fundraiser are $14 if purchased ahead of time and $25 if purchased at the door. The total amount raised from all ticket sales was $625. If eleven tickets were purchased at the door, how many tickets were purchased ahead of time?.
Answers
($14)(25)=$350
($25)(11)=$275
$350+$275= $625
Is Sherwin Williams a good quality paint?
Answers
Yes, Sherwin Williams is a good quality paint. Sherwin Williams is a leading global provider of paints, coatings and related products, with a proven heritage of innovation, quality, and service.
Sherwin Williams has been around for over 140 years and has developed a reputation as one of the highest quality paint brands in the world.
The company produces a variety of paints and coatings for both residential and commercial use, ranging from basic interior and exterior paints to specialist coatings and other protective coatings. All Sherwin Williams paints are rigorously tested to ensure they meet the highest standards in terms of coverage, color accuracy, durability and consistency. This means that the paint you buy from Sherwin Williams will last longer, look better, and is easier to apply than many other brands.
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Which one of the following is not a control procedure used for over-the-counter receipts?
A. Pre-numbered checks are used to buy supplies.
B. Providing the customers with an itemized receipt.
C. Use of a cash register where the amount rung up is clearly visible to the customer.
D. A cash register's tape is locked in the register and only a supervisor can access it.
Answers
pre-numbered checks are used to buy supplies and are not a control procedure used for over-the-counter receipts.
pre-numbered formsReceipt books, license books, Local Purchase Orders (LPO), payment requests, and any other pre-numbered document used in the receipt or expenditure of public funds are examples of pre-numbered forms. Banks and retail chains will also play a crucial role in the last round of cash withdrawal from circulation. Pre-numbered Forms include receipt books, license books, Local Purchase Orders (LPO), payment requests, and any other pre-numbered document used in the receipt or expenditure of public funds.
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Explain why pricing goods is easier than pricing services.
Answers
Answer:
The answer is below
Explanation:
pricing goods is easier than pricing services because price goods will require you to measure the cost of inputs to make the goods. This will include the cost of raw materials, cost of labor, cost of marketing, and other associated costs that can easily be derived before the final goods are produced.
However, pricing services is difficult because, to measure the value of the time you used in delivering your services is not straight forward, and also, measuring the actual value of the services rendered is not easier to conduct, because it is not direct either.
One of the purposes of studying economics is to understand the
Answers
Answer:
Individuals, businesses and governments are all faced with making choices in situations where resources are scarce. This is where a knowledge of Economics is vital. Economics applies to most aspects of everyday life. By studying Economics you will examine topics of obvious importance to human well-being.
Explanation:
Answer:
D: principles that influence the production of goods and services.
Explanation:
on edge! hope this helps!!~ (゜▽゜;)
Companies or individuals who provide specialized construction activities, such as installation of heating, ventilating, air conditioning systems, elevator systems, painting, carpet installation, and a multitude of other buildings components.
Answers
The companies or individuals who provide specialized construction activities such as the installation of heating, ventilating, air conditioning systems, elevator systems, painting, carpet installation, and other building components are typically referred to as subcontractors or specialty contractors.
Subcontractors are companies or individuals who are hired by the general contractor to perform specific tasks or portions of a larger construction project. For example, a general contractor may hire a subcontractor to install the HVAC systems or electrical systems in a building, while another subcontractor may be responsible for installing the carpet or painting the walls.
Specialty contractors, on the other hand, are companies or individuals who specialize in a particular aspect of construction or provide specialized services, such as elevator installation or fire protection systems. They may work as subcontractors on larger projects or may be hired directly by the building owner or developer.
Both subcontractors and specialty contractors play an important role in the construction industry by providing specialized skills and expertise in specific areas of construction.
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will be needed (assume a 360-day year). a. Calculate the annualized rate of interest on the loan. that you will have to put 15 percent of the loan amount (which you had planned to use to help finance the business) in a checking account. What is the cost of the loan now? c. In addition to the compensating-balance requirement in part b, you are told that interest will be discounted. What is the annualized rate of interest on the loan now? a. The effective rate of interest, or APR, on the loan is \%. (Round to two decimal places.)
Answers
The annualized rate of interest on the loan is 4%. After considering the requirement to put 15% of the loan amount in a checking account, the cost of the loan is $3,510.
To calculate the annualized rate of interest on the loan, we can use the formula for compound interest
Annualized interest rate = (1 + interest rate / number of compounding periods)^(number of compounding periods per year) - 1
In this case, the interest rate is 4% and the loan term is 5 years. Since the loan term is given in years, we assume a compounding period of 1 year.
Annualized interest rate = (1 + 0.04 / 1)^(1) - 1
= 0.04
The annualized rate of interest on the loan is 4%.
Now, if you are required to put 15% of the loan amount in a checking account, the amount available for financing the business is:
Loan amount - Compensating balance = $23400 - 0.15 * $23400
= $23400 - $3510
= $19890
The cost of the loan now is the difference between the loan amount and the amount available for financing:
Cost of the loan = Loan amount - Amount available for financing
= $23400 - $19890
= $3510
Therefore, the cost of the loan now is $3510.
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--The given question is incomplete, the complete question is given below " the loan amount is $23400, the interest rate $4%, and the loan term 5 years will be needed (assume a 360-day year). a. Calculate the annualized rate of interest on the loan. that you will have to put 15 percent of the loan amount (which you had planned to use to help finance the business) in a checking account. What is the cost of the loan now?"--
The area under the demand curve up to unit Q 1 represents the total ____ of Q 1 to society.
A. gain
B. benefit
C. cost
D. surplus
Answers
The area under the demand curve up to unit Q 1 represents the total surplus of Q 1 to society (option D).
The area under the demand curve up to unit Q1 represents the total consumer surplus of Q1 to society. Consumer surplus refers to the difference between what consumers are willing to pay for a good or service and what they actually have to pay. In other words, it is the benefit or gain that consumers receive from purchasing a good or service at a price lower than what they were willing to pay.
The area under the demand curve up to Q1 represents the total amount of consumer surplus generated by the sale of Q1 units of the good or service. Therefore, the correct answer is D, surplus.
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identify two other types of business organisation jameel lost his job
Answers
Answer:
When Jameel lost his job with a fruit and vegetable shop that closed downhe decided to open his own store. He had good contacts with suppliers.
They said they would give him one month’s credit before he paid for
supplies. Jameel had $5000 in savings to invest in the shop. He thought thiswould be sufficient to start the business. He is an independent man - he
never liked taking the manager’s orders in the food shop! He wanted to
operate his new business as a sole trader
Explanation: hope this helps if not i am sorry
Franchises and partnerships are two other types of business organisations jameel lost his job.
Franchises and partnerships are two distinct business models that involve collaboration between different entities. Franchising is a business arrangement where a franchisee licenses the right to use a well-established brand, business model, and support from a franchisor in exchange for fees and royalties.
This allows the franchisee to operate under an established brand with proven systems. Partnerships, on the other hand, involve two or more individuals or companies pooling their resources and expertise to run a business together, sharing profits and liabilities. Both models offer unique advantages, such as brand recognition in franchising and shared responsibilities in partnerships.
Therefore, Franchises and partnerships are two other types of business organisations jameel lost his job.
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Probably the full question is:
When Jameel lost his job with a fruit and vegetable shop that closed down he decided to open his own store. He had good contacts with suppliers. They said they would give him one month’s credit before he paid for supplies. Jameel had $5000 in savings to invest in the shop. He thought this would be sufficient to start the business. He is an independent man - he never liked taking the manager’s orders in the food shop! He wanted to operate his new business as a sole trader.
Identify two other types of business organisations jameel lost his job.
When should you receive your w-2 form from your employer?.
Answers
Answer: January 31
Explanation: by January 31 each year or the next business day if the date falls on a weekend or holiday.
I will give Brainliest solve y x+-12-14=
Answers
Answer:
yx-26
Explanation:
You have just deposited $10,500 into an account that promises to pay you an annual interest rate of 6.4 percent each year for the next 5 years. You will leave the money invested in the account and 15 years from today, you need to have $29,750 in the account. What annual interest rate must you earn over the last 10 years to accomplish this goal?
Answers
Answer:
7.59%
Explanation:
Calculation for What annual interest rate must you earn over the last 10 years to accomplish this goal
Future value required=[Amount of deposit*(1+6.4%)^5]*(1+I)^10
$29,750=[$10,500*(1+6.4%)^5]*(1+I)^10
$29,750=[$10,500*(1+0.064)^5]*(1+I)^10
$29,750=[$10,500*(1.064)^5]*(1+I)^10
$29,750=[$14,318.497198]*(1+I)^10
(1+I)^10=[$29,750/$14,318.497198]
(1+I)^10=2.077732013
(1+I)=2.077732013^(1/10)
(1+I)=1.07586791
Hence, annual interest rate will be:
Interest rate, I=(1.07586791-1)*100
Interest rate=0.07586791*100
Interest rate=7.586791%
Interest rate=7.59% (Approximately)
Therefore the annual interest rate that you must earn over the last 10 years to accomplish this goal is 7.59%