Answer:
.progressive or regressive.
Explanation:
Answer and Explanation:
Before passing the journal entries we need to do following calculations
Particular Current year Future taxable amounts ($ in 000s)
2021 2022 2023 2024
Accounting
income $824
less: Permanent
difference ($34 )
Temporary difference :
less: installments
sales ($570 ) $190 $190 $190
Taxable
income $220
Multiply
Enacted tax rate 25% 25% 30% 30%
Tax payable
currently $55
Deferred tax liability $47.5 $57 $57 $161.50
Less: Beginning balance $0
Change in balance : credit (debit ) $161.50
1. Now the journal entry is
On 2021
Income tax expense ($161.50 + $55) $216.50
To Deferred tax liability $161.50
To Income tax payable $55
(Being the income tax for 2021 is recorded)
2. And, the net income is
= Pre accounting income - income tax expense
= $824,000 - $216,500
= $607,500
Yes. Once someone is in a difficult financial situation, they may have to give up some wants and desires in place of things they need. If money is tight, they should rather use what money they have to pay pills and buy food, and not purchase items they want like toys or videogames. When faced with a bad financial situation, an individual is forced to separate what they believe is a want and a need, and choose between the two.
<u>A social goal of any economic system:</u>
All economic systems' broad goals saw as key to the U.S. economy are soundness, security, economic freedom, equity, economic growth, efficiency, and full employment.
Accomplishing these objectives is troublesome in light of the fact that—despite the fact that the objectives supplement each other now and again—by and large, there are exchange offs to confront. To keep up a solid economy, the national government looks to achieve three approach objectives: stable costs, full business, and financial development.
Notwithstanding these three arrangement objectives, the central government has different destinations to keep up the sound financial strategy. Monetary objectives are not in every case commonly perfect; the expense of tending to a specific objective or set of objectives is having fewer assets to focus on the rest of the objectives.
Owners of the company.
<h3>
What is a stock of a company?</h3>
- A stock usually referred to as equity, is a type of investment that denotes ownership in a portion of the issuing company.
- Shares, also known as units of stock, entitle their owners to a share of the company's assets and income in proportion to the number of shares they possess.
<h3>What is an owner of a company?</h3>
- A company's "owner" is a person who owns all of the shares.
- In contrast, a "co-owner" shares ownership of a business with one or more partners.
- The owner, who is frequently the company's founder, is free to run their business however they like.
Therefore, Lorenzo and Lila are owners of the Double L Corporation.
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