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bixtya [17]
1 year ago
15

All-Star Enterprises purchased a machine on January 1. The company uses straight-line depreciation for financial reporting and a

ccelerated depreciation for tax purposes. Depreciation for tax purposes during the year was $36,000 greater than depreciation for financial reporting. Assuming a 30% tax rate will apply in the future, how much will be recorded as a deferred tax liability during the year
Business
1 answer:
maks197457 [2]1 year ago
3 0

The amount that will be recorded as a deferred tax liability during the year is $10800.

<h3>How to calculate the tax liability?</h3>

From the information given, the depreciation for tax purposes during the year was $36,000 greater than depreciation for financial reporting and a 30% tax rate will apply in the future.

Therefore, the amount that will be recorded as a deferred tax liability during the year will be:

= 30% × $3600

= 0.3 × $36000

= $10800

Learn more about tax on:

brainly.com/question/25783927

#SPJ1

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Rouse Corporation's December 31, 2012 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 20,000
Scorpion4ik [409]

Answer:

See bellow

Explanation:

With regards to the above, Rouse total stockholder's equity is computed as;

= Preferred stock + common stock + paid in capital in excess of par (preferred stock and common stock) + retained earnings - Treasury stock

= $150,000 + $1,950,000 + $60,000 + $27,000,000 + $7,650,000 - $630,000

= $53,730,000

7 0
3 years ago
Closing costs are calculated based on _____. loan amount minus down payment down payment made selling price of the house selling
olga_2 [115]

Answer

Closing costs are calculated based on price of the house minus down payment

Explanation

Closing costs are either brought as cash to closing or financed into a loan.They are usually used when people buy or rent properties and the closing cost is the amount a person pays based on the down payment. To estimate the closing cost, you subtract the down payment from the purchase price of the home.

7 0
2 years ago
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 405,000 Beginning m
skelet666 [1.2K]

Missing information:

Fixed administrative expense $ 16,200 Variable selling expense $ 20,250 Variable administrative expense $ ? Contribution margin $ 81,000 Net operating income $ 24,300

1. Prepare a contribution format income statement.

2. Prepare a traditional format income statement.

3. Calculate the selling price per unit.

4. Calculate the variable cost per unit.

5. Calculate the contribution margin per unit.

Answer:

First we must determine cost of goods sold = $27,000 + $270,000 - $13,500 = $283,500

now we must find total variable costs = total sales - contribution margin = $405,00 - $81,000 = $324,000

variable administrative expenses = total variable costs - COGS - variable selling expense = $324,000 - $283,500 - $20,250 = $20,250

1. Prepare a contribution format income statement.

Total sales                                                              $405,000

<u>Cost of goods sold                                                $283,500</u>

Gross contribution margin                                      $121,500

Variable selling expense                                        $20,250

<u>Variable adm. expense                                          $20,250</u>

Contribution margin                                                $81,000

Fixed period expenses:

  • Fixed selling expense                                   $40,500
  • <u>Fixed administrative expense                       $16,200</u>

Net operating income                                            $24,300

2. Prepare a traditional format income statement.

Total sales                                                              $405,000

<u>Cost of goods sold                                                $283,500</u>

Gross profit                                                              $121,500

Operating expenses:

Selling expenses                                                     $60,750

<u>Adm. expenses                                                       $36,450</u>

Net operating income                                            $24,300

3. Calculate the selling price per unit.

  • $405

4. Calculate the variable cost per unit.

  • $324

5. Calculate the contribution margin per unit.

  • $81
5 0
3 years ago
Evidence that the olmec engaged in extensive long-distance trade can be seen by the presence of
ZanzabumX [31]

The answer is obsidian and jade. The obsidian are being obtained by the Olmec in means of having to be able to contribute it for the growth of the polities of the Maya and a way of having to gain superior items. The jade are being used by the people in means of having to carve figures with the use of axes.

3 0
3 years ago
A favorable balance of trades exists when a country
Shtirlitz [24]

Answer:

D. exports more than it imports

Explanation:

A favorable balance of payment is a term used in international trade to describe a situation where a country's exports exceed imports. A country will experience a positive balance of payment if its a net exporter.  A favorable balance of payments is when there is a surplus in a country's balance of trade.  

Exports are goods and services manufactured within the borders of a country and sold to foreigners. Imports are products bought from other countries. In calculating the balance of payment,  net income from international assets is also considered.

5 0
3 years ago
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