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2 years ago

As of December 31, 2013, how many deferred tax liabilities (net of deferred tax assets) did Colgate have

Business

1 answer:

Aleksandr-060686 [28]2 years ago

8 0

As of the year 2013, the amount of deferred tax liability that Colgate was known to have was USD 83 million.

<h3>What is meant by deferred tax liability?</h3>

On the balance sheet of an organization, the deferred tax sheet shows us the taxes that are owed by the owed that are not due for payment until a date in the future.

Colgate was said to have had a deferred liability that was 83 million dollars at that time.

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The entry to record a return by an on account customer of defective merchandise on which no sales tax was charged includes: A. a

Svetach [21]

Answer:

C.a debit to Sales Returns and Allowances and a credit to Accounts Receivable.

Explanation:

The journal entry to record the returns of merchandise is shown below:

Sales return and allowance A/c Dr XXXXX

To Accounts receivable XXXXX

(Being sales return is recorded)

Basically we debited the sales returns and allowances and credited the account receivable so that the proper recording could be made.

4 0

3 years ago

A contract is made between two parties. The terms of the contract are complete and unambiguous. A dispute arises between the Par

Lesechka [4]

Answer: Party B

Explanation:

Even though verbal agreements are enforceable by law, written agreements take precedent because they are more explicit than verbal agreements.

The written agreement will therefore be followed in this case and according to this agreement, A will be punished for the proposed action.

If A had tangible proof that a subsequent agreement was reached that would void them of said punishment, they should present it. If they do not, B would prevail.

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3 years ago

Parsons Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last

arsen [322]

Answer:

option (C) 32,750 hours

Explanation:

Data provided in the question:

Actual manufacturing overhead cost = $250,000

Overapplied overhead = $12,000

Predetermined overhead rate = $8.00 per direct labor-hour

Now,

The total Manufacturing Overhead applied last year

= Actual manufacturing overhead cost + Overapplied overhead

= $250,000 + $12,000

= $262,000

Therefore,

Direct Labor Hours worked last year = $\frac{\textup{Total Manufacturing Overhead applied}}{\textup{Predetermined overhead rate}}$

= $\frac{\textup{262,000}}{\textup{8}}$

= 32,750 hours

Hence,

The correct answer is option (C) 32,750 hours

6 0

3 years ago

True or false: gross domestic product (gdp) measures total expenditures on final goods and services during a given period of tim

Fittoniya [83]

That statement is True.

The purpose of calculating Gross Domestic Product is to measure the market value of all the goods and services that produced by a country within a specific time period.

Gross Domestic Product is calculated using this formula:

Consumption + Gross Investment + Government investment + (Exports - Imports)

6 0

3 years ago

Read 2 more answers

Eastevan Company calculated its return on investment as 10 percent. Sales are now $300,000, and the amount of total operating as

galben [10]

Answer:

a) 18.75%

b) $ 149333.33

Explanation:

Given:

Return on investment = 10% = 0.1

Total sales = $ 300000

Total operating assets = $ 320000

Reduction in expenses = $ 28000

a) The return on investment is calculated as:

Return on investment = Net income/ operating assets

on substituting the values, we get

0.1 = Net income/ $ 320000

Net income = 0.1 × $ 320000

Net income = $ 32000

The reduction in expenses is the amount that has been gained i.e the net income will increase

thus, the net income = $ 32000 + $ 28000 = $ 60000

now,

the return on investment for the latest net income will be

Return = $ 60000/$320,000

Return = 18.75%

b) for the condition given in the second case

we have

Return = 18.75%

Net income = $ 32000

Return = Net income/ operating asset

18.75% = $32000/ operating asset

Operating asset = $32000/0.1875

Operating assets = $ 170666.67

Now, the decrease of the operating asset from the actual asset = $ 320000 - $ 170666.67 = $ 149333.33

Thus, the operating cost must decrease by $ 149333.33

3 0

4 years ago