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svetoff [14.1K]
2 years ago
7

The following information is for S Corp first year of operations. Amounts are in millions of dollars. The enacted tax rate is 25

%. Year Future Future Taxable Amounts Amount 2021 2022 2023 2024 2025 Total Accounting income $80 88 75 63 58 Temporary differences: Rental Income 6 0 -4 -1 -1 -6 Depreciation Expense -12 $ 4 $ 3 $ 3 $ 2 $ 12 Permanent Difference: 2 Taxable income $ 76 Required: Prepare the journal entries to record the income tax expense for each year.
Business
1 answer:
baherus [9]2 years ago
6 0

Depreciation Expense  $ 4

<h3>What is Depreciation?</h3>

Depreciation in accounting refers to two aspects of the same concept: First, the actual decrease in the fair value of an asset, such as the annual decrease in the value of factory equipment.

The claim for depreciation on assets used by the assessee for the purpose of business or profession during the previous year. If an asset has been in use for more than 180 days, depreciation of 50% is allowable in that year.

Depreciation in Action - If a company purchases a delivery truck for Rs. 100,000 and expects to use it for 5 years, the company may depreciate the asset at a rate of Rs. 20,000 per year for a period of 5 years.

To know more about Depreciation follow the link:

brainly.com/question/25806993

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chloe receives her first paycheck for working as a pretzel vendor. to which of the arrows does this transaction directly contrib
Elan Coil [88]

The arrows show how Chloe's first earnings from her job as a pretzel vendor will directly benefit C and D.

The correct option is B.

<h3>What exactly is a business transaction?</h3>

An executed contract between a seller and a buyer to exchange goods, services, or financial assets in exchange for money is known as a transaction. The phrase is also frequently used in business accounting.

<h3>What does an accounting transaction mean?</h3>

Any financial business event that has an impact on a company's financial statements is referred to as a transaction in accounting. Numerous items arrear numerous items that are transactions because transactions include occurrence that has a monetary impact on one's financial records.

<h3>What sort of transaction is that?</h3>

These four types of financial transactions are:

A. sales

B. purchases,

C . receipts,

D. payments.

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Chloe receives her first paycheck for working as a pretzel vendor. To which of the arrows does this transaction directly contribute?

A. A only

B. C and D

C. C only

D. A and B

3 0
2 years ago
Variable costs per unit: Manufacturing: Direct materials $ 26 Direct labor $ 10 Variable manufacturing overhead $ 2 Variable sel
Alex_Xolod [135]

The company's break even points in unit sales is 43,000 units.

Above the actual sales volume of 42,000 units is the break-even point.

<h3>What is Break Even point?</h3>
  • In economics, business, and particularly cost accounting, the break-even point is the point at which total cost and total income are equal, or "even."
  • Although opportunity costs have been paid and capital has received the risk-adjusted, projected return, there is no net loss or gain, and one has "broken even."
  • A graph with a function that represents the fixed costs is also helpful.
  • No matter how many units are manufactured, the fixed cost is always 1200, hence the fixed costs function is shown as a horizontal line (FC = 1200).
  • Any of the following will raise the break-even point: an increase in the quantity of fixed charges or expenses for the business.
  • An increase in variable expenditures and expenses per unit. A drop in the selling prices offered by the company.

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5 0
2 years ago
Programming languages used to create artificial intelligence and expert system applications are often called _____
SSSSS [86.1K]
<span>Programming languages used to create artificial intelligence and expert system applications are often called fifth generation languages. This programming language works by solving using the restrictions given to the program unlike the conventional method of using an algorithm developed by a programmer.</span>
8 0
3 years ago
MC Qu. 107 The following information is available... The following information is available for a company's utility cost for ope
lianna [129]

Answer:

Variable cost Per Unit $2.50

Explanation:

Total cost at high activity = $8100

Total Cost at Low activity = $3600

Total Units at high activity = 2400

Total Units at low Activity = 600

Variable Cost Per Unit =  (High activity total Cost - Low activity total cost ) / (High Activity unit - low activity units)

Variable cost per unit = ($8100 - $3600) / (2400 - 600) = $4500 / 1800 = $2.50

7 0
4 years ago
You are an employee in Inside Sales. This means you take calls and address customer issues like entering orders, updating orders
Archy [21]

Answer: Structured; Operational control

Explanation:

Structured task could be defined as tasks that are well defined, also larger tasks are broken down to smaller ones so as to be easily carried out at a manageable rate. They are also plans drafted by employees to carry out a task in a way where time and resources are managed very well.

Operational control decision means they are decision carried out during operations, like recording a day to day inventory of tasks that are carrued out by an individual.

6 0
3 years ago
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