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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

#SPJ4

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Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost
Ghella [55]

Answer:

See below

Explanation:

1. Predetermined overhead rates

= Applied overhead / Direct labor

Job 114

Applied overhead / direct labor

= $1,260/1,800

= 70%

Job 115

Applied overhead / direct labor

= $994/1,420

= 70%

Job 116

Applied overhead / direct labor

= $3,094/4,420

= 70%

2 and 3 Ending balance of each job and work in process as of April 30th.

Job 114. Job116

Opening. $2,384. $3,085

Materials

Purchases $16,800. $5,410

Direct labor

($1,800+$1,800) $3,600. $5,740

Actual $2,520 $4,018

Overhead

at 59.36%

Balance $25,304. $18,253

• Note

The whole of job 115 has been sold out.

• Actual overhead = Actual overhead / direct labor

= $4,535/7,640

= 59.36%

4 Cost of goods sold in April

Job 115

Opening materials. $2,603

Purchases. $12,460

Direct labor

($1,420 + $3,080). $4,500

Actual overhead. $3,150

at 59.36%

Cost of goods sold $22,713

5. Selling price of job

Cost of job 115 = $22,713

Selling price = 1.25% × $22,713 = $28,391

4 0
2 years ago
The ________ phase of the strategic marketing process usually results in a(n) ________ that sets the direction for the marketing
zhenek [66]

Answer:

planning; marketing plan

Explanation:

The planning phase is the second phase of any activity. It is basically made after analysis of all the problems and opportunities.

Planning phase basically aims at organizing the techniques for achieving the aims. This aims for planning phase to achieve the sales and set targets for gaining maximum performance in marketing. This sets all the strategies and policies for marketing.

7 0
3 years ago
The global stock market is often volatile. if your entire investment portfolio loss 10% of it's value in a month during a market
yaroslaw [1]

Answer:

B sell some

Explanation:

in a scenario where it is dropping, it doesn't mean it won't come back up. So you would sell some but keep a few so if it went up you still make profit

6 0
2 years ago
What law created the federal reserve system?
S_A_V [24]
Federal reserve act D
4 0
3 years ago
What would be the purchase price for a $5,000, 91-day T-bill paying 3% interest?
Nat2105 [25]
Well, you just need to find it using this formula :

5,000 x [100 % -  (3% x 91/365)]

= 5,000 x [ 100 % - 0.007479]

= 5,000 x 99.992521

= $ 4,962.50 >>> rounded

Hope this help
3 0
2 years ago
Read 2 more answers
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