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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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Kim is on a crew that sets up the equipment for a very popular musician. Before the concerts, she sets up lights, microphones, s
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✔ Audio and Video Equipment Technician

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Explanation:

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3 years ago
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Which of the following changes can take place in the long run? A.labor force b.machinery c. Technology. D. All of these can be c
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D. All of these can be changed in the long run
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3 years ago
Elle Appliances has recently released its "Elite" cooking range. The cooking appliances were advertised extensively with offers
Margaret [11]

Answer:

C) The company followed a low inventory system.

Explanation:

As the product was new, the correct estimate of expected sales could not be made, and with high demand and hype in the market the company, there was a high demand of the product.

This certainly led to stock out, and not meeting the customers needs.

Accordingly the reputation in market degraded.

This is because of low performance, because of shortage of inventory.

Therefore, the correct option is:

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Which one of these positions within a company deals directly with customers<br> the most?
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4 0
3 years ago
On Monday morning you sell one June T-bond futures contract at 97:27, that is, for $97,843.75. The contract's face value is $100
sergij07 [2.7K]

Answer:

Please find the detailed answer as follows

Explanation:

The case is pretty simple, and I’ll to be simple in explanation below:

Facts:  

--Transfer price per unit should be atleast equal to the relevant cost per unit.

--Relevant cost per unit = Variable cost per unit + Contribution margin lost + Avoidable fixed cost.

--Since it is stated that fixed cost wont be affected and that there is idle capacity available, there wont be any ‘Contribution margin lost’ on outside sale AND ‘avoidable fixed cost.  

--If Division A transfers, it would transfer at the relevant cost of $ 19 per unit, which is equal to the variable cost per unit.  

--If Division A didn’t transfer, Division B will buy from outside at rate of $ 24 per unit.

Hence, Division B will purchase $ 24 per unit when it could get from Division A at $ 19.

Thereby, Division will be paying $ 5 per unit extra on 16100 units.

Division B and hence, the company as a whole will be WORSE by $ 80,500

[16100 units x $ 5 per unit]

Correct Answer = Option #3: Worse off by $ 80,500 each period.

The same is illustrated as attached image.

Download xlsx
7 0
3 years ago
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