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1 year ago

The time between the disabling event and the beginning of payments in your disability coverage is called:___________

1 answer:

5 0

The time between the disabling event and therefore the beginning of payments in your disability coverage is called: Elimination period.

Option C is correct

<h2>What is the purpose of elimination period?</h2>

The purpose of an elimination period is to give you the opportunity to get treatment and see how your illness or injury responds. you'll be able to return to work using only paid leave or short-term disability.

<h3>Do you get paid during elimination period?</h3>

Elimination Period: The elimination period may be a period of time an employee must be disabled before benefits are paid. for brief term disability, there's an elimination period for disabilities due to sickness and one for those due to injury. The elimination periods could also be the same length, counting on the policy.

Learn more about elimination period:

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All of the following would be listed as surplus items on the U.S. balance of payments international accounts except

allochka39001 [22]

Answer:

The correct answer is B: U.S. tourists' expenditures in foreign countries.

Explanation:

To be listed as a surplus in the U.S. balance of payments, it needs to be an entry of money to the economy. The option B is the only one that does not meet the requirements. U.S. tourists' expenditures in foreign countries mean an exist of money to other countries.

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3 years ago

Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes

nadya68 [22]

Answer:

1. Taxable income = $76 million

2. Net income = $65.25 million

3-a. Net current Deferred Tax Asset = $1.95 million

3-b. Net current Deferred Tax Liability = $6.25 million

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question. See the attached pdf file for the complete question.

The explanation of the answers I now provided as follows:

1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry.

1-a. Note: See the attached excel file for the determination of the amounts necessary to record income taxes for 2021 and the taxable income.

From the attached excel file, we have:

Taxable income = $76 million

1-b. The journal entries will look as follows:

Details Debit ($'m) Credit ($'m)

Tax expense (6.75 + 19 - 3) 22.75

Deferred tax asset (25% * (1 + 13 - 2)) 3.00

Deferred tax liability (25% * (7 + 20)) 6.75

Tax payable (25% * 76) 19.00

(To record tax expense.)

2. What is the 2021 net income?

This can be determined as follows:

Net income = Pretax accounting income - Tax expense = $88 million - $ 22.75 million = $65.25 million

3. Show how any deferred tax amounts should be classified and reported in the 2021 balance sheet.

3-a. The deferred tax amounts should be classified as follows.

From installment receivable in point (a) in the question:

Current deferred tax liability in 2022 (25%* ($4 / 2)) = $1

Noncurrent deferred tax liability in 2023 (25%* ($4 / 2)) = $1

From the depreciation in point (c.) in the question:

Noncurrent deferred tax liability (25%* ((24 + 24) - (14 + 7))) = $6.75

From the Warranty Expense/Payable in point (d.) of the question:

Current deferred tax asset (40%* 3) = $1.20

From the Acrrued Expense/Payable in point (e.) of the question:

Current deferred tax asset (25%* 7) = $1.75

Noncurrent deferred tax liability (25% * $6) = $1.50

3-b. These will be reported reported in the 2021 balance sheet as follows:

Sherrod, Inc.,

Balance Sheet (Partial)

As the Year Ended 31 December, 2021

Details $'Million

Assets:

Current Deferred Tax Asset (1.20 + 1.75) 2.95

Current Deferred Tax Liability -1.00

Net current Deferred Tax Asset  1.95 

Liabilities:

Noncurrent Deferred Tax Asset (A) 1.50

Noncurrent Deferred Tax Liabiity (1.0 + 6.75) (B) 7.75

Net current Deferred Tax Liability (C = B - A)  6.25 

Download xlsx

xlsx

pdf

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2 years ago

Snap is edenyaang and insta nobagchasers

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Answer:

AMOS nanaa.asare

Explanation:

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3 years ago

Read 2 more answers

Blake and Matthew are partners who agree that Blake will receive a $103,000 salary allowance and that any remaining income or lo

Sedaia [141]

Answer:

total net income = $109,000

Explanation:

given data

Blake receive = $103,000

Matthew capital account is credited = $3,000

solution

we know that both partner get equal part in remaining loss or income

so here Blake get $3,000 as share of the net income

so that here net income for the period, that will Blake's salary allowance + amount shared in both persons of net income

as that

total net income = $103,000 + $3,000 +$3,000

total net income = $109,000

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2 years ago

The value chain expresses the idea that different functions within the firm are interconnected and only by working together can

frosja888 [35]

Answer:

True.

Explanation:

The value chain expresses the idea that different departments within a firm should operate interdependently which will not only increase the efficiency of the firm but also create a value for customer to compete in the competitive environment. It is very important for the departments within an organization to operate in cooperation with one another as it would make the attainment of the goal easier and that too within stipulated time frame.

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3 years ago