Answer:
Explanation:
pretax book income 1,003,000
warranties increased 25,600
depreciation exceeded tax depreciation 100,300
dividends received deduction -15,300
Net amount $1,113,600
Taxable amount is $1,113,600
In order to find income tax expense or benefit, multiply the taxable amount by tax rate.
Answer:
Debit income summary $30,00
Explanation:
Closing entries are used to move balances from temporary accounts to permanent baccounts so that a business can recognise income or loss made during an accounting period.
2/3 profit and loss is for Dana, that is (2/3)* 30,000= $20,000
1/3 of profit is assigned to Emile that is (1/3)* 30,000= $10,000
So the close out entries will be
A debit to income summary of $30,000
A credit to Dana of $20,000
A credit to Emile of $10,000
Answer:
Dr. Cr.
February 2, 2012
Inventory $30,000
Account Payable $30,000
February 10, 2012
Account Payable $30,000
Discount received $600
Cash $29,400
Explanation:
Term 2/10, n/30 means there is a cash settlement discount of 2% is available if the payment is made within 10 days after the purchase of goods. Net credit period is 30 days. Purchases were made on February 2 and Payment was made on February 10 within the discount period, so Shankar Company is entitled to claim the discount of 2%. Cash will be paid net of discount.
Discount = $30,000 x 2% = $600
Cash Payment = $30,000 - $600 = $29,400
Answer: a. Controlling
Explanation:
The Controlling function in management is meant to ensure that employees in a company are acting in a manner that abides by the standards of the company or organization in question.
It works by managers ensuring that they check that employees are acting in the way they are to act and if they are not, corrective action must be meted out to stop the behavior.
The Secret Service had some embarrassing moments in 2015 with some agents being found drunk on a trip to Europe where they were assigned to President Obama's detail. Had supervisors been making sure that subordinates acted in a manner befitting of the secret service, the acts would have had a significantly less chance of happening.
