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jeka94
3 years ago
9

Gammil companyhas beginning and ending raw materials inventories of $96000 and $120000, respectively. if direct materials used w

ere $490000, what was the cost of raw materials purchased? $490000. $466000. $514000. $520000.
Business
1 answer:
d1i1m1o1n [39]3 years ago
7 0
Beginning RM Inventory 96000
Add RM purchased. ?
Less ending RM Inventory 120000
Equals DRM used 490000

490000=96000+X-120000
Solve for x
X=514000

RM purchased.(X)=514000

Hope it helps!
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At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $25 million attributable to a temporary
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Answer:

A. Payne Industries

(In Million)

Dr Income tax expense $54

Cr To Deferred Tax Assets $9

Cr To Income Tax Payable $45

No Journal Entry Required

b. Dr Income tax expense Dr $54

Cr To Deferred Tax Assets $9

Cr To Income Tax Payable $45

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Cr To Valuation Allowance - Deferred Tax Assets $12

Explanation:

a. Preparation of the journal entry(s) to record Payne’s income taxes for 2021,

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($45+$9)

Cr To Deferred Tax Assets $9

[($100-$64)*25%]

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(To record income tax expense recorded for 2021 and deferred tax assets reversed for temporary differences reversal )

No Journal Entry Required

b. Preparation of the journal entry(s) to record one-fourth of the deferred tax asset ultimately will be realized

Journal Entries

(In Million)

Dr Income tax expense Dr $54

($45+$9)

Cr To Deferred Tax Assets $9

[($100-$64)*25%]

Cr To Income Tax Payable $45

($180*25%)

(Being income tax expense recorded for 2021 and deferred tax assets reversed for temporary differences reversal )

Dr Income tax expense $12

Cr To Valuation Allowance - Deferred Tax Assets $12

[($64*75%)*25%]

(Being to record valuation allowance for deferred tax assets)

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