Answer:
The corporation's current income tax expense or benefit would be $170100.
Explanation:
income tax expense or benefit = $500,000 + $100,000 - $10,000 -$80,000)*21%
= $107,100
Therefore, the corporation's current income tax expense or benefit would be $170100.
Answer:
Yes this statement was an error and its effect on financial statements of Woods will be that asset ( equipment in this case) would be overstated and obviously the net income of the company would also increase.
Explanation:
Here Woods accountant has made the error of debiting the cost of $500 on the asset account ( equipment) , which shouldn't have happened as the asset accounts have natural debit balance which means that when an amount is debited to the asset account it will increase the value of the asset.
So therefore here we can say that the asset here is overstated and if the assets are shown overstated it is natural that the income reflected would also be overstated.
Answer:
Business Analyst
Explanation:
A business analyst is trained in finance and related disciplines. Due to their educational background and work experiences, a business analyst will be the best suited to perform the business-oriented tasks. Analyzing budgets, making reports, internal company procedures, and finances revolve around finance and commerce disciplines.
A business is trained to handle such issues. They understand the process of budgeting making, internal procedures, and the jargon used. A business analyst can inter-plate and breakdown that information so everybody can understand.
The answer & explanation for this question is given in the attachment below.
