Answer:
A.$262,500
B. Dr Construction in Process $285,000
Cr Deferred Tax $85,500
Cr Retained Earnings $199,500
Explanation:
A. Calculation to determine the amount of net income that would be reported in 2020
Using this formula
2020 Net income=Income before tax*Tax rate
Let plug in the formula
2020 Net income=$875,000*30%
2020 Net income=$262,500
Therefore the amount of net income that would be reported in 2020 is $262,500
B. Preparation of the entry(ies) that are necessary to adjust the accounting records for the change in accounting principle
Dr Construction in Process $285,000
Cr Deferred Tax $85,500
(30%*$285,000)
Cr Retained Earnings $199,500
($285,000-$85,500)
(To adjust the accounting records)
Answer:
The entry to record the payment of attorneys fees by a way of share issue will be:
Dr Organization expense $5000
Cr Share capital $3000
Cr Share premium $2000
Explanation:
Firstly, the fees payable to the attorneys is $5000,hence organization expense is debited with $5000.
However, the value of the shares given is 300*$10 i.e $3000,as a result, the attorneys have indirectly paid $2000 more for the shares, the excess is recorded in paid in share capital in excess of par value account or a share premium account.
The rationale for the entries is that expense account takes debit when it increases and capital account a credit.
Answer:
The correct answer to the following question will be "Mixed economy".
Explanation:
A Mixed economy is described in different ways as an economic structure that combines elements of markets along with the elements of socialist economies, free markets with state expansionism, or private enterprise with the social sector.
The key characteristics of the mixed economy are as follows:
- The co-existence of the public and private sectors.
- Private Sector Policy.
- Reduction of wealth and income inequalities.
- The motive of concern for business.
It's an economy where most decisions related to economic derive from the engagement between sellers and buyers in markets, but for which the government plays an important role throughout the distribution of resources.
Therefore, a Mixed economy is the right answer.
Innovation is the process of creating something new. Hence, choice A is right.
What do you mean by innovation?
Innovation is the process of coming up with a fresh concept or creating a good or service that has a market value that customers are willing to pay for and meets their requirements and expectations.
Design innovation is a technique used to generate innovation. It focuses on meeting human requirements with available technology and developing a workable business plan to capitalize on this market opportunity.
Hence option A is correct.
Learn more about Innovation:
brainly.com/question/16054260
#SPJ1
