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Nimfa-mama [501]
3 years ago
7

Times-Roman Publishing Company reports the following amounts in its first three years of operation:

Business
1 answer:
kolbaska11 [484]3 years ago
3 0

Answer:

Unearned subscription

2016 deferred tax asset

2017 deferred tax liability

2018 deferred tax asset

Explanation:

The balance sheet account is unearned  subscription which is a liability account,

It is a liability because the company already collected cass but is yet to provide the necessary services paid for the by the customers.

Earned subscription account is sales revenue account which is a profit and loss item.

                     ($'000)                    2016           2017               2018

taxable income                            $290           $220              $260

Pretax accounting income         ($250)         ($240)              ($230)

Deferred tax asset/(liability)        $40            ($20)               $30

When taxable income is more than pretax accounting income, the resulting effect is a deferred tax asset which shows that tax was charged on a higher taxable income which provides tax relief in future.

When pretax accounting income is higher,it implies that tax was calculated on a lower taxable income and that more tax would be incurred in the future when the temporary difference reverses.

                   

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Using the data in EA-3, assume that Slick Rocks management purchased the Sandstone stock for the trading securities portfolio in
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We are required to form the journal entry that are required by the facts presented in the case.

A journal is basically a detailed account which records all the financial transactions of a business to be used for the future reconciling of accounts.

The journal entry will be as under:

Securities account debited and bank account credited. If we know that which security is being purchased then we can name that securities also.

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1 year ago
What are the three ways the argument section of a cover letter can be formatted
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3 0
3 years ago
1. ______control environment risk assessment control procedures monitoring information and communication.2. ______provides reaso
Yuki888 [10]

Answer:

  1. Five internal controls
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Explanation:

1. <u>Five internal</u> control environment risk assessment control procedures monitoring information and communication.2. <u>Control procedures</u> provides reasonable assurance that business goals will be achieved.3. <u>Risk assessment</u> identify, analyze and assess likeliness of vulnerabilities.4. <u>Information and communication</u> used by management for guiding operations and ensuring compliance with requirements.5. <u>Monitoring</u> used to locate weaknesses and improve controls.6. <u>Control environment</u> overall attitude of management and employees

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3 years ago
Halestorm Corporation’s common stock has a beta of 1.20. Assume the risk-free rate is 4.5 percent and the expected return on the
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