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muminat
3 years ago
5

Lyons Company deducts insurance expense of $210,000 for tax purposes in 2018, but the expense is not yet recognized for accounti

ng purposes. In 2019, 2020, and 2021, no insurance expense will be deducted for tax purposes, but $70,000 of insurance expense will be reported for accounting purposes in each of these years. Lyons Company has a tax rate of 40% and income taxes payable of $180,000 at the end of 2018. There were no deferred taxes at the beginning of 2018. Reference: Ref 19-5 What is the amount of income tax expense for 2018? A. $180,000 B. $210,000 C. $264,000 D. $252,000
Business
1 answer:
djyliett [7]3 years ago
4 0

Answer:

The total income tax expense for 2019 =152.000. Is not available in the options given by the exercise.

Explanation:

  • Tax on insurance expense deductible for accounting purposes in 2019= 70000*40%=28.000

  • Income tax expense for 2019 = 180.000-28.000=152.000

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The purpose of advertising is _____. to convince consumers that they can benefit from a product or service to entertain consumer
maksim [4K]

The correct question should be:

The purpose of advertising is _____.

a.) to convince consumers that they can benefit from a product or service.

b.) to entertain consumers.

c.) to take money from consumers communicate the facts about the product.

Answer: to convince consumers that they can benefit from a product or service.

Explanation:

Advertising aims at highlighting the benefits of consuming a particular product/service to a consumer.

Advertising is a marketing technique where a company pays to showcase the qualities of their product/services to their target consumers.

3 0
3 years ago
The accounts listed below appeared in the December 31 trial balance of the Savard Theater.
ioda

Answer:

Adjusting journal entries

a) 1 . Debit Depreciation $10500 Credit Accumulated depreciation $10500.

2 . Debit interest expense  $40 , Credit Bank $40

3 . Debit Admission revenue $ 60000, Credit Unearned admission revenue $60000

4. Debit Prepaid expense $1100 , Credit Advertising expense $1100

5. Debit salary $4700, Credit Salary payable ( accrued salary) $4700

Explanation:

Depreciation = (cost - salvage value)/ useful life

it is said that the equipment has a useful life of 16 years at that date (31 Dec) and depreciation needs to be adjusted for the year. Even even that $192000 is Carrying amount it is not depreciable amount we still need to subtract the salvage value hence (192000- 24000)/16 = $10500 Depreciation

interest expense = 90000*8%*72/360 = $1440

The 72 days numerator is arrived at by adding the remaining 11 days in Oct plus full 30 days Nov plus full 31 days Dec. $1400 of interest has already been recorded so in adjusting to the total of $1440 we need to record $40 of interest.

december coupon = 2000*$30 =$60000

if the coupon admission book revenue for december is not included in the trial balance then its journal entry is debit bank $60000 credit unearned revenue $60000

3 0
3 years ago
The formula for calculating the present value factor for an annuity of $1 is a. Amount to Be Invested/Equal Annual Net Cash Flow
Rus_ich [418]

Answer:

a. Amount to Be Invested/Equal Annual Net Cash Flows

Explanation:

The formula to calculate the present value factor by considering annuity is shown below:

= Invested amount ÷ Equally Annual net cash flows

As an annuity is a set of payments made at the equal periods

Simply we divide the invested amount by the equal amount of annual net cash flows so that the Present value factor of an annuity can be computed

4 0
3 years ago
Small businesses are important to the U.S. economy because
horsena [70]

Answer:

D) They create about 65% of new jobs each year and generate over 50% of the U.S. GDP.

Explanation:

Small businesses employ over 99 percent of all the private-sector employees in the US. In figures, they hire over 130 million people. Besides that, 60 to 80 percent of all new jobs created every year come from small businesses.

In revenue generation, Small business makes 54 percent of US sales. They contribute over six trillion-dollars to the economy or 50 percent of the country's GDP

6 0
3 years ago
which statement was true in the past but is not generally true today? A. the training and education costs for some jobs will pro
-BARSIC- [3]

1 ).which of the following is the term for day-to-day and long-term tasks you are assinged to complete?

Job responsibilities.

2 ). why is career planing important?

It can help you narrow down your options and get the training you need.

3 ). which statement was true in the past, but not generally true today?

Young people tend to go into the job that their parents and grandparents did.

4 ). which of the following statements is accurate?

People with the same job title may perform different duties.

5 ). which of these principles would be most helpful to a young person deciding on a career?

A realistic assessment of your abilities and interests will help you find an appropriate career.

7 0
4 years ago
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