Answer:
1 . Dr ncome tax expense 7
Dr Deferred tax asset 4
Cr Income tax payable 11
2. Dr Income tax expense3
Cr Valuation allowance-Deferred tax asset3
Explanation:
Preparation of Journal entries
JournalDebitCredit
(In million)
1 . Dr ncome tax expense 7
($11-$4=7)
Dr Deferred tax asset 4
($16× 25% = $4)
Cr Income tax payable 11
($44 × 25% = $11 )
2. Dr Income tax expense3
Cr Valuation allowance-Deferred tax asset3
(3/4 × $4) = $3 million
Deferred tax asset= ($16× 25%)
Deferred tax asset= $4 million
Income tax payable= ($44 × 25%)
Income tax payable= $11 million
<span>from your college bcis class, you recall that they would be in the: </span>requirements analysis <span>phase of the sdlc process.
During the requirements analysis phase of the SDLC process, we will gather all the system requirement, users' requirement, and the operational requirement of the business process.</span>
Answer:
B. There was an improper cutoff of sales at the end of the year.
Explanation:
Sales cuttoff focuses on whether sales are properly reccorded for a particular period.
Answer
The answer and procedures of the exercise are attached in the following images.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in 3 sheets with the formulas indications.
