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Over [174]
3 years ago
5

In 2017, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference is due to t

he use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2017.
Business
1 answer:
vfiekz [6]3 years ago
5 0

Answer:

The amount of income tax payable on December 31, 2017 amounts to $48,000

Explanation:

The income tax payable amount is computed as below:

Income tax payable = Taxable Income for the year × Tax rate for the year

                                 = $120,000 × 40%

                                 = $48,000

Therefore, the $48,000 will be reported as the amount of income taxable payable on December 31, 2017.

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On October 31, 2021, Damon Company’s general ledger shows a checking account balance of $8,415. The company’s cash receipts for
Slav-nsk [51]

Answer:$14,425

Explanation:

Adjusted cash balance:

Balance as per cashbook: $8,415

Add note receivable: $5,600

Add interest earned: $620

Less bank service fees: ($210)

Adjusted cash balance: $14,425

Bank Reconciliation statement:

Adjusted cash balance: $14,425

Add outstanding checks($72,485-$71,090): $1,395

Less uncredited checks($74,440-$71,325): ($3,115)

Less Bank Error: ($540)

Balance as per bank statement: $12,165

7 0
3 years ago
The following revenue and expense account balances were taken from the ledger of Guardian Health Services Co. after the accounts
vekshin1

Answer:

                             Guardian Health Services Co.

           Income Statement for the year ended February 28, 20Y0

                                                                        $                        $

Sales

      Service Revenue                                                          334,100

Cost of Goods sold

      Supplies Expense                                                         <u>    4,180</u>

Gross Profit                                                                          329,920

Operating expense

      Utilities Expense                                   26,800

      Wages Expense                                  262,700

      Depreciation Expense                            17,400

      Insurance Expense                                  8,530

      Miscellaneous Expense                           6,790

      Rent Expense                                         70,300

                                                                                         <u>   392,520</u>

Net profit/(loss)                                                                    (62,600)

Explanation:

The income statement is a statement that shows the net profit or loss of a business for a period end. It shows the income made and expenses incurred in the course of a given period.

7 0
3 years ago
Alex works for a technology company. He also writes articles for his local newspaper's Web site on a contract basis. Which forms
Vinil7 [7]
He should prepare his W-2 and 1099-Misc
3 0
3 years ago
Managerial decisions include all of the following except a.selling price. b.purchase of capital equipment. c.product costs. d.se
mylen [45]

Answer:

D) setting of capital stock prices.

Explanation:

Neither management nor the board of directors sets the price of the corporation's stock, the market does. You cannot impose a price to the market, even if you try to sell stock valued at par, the market may decide to purchase them at that amount, or not purchase any stock until the price decreases, or maybe the market loves your stocks and purchases the at an even higher price.

7 0
3 years ago
Parker Pharmaceuticals is a corporation that employs over 400 workers. As the firm continues to grow, the need for discipline am
Virty [35]

Answer:

The following best supports a decision to use the progressive disciplinary action approach:

B) Parker wants an informal procedure for disciplining employees.

Explanation:

A disciplinary procedure is the way your employer deals with discipline when they believe that your conduct or performance is not up to the expected standard. Disciplinary procedures may involve something as simple as an informal chat, and escalate to involve letters, meetings and appeals

Informal disciplinary actions include: oral or written admonishments; letters of counseling, caution, instruction or warning, as well as letters of requirement.

These are the steps of progressive discipline actions:

Step 1: Verbal Counseling(s) A verbal counseling is generally the first step of progressive discipline.  

Step 2: Written Warning(s) A written warning is generally the second step of progressive discipline.

Step 3: Performance Improvement Plan (PIP).

Step 4: Termination of Employment.

In most cases, it is far better for the employer to resolve issues informally wherever possible. Depending on what the issue is, it may be appropriate to have an informal chat or verbal warning with someone rather than going through the process of issuing a formal warning.

The purpose of an informal meeting is to discuss issues which would not have an appropriate place in a formal meeting. They may be designed to make one of the participants feel more at ease and more free to speak their mind than they would in a more formal setting.

4 0
3 years ago
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