Based on how they carry out the effort and how well they perform the task at hand
Answer:
The amount of net income reported in 2020 income statement would be $75,000.
Explanation:
Pretax accounting income for 2020 = $100,000
Income tax expense for 2020 = Current tax + Reversal of Deferred tax assets
= ($100,000 - $100,000)*25% + ($100,000*25%)
= $25,000
Amount of net income reported in 2020 income statement = Pretax accounting income - Income tax expense
= $100,000 - $25,000
= $75,000
Therefore, The amount of net income reported in 2020 income statement would be $75,000.
I think is 475848 because I just timed by 48 so I got 475848
Answer:
The correct option is Increase and Decrease respectively
Explanation:
Answer:Gundy Enterprise journal $
Date
Jan 31 2021
Income statementl Dr 641.67
Mortage Interest. Cr. 641.67
Recognition of interest payable on mortgage loan for December 2021
Jan 31 2021
Mortgage principal Dr 635.52
Mortgage interest Dr. 641.67
Bank Cr. 1277.19
Narration.payment of principal and interest Interest due on mortgage loan as at January 31 2021.
Explanation:
The monthly installment payments of $1277.19 consist of both the principal sum and accompanying monthly interest.
The interest needs to be first recognized as an expenses into the income statement and increase in the mortgage loan. This will prevent an over deduction on the mortgage loan.
