1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Oksanka [162]
3 years ago
13

As a result of using accelerated depreciation for tax purposes, The Amin Corporation reported $372 million income tax expenses i

n its income statement, while the actual amount of taxes paid by the company was $412 million. How did these tax transactions affect the company's balance sheet?
a) increase deferred tax liability by $40 million

b) decrease deferred tax assets by $372 million

c) decrease retained earnings by $372 million

d) decrease cash by $372 million

e) both c&d
Business
1 answer:
Elena-2011 [213]3 years ago
7 0

Answer:

correct option is c) decrease retained earnings by $372 million

Explanation:

given data

income tax expenses = $372 million

actual amount of taxes paid = $412 million

solution

we know that in deferred tax asset taxable income is higher than the financial income

while in deferred tax liability taxable income is lower than the financial income

and we have given expense report is $372 million

and tax paid is $412 million

so the transaction reduce retained earning with same amount

so here correct option is c) decrease retained earnings by $372 million

You might be interested in
Which department of the U.S. federal government was budgeted to spend over $582 billion on goods and services in fiscal year 201
pav-90 [236]
The answer is Department of Defense
8 0
2 years ago
Talk about why you think it is sometimes important to represent a procedure mathematically.
7nadin3 [17]
It is important, because you have to explain how to do a procedure in order for the former person to understand what you believe is correct in math.
7 0
4 years ago
Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% f
Natasha2012 [34]

Answer:

Debit cash by $71,250, factoring expense by $3,750 and credit account receivable by $75,000.

Explanation:

Step 1 of 2

Calculate the amount of factoring fee.

Factoring fee = 5% ×Account Receivable

=5%×$75,000

=$3,750

​

Step 2 of 2. Journey record. Image attached.

Debit cash by $71,250, factoring expense by $3,750 and credit account receivable by $75,000.

4 0
3 years ago
Which statement best describes a characteristic of a relational database?
erastovalidia [21]

Answer:

<u>B.</u><u> It contains tables with fields that are associated with one another.</u>

<em>Why the other choices are wrong</em>

C and D are wrong because a relational database is a database that contains tables with fields that are associated with one another. D is wrong because it is a feature that is used to add queries to tables.

<em>Further explanation of concepts:</em>

What is a relational database?

A relational database is a database that stores data in the form of tables. The tables are then linked together by relationships. This makes it easy to access data in the database and to create new relationships between data.

What are queries?

Queries are how you search for and manipulate data in a relational database. Queries can be used to find specific data, to update data, or to delete data.

8 0
1 year ago
All of the following are healthy behaviors in a romantic relationship EXCEPT:
Gnesinka [82]

A. Independence

When your in a realtionship, your mate will as be there for you doing hard times and good times. There is no Independcne in a romantic realtionship.

Independence means being strong and able to survive ALONE.

Alone, alone, alone!!!!!

3 0
3 years ago
Other questions:
  • Sally recently got a 15 percent raise. she now purchases 7.5 percent more steak dinners. sally's income elasticity for steak din
    7·1 answer
  • To record purchases on account, Caleigh’s Company uses the perpetual inventory method and the gross method. On September 11, it
    11·1 answer
  • Anshul worked as an engineer for futurtech. he had many innovative ideas for the company, but most were never explored to his sa
    6·2 answers
  • Do you think that eliminating or limiting the amount of deposit insurance would be a good​ idea? Explain your answer. A. It is a
    14·1 answer
  • How does the use of plastic to produce bicycle helmets affect other plastic-using industries? A. It decreases the prices offered
    11·1 answer
  • What monthly rate of interest will yield an annual effective rate of interest of 14%?
    15·1 answer
  • A University is offering a charitable gift program. A former student who is now 50 years old is consider the following offer: Th
    8·1 answer
  • 3.1.2 Give an example of taxes on products.​
    11·1 answer
  • Amount Number of units sold 11,000 Selling price per unit $ 16 Variable selling expense per unit $ 1 Variable administrative exp
    5·1 answer
  • Economists study international trade or trade between countries. List which countries you think are the top four trading partner
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!