Answer and Explanation:
The computation is shown below
1. The adjusted balance in the retained earning is shown below:
= beginning balance of retained earning + adjusted net income
where,
beginning balance of retained earning is $860,000
And, the adjusted net income is
= $68,000 × (1 - 0.35)
= $44,200
So, the adjusted balance in the retained earning is
= $860,000 + $44,200
= $904,200
2. Now the journal entry is
Inventory $68,000
To Retained earning $44,200
To Tax payable $23,800 ($68,000 × 35%)
(Being the adjustment of ending inventory is recorded)
It increased the inventory and along with it it also increased the equity and liabilities so the respective account is debited and credited
Answer:
Explanation:
There is a limit on the amount of charitable contribution that a taxpayer can claim as deduction and it depends on the type of property that a taxpayer donates and nature of charity organization. A taxpayer can deduct up to 60% of adjusted gross income (AGI) in the case of cash contributions to public charity. When he contributes capital gain property, he can deduct up to 30% of adjusted gross income in the case of public charity. When he contributes capital gain property to private non operating foundation, he can deduct up to 20% adjusted gross income.
Calculate the maximum amount of deduction as follows
Answer:
TRUE
Explanation:
Market research is the process of defining a marketing problem and opportunity by systematically collecting and analyzing data received, and then giving recommended actions. It involves gathering data about the target market needs, and analyzing such data to determine the need of the target market. It is a process that involve evaluating the possibilities of a new product success through research.
Had to look for the options and the answer the best fits the blank provided is PREEMPTIVE. When we say preemptive right, this is the right granted to certain shareholders in order for them to buy additional shares in the company. Hope this answers your question.
Answer:
Make Buy
Direct material 85100
Direct labour 253000
Variable manufacturing overhead 52900
Fixed manufacturing overhead 69000
Opportunity cost 73000
Purchase cost 437000
Total 533000 437000
Financial advantage is 96000
Explanation:
