Answer:
b. $103,345
Explanation:
Assets = Liabilities + Owner's Equity
Owner's Equity (Year 1) = $908,100 - $267,845
= $640,255
Owner's Equity (Year 2) = $980,279 - $233,892
= $746,387
increase in Owner's Equity = Owner's Equity (Year 2) - Owner's Equity (Year 1)
= $746,387 - $640,255
= $106,132
Net income during Year 2 = Increase in Owner's Equity - Additional investment + Withdrawals
= $106,132 - $28,658 + $25,871
= $103,345
Therefore, the amount of net income during Year 2 is $103.345.
Answer:
a. Subassemblies
Explanation:
Subassemblies are one of the inputs to manufacturing and service-delivery processes. This is because these are small units that need to be assembled separately but then later become part of the final larger manufactured product. Therefore since they are part of the final manufactured product they are an input in the manufacturing process of that larger product needed in order for it to be finished.
Answer: Check attachment and explanation.
Explanation:
a. The question has been solved. Check the attachment.
b. LAKEVIEW COMPANY
Balance sheet (Partial)
December 31
Current liabilities
FICA Payable=$4800 + $4800= $9600
Charitable contribution payable = $2400
Withheld income tax payable = $6400
State and Federal unemployment tax payable = $560
Unearned rent revenue = $5700 - $3800 = $1900
Total current liabilities = $20860
Answer:
.
Explanation:
Entrepreneurs innovate sometimes by commercializing inventions and ideas. They look for new business opportunities and find resources they can use in exploiting them. Commercializing an invention was done by Jeff Bezos in this instance. He saw the distribution opportunities available in the internet, and with the growing percentage increase of the internet users per month, he decided to create Amazon. He transformed the invention of the internet into the innovation of Amazon.
The ability to posses this characteristics is one of the qualities of a good entrepreneur.
Answer:
The income tax expense for 2021 income statement is $101 million as computed in the explanation section below.
Explanation:
The income tax expense in the year 2021 is the income taxes payable while adding the reduction in deferred tax asset or deducting the increase in deferred tax asset plus the portion of the current deferred tax asset not realizable using the applicable tax rate as found below:
Income tax payable $90 million
deduct;increase in deferred tax asset($170-$130) ($40 million)
Add;unrealized deferred tax asset($170*30%) $51 million
Income tax expense for 2021 income statement $101 million
