Which of the following is NOT one of the common types of caught-in and caught-between hazards?

For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $984,000. Selected information f

Sati [7]

Answer and Explanation:

According to the scenario, computation of the given data are as follow:-

1).

Particular Amount ($) Tax rate Tax amount($)

Accounting income $984,000

Less-Interest income on municipal bond -$40,000

Income to taxation $944,000 $0.25 $236,000

Less-tax return in excess of depreciation -$64,000 0.25 $16,000

Warranty expenses($30,000-$20,000) $10,000 0.25 $2,500

Taxable income $890,000 0.25 $222,500

Now

Journal Entry

Income tax expense A/c Dr.$236,000

Deferred tax asset A/c Dr.$2500

To Deferred tax liability A/c $16,000

To Income tax payable A/c $222,500

(Being the income tax expense for 2021 is recorded )

2 .Net Income of Fidelity = Accounting Income - Income Tax Expense

= $984,000 - $236,000

= $784,000

6 0

3 years ago

The law of demand states that, other things equal: Select one: a. price and quantity demanded are inversely related. b. consumer

Mkey [24]

The law of demand state correct option is (a) price and quantity demanded are inversely related.

What is law of demand states?

The law of demand is a fundamental principle of the economic idea of higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.

The rule of demand, if all other variables remain constant, the price and quantity desired of any good or service are inversely related. When the price of a product rises, the demand for that product low as well.

As result, the law of demand states as remain constant towards a price and quantity demanded are inversely related.

Learn more about law of demand states, here:

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7 0

2 years ago

In an economy where heating oil is the primary source of heat for most households, new supplies of natural gas, a substitute for

Otrada [13]

Answer:

Price Decreases & Quantity Decreases

Explanation:

As a result of the discovery of an alternative which is cheaper, consumers increase demand for natural gas. The demand for heating oil would fall. This would lead to a fall in price and quantity.

I hope my answer helps you

8 0

3 years ago

These are selected 2022 transactions for Pronghorn Corporation:

Nataly [62]

Answer:

December 31, 2022, amortization expense of copyright

Dr Amortization expense 19,500

Cr Copyright 19,500

December 31, 2022, amortization expense of patent

Dr Amortization expense 10,000

Cr Patent 10,000

No journal entry required for the Goodwill since its useful life is indefinite

5 0

2 years ago

Yellow Press, Inc., buys paper in 1,500-pound rolls for printing. Annual demand is 3 comma 000 3,000 rolls. The cost per roll

GenaCL600 [577]

Answer:

59 orders

Explanation:

For computing the how many rolls should order at a time, first we have to determine the economic order quantity which is shown below:

The computation of the economic order quantity is shown below:

= $\sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}$

where,

Carrying cost = $875 × 20% = $175

And, other items values would remain the same

ow put these values to the above formula

So, the value would be equal to

= $\sqrt{\frac{2\times \text{3,000}\times \text{\$75}}{\text{\$175}}}$

= 50.71 units

Now The number of orders would be equal to

= Annual demand ÷ economic order quantity

= $3,000 ÷ 50.71 units

= 59 orders

7 0

3 years ago