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mestny [16]
3 years ago
15

The following information is available for Carla Corporation for 2019 (its first year of operations).

Business
1 answer:
Anastasy [175]3 years ago
5 0

Answer:

The calculations and journal entries are shown below:

Explanation:

The computations are shown below:

a. The taxable income is

Pretax financial income  $302,100

Less: Excess of tax depreciation over book depreciation -$43,800

Add: Rent received in advance deferred for book purposes $18,100

Taxable income $276,400

b.  The journal entry is shown below:

Income tax expense $60,420  

Deferred tax asset (20% × $18,100) $3,620

           To Income tax payable (20% × $276,400) $55,280

           To Deferred tax liability (20% × $43,800) $8,760

(Being the income tax expense, deferred income taxes, and income taxes payable for 2019 is recorded)

c.  The journal entry is shown below:

Income tax expense $63,270  

Deferred tax liability ($8760 ÷ 4 years) $2,190  

         To Income tax payable (20% × $309,200)  $61,840

         To Deferred tax asset (20% × $18,100) $3,620

(Being the income tax expense, deferred income taxes, and income taxes payable for 20 is recorded)

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Answer and Explanation:

The recording and the computations are as follows

a. The recording of the October revenue transactions are shown below:

DATE INVOICE NO. ACCOUNT DEBITED POST.REF.  

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Oct 2       321        Pryor Co.  

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Oct 31    1900

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Fees earned = 1900

c) The October 31 balance is

October 31 balance

= $380 + $190 - $380

= $190

5 0
3 years ago
Read 2 more answers
Consider the following case: John Smith is a archaeologist with a Ph.D. He has excavated sites across much of South America and
STatiana [176]

According to the case, the use of Ph.D. on the ads for hair care products by John Smith is considered an example of the fallacy of inappropriate expertise.

The provided statement is true.

<h3>What is a fallacy?</h3>

A fallacy is an unlawful statement that is used by someone in stating any reasoning or argument which can even be harmful to society.

In the given case, John is having Ph.D. degree in the archaeology field, and his attempt to use the word Ph.D. on the haircare goods marketed by him would be a fallacy in respect of inappropriate expertise. The fallacy could be the use of the Ph.D. word on ads and the inappropriate expertise is that he doesn't have any knowledge regarding skincare and dermatology area.

Therefore, this may create a harmful effect on the individuals who are buying them as it is not authorized by a dermatologist.

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2 years ago
There is little relationship between CSR behaviors and consumer reaction to the products and services of the firm according to s
Korvikt [17]

Answer: false

Explanation:

CSR behavior are simply behavioral aspects of CSR. According to the definition of corporate social responsibility, companies should conduct their business in a way that gives back to the society at large.

The statements that there' little relationship between CSR behaviors and consumer reaction to the products and services of the firm according to survey results listed in the Harvard Business Review is not true.

8 0
3 years ago
The federal reserve has a number of ways to influence the supply of money. the federal reserve can influence the interest rate t
pentagon [3]
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2 years ago
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Impact of Treasury Financing on Bond Prices The Treasury periodically issues new bonds to finance the deficit. Review recent iss
brilliants [131]

Answer:

When the treasury bonds are restricted to purchase it creates pressure on other securities and interest rates tend to move upwards.

Explanation:

When interest rates more upwards then cost of borrowing is increased. This increase in cost of borrowing creates pressure on the profits of private sector.  The public sector benefits from this increase in interest rates. When government is in trouble and financing is limited then these measures are used to run the economy.

3 0
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