Explanation:
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The term that is referred by the description above is RESERVES. The reserve is the amount that is being kept for future periods. This amount is separated to the current period's income, but is part of the next period if this is applicable. The answer is D.
Answer:
Debit to Salaries and Wages Expense for $40,000
Explanation:
Based on the information given we were told that Salaries and wages was the amount of $40,000 which means that The Appropriate journal entry to record the monthly payroll on June 30 would include a DEBIT TO SALARIES AND WAGES EXPENSE FOR $40,000
Debit to Salaries and Wages Expense for $40,000
(To record monthly payroll)
Answer:
a. "What will I have to give up?" relates to the immediate cost.
b. "What will I gain in return?" relates to the future benefit.
c. The amount of money a worker might make on a job in a year is a salary.
d. The potential earnings of becoming a doctor minus the cost of going to medical school is the accounting profit.
Explanation:
A career is a professional employment path usually long-term. In choosing a career, different aspects should be considered. The most important aspect is usually the economic aspect of the career. For example; one should consider a career path that will be financially beneficial in long run. To do this, one has to do adequate research on various careers to determine one that they can afford without defaulting on a loan. This means that one has to consider costs such as; school fees, accommodation costs in terms of rent, transportation costs and food at the very basic level. It is very crucial for one to pick a career whose cost they can afford.
The immediate cost usually answers the fundamental question "What will i have to give up?"Once one is comfortable with the amount that they are willing to spend for the career path, they can move to the next question. The question "What will I gain in return?" alludes to the future benefit of this endeavor. The career path should be in such a way that the benefit should significantly exceed the immediate cost. The benefits are always in terms of allowances, medical cover and of cause the salary.
The potential earnings that one might get from taking up a given career minus the cost of education and training for that particular career can be defined as the accounting profit. A beneficial career is one where the accounting profit is positive.
Answer:
C is the correct answer,a deferred tax asset arises when book value of acquired assets is greater fair value
Explanation:
The tax authority would have used fair value which is lower compared to book value to compute capital allowances,as a result capital allowance is less than the depreciation calculated based on book value.
Such capital allowance which is lesser is then deducted from earnings to arrive at higher taxable profit and a higher tax is calculated.
Since the company has paid much more tax in the current period it has a deferred tax asset.
