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3 years ago

The DeVille Company reported pretax accounting income on its income statement as follows:_____.

Business

1 answer:

Zarrin [17]3 years ago

7 0

Answer:

Entries and their narrations are posted below

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

<u>Journal Entries</u>

2018

Dr Tax Expenses 132000

Cr Deferred Tax Liability (66000*30%) 19800

Cr Tax Payable (374000*30%) 112200

2019

Dr Tax Expenses 106,020

Dr Deferred Tax Liability (66000-26400)*25% 9,900

Cr Tax Payable (386400*30%) 115,920

2020

Dr Tax Expenses 100500

Dr Deferred Tax Liability (33000*25%) 8250

Cr Tax Payable (430000-28000+33000)*25% 108750

2021

Dr Tax Expenses 117750

Dr Deferred Tax Liability (5600*25%) 1400

Cr Payable (470000+6600)*25% 119150

<u>Working </u>

2018

Accrued Income 440000

Less: Instalment Revenue -66000

Taxable Income 374000

2019

Accrued Income 360000

Add: Instalment collection 26400

Taxable Income 386400

2020

Accrued Income 430000

Less: Interest from municipal Bonds -23000

Add: Instalment collection 28000

Taxable Income 435000

2021

Accrued Income 470000

Add: Instalment collection 6600

Taxable Income 476600

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3 years ago

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Indirect labor and indirect materials are classified as factory overhead and product costs factory overhead and period costs ope

Dvinal [7]

Answer:

True

Explanation:

Product costs are the costs directly incurred from the manufacturing process. The three basic categories of product costs they are;

1) direct material

2) direct labour

3) manufacturing (factory) overhead.

Manufacturing overhead cost also include the following;

a) indirect labour: Indirect labor is the labor of those who are not directly involved in the production of the products.

b) indirect material: Indirect materials are materials that are used in the production process but that are not directly traceable to the product.

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3 years ago

What will happen to the price and quantity of Japanese goods in the US if the dollar depreciates causing the costs of producing

Helga [31]

The prices of Japanese goods will increase.

<h3>Economic Principles of Demand and Supply </h3>

Following the principles of demand and supply, the higher the price, the higher the quantity supplied (all other factors remaining constant).

Recall that cost of production for Japanese goods has also increased according to the question. When prices increase, suppliers sometimes want to take advantage to create even additional inflation in order to get additional profit. Hence they put out more goods at the instance of increased prices.

See the link below for more about the law of supply:
brainly.com/question/4803223

3 0

3 years ago

The complete portfolio refers to the investment in _________.

____ [38]

Answer:

In finance speak, a portfolio refers to a collection of investments or financial assets held by an individual, investment company, financial institution or hedge fund. This grouping of financial assets can include everything from gold and property to stocks, bonds and cash equivalents.

Explanation:

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2 years ago

A government's Statement of Revenues, Expenditures, and Changes in Fund Balances reported proceeds of bonds in the amount of $2,

vesna_86 [32]

Answer:

The reconciliation from the governmental funds' changes in fund balances to the governmental activities change in net position would reflect a decrease of 1,500,000 as the payments.

Explanation:

The change in net position = Amount of bond proceeds - Amount of bond principal.

The change in net position = $2,000,000 - $500,000 = 1,500,000

There would be a decrease of 1,500,000 as the payments.

The reconciliation from the governmental funds' changes in fund balances to the governmental activities change in net position would reflect a decrease of 1,500,000 as the payments.

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3 years ago