Answer:
Being self-sufficient dramatically reduces one's standard of living.
Explanation:
Thoreau had a view that one should go into the woods, live simply and produce what you need with your own hands (be self-sufficient).
Economists explain why most people in the United States do not do this. To an economist everyone in society have their own specialisation. That is why they emphasize division of labour.
So going into the woods to be self-sufficient is not the best use of one's resources and abilities.
Everyone has something unique to contribute in an interaction. What I have comparative advantage producing will be difficult for another person.
This will create a network of people giving what they have comparative advantage producing in exchange for goods and services they do not have competitive advantage producing. This results in everyone maximising utility.
But Thoreau's view will not maximise utility because it is not possible you have advantage producing all you need.
Answer and Explanation:
Before passing the journal entries we need to do following calculations
Particular Current year Future taxable amounts ($ in 000s)
2021 2022 2023 2024
Accounting
income $824
less: Permanent
difference ($34 )
Temporary difference :
less: installments
sales ($570 ) $190 $190 $190
Taxable
income $220
Multiply
Enacted tax rate 25% 25% 30% 30%
Tax payable
currently $55
Deferred tax liability $47.5 $57 $57 $161.50
Less: Beginning balance $0
Change in balance : credit (debit ) $161.50
1. Now the journal entry is
On 2021
Income tax expense ($161.50 + $55) $216.50
To Deferred tax liability $161.50
To Income tax payable $55
(Being the income tax for 2021 is recorded)
2. And, the net income is
= Pre accounting income - income tax expense
= $824,000 - $216,500
= $607,500
activity shortly before the bankruptcy filing or divorce
Answer:c
Answer:
The total revenue Solitare would report over the two months is $99 with a gross loss of $11.74
Explanation:
Particulars Amount ($)
Sales (January & February)
- Wizard Inc $50
- Spyder Corp $50
Less: Discount allowed to Wizard Inc <u>$1 </u> ($50 * 2%)
Net Sales $99
Less: Cost of goods sold (60.6+50.14) <u>$110.74</u>
Gross Loss <u>$11.74</u>
