Answer:
Mathis Co.
The Tax payable for 2020 is:
= $1,320,000
Explanation:
a) Data and Calculations:
2020 Financial income = $1,200,000
add Litigation expense 3,000,000
add installment sales 2,400,000
Adjusted taxable income $6,600,000
Income tax rate = 20%
Tax payable for 2020 = $1,320,000
b) The litigation expense was deducted from the financial income. This is added back to the income. Installment sales were not included in the revenue for the financial income of 2020. This is also added to the financial income. The net result is the figure for taxable income. This forms the basis for the application of the income tax rate of 20%.
The terms on which the company sells its goods might be used to compare the DSO and those terms.
<h3>What are goods?</h3>
Goods are any products, raw resources, or consumables that are sold to customers, businesses, or governmental organizations.
Services are tasks carried out for the benefit of the recipients, whereas goods are physical commodities offered to clients. Automobiles, home products, and apparel are a few examples of goods. Legal counsel, housekeeping, and consulting services are a few examples of services.
The supply and demand in an economy play a big role in determining the prices of commodities. Private goods, common goods, club goods, and public goods are the four different categories of products. The degree of exclusivity, or the number of persons who can experience them, varies.
The tangible items we refer to as "material goods" They are visible, touchable, and transportable from one location to another.
To learn more about goods from the given link:
brainly.com/question/12802278
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I think that the answer would be A. I hope you forgive me if I am wrong
Allocated to future accounting periods equally over the periods receiving the benefit.
