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3 years ago

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On january 1, 2016, concord corp. signs a contract to lease manufacturing equipment from stone inc. concord agrees to make lease

payments of $47,500 per year. additional information pertaining to the lease is as follows:

1 answer:

Dima020 [189]3 years ago

5 0

Answer:

See attached file

Explanation:

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Taxable income and pretax financial income would be identical for Skysong Co. except for its treatments of gross profit on insta

inessss [21]

Answer:

See the journal entry below.

Explanation:

Before preparing the journal entry, the following are calculated first:

Income tax expense in 2019 = (Taxable income in 2019 * Tax rate in 2019) + (Taxable income in 2020 * Tax rate in 2020) + (Taxable income in 2021 * Tax rate in 2021) = ($158,000 * 40%) + ($195,000 * 45%) + ($92,100 * 45%) = $193,395

Deferred tax liability in 2019 = (Taxable income in 2020 * Tax rate in 2020) + (Taxable income in 2021 * Tax rate in 2021) = ($195,000 * 45%) + ($92,100 * 45%) = $129,195

Income tax payable in 2019 = Taxable income in 2019 * Tax rate in 2019 = $158,000 * 40% = $63,200

Income tax payable in 2020 = Taxable income in 2020 * Tax rate in 2020 = $195,000 * 45% = $87,750

Income tax payable in 2021 = Taxable income in 2021 * Tax rate in 2021 = $92,100 * 45% = $41,445

The journal entry will look as follows:

<u>Date General journal Debit ($) Credit ($) </u>

31 Dec 2019 Income tax expense 193,395

Deferred tax liability 129,195

Income tax payable 63,200

<u><em> (To record income tax payable.) </em></u>

31 Dec 2020 Deferred tax liability 87,750

Income tax payable 87,750

<u><em> (To record income tax payable.) </em></u>

31 Dec 2021 Deferred tax liability 41,445

Income tax payable 41,445

<u><em> (To record income tax payable.) </em></u>

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3 years ago

What percentage of greek students would participate in a hazing activity, even if it made them uncomfortable?

pogonyaev

Less than 10% is the percentage of Greek students that would participate in a hazing activity, even if it made them uncomfortable. This percentage is justifiable because student participation in hazing activities is prohibited and the accompanying danger to physical and mental health induced to a student is one factor that makes it more off-putting.

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3 years ago

Which of the following statements is FALSE?

trapecia [35]

The answer is
D. Pre-incident activities include planning to prepare and establish a JIC in every incident requiring emergency response.

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3 years ago

Giselle wants to buy a condo that has a purchase price of $163,000. Giselle earns $2,986 a month and wants to spend no more than

galina1969 [7]

Answer:

<u>Giselle should purchase points</u> to lower the interest rate of the mortage, this will make the cuota decrease.

Explanation:

163000 x20% = 32,600

163,000 - 32,600 = 130,040

current mortgage cuota:

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$

$C \times \frac{1-(1+0.0625/12)^{-30*12} }{0.0625/12} = 130,040\\$

C= 800.68

800.68/ 2,986 = 0.2681 = 26.81%

this cuota exeeds the desired amount Giselle wants.

her couta can be as much as 2,986 x 25% = 746.5

<u>Giselle should purchase points</u> to lower the interest rate of the mortage, this will make the cuota decrease.

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If job a and job b are identical in all aspects, except that job b pays higher wages, what will happen over time?

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Job b will go out of business sooner if their profit is the same as A

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