Of the 27.8 million businesses in this country at the end of 2008, the majority ____

On August 31, 2018, Harvey and Margaret, who file a joint return and live in Charleston, South Carolina, sell their personal res

Nana76 [90]

Answer:

55,000

Explanation:

5 0

2 years ago

Read 2 more answers

The factors of production are

Elan Coil [88]

They are resources that are the building blocks of the economy.

6 0

3 years ago

Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes

nadya68 [22]

Answer:

1. Taxable income = $76 million

2. Net income = $65.25 million

3-a. Net current Deferred Tax Asset = $1.95 million

3-b. Net current Deferred Tax Liability = $6.25 million

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question. See the attached pdf file for the complete question.

The explanation of the answers I now provided as follows:

1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry.

1-a. Note: See the attached excel file for the determination of the amounts necessary to record income taxes for 2021 and the taxable income.

From the attached excel file, we have:

Taxable income = $76 million

1-b. The journal entries will look as follows:

Details Debit ($'m) Credit ($'m)

Tax expense (6.75 + 19 - 3) 22.75

Deferred tax asset (25% * (1 + 13 - 2)) 3.00

Deferred tax liability (25% * (7 + 20)) 6.75

Tax payable (25% * 76) 19.00

(To record tax expense.)

2. What is the 2021 net income?

This can be determined as follows:

Net income = Pretax accounting income - Tax expense = $88 million - $ 22.75 million = $65.25 million

3. Show how any deferred tax amounts should be classified and reported in the 2021 balance sheet.

3-a. The deferred tax amounts should be classified as follows.

From installment receivable in point (a) in the question:

Current deferred tax liability in 2022 (25%* ($4 / 2)) = $1

Noncurrent deferred tax liability in 2023 (25%* ($4 / 2)) = $1

From the depreciation in point (c.) in the question:

Noncurrent deferred tax liability (25%* ((24 + 24) - (14 + 7))) = $6.75

From the Warranty Expense/Payable in point (d.) of the question:

Current deferred tax asset (40%* 3) = $1.20

From the Acrrued Expense/Payable in point (e.) of the question:

Current deferred tax asset (25%* 7) = $1.75

Noncurrent deferred tax liability (25% * $6) = $1.50

3-b. These will be reported reported in the 2021 balance sheet as follows:

Sherrod, Inc.,

Balance Sheet (Partial)

As the Year Ended 31 December, 2021

Details $'Million

Assets:

Current Deferred Tax Asset (1.20 + 1.75) 2.95

Current Deferred Tax Liability -1.00

Net current Deferred Tax Asset  1.95 

Liabilities:

Noncurrent Deferred Tax Asset (A) 1.50

Noncurrent Deferred Tax Liabiity (1.0 + 6.75) (B) 7.75

Net current Deferred Tax Liability (C = B - A)  6.25 

Download xlsx

xlsx

pdf

5 0

2 years ago

At December 31, Tremble Music had account balances in Accounts Receivable of $300,000 and in Allowance for Uncollectible Account

anzhelika [568]

Answer:

The balance of uncollectible accounts after the adjustment will be $15,000

Explanation:

On December 31, the balance of the accounts receivable is $300,000 and on same data it is suggested that the 5% of the account receivable will be not be collected.

So, the balance of the uncollectible accounts will be computed as:

Uncollectible accounts = Account receivable balance × % which will not collected

where

Account receivable balance is $300,000

% which will not be collected is 5%

Putting the values above:

= $300,000 × 5%

= $15,000

NOTE: The allowance for uncollectible accounts of $1,000, already credited, so will not be considered again.

8 0

3 years ago

The _____ is a financial statement that reports the revenues, expenses, and net income or loss that resulted from a firm’s opera

suter [353]

The Income Statement is a financial statement that reports the revenues, expenses, and net income or loss that resulted from a firm’s operations over an accounting period.

Explanation:

The Income Statement is one of the company’s center financial reports that confers their gain and loss over a remarkable time. The gain or loss is circumscribed by practicing all revenues and deducting all liabilities from both working and non-operating exercises.

The income statement is a vital element of a company’s execution reports that need to be yielded to the Securities and Exchange Commission (SEC). An income statement presents worthy insights into a company’s operations, the performance of its management, underperforming areas and its production applicable to industry rivals.

7 0

3 years ago

Of the 27.8 million businesses in this country at the end of 2008, the majority _____.