Answer:
Moon light Bay Resorts would report in the balance sheet December 31, 2021 ; non current deferred tax asset of $102 million and non current deferred tax liability of $208 million .
Explanation:
From the above question, we are to determine if Moon Light Bay Resorts should report as assets (Current or non current) or liabilities (Current or non current) in its balance sheet as at 31st December, 2021.
The items are also classified in the balance sheet as seen below;
Total deferred tax liability ($128 million + $80 million) = $208 million
(Deferred tax liabilities related to both current or non current assets)
Total deferred tax asset ($62 million + $40 million) = $102 million
The net deferred tax liability = $106 million ($200 million - $102 million)
Answer:
A petty cash fund is created by debiting the petty cash account and credited to the cash account
The expenses made is debited to the respective expenses account and then credited to the cash account
Explanation:
petty cash = $470
Expenditures made by employees :
supplies = $139
Fuel for deliveries = $123
postage = $76
Miscellaneous = $40
NOTE : A petty cash fund is created by debiting the petty cash account and credited to the cash account
The expenses made is debited to the respective expenses account and then credited to the cash account
ATTACHED IS THE JOURNAL ENTRY
Answer:
$12
Explanation:
Overhead per machine hour = Overhead ÷ 160,000 machine hours
= $80,000 ÷ 160,000
= $0.5
Cost of each unit:
= Direct material + Direct labor + Overhead
= $5 + $5 + (machine hours per unit × Overhead per machine hour)
= $5 + $5 + (4 × $0.5)
= $5 + $5 + $2
= $12
Therefore, the cost of each unit produced is $12.
Answer:
Mobility of Labor and Capital: "One very important difference between home trade and international trade is that labor and capital are not so mobile between different countries as they are in their own countries."
Explanation:
hope this helps c:
Answer:
Explanation:
Price ceiling is a price regulatory system put in place by the government to check how high the price of a product can be. It is binding when it is set below the equilibrium price consequently leading to shortage of goods , but non binding if set above the equilibrium price since the price can still fall back to the equilibrium.
When shortage arises as a result of price ceiling being set below the equilibrium price , black market is formed to resolved the shortage with price set by supply and demand. Goods will be illegally sold at prices above the price ceiling.
The effect on black market in the short run will not be severe as the as demand and supply are still at the inelastic stage , but becomes severe in the long run due to elastics demand and supply.
