Answer:
Income Tax Expense (Dr.) $49,080,000
Deferred Tax Liability (Cr.) $49,080,000
Explanation:
Income tax expense = ( Taxable Income for the year + building and equipment taxable amount + Prepaid Insurance - Liability or contingency Loss ) * Tax rate
Income Tax expense = ( $117,000,000 + $14,700,000 + $2,300,000 - $11,300,000) * 40%
Income Tax expense = $49,080,000
Answer:accrual basis
Explanation: the need the truth on the accounting princess so it has to be to accrual basis
Answer:
The answer is below
Explanation:
There are quite some benefits of adding non-QuickBooks Online clients to your Client List in QuickBooks Online Accountant, in which three amongst them are:
1. It gives the opportunity to keep all the clients' data, including documents in a specific place together
2. It gives the user a chance to easily transfer to clients, the saved documents in QuickBooks Online Accountant
3. A user can easily create projects and tasks for non-QuickBooks Online clients in the work tab in order to meet some crucial clients deadlines.
Answer:
The answer is marketing intermediary
Explanation:
Jonathan works for a firm that assists companies in promoting, distributing, and selling their products to end consumers. The firm Jonathan works for is a marketing intermediary.
A marketing intermediary links producers to the final consumers. Examples are agents, wholesalers, retailers, distributors etc.
Most producers do not directly sell to their final consumers. These intermediaries help them to achieve their goals
Answer:
purchases = 160000
Explanation:
given data
beginning inventory = $140,000
amount of inventory on hand = $80,000
net sales = $400,000
gross profit rate = 40%
solution
we first Computation of cost of goods sold hat is
Gross profit rate = 
× 100
= 
= = 
= 100 Gross profit = 16000000
so
Gross profit = 160000
and
Cost of goods sold is = sales - gross profit
so
Cost of goods sold = 400000 - 160000
Cost of goods sold = 240000
and
Cost of goods sold = opening inventory + purchases - closing inventory
so put here value
240000 = 140000 + purchases - 60000
so purchases = 160000
