Answer:
$183,950
Explanation:
The computation is shown below:
Total taxable income is
= $300,000 - $150,000 - $20,000
= $130,000
Now tax is
= 15% of $50,000 + 25% of ($75,000 - $50,000) + 34% of ($100,000 - $75,000) + 39% of ($530,000 - $100,000)
= 0.15 of $50,000 + 0.25 of $25,000 + 0.34 of $25,000 + 0.39 of $430,000
= $189,950
Now Tax owed is
= $189,950 - $6,000
= $183,950
Answer:
1. Journal - Closing Entries
Date Account Titles Debit Credit
Sales Revenue $970,000
Income summary $970,000
(Closing of revenue account)
2. Closing the expenses accounts as necessary
Journal - Closing Entries
Date Account Titles Debit Credit
Income summary $888,000
Cost of goods sold $670,000
Salary expenses $150,000
Rent expenses $47,000
Interest expenses $21,000
(Closing of expenses account)
3. Closing net Income
Journal - Closing Entries
Date Account Titles Debit Credit
Income summary $82,000
Retained earning $34,000
Dividends $48,000
(Closing of net income)
Answer:
a. The lead time
Explanation:
The lead time is the time that shows the difference between the time at which the process gets started and the time at which the process get finished. This can be reviewed in the manufacturing, supply chain management at the time when there is a prior processing, within processing and after processing
Therefore according to the given situation, the option a is correct
hence, all the other options are incorrect
=