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4 years ago

Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2016:

Business

1 answer:

Scilla [17]4 years ago

7 0

Answer:

Canton Corporation

Income Statement for December 31, 2016

income from continuing operations before income taxes 110,000

Less: Income Tax 30% 38,500

Income from continuing operations 71,500

Gain on disposal of discontinued component 28,000

Tax on disposal of discontinued component (8,400)

Loss from operations of discontinued component (50,000)

Net loss from discontinue operations (30400)

Total Comprehensive Income 41,100

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For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acqu

prohojiy [21]

Answer: Please see below for answers

Explanation:

Year Straight-Line Declining Balance Difference (000s)

2018 $400 $853 $453

2019 400 569 169

2020 400 379 (21)

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Annual straight line depreciation= $719,000 /3 = $239,667

rounded dollar= $240,000

2021 journal entry

Adjusting entry Debit Credit

Depreciation expense $240,000

Accumulated depreciation $240,000

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3 years ago

Even though federal law mandates that workers and firms each pay half of the total fica tax, the tax burden may not fall equally

Semmy [17]

True is the correct answer

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3 years ago

The demand for all carbonated beverages is likely to be ________ the demand for dr. pepper. more elastic than perfectly elastic

Alona [7]

Less elastic than the demand for dr. pepper.

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3 years ago

In microeconomics, the term ___________________ is synonymous with decreasing returns of scale.

allsm [11]

In microeconomics, the term monopoly is synonymous with decreasing returns of scale.

When there are economies of scale in production?

As output increases, the long-run average total cost decreases. The total variable cost of creating five units of output is indicated by the Y-interval between the two curves in the diagram.

Is price and marginal cost equal?

In economics, the practice of setting a product's price to cover the additional expense of producing an additional unit of output is known as marginal cost pricing.
This policy limits the producer's ability to charge for each unit of a product sold to the addition to total cost attributable to materials and direct labor.

Simply put, what is microeconomics?

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2 years ago

To help developing countries expand their industrial base, some industrial countries have reduced tariffs on designated manufact

anzhelika [568]

Answer:

The correct answer is letter "B": generalized system of preferences.

Explanation:

Generalized System of Preferences or GSP is a set of preferential tariffs developed countries set to developing countries usually at a lower rate to boost the trade among those countries which mainly helps developing countries to increase the quality and number of their manufacturing companies.

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3 years ago