Who or what determines a country's GDP?

On average, companies that create plans have larger profits and grow much faster than companies that don't. true false

Murrr4er [49]

False - because not every business plans work

3 0

3 years ago

The information below pertains to Basselier, Inc.:

wel

Answer and Explanation:

The journal entry to record the tax provision is given below:

Income tax expenses $48,840,000

Deferred tax assets ($10,900,000 ×0.40) $4,360,000

To Deferred tax liability (($15,900,000 + $1,900,000)×0.40) $7,120,000

To Income tax payable ($129,000,000 ×0.40) $51,600,000

(To record income tax expenses)

Here the income tax expense and deferred tax asset should be debited as it increased the asset and expenses and credited the liability & tax payable as it increased the liability

4 0

3 years ago

Dựa vào lịch sử phát triển của quản trị nguồn nhân lực, dự đoán xu hướng trong tương lai của ngành quản trị nguồn nhân lực .

dalvyx [7]

Tshbjy uts the hbd cuyjhxbjxb jgdhyeiye. Dkhdudb
Dijduyejbduydudhndbiy idyjnei 35 if

4 0

3 years ago

On December 31, 2016, Ditka Inc. had Retained Earnings of $270,800 before its closing entries were prepared and posted. During 2

Nat2105 [25]

Answer:

Required a

Closing Retained Earnings Balance

Retained Earnings $270,800 (debit)

Statement of Changes in Shareholders Equity $270,800 (credit)

Required b

Closing Service Revenue Balance

Sales Revenue $171,100 (debit)

Statement of Profit and Loss $171,100 (credit)

Closing Interest Revenue Balance

Interest Revenue $82,800 (debit)

Statement of Profit and Loss $82,800 (credit)

Closing Supplies Expenses Account

Statement of Profit and Loss $89,400 (debit)

Supplies Expenses $89,400 (debit)

Closing Supplies advertising expenses

Statement of Profit and Loss $16,700 (debit)

Advertising expenses $16,700 (debit)

Closing Supplies salaries and wages expenses

Statement of Profit and Loss $18,750 (debit)

Salaries and wages expenses $18,750 (debit)

Closing income tax expenses

Statement of Profit and Loss $14,300 (debit)

income tax expenses $14,300 (debit)

Required c

Closing the dividend Account

Dividend $6,300 (debit)

Retained Earnings Statement $6,300 (credit)

Explanation:

Revenues and Expenses are Closed off to the Statement of Profit and Loss.

Dividends are Closed off to the Retained Income Statement.

Adjusting Supplies Account

Supplies Expenses $89,400 (debit)

Supplies Account $89,400 (credit)

Adjusting dividend Account

Dividend $6,300 (debit)

Cash $6,300 (credit)

3 0

3 years ago

Carl’s business insurance costs $3,000 per year. Carl paid for and purchased a 12-month insurance policy on October 1, Year 1. O

Naddika [18.5K]

Answer:

Carl's Insurance Expense Deduction for Year 2

Since he took advantage of the 12-month prepayments rule, his Year 2 Insurance deduction was deducted in Year 1.

While his deduction should have been equal to

= Annual Insurance Expense/12 x 9 = $3,300/12 x 9 = $2,475

In Year 2, it is equal to $0 since he did not make any payment for Insurance.

Explanation:

Under the cash method of accounting, two rules govern how someone can deduct prepaid expenses:

1. The General Rule

2. The 12-Month Rule

1. The General Rule

Under the general rule, you cannot deduct the full amount of an advance payment covering more than 12 months. You must deduct a portion of the payment in the year to which it applies.

Example: The General Rule.

Carl is a cash method taxpayer on a calendar year.

On October 1, 2018 Carl pays $3,600 in advance for business insurance covering three years.

Coverage begins October 1, 2018.

Coverage ends September 30, 2021.

Result:

The general rule applies.

The advance payment covers more than 12 months (36 months).

A portion of the $3,600 must be deducted ratably over the three-year period.

To find the portion of the $3,600 Carl deduct each tax year:

First, divide the $3,600 by 36 (months) to find the monthly premium amount.

Then, multiply the number of months remaining in each tax year by the monthly premium

Monthly premium: $3,600 / 36 = $100 per month.

Oct. 1, 2018 - Dec. 31, 2018: 3 x $100 = $300 deduction for 2018

Jan. 1, 2019 - Dec. 31, 2019: 12 x $100 = $1,200 deduction for 2019

Jan .1, 2020 - Dec. 31, 2020: 12 x $100 = $1,200 deduction for 2020

Jan. 1, 2021 - Sep. 30, 2021: 9 x $100 = $900 deduction for 2021

The 12-Month Rule

The 12-month rule says that Carl may deduct the full amount of an advance payment in the year the payment is made if it creates rights or benefits for the taxpayer that do not extend beyond the earlier of:

12 months after the right or benefit begins, or

The end of the tax year after the tax year in which payment is made.

Example 1: The 12-Month Rule.

Carl is a cash basis taxpayer on a calendar year.

On October 1, 2018 he pays $2,000 for business insurance covering one year.

The policy begins October 1, 2018 and ends September 30, 2019.

Result:

The 12-month rule applies.

Deduct the full $2,000 in 2018

The benefit does not extend beyond 12 months after the right to receive the benefit begins - October 1, 2018.

3 0

3 years ago