Answer:
In 2009, the U.S. government imposed a 35% tariff on tires imported from China. (The numbers and equations used here are simplified based on the results of a much more complicated model.) Demand is given by QD = 105 − 1.5P where QD is in millions of tires per year. Supply is QS = 1.5873P − 15.87.
Explanation:
Answer:
Nothing
Explanation:
Automatic premium loans provision is a benefit which is provided to the clients who already have a life insurance policy. It helps them to pay the premium from any cash value which is due. This provision is structured to help the clients and normally insurance companies charge no additional premium cost. It helps to prevent lapses in the policies.
Some global corporations are large enough to create and influence major changes in the external environment: False.
<h3>What is a corporation?</h3>
A corporation refers to a corporate organization that has facilities and owns assets that are used for the production of goods and services in at least one country, other than its headquarter which is located in its home country.
However, it is false to infer or state that some global corporations are large enough to create and influence major changes in the external environment.
Read more on corporations here: brainly.com/question/25787830
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Answer:
Deferred Tax Asset:
The amount of taxes that is paid or carried forward but not yet identified in the income statement is referred as deferred tax asset
Journal Entries:
Debit: Income Tax Expense (balancing amount) = 812,500
Debit: Deferred Tax Asset = 87,500
Credit: Income Tax Payable = 900,000
- Income tax expense reduces the stockholders. equity. Hence, debit income tax expense with $812,500
.
- Deferred tax asset is an asset and is increased by $87,500. Therefore, debit deferred tax asset account with $87,500.
- Income tax payable increases the liability by $900,000. Therefore, credit Income tax payable account with $900.000.
Working note:
Determine the amount of deferred tax asset.
Deferred tax asset = Rent collected in 2021 × Enacted tax rate
Deferred tax asset = $350,000 × 25%
Deferred tax asset = $87,500
Determine the amount of income tax expense.
Income tax expense = Income tax payable — Deferred tax asset
Income tax expense = $900,000 = $87,500
Income tax expense = $812,500
