1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
andreyandreev [35.5K]
3 years ago
15

Bedford had this info at the end of 2015, its first year of operations: No other permanent or temporary differences exist. The l

itigation item will be paid in 2018. The depreciation will reverse evenly over the next three years. Tax rate is 30%. Future net income is probable. The 12/31/15 Income Tax Payable is:

Business
1 answer:
Alex73 [517]3 years ago
5 0

Answer: $150,000

Explanation:

Seeing as the litigation expense will only be paid in 2018, it should be added back to income for 2015.

= 900,000 + 100,000

= $1,000,000

As the depreciation will reverse evenly over the next three years and with future income probable, it should be removed from income.;

= 1,000,000 - 300,000

= $700,000

Municipal Bonds have the advantage of being Tax-exempt so their interest income should be removed to calculate how much tax should be paid.

= 700,000 - 200,000

= $500,000

2015 Income Tax Payable = 500,000 * 30%

= $150,000

You might be interested in
Suppose that a small county is considering adding a guard rail to a dangerous curve by a river. The guard rail will cost $70,000
hram777 [196]

Answer:

do not Install guard rail because the guard rail cost exceed the expected benefits

Explanation:

given data

guard rail cost = $70,000

average damage = $10,000

guard rail  prevent = 5 vehicles

to find out

What should the county do

solution

we know here guard rail cost  is  $70,000

but expected benefits = $10,000 × 5

expected benefits = $50,000

so we can say that do not Install guard rail because the guard rail cost exceed the expected benefits

5 0
2 years ago
Dividends received for equity securities in which the investor lacks the ability to participate in the decisions of the investee
erastovalidia [21]

Answer:

False.

Explanation:

When the investor does not have decision- making power in the business, his dividend payment process is not different from any other shareholder.

When profits are declared the company debits Retained Earnings (profits) for the divedend amount, and credited to Dividends Payable.

Dividend Payable is then debitted and Cash will be credited to show money has gone out.

4 0
3 years ago
The premise of sociobiology with regard to humans is that:
Anarel [89]
The belief that human behavior, as well as nonhuman animal behavior, can be partly explained as the outcome of natural selection
6 0
3 years ago
According to smith, what does capitalism allow individuals to do that no other economic system allows
tiny-mole [99]
Smith states that capitalism allows individuals to prosper,<span> capitalism allows for such things as division of labor and the specialization that comes with it, this increases the productive efficiency of a nation which in turn increases its wealth and standing in the rest of the world.

</span>
5 0
3 years ago
In the perfectly competitive gadget industry there are 10 firms with identical costs given by C = 500 + 20q + q2, none of which
IgorC [24]

Answer:

The explanation is below

Explanation:

A.  Shutdown point is achieved when price equal AVC. when price lowers than the AVC, firm shutdown.

VC = q^2

AVC = q

So,

P = q is the shutdown point.

B.  For profit maximizing level of output,

P = MR = MC

500 = 20 + 2q

q = 240 units

So, profit maximization level of output = 240 units

C.  Firm level supply curve = MC curve above the shutdown point

Number of firms = 5

So,

Industry supply curve = 10*MC = 200+20Q

Industry supply curve = 200+20Q

It shows that MC curve above the shutdown point is supply curve.

4 0
3 years ago
Other questions:
  • The 2016 Form 10-K of Dow Chemical disclosed the following: Deferred tax assets increased by $939 million and deferred tax liabi
    11·1 answer
  • The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,146
    10·1 answer
  • Item I51 is used in one of Policy Corporation's products. The company makes 20,800 units of this item each year. The company's A
    5·1 answer
  • The City of Sycamore has investments in bonds. These bonds have an amortized cost of $1,997,000. At year end, the financial pres
    14·1 answer
  • The ratios that are used to determine a company's short-term debt paying ability are
    11·1 answer
  • Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The
    7·1 answer
  • A student who works at a record store and plays in a rock band thinks for a minute about his own music-purchasing habits, and th
    6·1 answer
  • You have just deposited $10,500 into an account that promises to pay you an annual interest rate of 6.4 percent each year for th
    14·1 answer
  • Jenin recently purchased 100 shares of Tarifi's Optical common stock for $6,000. The stock is expected to provide an annual cash
    12·1 answer
  • Review each of the following statements to determine which is correct regarding the importance of assessing a company's risk of
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!