<u>Solution and Explanation:</u>
SC's Depreciable assets for the purpose of financial reporting and income taxes were $40000 and $33000 respectively. Its taxable income is$97000.Temporary difference will be there because of Depreciation.
Temporary Difference=Financial reporting Dep-Income tax depreciation
=40000 minus 33000
=7000
Pretax financial income=taxable income+Temporary Difference
=97000+7000=$104000
Deferred tax liability=7000 multiply 30%=2100
Income tax expense=104000 multiply 30%=31200
Income tax payable=97000 multiply 30%=29100
Dec 31 Income Tax ExpensenA/C Dr. $31200
To Income Tax Payable A/C $ 29100
To Deferred Tax Liability A/C $ 2100
<u>
Answer:b
</u>
Slatter Company
Partial Balance Sheet
December 31, 2013
Noncurrent Liabilities
Deferred Tax Liability $2100
Answer:
The correct answer is False.
Explanation:
Advertising really tries to increase the purchase levels of products and services, not specific brands. Therefore, this statement is false considering that although all economic transactions affect GDP (positively or negatively), the advertising function is not aligned with its duty.
Answer: Suggests that policies have little effect on the natural rate of unemployment in the long run.
Explanation:
The Long Run Phillips Curve as you can see in the graph attached is a VERTICAL straight line. It suggests that policies can change inflation but will not have much of an impact on the rate of Unemployment as Unemployment will be at it's Natural Rate.
The answer is Line Spacing.
The line spacing feature is used to change the amount of blank space between the lines of text.
