Answer:
1) deferred tax asset = 4000
2) deffered tax Liability  = 4000
Explanation:
1) Journalizing entry at 12/31/2017
deferred tax asset = tax ( per income tax) - tax ( per book tax )
                               = 32000 - 28000 = 4000
  J<u>ournal Entry made for Income tax and deferred tax asset)
</u>
        Account                          	Debit	Credit
Income Tax Expense                28000  
Deffered Tax Asset                4000  
 Income Tax Payable                                    
32000
2) Journalizing entry at 12/31/2018
 Deffered tax Liability = Tax (per book)  - Tax ( Income tax  )
deffered tax Liability = 32000 - 28000  = 4000
     <u>Journal Entry made for Income tax and deffered tax liability</u>
          
Account                        Debit	Credit
Income Tax Expense              32000  
To Deffered Tax Liability                    4000
To Income Tax Payable                                    28000
 
 
        
             
        
        
        
Answer:
b) Lateral Thinking 
Explanation:
Lateral thinking is the approach where creative and innovative ways are thought out. In this approach, problem solvers deliberately distance themselves from generic and classic approaches and thus try to come up with brand new ideas and not follow typical thinking patterns.
All the other options can be used to find solutions but they may not necessarily take this innovative approach.  
Hope that helps.
 
        
             
        
        
        
Answer:
711,300
Explanation:
Net cash generated from operating activities can be calculated by deducting and adding back the cash and non-cash items respectively from the net income for the year. Such as depreciation will be added back in net income due to it is a non-cash expense
Net Income                                                                       624,000
Depreciation and amortization                                         87,000
Decrease in accounts receivable                                     22,000
Increase in inventories                                                       (9,200)
Increase prepaid expenses                                                (8,500)
Increase in salaries payable                                              10,000
Decrease in income taxes payable                                   (14,000
)
Net cash generated from operating activities                 711,300
 
        
             
        
        
        
Answer:
The answer is :
A. Resource market - income
B. Expenditure - product market.
Explanation:
A. Resource market - income
B. Expenditure - product market
The circular flow model shows how money moves through the economy in exchange for goods, services, and resources.
A. 
In circular flow of income, households provide inputs to firms through the resource market(matket where households supply land, labor, capital, and entrepreneurship) in exchange for money(income or wages).
B.
Also in circular flow of income, firms receives expenditure from household and this type of market is called product market(which refers to a place where goods and services are bought and sold)