The Profit and Loss Statement.
This shows profits and losses over a set period of time.
Answer:
7.74%
Explanation:
The yield to call would be the internal rate of return considering the cahsflow until the bodn is called. W can solve for that using excel IRR function;
We list the cashflow in order.
F0 -1180
F1 105
F2 105
F3 105
F4 105
F5 1205 (105 coupon payment plus 1100 principal)
We now write the function and get the YTC
=IRR(B1:B6) 7.7366%
Answer: See explanation
Explanation:
a. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
Debit Income Tax Expense $40400
Debit Defered Tax Asset $7070
Credit Income Tax Payable $19190
Credit Defered tax liability $28280
(To record income tax expense and defered tax/liability).
Note that:
Income Tax Expense was gotten as:
= $202,000 × 20%
= $202000 × 0.2
= $40,4000
Income Tax Payable was gotten as:
= $95,950 × 20%
= $95950 × 0.2
= $19,190
2. Prepare the income tax expense section of the income statement for 2020.
Income statement for year ended 31 December 2020
Income before tax = $202000
Less: Income Tax expense - Current = $19190
Less: Income Tax expense - Defered = $21210
Net income = $161600
Answer:
FIFO LIFO Weighted average
Cost of goods sold 1,060 1,380 (1,060 + 1,380)/2 = $1,220
Ending inventory 1,380 1,060 (1,060 + 1,380)/2 = $1,220
Explanation:
Attached is the tabulated solutions
