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Elis [28]
3 years ago
5

At the end of the year, the deferred tax asset account had a balance of $12.8 million attributable to a cumulative temporary dif

ference of $32 million in a liability for estimated expenses. Taxable income is $38.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%.Prepare the journal entry(s) to record income taxes assuming it is more likely than not that one-fourth of the deferred tax asset will not ultimately be realized.NOTE:These are the correct entries, I am just missing the values (DTA is NOT zero):Debit: Income Tax Expense ______Debit Deferred Tax Asset _____Credit: Income Tax Payable 15.2Debit: Income Tax Expense _______Credit: Valuation Allowance - Deferred Tax Asset _______

Business
1 answer:
adoni [48]3 years ago
3 0

Answer:

Please see attachment.

Explanation:

Please see attachment.

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Brian just started using a budget. He proudly tells friends that his budget helps him know where his money is being spent. It al
stepan [7]
The right answer for the question that is being asked and shown above is that: "<span>Brian has some understanding of budgeting. However, a budget does not create more money each month. It just helps him use his money better." That is the best answer among the choices.</span>
5 0
3 years ago
Parker Corporation has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply ma
AnnyKZ [126]

Answer:

Unitary cost= $62.5

Explanation:

Giving the following information:

Predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the year, manufacturing overhead and direct labor-hours for the year were estimated at $50,000 and 20,000 hours.

Materials costs on the job totaled $4,000 and labor costs totaled $1,500 at $5 per hour.

First, we need to determine the allocated MOH:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 50000/20000= $2.5 per direct labor hour

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base= 2.5* (1500/5)= $750

Total cost= 4000 + 1500 + 750= $6,250

Unitary cost= 6250/100= $62.5

3 0
3 years ago
"For whom is a given mix of goods and services to be produced? How, in other words, are the society's outputs to be distributed
Sergio039 [100]

A. Money market through borrowing and saving by households and businessesB. Public sector through the mechanism of central planningC. Business sector through the mechanism of advertisingD.Private sector through the earning and spending of income

Private sector through the earning and spending of income

Answer: Option D.

<u>Explanation:</u>

A market economy is a monetary framework wherein the choices in regards to venture, creation and dissemination are guided by the value signals made by the powers of organic market.

The meaning of a market economy is one in which cost and creation is constrained by purchasers and dealers uninhibitedly leading business. A case of a market economy is the United States economy where the speculation and creation choices depend on organic market.

8 0
3 years ago
Chet Bowes owns his own landscaping business, including all the land on which the company grows its plants, and all the equipmen
aliya0001 [1]

Answer:

Inheritance

Explanation:

The above question highlights example of inheritance. Whenever the ownership of business is transferred from one generation to another, it can be taken as an example of inheritance in a capitalist system.

The same has happened in the above question as well. Chet Bowes who owned his own lanscapped business has now transferred the ownership to his son Josh who has recently taken charge, now it is very much clear from the question neither Josh built the company on his own now was hired on the basis of his capabilities, the transfer happened on the basis of his relationship with the owner of the company. The question shows an example of inheritance.

5 0
3 years ago
A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income f
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Answer:Criss cross apple sauce

Explanation:

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