Answer:
$14,160,000
Explanation:
Given that,
Pretax accounting income = $52 million
Taxable income = $59 million
Enacted tax rate = 24% for 2021
Tax rate thereafter = 34%
Current portion of income tax expense is determined by the product of enacted tax rate and Taxable income for the period.
Therefore,
Current portion of income tax expense for 2021:
= Enacted tax rate × Taxable income
= 24% × $59,000,000
= $14,160,000
Answer:
Temporary – revenues, expenses, dividends (or withdrawals) account. These account balances do not roll over into the next period after closing. The closing process reduces revenue, expense, and dividends account balances (temporary accounts) to zero so they are ready to receive data for the next accounting period.
Explanation:
Within the discount period, acorn company returns $500 of damaged merchandise and a check for $3,450 to settle the account
Using this formula
Check amount=(Merchandise sold- Merchandise return)- [(Merchandise sold- Merchandise return)× Discount]
Where:
Merchandise sold=$4,000
Merchandise return=$500
Discount=2%
Let plug in the formula
Check amount=($4,000-$500)-[($4,000-$500)×2%]
Check amount=$3,500-($3,500×2%)
Check amount=$3,500-$70
Check amount=$3,430
Inconclusion within the discount period, acorn company returns $500 of damaged merchandise and a check for $3,450 to settle the account.
Learn more here:
brainly.com/question/19865607
Answer:
True
Explanation:
There are two types of annuity, ordinary annuity and annuity due.
The ordinary annuity is calculated as:
Future Value = 
Whereas Future Value of annuity due is calculated as:
Future Value = (1 + i) 
That is (1+i) Future Value of ordinary annuity.
Therefore, the provided statement is true.
