Answer:
deferred income tax benefit during 2018: 6,700
deferred income tax liability ending balance 27,400
Explanation:
beginning deferred tax laibility 34,000
this will change to 21,000 for the tax rate change
(100,000 x 21% = 21,000)
thus there is a decrease of 13,000 in the tax liablity
Then:
book income 400,000
temporary differenc(net): (30,000)
Taxable income 370,000
30,000 x 21% = 6,300 additional deferred tax expense
13,000 benefit - 6,300 deferred tax expense = 6.700 benefit
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Every company strives to keep their brand positive.</span>
The financial statement that highlights the components of net income is the income statement.
<h3>What is an income statement?</h3>
The income statement is a financial statement that contains the record of a company's income and expenses in a financial year. It is used for determining if a company is earning a profit or a loss.
It also contains components that explains the net income of the company.
To learn more about income statement, please check: brainly.com/question/9060570
Answer: Accounts Payable
Explanation:
The General Ledger has a record of all the financial transactions that take place in the company. It therefore has an Accounts Payable account that records payables that the company has incurred.
The firm will also have an Accounts Payable Ledger that will also record the payables that the firm has incurred. When the entries have been made in this ledger and also in the General Ledger, the balances should be equal to reflect proper record keeping.
If the balances are not equal then an accounting error has been made that needs to be found and rectified.
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