If accounts receivable had a debit balance of $10,000 at the beginning of the period, and a debit balance of $6,000 at the end of the period. based on this information, the adjustment to net income for the period will be reported as: a decrease of $4,000 which will be added to net income.
<h3>How to find the
adjustment to net income?</h3>
Using this formula to determine the adjustment to net income
Adjustment to net income = accounts receivable had a debit balance - Beginning debit balance
Where:
Accounts receivable had a debit balance = $10,000
Beginning debt balance = $6,000
Let plug in the formula
Adjustment to net income = $10,000 - $6,000
Adjustment to net income = $4,000
Therefore we can conclude that the adjustment to net income for the period will be reported as a decrease of $4,000 which will be added to net income.
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Answer:
a. Transaction 1
It is not deductible so the Taxable income is $9,000
Transaction 2
It is deductible, taxable income would be;
= 13,500 * ( 1 - Tax)
= 13,500 * ( 1 - 20%)
= $10,800
b. Transaction 1
It is not deductible so the Taxable income is $9,000
Transaction 2
It is deductible, taxable income would be;
= 13,500 * ( 1 - Tax)
= 13,500 * ( 1 - 40%)
= $8,100
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Answer:
True
Explanation:
The incremental budget technique is an important management accounting technique, which is prepared by making minimal changes in the previous budget. The budget is designed by allocating funds by using the preceding budget as a reference point. Incremental budget encourages spending up to the budget. It also helps to make sure that a reasonable budget is allocated for the next period.
