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Marina CMI [18]
3 years ago
12

In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as defe

rred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $194.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $76 million at the end of 2022. Taxable income is $760 million. Prepare the appropriate journal entry to record income taxes Iin 2022.
Transaction General Journal Debit Credit
Income tax expense
Deferred tax asset
Income taxes payable 340.0
Business
1 answer:
galben [10]3 years ago
6 0

Answer:

                                Ryan Management

                                    Journal Entries

Date            Particulars                  Debit'million   Credit'million  

31-Dec-22   Income tax expense       $219.50

                           To Income tax payable                 $190

                            ($760 * 25%)

                           To Deferred tax asset                   $29.50

                             [($194 - $76)*25%]

                    (To record income tax expense and reversal of Deferred

                      tax asset)

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Explanation: Opportunity cost literally means alternative thing forgone - meaning what is given up to get something <em>(sacrifice</em>). It is a concept used by economists to allocate limited resources for production, consumption, distribution and exchange of goods and services. Production of goods or services entails the creation of value. In other words, it gives a more understanding on how limited resources are allocated in order to satisfy the human insatiable desires.

For example, a student may be constrained with limited amount of pocket money, say $100 and the student wants to buy textbooks that cost $10 each or go for different outings going for $20 each. In this scenario, the student has different options: a) buy 10 textbooks and 0 outing b) buy 8 textbooks and a outing c) 6 textbooks and two outings d) 4 textbooks and three outings e) 0 textbooks and five outings. For the student to have any more of the other, he has to give up the other unit. What is given up is called opportunity cost.

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3 years ago
Jennifer is leasing a car from a local auto retailer. The terms of the lease include a 9% interest rate for 36 months with a res
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Explanation:

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Step 1 : To calculate monthly depreciation by using the formula :

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Monthly financial charge=( MSRP + RESIDUAL VALUE) . MONEY FACTOR.

Monthly financial charge = (17500+ 9975) . 0.00375= $103.031 25

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Therefore we can conclude that, the requirement done by these three people is needed for pledging the personal assets in order to give the guarantee for the payment obligations with respect to the PU.

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