Answer:
Debit Credit
July 2021
Cash 17,500
Loan payable 17,500
June 30, 2022
Loan Payable 17,500
Interest payable 2,100
Cash 19,600
Adjusting Entry's
Debit Credit
Interest expense 1050
Interest Payable 1050
Explanation:
Interest for the year = 0.12*17500=2100
Interest expense 2021= 6/12*2100= 1050
<span>c. actual usage of material exceeds the standard material allowed for output.</span>
Answer:
$87,120
Explanation:
The calculation of the deferred tax asset for the NOL carryforward is given below:
= (Year 2021 loss - Year 2022 income) × tax rate applicable for all years
= ($600,000 - $358,000) × 36%
= $242,000 × 36%
= $87,120
Since in a year 2021 it is a loss and the income in year 2022 that is to be adjusted and the same is considered in the computation part
Hence, the deferred tax assets for the NOL carryforward is $87,120
Answer:
The journal entry which is to be reported on January 1 is shown below:
Explanation:
The journal entry which is to be reported on January 1 for the issuance is as:
On January 1
Cash A/c............................Dr $600,000
Notes Payable A/c..........Cr $600,000
Being the issuance as well as proceeds of the note is recorded
On January 1, the company issues as well as proceeds the note, so, the cash account is debited as the cash is increasing and any increase in asset is debited. Therefore, the cash account is debited. And the note will become payable, which lead to increase in liability and any increase in liability is credited. So, the notes payable is credited
Answer:
The correct answer is: None of the above.
Explanation:
At its most basic, born global firms are those incorporated to engage international operations through the purchase and sale of goods between different countries. Companies established to handle domestic business that due to increasing demand, start international operations are not considered born global firms. Most born global firms start by exporting products. From there their inherent international nature.
