What are the first steps to start business

Shamrock Corp. has a deferred tax asset account with a balance of $76,000 at the end of 2019 due to a single cumulative temporar

gavmur [86]

Answer:

a. Debit Credit

deferred income taxes $5,400

Income tax expense $155,600

Income tax payable $161,000

b. No valuation account related to the deferred tax asset is in existence at the end of 2019, therefore no record should be make

Explanation:

a. In order to record the income tax expense, deferred income taxes, and income taxes payable for 2017 we would have to make the following calculations as follows:

deferred income taxes=($407,000×20%)-$76,000

deferred income taxes=$5,400

Income tax payable=$805,000×20%

Income tax payable=$161,000

Income tax expense=$161,000-$5,400

Income tax expense=$155,600

Therefore, the record of income tax expense, deferred income taxes, and income taxes payable for 2017, assuming that it is more likely than not that the deferred tax asset will be realized in full would be as follows:

Debit Credit

deferred income taxes $5,400

Income tax expense $155,600

Income tax payable $161,000

b. No valuation account related to the deferred tax asset is in existence at the end of 2019, therefore no record should be make

6 0

3 years ago

who will date me if they could ?? lol becuase i am just wondering if somone would date me and we might get together somtime if u

MaRussiya [10]

Answer: no

Explanation: You’re so stupid for finding it here :/

3 0

3 years ago

Read 2 more answers

Harmony Company sells hand-knit scarves. Each scarf sells for $40. The company pays $60 to rent vending space for one day. The v

Nataly_w [17]

Answer:

B) 3 scarves

Explanation:

total fixed costs per day = $60 (rent)

selling price per scarf = $40

variable cost per scarf = $15

contribution margin = selling price per unit - variable cost per unit = $40 - $15 = $25

break even formula in units = total fixed costs / contribution margin = $60 / $25 = 2.4 units, since you can only sell complete units, the break even amount is 3 scarves.

8 0

3 years ago

Jennifer received $6,000 interest; $4,800 was tax-exempt and $1,200 was taxable. In earning this income, she had $500 of expense

Marat540 [252]

Answer:

The amount of interest expenses that Jennifer can deduct from her tax return for tax year 2019 is $100.

Explanation:

The amount of interest expenses that Jennifer can deduct from her tax return for tax year 2019 can be calculated using the following formula:

Interest expenses deductible = (Taxable interest / Total interest) * Interest expenses .................... (1)

Where;

Taxable interest = $1,200

Total interest = $6,000

Interest expenses = $500

Substituting the values into equation (1), we have:

Interest expenses deductible = ($1,200 / $6,000) * $500

Interest expenses deductible = 0.20 * $500

Interest expenses deductible =$100

Therefore, the amount of interest expenses that Jennifer can deduct from her tax return for tax year 2019 is $100.

3 0

2 years ago

A coupon bond that pays interest semiannually has a par value of $1,000, matures in 8 years, and has a yield to maturity of 6%.

vitfil [10]

Answer:

b. 1,062.81

Explanation:

the key to answer this question is to remember that valuation of a bond depends basically of calculating the present value of a series of cash flows, so let´s think about a bond as if you were a lender so you will get interest by the money you lend (coupon) and at the end of n years you will get back the money you lend at the beginnin (principal), so applying math we have the bond value given by:

$price=\frac{principal*coupon}{(1+i)^{1} }+ \frac{principal*coupon}{(1+i)^{2} } \frac{principal*coupon}{(1+i)^{3} }+...+\frac{principal+principal*coupon}{(1+i)^{n} }$

where: principal as said before is the value lended, coupon is the rate of interest paid, i is the interest rate and n is the number of periods

so applying to this particular exercise, as it is not said we will assume that 6% and 7% are interest rate convertible seminually, so the price of the bond will be:

$price=\frac{1,000*\frac{0.07}{2} }{(1+\frac{0.06}{2}) ^{1} } +\frac{1,000*\frac{0.07}{2} }{(1+\frac{0.06}{2}) ^{2} }+\frac{1,000*\frac{0.07}{2} }{(1+\frac{0.06}{2}) ^{3} }+...+\frac{1,000*\frac{0.07}{2} }{(1+\frac{0.06}{2}) ^{15} }+\frac{1,000+1,000*\frac{0.07}{2} }{(1+\frac{0.06}{2}) ^{16} }$

price=1,062.81

take into account that here we are asked about semianually payments, so in 8 years there are 16 semesters.

6 0

3 years ago