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mamaluj [8]
2 years ago
5

The following information is for Hulk Gyms' first year of operations. Amounts are in millions of dollars. The enacted tax rate i

s 25%. Year Future Taxable Amounts Future Amounts 2021 2022 2023 2024 2025 Total Accounting income $ 124 Temporary difference: Prepaid insurance (28 ) $ 7 $ 7 $ 7 $ 7 $ 28 Taxable income $ 96 Required: Prepare a compound journal entry to record the income tax expense for the year 2021.
Business
1 answer:
garik1379 [7]2 years ago
8 0

Answer:

Explanation:

                                    Year       Future Taxable Amounts        Future Amounts

                                    2021     2022    2023   2024    2025             Total

Accounting income    $124

Temporary difference:

Prepaid insurance         (28 )     $7         $7          $7         $7               $28

Taxable income            $96

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The long-run aggregate supply curve shifts right if:
Pani-rosa [81]

The long-run collective supply curve shifts right if productivity increases or the price of key inputs decrease. It makes the combination of the lower inflation, higher output and lower unemployment.

<h3 /><h3>What is aggregate supply?</h3>

Aggregate supply is also called total output, it is the total production of the goods and services within an economy at the overall price at the given period.

The main two elements of aggregate supply are consumption and saving. The sum up of the national supply is the consumption expenditure and savings.

Thus, The long-run collective supply curve shifts right if productivity

For more details about aggregate supply, click here:

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5 0
2 years ago
Which of the following assets must be reported at the​ lower-of-cost-or-market value? A. Merchandise Inventory B. Accounts Recei
neonofarm [45]

Answer:

The correct answer is letter "A": Merchandise Inventory.

Explanation:

Lower-of-cost-or-market value is a strategy by which the costs of inventory on the company's Balance Sheet is reported at historical value -purchase cost- or market value, whatever it is lower. The lower-of-cost-or-market approach considers the value of inventory can change, meaning it can increase but it can decrease as well. For both purposes, the lower-of-cost-or-market value can be used. This technique follows the Generally Accepted Accounting Principles (GAAP).

Therefore, <em>merchandise inventory, which can fluctuate in price during a period, is reported using the lower-of-cost-or-market value method.</em>

6 0
3 years ago
Please help! Show work! Will get brainliest!
Mashcka [7]

if 1500+0.75y+500+g =(g)+(0.75y)+(1500+500) the simplified answer would be

=g+0.75y+2000

6 0
3 years ago
Employees in the defense industry have greater job security and higher pay when the country is engaged in major military conflic
kiruha [24]

Answer: C the fallacy of composition.

Explanation:

The Fallacy of Composition is meant to explain the false logic that people apply when they believe that because something is true of a subsection of something, then that thing must be true for the whole thing.

For instance, my phone's batter is made of lithium so my entire phone must be made of lithium.

In this scenario, the logic is that it is good to be involved in military conflict because it favors the nation if it favors a subset (employees in defense) which is flawed because other industries might suffer. This however, represents the fallacy of composition.

7 0
3 years ago
In an​ expansion, taxes rise and government expenditures​ fall, and therefore act as automatic​ ________. Inflation is more like
Sergeu [11.5K]

Answer:

The correct answer is: stabilizers; destabilizer.

Explanation:

The automatic stabilizer is a government policy that correct fluctuations in the economy through their normal operation and hence they are called automatic stabilizers.  

Taxes and government spending are examples of automatic stabilizers.  

During an expansion, taxes increase with an increase in income and government spending decrease. These two without any intervention by the government automatically stabilize the economy.  

Automatic destabilizer causes fluctuations by their normal operation. An example of destabilizer is inflation which increases during expansion and causes fluctuations without any intervention.

6 0
3 years ago
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