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mamaluj [8]
3 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]3 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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Internal data is from within the company, like operations and sales figures. External data comes from looking at the market, such as consumer trends, and marketing research. It is important to consider external data because it gives companies a better picture of their customers and competitors.

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3 years ago
__________ is a type of segmentation in which the company strategically focuses on targeting a smaller market with particular ne
ludmilkaskok [199]

Answer:

niche marketing

Explanation:

Niche marketing -

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7 0
3 years ago
At the end of the current year, using the aging of receivable method, management estimated that $31,500 of the accounts receivab
Marina86 [1]

Answer:

Dr Bad debt expenses $ 32,400

Cr Allowance for doubtful accounts $ 32,400

Explanation:

Preparation of the adjusting entry that the company should make at the end of the current year to record its estimated bad debts expense

Dr Bad debt expenses $ 32,400

Cr Allowance for doubtful accounts $ 32,400

($31,500+$900)

( To record its estimated bad debts expense)

Estimated Bad debts expense =Account receivables + Debit balance

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3 years ago
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These statements are correct:

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3 years ago
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