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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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11 months ago
During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2021,
Nana76 [90]

Answer:

$35,260

Explanation:

Calculation to Determine the proper amount of net income for 2021

Unadjusted net income $33,000

Adjustments:

a. Insurance expense overstated $2,800

[4,200-(4,200/3)]

b. Sales revenue overstated $(675)

c. Supplies expense overstated $645

d. Interest expense understated $(510)

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3 years ago
Explain global business planning system in detail
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8 0
2 years ago
You have been pricing an MP3 player in several stores. Three stores have the identical price of $500. Each store charges 24 perc
Alja [10]

Answer:

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Explanation:

Finance charges calculated by average daily balance finance charges basis, adjusted balance method finance charges basis and Previous Balance Method Finance Charge basis is calculated as follows

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Average Daily Balance Finance Charge basis = ($500 + $400) /2

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Store B:

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