The federal government or private associations might fund________to help an entrepreneur finance a new business.

Mr. Smith wishes to retire in 16 years. When he retires he would like to have $300,000 in his bank account. Mr. Smith's bank pay

Romashka [77]

Answer:

$87,567.14

Explanation:

For computing the amount deposited for attaining the goal we need to apply the present value which is to be shown in the attachment

Provided that,

Future value = $300,000

Rate of interest = 8%

NPER = 16 years

PMT = $0

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after applying the above formula, the present value is $87,567.14

3 0

3 years ago

Recall statement, nnnnnnnnnnnnnnnnnn

NARA [144]

Answer:

....................................

4 0

3 years ago

James McDowell Co. establishes a $102,000,000 liability at the end of 2020 for the estimated site-cleanup costs at two of its ma

grin007 [14]

Answer:

Task a:

Deferred tax asset = $40,800,000

Deferred tax liability = $20,400,000

Task b:

Indicate how the deferred taxes computed in (a) are to be reported on the balance sheet.

Note: Please see the attachments for the balance sheet*

Task c:

Assuming that the only deferred tax account at the beginning of 2017 was a deferred tax liability of $10,000,000, draft the income tax expense portion of the income statement for 2017, beginning with the line "Income before income taxes."

Please see the attachments for the Income statement*

Explanation:

Determine the deferred taxes to be reported at the end of 2017.

Deferred tax asset

Deferred tax asset = $102,000,000 × 40%

Deferred tax asset = $40,800,000 (answer)

Deferred tax liability

Deferred tax liability = $51,000,000 × 40%

Deferred tax liability = $20,400,000 (answer)

Indicate how the deferred taxes computed in (a) are to be reported on the balance sheet.

<h2>Explanation:</h2>

Deferred tax asset

When income tax expense is smaller than income tax payable as a result of deducting any non-cash expenses in accounting books, some income tax expense is deferred to the future.
The larger income tax payable on tax returns creates a deferred tax asset, which companies can use to pay for deferred income tax expense in the future.
Deferred tax assets may be presented as current assets if a temporary difference between accounting income and taxable income is reconciled the following year.

Deferred tax liability

When income tax expense is greater than income tax payable as a result of no recognition of any noncash revenues in tax returns, some income payable is deferred to the future.
The smaller income tax payable on tax returns creates a deferred tax liability, which companies must meet by paying any deferred income tax payable in the future.
Deferred liabilities may be presented as current liabilities if a temporary difference between accounting income and taxable income is reconciled the following year.

Note: The balance sheet extract is attached:

Assuming that the only deferred tax account at the beginning of 2017 was a deferred tax liability of $10,000,000, draft the income tax expense portion of the income statement for 2017, beginning with the line "Income before income taxes."

Note: The income statement extract is attached:

Note: The relevant working also attached

4 0

3 years ago

What was the major problem faced by the earliest formal American police departments

frosja888 [35]

Many people believed that a police department should be formed by the citizens and not controlled by the government.

7 0

4 years ago

Blanchard Company manufactures a single product that sells for $190 per unit and whose total variable costs are $150 per unit. T

iVinArrow [24]

Answer:

The amounts of pretax and after-tax income can the company expect to earn from these predicted changes are $1,795,000 and $1,436,000 respectively.

Explanation:

The sales less the variable cost gives the contribution margin.

The contribution margin less the fixed cost gives the net operating income. Furthermore, net income is the difference between the total sales and the total costs (fixed and variable).

Both sales and variable cost are dependent on the number of units sold.

with these expected changes,

Pretax Income

= 40,500($205 - $145) - $635,000

= $1,795,000

After tax income

= 80% * $1,795,000

= $1,436,000

4 0

3 years ago