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Misha Larkins [42]
3 years ago
7

At the end of the year, Super Shipping has calculated its federal income tax amount for the year to be $10,000. Super Shipping h

as already made federal income tax payments in the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense recorded on a multicolumn trial balance worksheet
Business
1 answer:
Hitman42 [59]3 years ago
5 0

Answer and Explanation:

The journal entry to record the federal income tax expense is shown below:

Federal income tax expense ($10,000 - $4,000) $6,000

        To Federal income tax payable $6,000

(being the federal income tax expense is recorded)

Here the federal income tax expense is debited as it increased the expense and credited the federal income tax payable as it increased the liabilities

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What are the 3 types of investors?
xxMikexx [17]

Answer: The three types of investors in a business are pre-investors, passive investors, and active investors. Pre-investors are those that are not professional investors. These include friends and family that are able to commit a small amount of capital toward your business.

6 0
11 months ago
Your financial planner offers you two different investment plans. Plan X is a $14,000 annual perpetuity. Plan Y is an annuity la
Sonbull [250]

Answer:

At 9.70% discount rate would you be indifferent between these two plans.

Explanation:

Present Value of Perpetuity = P/r

Present Value of Annuity = P/r[1 - (1 + r)^-n]

$14,000/r = $20,000. /r[1 - (1 + r)^-13]

(1 + r)^-13 = 1 - $14,000/$20,000.

(1 + r)^13 = 10/3

r = 9.70%

Therefore, at 9.70% discount rate would you be indifferent between these two plans.

7 0
3 years ago
What does the image say?<br><br>​Can someone unblur it?
vaieri [72.5K]

I have no idea sir maybe someone could assist you

5 0
1 year ago
Present and Future Values for Different Periods:
DiKsa [7]

Answer:

1. $636

2. $674.16

3. $566.04

4. $534

Explanation:

PV = FV ÷ (1 + r/n)^(t × n)........(1)

PV = present value

FV = Future value

r = rate per period

t = number of years

n = number of compounded period per year

FV = P(1 + r/n)^(t×n)...............(2)

FV = Future value

P = principal

r = rate per period

n = number compounded period per year

t = number of year

NO 1.

P= $600

t = 1

n = 1

r = 6% = 0.06

Using equation 2

FV = 600(1 + 0.06/1)^(1 × 1) = $636

NO 2

P = $600

n = 1

t = 2

r = 0.06

Using equation 2

FV = 600(1 + 0.06/1)^(2 × 1) = $674.16

NO 3.

FV = $600

r = 0.06

t = 1

n = 1

Using equation 1

PV = 600 ÷ (1 + 0.06/1)^(1 × 1) = $566.04

NO 4.

FV = $600

r = 0.06

n = 1

t = 2

Using equation 1

PV = 600 ÷ (1 + 0.06/1)^(2 × 1) = $534

8 0
3 years ago
In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information i
tiny-mole [99]

Answer:

(B) $45,000.

Explanation:

The preparation of the Cash Flows from Operating Activities—Indirect Method is shown below:

Cash flow from Operating activities - Indirect method

Net income $74,000

Adjustment made:

Add : Depreciation expense $52,000

Less: Increase in accounts receivable -$36,000

Less: Increase in inventory -$16,000

Less: Decrease in accounts payable -$29,000

Total of Adjustments -$29,000

Net Cash flow from Operating activities              $45,000

6 0
3 years ago
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