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sattari [20]
2 years ago
13

Is this counted in the GDP of a country ?The services of a mechanic in fixing the radiator on his own car.

Business
1 answer:
Aleonysh [2.5K]2 years ago
6 0

Answer:

Yes this could be counted as GDP

Explanation:

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Taxable income and pretax financial income would be identical for Skysong Co. except for its treatments of gross profit on insta
inessss [21]

Answer:

See the journal entry below.

Explanation:

Before preparing the journal entry, the following are calculated first:

Income tax expense in 2019 = (Taxable income in 2019 * Tax rate in 2019) + (Taxable income in 2020 * Tax rate in 2020) + (Taxable income in 2021 * Tax rate in 2021) = ($158,000 * 40%) + ($195,000 * 45%) + ($92,100 * 45%) = $193,395

Deferred tax liability in 2019 = (Taxable income in 2020 * Tax rate in 2020) + (Taxable income in 2021 * Tax rate in 2021) = ($195,000 * 45%) + ($92,100 * 45%) = $129,195

Income tax payable in 2019 = Taxable income in 2019 * Tax rate in 2019 = $158,000 * 40% = $63,200

Income tax payable in 2020 = Taxable income in 2020 * Tax rate in 2020 = $195,000 * 45% = $87,750

Income tax payable in 2021 = Taxable income in 2021 * Tax rate in 2021 = $92,100 * 45% = $41,445

The journal entry will look as follows:

<u>Date                  General journal                  Debit ($)         Credit ($)    </u>

31 Dec 2019      Income tax expense          193,395  

                             Deferred tax liability                                129,195      

                             Income tax payable                                 63,200

<u><em>                            (To record income tax payable.)                                 </em></u>

31 Dec 2020     Deferred tax liability            87,750      

                             Income tax payable                                 87,750

<u><em>                            (To record income tax payable.)                                 </em></u>

31 Dec 2021     Deferred tax liability            41,445      

                             Income tax payable                                41,445

<u><em>                            (To record income tax payable.)                                 </em></u>

5 0
2 years ago
Preparing a Cost of Goods Sold Budget Andrews Company manufactures a line of office chairs. Each chair takes $14 of direct mater
Marta_Voda [28]

Answer:

Cost of goods sold = $960,839

Explanation:

Preparing cost of goods sold budget:

Number of units to be sold = 20,000 - 675 = 19,325

As for the information provided:

Direct Materials = $14 \times 19,325 = $270,550

Direct Labor hours = 1.9 \times 19,325 = 36,717.5

Direct Labor Cost = $16 \times 36,717.5 = $587,480

Variable overhead = $1.20 \times 36,717.5 = $44,061

Fixed overhead  = $1.60 \times 36,717.50 = $58,748

Therefore, cost of goods sold = $960,839.

6 0
3 years ago
New Coffee Company, LLC uses JIT (just-in-time) logistical supply methods. This indicates that the company doesn't really keep l
Leona [35]

Answer:

B) Inventory turnover ratios

Explanation:

Inventory turnover measures how many times a business sells and replaces its merchandise or materials inventory during an accounting period, usually a year.

One of the basic goals of JIT is to lower the total inventories in a company, therefore increasing the inventory turnover ratio. This reduces the company's operating costs.

4 0
3 years ago
Marketing managers need the information provided by marketing research for many reasons. Which of the following is not a reason
mel-nik [20]

Answer: is Option D:<u> All of the above are reasons to need information provided by marketing research</u>.

Explanation:

Marketing managers needs information based on the marketing research for betterment of the firm and its productivity. Through marketing research managers assess their current scope of the firm among consumers by calculating many factors. These includes firm's scope and its recognition nationally as well as internationally, consumers affiliation with the product produced by the firm, and to gather the information regarding its competitors. so the right option is D.

6 0
3 years ago
In which of the following scenarios will you be entitled to pay the least amount of money out-of-pocket for a medical expense? A
Oliga [24]
<span> B.You have health insurance with a $500 deductible.
hope this helps.</span>
7 0
3 years ago
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