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just olya [345]
2 years ago
5

Pumpkin Company, during its first year of operations in 2016, reported taxable income of $170,000 and pretax financial income of

$100,000. The difference between taxable income and pretax financial income was caused by two timing differences: excess depreciation on tax return, $70,000; and warranty expenses in excess of warranty payments, $40,000. These two timing differences will reverse in the next three years as follows:
Year Depreciation Warranty Expense
2017 $10,000 $20,000
2018 $20,000 $16,000
2019 $40,000 $4,000

Enacted tax rates are:

2017 30%
2018 35%
2019 40%

Required:
Prepare the income tax journal entry for December 31, 2016.
Business
1 answer:
Brums [2.3K]2 years ago
6 0

Answer:

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Holten Farm sells new tractors and pays each salesperson a commission of $1,000 for each tractor sold. During the month of Augus
OlgaM077 [116]

Answer:

B.Jacob will recognize commission expense in the amount of $3,000 in August

Explanation:

Jacob will recognize commission expense in the amount of $3,000 in August for the 3 tractors that was sold and Jacob was the salesperson who pays Jason the amount of cash realized on the 10th day of the month following the sale of the tractors.

The Commission expenses can be calculated as:

(commission of $1,000× Number of tractor 3)

=$3,000

5 0
3 years ago
_____ is a financial asset that cannot be directly used as a medium of exchange but can be readily converted into cash or checka
shusha [124]

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It is a term that in finance is used to refer to an asset that despite not being usable money as a medium of exchange, has a high degree of liquidity, that is, it has the facility to quickly become cash.

3 0
3 years ago
Which type of financing source performs the most strict, rigorous review of business records before guaranteeing financing?
Arada [10]
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5 0
3 years ago
Paul and Libby White (both are age 66) are married and together have AGI of $105,000 in 2018. They have two dependents and file
Alika [10]

Explanation:

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8 0
3 years ago
Warner Company has $196,000 of total fixed costs and sells products A and B with a product mix of 40% A and 60% B. Selling price
levacccp [35]

The break-even point of Warner Company is 3,500 units.

Here, we are going to calculate the break-even point of Warner Company.

Product Product Mix   Contribution margin     Weighted Average unit

                     [1]                      per unit[2}                contribution margin[1*2]

A                40%                          $8                                     $3.2

B                60%                          $4                                     <u>$2.4</u>

Total                                                                                     <u>$5,6</u>

  • Formula for Break Even point is <em>Fixed cost / Weighted average unit contribution margin</em>

Break-even point = $196,000 / $5,6

Break-even point = 3,500 units

Therefore, the break-even point of Warner Company is 3,500 units.

See similar solution here

<em>brainly.com/question/15308013</em>

3 0
3 years ago
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