Answer:
1 . Dr ncome tax expense 7
Dr Deferred tax asset 4
Cr Income tax payable 11
2. Dr Income tax expense3
Cr Valuation allowance-Deferred tax asset3
Explanation:
Preparation of Journal entries
JournalDebitCredit
(In million)
1 . Dr ncome tax expense 7
($11-$4=7)
Dr Deferred tax asset 4
($16× 25% = $4)
Cr Income tax payable 11
($44 × 25% = $11 )
2. Dr Income tax expense3
Cr Valuation allowance-Deferred tax asset3
(3/4 × $4) = $3 million
Deferred tax asset= ($16× 25%)
Deferred tax asset= $4 million
Income tax payable= ($44 × 25%)
Income tax payable= $11 million
Answer: infant industry argument
Explanation:
The infant industry argument simply means that the new industries in a particular economy should be protected at all cost from the multinationals or already developed foreign firms so that they themselves can grow and that the foreign firms will not hinder their progress and growth.
This usually applies to small and newly established firms. One of the main reason for taxation is to help protect such industries from competition thqt can hinder them.
Answer:
Date Account Title Debit Credit
Aug-06 Inventory $5,720
(52 * $110)
Accounts Payable $5,720
Aug-07 Inventory $310
Cash $310
Aug-10 Accounts Payable $770
(7 * $110
)
Inventory $770
Aug-14 Accounts Payable $4,950
Inventory $99
Cash $4,851
Aug-23 Accounts Receivable $4,160
(
32*$130)
Sales revenue $4,160
Aug-23 Cost of goods sold $3,670
Inventory $ 3,670
Answer:
a. The total manufacturing cost assigned to Job 313 is $49,600
b. The unit product cost for Job 313 is $32
Explanation:
a. The computation of the total manufacturing cost is shown below:
= Direct materials cost + direct labor cost + overhead cost
= $27,656 + $10,400 + 111% of direct labor cost
= $27,656 + $10,400 + $11,544
= $49,600
b. The formula to be used for calculating the unit product cost which is shown below
= Total manufacturing cost ÷ number of units produced
= $49,600 ÷ 1,550 units
= $32
Answer:
b) Wall
Explanation:
Wall Footing or Strip footing. This type is used to distribute loads of structural or non- structural load-bearing walls to the ground in such a way that the load-bearing limit of the soil isn't outperformed. It runs along the direction of the wall.
