Answer:
The account "Warranty Liability":
is adjusted at the end of the year
Answer:
The corporation tax of company for interim financial reporting must be determined using previous quarter corporation tax amount minus previous quarter tax surplus or plus previous quarter tax deficit.
Explanation:
This is one of the way we estimate the corporation tax which helps in the better estimation. This way of estimating the corporation tax is recommended methods by the International Accounting Standard IAS 12 Taxes, for estimating taxes for interim and yearly financial reporting.
Answer:
$38 million.
Explanation:
From the question, we are given the following data or information;
A subsidiary has previously unreported brand names valued = $50 million at the date of acquisition.
Impairment testing reveals that the brand names were impaired by $5 million in the first year.
Impairment testing reveals that the brand names were impaired by $7 million in the second year.
Therefore, Eliminating entry (E) will include a(n):
=> $(50 - 5 - 7) million = $38 million.
Answer:
Estimated manufacturing overhead rate= $13.2 per direct labor hour
Explanation:
Giving the following information:
Estimated overhead= 730,000 + 590,000= $1,320,000
Total estimated direct labor hours= 52,000 + 48,000= 100,000
To calculate the estimated manufacturing overhead rate we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Estimated manufacturing overhead rate= 1,320,000/100,000= $13.2 per direct labor hour
Answer:
a. federal jurisdiction
Explanation:
According to my research on different case jurisdictions, I can say that based on the information provided within the question the diversity of the parties’ citizenship could serve as a basis for federal jurisdiction. This can be said because the federal jurisdiction is handled by federal courts which usually handle cases in which the United States of America is one of the parties involved in the case, like in this situation.
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