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stiks02 [169]
2 years ago
6

Hopkins Co. at the end of 2022, its first year of operations, prepared a reconciliation between pretax financial income and taxa

ble income as follows:
Pretax financial income $750,000
Estimated litigation expense $1,000,000
Extra depreciation for taxes (1,500,000)
Taxable income $250,000

The estimated litigation expense of $1,000,000 will be deductible in 2023 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $500,000 in each of the next three years. The income tax rate is 30% for all years.

Required:
Make a journal entry to record the income taxes at the end of 2021.
Business
1 answer:
seropon [69]2 years ago
3 0

Answer:

I don't know

Explanation:

Hopkins Co. at the end of 2022, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:

Pretax financial income $750,000

Estimated litigation expense $1,000,000

Extra depreciation for taxes (1,500,000)

Taxable income $250,000

The estimated litigation expense of $1,000,000 will be deductible in 2023 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $500,000 in each of the next three years. The income tax rate is 30% for all years.

Required:

Make a journal entry to record the income taxes at the end of 2021

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dybincka [34]

Answer:

Scalability

Explanation:

Scalability is the ability to increase or decrease resources for any given workload.

  • When the resource is increased by the addition of more resources to service a workload, it is known as Scaling Out.
  • When the resource is decreased by the reduction of resources to service a reduced workload, it is known as Scaling In.
  • When additional capabilities is added to manage an increase in demand to the existing resource , it is referred to as Scaling Up.
  • Likewise, when capabilities is reduced to manage a decrease in demand to the existing resource , it is referred to as Scaling Down.

Scaling does not have to be done automatically.

4 0
2 years ago
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People enjoy outdoor holiday lighting displays and would be willing to pay to see these displays but can't be made to pay. Becau
Katarina [22]

Answer: (2) Demand-side market failure

Explanation:

 The demand side market failure is one of the type of market effect that basically occur due to the production of the negative response and the effect by the various types of marketing techniques like surveys and the focus groups.

The market failure demand side is one of the type of economical situation in which the customers are willing to pay for the specific products and the services in the market which is not fully capture.

According to the given question, the demand- side market failure is one of the example that best illustrating the given situation. Therefore, Option (2) is correct answer.      

8 0
3 years ago
Diminishing returns to physical capital means that when the amount of human capital per worker and the state of technology are h
-BARSIC- [3]

Answer:

a. a smaller increase in the marginal product of labor. 

Explanation:

The law of diminishing returns to physical capital states that as more and more input are added to fixed factors of production, output increases at a decreasing rate.

For there to be output growth, physical capital should be increased less than human capital and technological progress.

I hope my answer helps you

6 0
3 years ago
Aaron and Donald sign a written contract in which Aaron agrees to supply raw materials to Donald’s company in return for set fee
juin [17]
Unilateral contract is the correct answer
5 0
3 years ago
MB has been using proper workflow for her sales process by creating invoices, receiving payments, and recording deposits using t
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She will be able to m<em>atch </em>downloaded deposits to <em>existing</em> transactions in the Banking Center.

MB been an accountant,  she must follows workflow process to ensure efficiency of operation.

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In conclusion, the process makes the work of employee easier and uncomplicated because its enables them adhere to a strict procedure of getting work done.

Learn more about Workflow process here

<em>brainly.com/question/11939249</em>

3 0
2 years ago
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