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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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Darren is eligible to contribute to a traditional 401(k) in 2019. He forgot to contribute before year-end. If he contributes bef
Irina18 [472]

Answer:

True

Explanation:

Base on the scenario been described in the question which, Darren was eligible to assist to a traditional of 401,000 in 2019, but we were told he forgot and later he paid in 15, June 2020, he is look as though he paid in 2019 because and it is true.

The reason why the answer is true is that Darren is that the time he paid the money in July 15, 2020, it was still within the time he allowed to still pay for the year 2019, that's why he considered as though he paid in 2019.

5 0
3 years ago
Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you received your s
s344n2d4d5 [400]

Answer:

Final Value= $4,216,869

Explanation:

Giving the following information:

You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 9.2 percent per year. Your salary will increase at 3 percent per year throughout your career. Your salary is $52,000

Your retirement is in 40 years.

We need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A=annual payment= 5,200

i= 9.2% interest + 3% year increase= 12.2%

n=40

FV= {5,200*[(1.122^40)-1]}/0.122

FV= $4,216,869

6 0
3 years ago
Investments in debt securities acquired principally for the purpose of selling them in the near term are classified as ________
tensa zangetsu [6.8K]

Investments in debt securities acquired principally for the purpose of selling them in the near term are classified as<u> trading</u> securities.

The definition of investment is an asset that is purchased or invested to build wealth and save money from hard-earned income or capital appreciation. The importance of investment is primarily to gain an additional source of income or to make a profit from the investment over a period of time.

Form of investment shares. Knead. Mutual funds and ETFs. bank product. option. Savings for pension, retirement, and education. Your investment allows you to be independent and not depend on other people's money when you need it financially. You can pay enough for your needs and desires in life.

Learn more about Investments here: brainly.com/question/24703884

#SPJ4

8 0
1 year ago
Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs
alekssr [168]

Answer:

As overhead was underapplied, the balance in overhead will be $33,000 credit.

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

<u></u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 452,000 / 2,260,000

Predetermined manufacturing overhead rate= $0.2 per direct labor dollar

<u>Now, we can allocate costs:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.2*1,930,000

Allocated MOH= $386,000

<u>Finally, we determine the over/under allocation:</u>

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead=  419,000 - 386,000

Underapplied overhead= $33,000

As overhead was underapplied, the balance in overhead will be $33,000 credit.

8 0
2 years ago
A) According to the Small Business Administration, his business generates too much income to fit its definition of “smallness.”
mario62 [17]

Answer:

From what I can tell, C.

Explanation:

His business could generate up to $8M (3YA) and still be considered a small business. He only has three employees, so he's still small.

5 0
3 years ago
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