The most direct way for Jonathan to gain on the job expernice while attending school for

Mill Company began operations on January 1,2017, and recognized income from construction-type contracts under different methods

ANTONII [103]

Answer:

i. Deferred income taxes balance on December 2019 is $192,500

ii. Deferred tax asset.

Explanation:

Year Tax purpose Book purpose Difference Deferred tax book

2017 $400,000 $0 $400,000 $140,000

2018 $625,000 $375,000 $250,000 $87,500

2019 $750,000 $850,000 ($100,000) ($35,000)

Deferred tax asset balance on December 2019 = $192,500

Working

Deferred tax book

2017 = 400,000 * 35% = $140,000

2018 = 250,000 * 35% = $87,500

2019 = (100,000) * 35% = ($35,000)

ii. Book income is less than tax income in 2017 and 2018. Deferred tax asset would be accounted. Book income is higher than tax income in 2019. Deferred tax asset would be reverse (i.e. deferred tax liability). Balance at the end of December 31, 2019 would be Deferred tax asset.

4 0

3 years ago

During January, Luxury Cruise Lines incurs employee salaries of $1.2 million. Withholdings in January are $91,800 for the employ

Zarrin [17]

Answer: Please see below for answer

Explanation:

Journal for employee salary and withholdings

Particulars Debit Credit

Salaries Expense $1, 200,000

FICA tax Payable $91,800

Federal Income Tax Withholding Payable $180,000

State Income Tax Withholding Payable $75,000

Health Insurance Payable $12,000

Salaries Payable $841,200

Journal to record employer provided fringe benefits for January

Particulars Debit Credit

Salaries expense(fringe benefits)$ 36,000

Accounts payable to blue cross shield $36,000

Journal to record employer payroll taxes

Particulars Debit Credit

Payroll Tax Expense $166, 200

FICA tax Payable $91,800

unemployment tax payable $74,400

6 0

3 years ago

Joy has been saving her earnings to make a down payment on a new car. which loan terms will result in highest total cost for the

wariber [46]

5.5 percent loan for 60 months

4 0

3 years ago

A student deposits $1,642 in the bank that pays 6.2% interest yearly (using yearly compounding). After 5 years he withdraws the

tamaranim1 [39]

Answer:

the perpetuity will pay the student 166.36 dollar per years

Explanation:

First, we solve for the amount of the original investment after 5 years:

$Principal \: (1+ r)^{time} = Amount$

Principal 1,642.00

time 5.00

rate 0.06200

$1642 \: (1+ 0.062)^{5} = Amount$

Amount 2,218.17

Then, this goes into a perpetual annuity at 7.5%

2,218.17 x 0.075 = 166.3630983 = 166.36

the perpetuity will pay the student 166.36 dollar per years

6 0

3 years ago

The advantage of having many potential suppliers is their willingness to A. provide technical expertise. B. participate in JIT.

Stolb23 [73]

Answer:

d

Explanation:

the more the suppliers the more the competition would be among suppliers to gain customers. As a result, they would offer lower prices in the short run to customers to gain them.

In the long run, suppliers would leave the oversaturated industry and equilibrium would be restored.

6 0

3 years ago